Markets soar in opening session: Sensex jumps over 1,100 points, Nifty above 9,200-level buoyed by RBI governor's media briefing

Sensex rallied over 1,100 points in opening trade on Friday tracking strong gains in index heavyweights HDFC twins, Reliance Industries, ICICI Bank and TCS amid positive cues from global markets.

FP Staff April 17, 2020 10:45:04 IST
Markets soar in opening session: Sensex jumps over 1,100 points, Nifty above  9,200-level buoyed by RBI governor's media briefing

The benchmark indices rose in early trade on Friday as heavyweight financial stocks rallied, tracking broader gains in Asia after US President Donald Trump laid out guidelines for the United States to emerge from the coronavirus shutdown.

Sensex rallied over 1,100 points in opening trade on Friday tracking strong gains in index heavyweights HDFC twins, Reliance Industries, ICICI Bank and TCS amid positive cues from global markets.

The NSE Nifty 50 index rose 3.15 percent to 9,276.05 , while the benchmark S&P BSE Sensex was up 3.24 percent at 31,597.25.

Investor sentiment was also buoyed in anticipation of more measures from the Reserve Bank of India to revive the economy.

Markets soar in opening session Sensex jumps over 1100 points Nifty above  9200level buoyed by RBI governors media briefing

Stock brokers. Representational image. Reuters.

It was announced that the Reserve Bank of India (RBI) Governor Shaktikanta Das was scheduled to address the media at 10 am amidst the steep fall in the rupee and the continuing volatility in other segments of the financial market.

After hitting a high of 31,711.70, the 30-share index was trading 1,036.74 points or 3.39 per cent higher at 31,639.35.

Similarly, the NSE Nifty was quoting 291 points, or 3.24 per cent, up at 9,283.80.

TCS was the top gainer in the Sensex pack, surging up to 7 percent. The country's largest software exporter reported a marginal dip in March quarter net at Rs 8,049 crore on Thursday.

The company reported a 5.1 percent increase in revenue to Rs 39,946 crore for the reporting quarter, while the same for the full year FY20 was up 7.1 percent to Rs 1.57 lakh crore.

Other gainers included Axis Bank, ICICI Bank, HDFC, PowerGrid and IndusInd Bank.

In the previous session, the BSE barometer ended 222.80 points or 0.73 percent higher at 30,602.61 and the Nifty climbed 67.50 points, or 0.76 per cent, to finish at 8,992.80.

Foreign portfolio investors (FPIs) were net sellers in the capital market on Thursday, as they offloaded equity shares worth Rs 2,920.36 crore, according to provisional exchange data.

According to traders, market sentiment turned positive led by rally in global equities.

Bourses in Shanghai, Hong Kong, Seoul and Tokyo were trading with significant gains in early deals.

Stock exchanges on Wall Street ended significantly on a strong note overnight trade.

Meanwhile, Brent crude futures, the global oil benchmark, rose 1.94 per cent to USD 28.36 per barrel.

The death toll due to COVID-19 rose to 437, while the number of cases in the country climbed to 13,387.

Global tally of the infections has crossed 21 lakh, with over 1.44 lakh deaths.

Asian stocks gained and E-Mini futures for the S&P 500 index traded 3.38 percent higher on Friday after the United States joined a handful of other governments to restart their economies post mass shutdowns to contain the pandemic.

US President Donald Trump said on Thursday that US state governors can re-open businesses in a staggered, three-stage process.

In domestic trade, both the Nifty banking index and the financials index jumped over 5% and contributed to the session’s gains.

The Nifty IT index rose over 2.5 percent with shares of software services firm Tata Consultancy Services jumping nearly 5 percent.

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