Stock markets open in green: Sensex rallies over 600 points, Nifty tops 9,300-mark in early trade; Rupee up

Shares rose on Monday, tracking gains in Asian markets, as meetings of major central banks this week raised hopes of more stimulus to counter the fallout from the coronovirus pandemic, while investors also eyed a slew of earnings at home. The Nifty advanced 1.7 percent to 9,310.15 while the benchmark Sensex gained 1.74 percent at 31,850.43.

#CNBCTV18Market | Market starts Monday trade higher, in-line with Asian peers. #Nifty above 9,200, #Sensex up more than 300 points pic.twitter.com/MUIjOcl1c7

— CNBC-TV18 (@CNBCTV18Live) April 27, 2020

Sensex surged over 600 points in opening trade on Monday led by gains in index-heavyweights Reliance Industries, HDFC twins and Infosys amid positive cues from global markets. After hitting a high of 31,977.82, the 30-share index was trading 632.65 points or 2.02 percent higher at 31,959.87. Similarly, the NSE Nifty jumped 174.20 points, or 1.90 percent, to 9,328.60. Bajaj Auto was the top gainer in the Sensex pack, rallying over 4 percent, followed by Sun Pharma, IndusInd Bank, Maruti, HDFC, Axis Bank, Reliance Industries and Kotak Bank. [caption id=“attachment_4335819” align=“alignleft” width=“380”]  Representational image. AP[/caption] On the other hand, NTPC, PowerGrid and Asian Paints were the laggards. In the previous session, the BSE barometer settled 535.86 points or 1.68 percent down at 31,327.22, while the NSE Nifty declined 159.50 points, or 1.71 percent, to 9,154.40. RBI announces measures for MFs The RBI announced special liquidity facility of Rs 50,000 crore for MFs and also to conduct repo operations of 90-day tenor at fixed repo rate. Under the SLF-MF, the RBI shall conduct repo operations of 90 days tenor at the fixed repo rate. The SLF-MF is on-tap and open-ended, and banks can submit their bids to avail funding on any day from Monday to Friday (excluding holidays). Click here to follow LIVE news and updates on stock markets Funds availed under the SLF-MF shall be used by banks exclusively for meeting the liquidity requirements of MFs by extending loans, and undertaking outright purchase of and/or repos against the collateral of investment grade corporate bonds, commercial papers (CPs), debentures and certificates of Deposit (CDs) held by MFs.

With a view to easing liquidity pressures on Mutual Funds, it has
been decided to open a special liquidity facility for mutual funds of Rs 50,000 crores. RBI shall conduct repo operations of 90 days
tenor at the fixed repo rate: Reserve Bank of India (RBI) pic.twitter.com/0DnCb07bMG

— ANI (@ANI) April 27, 2020

More from Business

Hyundai India’s Rs 27,870 crore IPO oversubscribed by 2.28X, largely driven by institutional investors How Indian fintech startups are driving Malaysia’s UPI-like digital payments revolution

Foreign portfolio investors were net sellers in the capital market on Friday, as they offloaded equity shares worth Rs 207.29 crore, according to provisional exchange data. Domestic market opened on a positive note tracking global stocks that rallied as the rate of deaths from COVID-19 dropped in several badly hit countries, while leaders stepped up plans to reopen their economies, analysts said. Rupee rose 38 paise to 76.08 against US dollar in early trade. Asian markets up Bourses in Shanghai, Hong Kong, Tokyo and Seoul were trading with significant gains in early deals. International oil benchmark Brent crude futures fell 1.89 per cent to $24.34 per barrel. Click here to follow LIVE updates on coronavirus outbreak Global tally of coronavirus infections has crossed 29.7 lakh, with over 2 lakh deaths. Death toll in India rose to 872, while COVID-19 cases climbed to 27,892, as per health ministry data. --With inputs from agencies