Stock markets open in green: Sensex surges over 300 points, Nifty advances in early session; HDFC rallies, Axis Bank falls
Sensex surged over 300 points led by buying in index-heavyweights HDFC twins and positive cues from Asian peers.
The markets opened in the green on Wednesday with the benchmark indices at high tracking gains in Asian markets, as several countries eased coronavirus-induced lockdowns while oil prices jumped.
MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.9 percent.
Equity benchmark Sensex surged over 300 points led by buying in index-heavyweights HDFC twins and positive cues from Asian peers.
After hitting a high of 32,431.20, the 30-share index was trading 285.83 points or 0.89 per cent higher at 32,400.35. Similarly, the NSE Nifty advanced 78.95 points, or 0.84 per cent, to 9,459.85.
In the previous session, the BSE barometer settled 371.44 points or 1.17 percent higher at 32,114.52, while the Nifty advanced 98.60 points, or 1.06 percent, to close at 9,380.90.
In domestic trading, energy stocks advanced with the Nifty Energy index adding nearly 1 percent on the back of a jump in oil prices after US stockpiles rose less than expected.
Meanwhile, Moody’s Investors Service late on Tuesday cut India’s 2020 GDP growth forecast to 0.2 percent.
HDFC was the top gainer in the Sensex pack, rallying nearly 5 per cent, followed by Bajaj Finance, HDFC Bank, Tech Mahindra, M&M, Reliance Industries and NTPC.
On the other hand, IndusInd Bank, Axis Bank, Titan, HUL, Asian Paints and Infosys were among the laggards.
Shares of private-sector lender Axis Bank Ltd fell as much as 6.48% after reporting a surprise $182.6 million loss for the fourth quarter due to surge in provisions
Foreign portfolio investors were net sellers in the capital market on Tuesday, as they offloaded equity shares worth Rs 122.15 crore, according to provisional exchange data.
Market participants were seen accumulating stocks in anticipation of another stimulus package by the government, traders said.
Investor sentiment improved on hopes that gradual lifting of global lockdowns would help start economic recovery, they added.
Further, markets are also awaiting cues from US Federal Reserve's monetary policy decision, scheduled to be announced later in the day.
Rupee opens strong
— CNBC-TV18 (@CNBCTV18Live) April 29, 2020
The Indian rupee rose 31 paise to 75.87 against US dollar in early trade.
Global markets positive
Bourses in Shanghai, Hong Kong and Seoul were trading on a positive note.
On Wall Street, however, key indices ended with losses in overnight trade.
International oil benchmark Brent crude futures rose 3.52 per cent to USD 23.54 per barrel.
Meanwhile, global tally of coronavirus infections has crossed 31 lakh, with over 2.17 lakh deaths.
The death toll due to COVID-19 in India rose to 1,007 and the number of cases climbed to 31,332 in the country, according to the Union health ministry.
--With inputs from agencies
India's COVID-19 daily positivity rate was recorded at 0.42 per cent, marginally lower than 0.44 per cent a day ago, while the weekly positivity rate was recorded at 0.57 per cent
The health ministry informed that the active cases stand at 0.04 per cent of the total coronavirus infections in the country
COVID-19 update: India reports 2,841 new cases, nine deaths in last 24 hours, active cases dip to 18,604
The fresh COVID-19 infections reported on Friday were marginally higher than 2,827 cases logged on Thursday. The daily positivity rate was recorded at 0.58 per cent, while the weekly positivity rate was 0.69 per cent