Follow Us:
Sunday, March 29, 2020

Sensex ends 693 points higher, Nifty settles at 7,801; IT, FMCG stocks rally

The S&P BSE Sensex rose 692.79 points (2.67 per cent) to end at 26,674.03, while the Nifty 50 climbed 190.80 points (2.51 per cent) to settle at 7,801.05.

By: Express Web Desk | New Delhi | Updated: March 24, 2020 4:24:32 pm
All the Sensex stocks were trading on a positive note during the early deals on Tuesday with HCL Technologies being the biggest gainer in the early trade on Tuesday. (File photo)

A day after registering their worst one-day fall in history, the benchmark equity indices on BSE and National Stock Exchange (NSE) ended with over 2.5 per cent gains on Tuesday tracking a rise in the global markets which climbed as the Fed offered to buy unlimited amounts of assets to steady markets and expanded its mandate to corporate and muni bonds.

The S&P BSE Sensex rose 692.79 points (2.67 per cent) to end at 26,674.03, while the Nifty 50 climbed 190.80 points (2.51 per cent) to settle at 7,801.05. During the intraday, Sensex had risen as much as 1,481.63 points ( 5.70 per cent) to 27,462.87, while the Nifty scaled 426.70 points (5.61 per cent) to 8,036.95.

21 out of 30 stocks of the Sensex ended in the positive zone on Tuesday. Infosys, Bajaj Finance, Hindustan Unilever (HUL), Maruti Suzuki India, HCL Technologies and Reliance Industries (RIL) were the top gainers of the day while Mahindra & Mahindra (M&M), IndusInd Bank and ITC were the top losers. (See the heatmap below)

Gainers and losers of the day on the Sensex. (Source: BSE)

Among the sectoral indices on NSE, the Nifty IT settled with over 6 per cent gains led by NIIT Technologies, Infosys, Hexaware Technologies and HCL Technologies. Apart from the IT index, the Nifty FMCG index too ended with over 3 per cent gains led by Tata Consumer Products, Britannia Industries, United Breweries and HUL.

Here’s how the sectoral indices performed:

Sectoral gainers and losers of the day on the National Stock Exchange. (Source: NSE)

In the broader market, the S&P BSE MidCap index ended at 9,863.42, up 151.98 points (1.56 per cent), while S&P BSE SmallCap settled at 8,877.58, up by just 4.75 points (0.05 per cent).

“Market seemed to breathe a sigh of relief today after the crash yesterday, in sync with the global markets. In addition to the huge relief package by the US Fed yesterday, there were also expectations of a fiscal package by the government. Market came off its highs after no significant announcements by the FM and the fact that the economic package was still in development. European and US manufacturing activity data due later, which may indicate the impact of Covid-19 on economies, could influence markets tomorrow,” Vinod Nair, Head of Research at Geojit Financial Services said in a post-market comment.

Rupee

The rupee continued to trade on a firm note during the afternoon trade on Tuesday. Having already risen to 75.9337 against the US dollar in the morning, the unit was hovering at 76.15 level during the late afternoon session. The domestic currency had settled at 76.2937 against the greenback on Monday, according to Bloomberg data.

Global market

Global equities rebounded almost 2 per cent on Tuesday, off near four-year lows, and the dollar slipped as investors pinned hopes on unprecedented stimulus steps by the US Federal Reserve and other policymakers to ease strains in financial markets.

While the measures such as the Fed’s offer of unlimited bond-buying won’t immediately mitigate the economic devastation inflicted by the coronavirus outbreak, they will launch more dollars into world markets, allowing companies, funds and banks to access cash to pay creditors, supplier and end-investors.

The prospect had not cheered Wall Street for very long on Monday, with losses of 2-3 per cent on major indexes, but the mood improved on Tuesday, possibly as many other central banks and governments looked set to join the fray. Wall Street futures pointed to stocks opening 4 per cent higher, while a pan-European equity index also rallied a similar amount.

In China, mainland stocks posted their biggest gain in three weeks with a rise of almost 3 per cent while Japan’s Nikkei soared 7 per cent, its biggest daily rise since Feb 2016.

– With global market inputs from Reuters

📣 The Indian Express is now on Telegram. Click here to join our channel (@indianexpress) and stay updated with the latest headlines

For all the latest Business News, download Indian Express App.

Advertisement
Advertisement
Advertisement
Advertisement