The benchmark equity indices on the BSE and National Stock Exchange (NSE) surged over 6.5 per cent on Wednesday, a day ahead of the expiry of March-series futures and options contracts, taking cues from their broader Asian peers which leapt on news of a $2 trillion US fiscal stimulus package.
The S&P BSE Sensex rose 1,861.75 points (6.98 per cent) to settle at 28,535.78, while the Nifty 50 index ended at 8,317.85, up 516.80 points (6.62 per cent). During the intraday trade, Sensex had surged 2,116.16 points (7.93 per cent) during the afternoon deals to hit a high of 28,790.19, while the Nifty had risen as much as 575.70 points (7.38 per cent) to 8,376.75.
Market heavyweight Reliance Industries (RIL) was the biggest contributor to the Sensex on Wednesday, followed by HDFC twins comprising of HDFC Bank and Housing Development Finance Corporation (HDFC).
Here’s how other stocks on the Sensex performed:
All the sectoral indices on the NSE settled in the positive territory. The Nifty Bank index, the top sectoral index by weight, ended nearly 8.5 per cent higher led by gains in HDFC Bank, Kotak Mahindra Bank and Axis Bank. This apart the Nifty Financial Services index too settled almost 10 per cent higher led by ICICI Prudential Life Insurance Company, ICICI Lombard General Insurance Company and Shriram Transport Finance Company.
Here’s how the other sectoral indices performed:
In the broader market, the S&P BSE MidCap index rose 348.15 points (3.53 per cent) to close at 10,211.57. Here the gains were led by Shriram Transport Finance Company and Max Financial Services. This apart, the S&P BSE SmallCap index ended at 9,129.58, up 252.00 points (2.84 per cent).
“The markets rallied after the nationwide lockdown was announced, mainly driven by the Financials. Global markets have been trading in the green, driven by expectations of stimulus measures to support the respective economies and not because of any change in ground realities. A much more stable rally can happen only after any news regarding the virus containment comes in,” Vinod Nair, Head of Research at Geojit Financial Services said in a comment post-market hours.
A rebound in world stocks reached a lofty 11 per cent on Wednesday and commodities made gains too, as coronavirus-battered markets leapt on news of a $2 trillion US fiscal stimulus package.
Hopes the economic devastation of the global outbreak could be alleviated gave world equity indexes their first back-to-back gains in a month as volatility gauges eased away from full-blown crisis levels.
Europe’s main markets in London, Frankfurt and Paris all opened 4 per cent-5 per cent higher after the Nikkei in Tokyo had risen almost 7 per cent following some historic moves on Wall Street the previous day.
The Dow Jones Industrial Average had soared over 11 per cent in its biggest one-day percentage gain since 1933 and the S&P 500 scored a 9.4 per cent jump – its tenth best day on record out of 24,067 trading sessions since daily data started in 1927.
– With global market inputs from Reuters
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