Stock markets remained volatile yet again with the benchmark indices rallying on the back of strong global cues on Tuesday, the last trading session of the fiscal 2019-20. The Sensex rose 1,028.17 points, or 3.62 per cent, to 29,468.49, while the NSE Nifty gained 3.82 per cent, or 317 points, at 8,597.75.
Despite Tuesday’s gain, the Sensex lost 31.23 per cent, or 9,204 points, in FY20. Most of the losses happened in March in the wake of the COVID-19 outbreak. It was also a bad financial year for mutual funds with all of them showing huge losses in their net asset values and facing redemption pressure. Global stock markets and US futures moved higher on Tuesday after data showed that manufacturing activity in China rebounded from record lows in March, even though China’s economy remains under huge pressure from the coronavirus.
The rupee, meanwhile, ended on a flat note at 75.60 against the US dollar but logged a massive 9.36 per cent or 646 paise loss during 2019-20, mostly due to weakened sentiment in the wake of Covid-19 outbreak.
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