Updated: April 9, 2020 4:15:23 pm
The benchmark equity indices on the BSE and National Stock Exchange (NSE) settled over 4 per cent higher on Thursday tracking a rise in the global market as sentiments rose on hopes the coronavirus pandemic is nearing a peak and that governments would roll out more stimulus measures.
The S&P BSE Sensex rose 1,265.66 points (4.23 per cent) to settle above the 31,000-mark at 31,159.62. Likewise, the Nifty 50 index climbed 363.15 points (4.15 per cent) to end the day above 9,100-level at 9,111.90. Both the frontline indices had opened over 2 per cent higher and traded on a positive note throughout the day.
On Wednesday, the Sensex had fallen 173.25 points (0.58 per cent) to end at 29,893.96. Likewise, the Nifty 50 index had settled at 8,748.75, down 43.45 points (0.49 per cent).
On a weekly basis, the truncated week saw Sensex register a rise of 12.93 per cent and Nifty a rise of 12.72 per cent. The markets were shut this past Monday on the occasion of Mahavir Jayanti and will remain shut on Friday on account of Good Friday.
As many as 26 out of 30 stocks in the Sensex ended in the positive territory. Gains on Thursday were led by Mahindra &Mahindra (M&M) Maruti Suzuki India, Titan Company, Bajaj Finance and Housing Development Finance Corporation (HDFC). (see the Sensex heatmap below)
All the sectoral indices on NSE ended in a sea of green on Thursday. The Nifty Auto index rose over 10.5 per cent on Thursday driven by sharp gains in the shares of Motherson Sumi Systems, M&M, Maruti Suzuki and Tata Motors. This apart, the Nifty Financial Services index climbed 5.81 per cent led by Shriram Transport Finance Company, Cholamandalam Investment and Finance Company and HDFC.
Here’s how the sectoral indices performed:
In the broader market, the S&P BSE MidCap index ended at 11,374.35, up 398.20 points (3.63 per cent), while the S&P BSE SmallCap index settled at 10,293.75, up 314.03 points (3.15 per cent).
“On the back of positive global cues, the market rose led by spirited all-round buying as Automobiles, Financials and Pharmaceuticals led the charge despite profit booking witnessed. Today’s trade saw even consumer discretionary and consumer durables stage a comeback ahead of expectations of a stimulus to help MSME weather the pandemic,” S Ranganathan, Head of Research at LKP Securities said in a comment post market hours.
The rupee settled 6 paise higher at 76.28 (provisional) against the US dollar on Thursday tracking higher equities, according to an update by news agency PTI. The domestic currency had settled at an all-time low of 76.34 against the greenback on Wednesday.
Global shares rose on Thursday on hopes the COVID-19 pandemic was nearing a peak and that governments would roll out more stimulus to support their economies, while expectations of a deal to cut oil production bolstered crude prices.
European stock markets gained for a fourth straight day, with investor attention also focused on a meeting of European Union finance ministers to discuss an economic rescue package.
The pan-European STOXX 600 index was up 1.7 per cent, with battered travel and leisure stocks, autos, and mining companies leading early gains.
MSCI’s All-Country World Index, which tracks shares across 49 countries, was up 0.5 per cent to its highest since March 12. US stock futures were up 1 per cent after bouncing in and out of positive territory in Asia.
In Asia, MSCI’s broadest index of Asia-Pacific shares outside Japan was up 1.56 per cent, following a strong Wall Street close. Shares in China, where the novel coronavirus first emerged late last year, rose 0.42 per cent. Australian shares were up 2.54 per cent.
– With global market input from Reuters
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