Follow Us:
Saturday, April 04, 2020

Indices halt a 4-day losing streak as Sensex climbs 1,628 points, Nifty ends above 8,700-mark

The S&P BSE Sensex rose 1,627.73 points (5.75 per cent) to settle at 29,915.96, while the Nifty 50 ended at 8,745.45, up 482.00 points (5.83 per cent). On a week-on-week basis, the Sensex recorded a 12.28 per cent fall while the Nifty saw a 12.15 per cent drop.

By: Express Web Desk | New Delhi | Updated: March 20, 2020 4:11:15 pm
BSE in Dalal Street, Mumbai. (Express photo by Nirmal Harindran)

The benchmark equity indices on the BSE and National Stock Exchange (NSE) snapped out a four-day losing streak and settled nearly 6 per cent higher on Friday amid hopes of a stimulus package as Prime Minister Narendra Modi announced a financial task force to combat the Covid-19 pandemic’s economic fallout.

The S&P BSE Sensex rose 1,627.73 points (5.75 per cent) to settle at 29,915.96, while the Nifty 50 ended at 8,745.45, up 482.00 points (5.83 per cent). Earlier today, the Sensex had climbed as much as 2,129.97 points (7.53 per cent) to rise over the 30,000-mark at 30,418.20, while the Nifty 50 surged 619.55 points (7.50 per cent) to 8,883.00 during the afternoon deals.

On a weekly basis, the Sensex recorded a 12.28 per cent fall while the Nifty saw a 12.15 per cent drop.

28 off the 30-share BSE settled in the positive territory on Friday. Oil and natural gas Corporation (ONGC), Ultratech Cement, Hindustan Unilever (HUL), Reliance Industries (RIL), Tata Consultancy Services (TCS) and Tata Steel were the top gainers of the day climbing in a range of 9.60-18.58 per cent. HDFC Bank and IndusInd Bank were the only two stocks which closed in the red.

Here’s how the other stocks on the Sensex performed:

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

All the sectoral indices on the NSE settled in a sea of green on Friday. The Nifty FMCG index was the top gainer of the day surging 8.77 per cent led by HUL and ITC. It was followed by the Nifty IT index which climbed 8.52 per cent led by TCS.

Here’s how other sectoral indices performed:

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

In the broader market, the S&P BSE MidCap index rose 447.04 points (4.18 per cent) to settle at 11,141.38, while the S&P BSE SmallCap ended at 10,113.36, up 391.46 points 4.03 per cent.

“Despite Fitch Ratings halving 2020 global growth forecast to 1.3 per cent from 2.5 per cent, the fact that PBOC kept its benchmark rates steady gave some hopes to markets that situation in China is fast returning to normalcy. Asian & European markets traded higher again Friday as the first tentative signs of stabilisation are built upon. Markets tend to move ahead of the real world and bottom-out well ahead of the real economy. Technically, while the Nifty has bounced back, the short term trend remains down. The Nifty could resume its downtrend if the immediate support of 8,502 is broken. Any pullback rallies early next week could find resistances at 8,883-9,128,” said Deepak Jasani, Head of Retail Research at HDFC Securities, in a post-market statement.

Global market

Globally, stock markets rebounded from some of their recent huge losses on Friday, pulling further away from three-year lows as central banks and governments pledged masses of cash to reduce the economic impact of the coronavirus pandemic.

Shares soared at the start of trading in Europe, with the pan-European STOXX 600 index jumping nearly 5 per cent. Britain’s FTSE rose 4 per cent, Germany’s DAX gained 6 per cent, and France’s CAC 40 gained 5.86 per cent. Spanish stocks were up 3.8 per cent and Italian stocks gained 3 per cent.

MSCI’s All-Country World Index, which tracks stocks across 49 countries, was up 1.5 per cent. But in an indication of the deep damage inflicted on global equities from the pandemic so far, the index remains set to finish nearly 9 per cent lower this week, adding to last week’s 11.1 per cent plunge.

US S&P 500 e-mini stock futures also pointed to a brighter end to the week, adding 3.5 per cent.

South Korean shares bounced 7.4 per cent, though that still left them down more than 11 per cent for the week. Australia’s beleaguered market eked out a 0.70 per cent gain, and futures for Japan’s Nikkei were trading up at 17,710, compared with the cash close of 16,552.

– 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