The benchmark equity indices on the BSE and National Stock Exchange (NSE) settled over 3.5 per cent higher on Tuesday taking cues from their Asian peers which edged higher as factory data from China held out the hope of a rebound in activity.
The S&P BSE Sensex ended at 29,468.49, up 1,028.17 points (3.62 per cent) while the Nifty 50 settled at 8,597.75, up 316.65 points (3.82 per cent). Both the indices had opened over 2 per cent higher on Tuesday and traded on the positive territory throughout the day. During the intraday trade, Sensex had risen as much as 1,330.56 points (4.68 per cent) to 29,770.88. Likewise, the 50-share NSE benchmark scaled 397.20 points (4.80 per cent) to 8,678.30.
As many as 25 out of 30 Sensex stocks ended positive on the last day of the fiscal year 2019-20. Gains were led by ITC, Reliance Industries (RIL), Oil and Natural Gas Corporation (ONGC), Tata Steel, Tech Mahindra and Sun Pharmaceutical Industries. (see the heatmap below)
All the sectoral indices ended in a sea of green on Tuesday. Nifty FMCG index was the top sectoral gainer of the day after it settled 5.76 per cent higher led by gains in the shares of Britannia Industries, ITC and Marico. It was followed by Nifty Metal index which rose 5.19 per cent on Tuesday led by Steel Authority of India (SAIL), Hindalco Industries, Hindustan Copper and Tata Steel.
Here’s how the sectoral indices performed:
In the broader market, the S&P BSE MidCap index ended at 10,569.93, up 256.95 points (2.49 per cent), while S&P BSE SmallCap index settled at 9,608.92, up 277.98 points (2.98 per cent).
“Markets were up today led by key heavyweights and supported by Technology stocks. Auto stocks continued to play spoilsport ahead of the monthly numbers to be released tomorrow which are expected to be weak. Today’s trade witnessed spirited buying across sectors like Pharma & FMCG as the street moved funds towards defensives across companies who are likely to navigate through the lockdown with minimum damage,” S Ranganathan, Head of Research at LKP Securities, said in a post-market statement.
World stocks looked set to close their worst quarter since 2008 on a brighter note on Tuesday, as strong Chinese factory data held out hope for an economic revival even as much of the rest of the world shut down to fight the coronavirus.
Stocks have rallied since the start of last week but remain down more than 20% for the quarter. European shares have had an even worst time, suffering their worst three months since 1987.
But with trillions wiped off global markets in March and policymakers responding with more than $10 trillion and counting of fiscal and monetary stimulus packages, a semblance of calm has returned this week.
European stocks rallied at the open. The Euro STOXX gained 1.7 per cent, France’s CAC 40 1.15 per cent and the German DAX 2.08 per cent. Britain’s FTSE 100 rose 1.8 per cent.
That followed gains in Asia after China’s official manufacturing purchasing managers’ index (PMI) rose to 52.0 in March from a record-low 35.7 in February, topping forecasts of 45.0.
Oil prices firmed on Tuesday after US President Donald Trump and Russian President Vladimir Putin agreed to talks aimed at stabilising energy markets, with benchmarks climbing off 18-year lows hit as the coronavirus outbreak cut fuel demand worldwide.
Brent crude was up by 61 cents, or 2.7 per cent, at $23.37 a barrel by 0833 GMT, after closing on Monday at $22.76, its lowest finish since November 2002.
US crude was up by $1.04, or 5.2 per cent, at $21.13 a barrel, after settling in the previous session at $20.09, its lowest since February 2002.
Oil markets have faced a double whammy from the coronavirus outbreak and a race to win market share between Saudi Arabia and Russia after OPEC and other producers failed to agree on deeper cuts to support oil prices in early March.
Trump and Putin agreed during a phone call to have their top energy officials discuss stabilising oil markets, the Kremlin said on Monday.
Although the futures market is seeing a recovery, physical cargoes are selling in some regions at single digits, with sellers offering hefty discounts.
– With global market and oil prices inputs from Reuters
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