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Journalism of Courage
Stock markets on Wednesday staged a sharp rally despite mixed global cues and unabated increase in number of infections across India. The benchmark Sensex bounced back by 622.44 points, or 2.06 per cent, to 30,818.61, while the NSE Nifty gained 187.45 points to 9,066.55, on all-round buying support on expectations of more stimulus measures from the government.
The rupee, however, declined 14 paise to 75.80 against the US dollar on Wednesday, as US-China trade tensions and worries over the second wave of coronavirus infection weighed on the investor sentiment.
On the other hand, positive domestic equities supported the rupee despite sustained foreign fund outflows. Vinod Nair, head of research, Geojit Financial Services, said, “The Cabinet approvals of some of the proposed measures and leaving the door open for further stimulus measures could also have played a part in the positivity. Investors advised to remain cautious.”
According to Ajit Mishra, VP-Research, Religare Broking, markets witnessed healthy buying in today’s session and managed to end with good gains.
Sectoral indices participated in the move and the market breadth was also inclined strongly on the advancing side.
