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Sensex soars 1,400 points; banking, finance stocks surge
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SME Times News Bureau | 26 Mar, 2020
Buoyed by the first instalment of a fiscal package to contain the
economic fallout of Covid-19, investors pushed Indian stock markets
higher for the third consecutive day with the BSE Sensex rising over
1,400 points.
Although it rose above the 30,000 mark earlier in
the day, it ended just below that psychological level. The Nifty50 on
the National Stock Exchange (NSE) also ended well above the 8,500 mark.
There
were both global and domestic factors supporting to investor sentiments
on Thursday. Positive cues for the Asian markets during the early part
of the day supported the Indian indices.
Global sentiments were
boosted after US lawmakers cleared a $2 trillion stimulus package to
fight against the fast-spreading coronavirus. Further hopes of
announcement of an economic package by Centre also boosted the buying
sentiments, analysts said.
However, as Finance Minister Nirmala
Sitharaman did not announce an economic package for businesses and
corporates, the market started to falter from the day's highs but
eventually regained support as she indicated that a package for India
Inc is in the works.
The Centre on Thursday announced a Rs 1.70
lakh crore relief package to protect the weaker sections of the society
from the economic fallout of the coronavirus pandemic and the
nation-wide lockdown. Announcing the measures of relief package,
Sitharaman said that the PM Garib Kalyan Yojana will benefit migrant
workers, rural poor and women.
There were high expectations that
the government will announce certain economic relief measures for the
industry. Addressing the media, Sitharaman indicated that concerns of
India Inc, small-to-medium enterprises (SMEs) segments and other
segments hit by the lockd own might be looked at and the government
could announce a plan later.
Consequently, the Sensex closed at
29,946.77, higher by 1,410.99 points or 4.94 per cent from the previous
close of 28,535.78. It had opened at 29,073.71 and touched an intra-day
high of 30,099.91 and a low of 28,566.34 points.
The Nifty50 settled at 8,641.45, higher by 323.60 points or 3.8 per cent from the previous close.
The
rally in the indices was supported by healthy buying in finance,
banking and telecom stocks. The S&P BSE Finance, Banking and Telecom
indices rose by 6.61 per cent, 6.69 per cent and 10 per cent.
Among
the Sensex stocks, IndusInd Bank gained the most, by 45.07 per cent,
followed by Bharti Airtel (up 11.23 per cent), Larsen & Toubro (9.57
per cent), Bajaj Finance (8.06 per cent) and Kotak Mahindra Bank (7.66
per cent).
On the other hand, Maruti Suzuki India lost the most,
by 3.05 per cent, followed by Tech Mahindra (down 2.60 per cent), Sun
Pharmaceuticals (2.45 per cent) and Reliance Industries (0.60 per cent).
"Market has cheered this fiscal package and now expect relief
measures for corporates, Banks, SMEs, start-ups, etc," said Siddhartha
Khemka, Head of Retail Research, Motilal Oswal Financial Services.
"It
would continue to be highly volatile and would track global markets
along with the trend in coronavirus cases globally and locally."
Khemka
said: "Technically, with the Nifty rallying further, a pullback rally
seems to be underway. Further upsides are likely once the immediate
resistance of 8,749 is taken out. Crucial supports to watch for
resumption of weakness are at 8,309."
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Customs Exchange Rates |
Currency |
Import |
Export |
US Dollar
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66.20
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64.50 |
UK Pound
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87.50
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84.65 |
Euro
|
78.25
|
75.65 |
Japanese
Yen |
58.85 |
56.85 |
As on 13 Aug, 2022 |
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