Markets look up a day after worst fall

India VIX index jumps another 14%

March 24, 2020 11:05 pm | Updated 11:05 pm IST - MUMBAI

Equity benchmarks opened on a strong note on Tuesday, a day after registering their worst single-day fall, but failed to maintain the levels as the underlying weakness in investor sentiment led to some amount of selling pressure. The benchmarks fell into the red briefly before ending the day on a strong note, which was in line with the positive global cues on the back of measures announced by the U.S. Federal Reserve to boost U.S. economy.

Sensex up 2.67%

The 30-share Sensex gained 692.79 points, or 2.67%, to close at 26,674.03. Earlier in the day, it had gained nearly 1,500 points to touch an intra-day high of 27,463. The broader Nifty settled the day at 7,801.05, up 190.80 points or 2.51%.

The India VIX index, however, jumped another 14% on Tuesday. Elsewhere in Asia, Nikkei gained over 7% while Hang Seng was up nearly 4.5%. The overnight U.S. markets also registered strong gains of over 7%.

“Post hitting lower circuit for second time in a month, Indian equity markets bounced back today amidst recovery in global equity markets,” said Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services.

Incidentally, stocks pared some of the gains after Finance Minister Nirmala Sitharaman announced a slew of relaxations in compliance and reporting requirements even as no economic stimulus was included in the announcements.

On BSE, nearly 1,400 stocks were in the red as against 890 gainers.

Foreign portfolio investors (FPIs) continued selling with Tuesday’s net sales pegged at nearly ₹2,153 crore while their domestic counterparts bought shares worth ₹1,553 crore.

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