Markets

Sensex zooms 2,476 pts to reclaim 30K level; Nifty rallies 708 points

Photo for representational purposes only.

Photo for representational purposes only.   | Photo Credit: Vivek Bendre

All Sensex components ended on a positive note with IndusInd Bank was the top gainer surging over 22%, followed by Axis Bank, Mahindra and Mahindra, ICICI Bank, HUL, Maruti, HCL Tech and Hero MotoCorp.

The BSE gauge Sensex on Tuesday went past the key 30,000-level by surging over 2,476 points, the biggest single-day gains in absolute terms, amid a broad-based rally in global equities.

After soaring 2,567 points during the day, the 30-share BSE barometer ended 2,476.26 points or 8.97% higher at 30,067.21. In percentage terms, the Sensex rise was the biggest since May 2009.

Similarly, the NSE Nifty soared 708.40 points, or 8.76%, to 8,792.20 — the best session of all time for the index in absolute terms and the best since May 2009 in percentage terms. All Sensex components ended on a positive note with Induslnd Bank was the top gainer surging over 22%, followed by Axis Bank, Mahindra and Mahindra, ICICI Bank, HUL, Maruti, HCL Tech and Hero MotoCorp.

Broader BSE midcap and smallcap indices rallied up to 5.40%. “Indian markets opened on a positive note following upbeat global cues in Asian markets as there was some decline witnessed in new COVID-19 cases globally and hopes of the pandemic peaking out gathered pace,” said Narendra Solanki, Head- Equity Research (Fundamental), Anand Rathi.

During the afternoon session, market further gained traction amid reports that the Finance Ministry is working on a second relief package for the Indian economy to mitigate negative impact due to COVID-19, he added.

Global front

On the global front, bourses in Shanghai, Hong Kong, Tokyo and Seoul rallied up to 2% and benchmark exchanges in Europe were trading up to 4% higher.

Brent crude futures, the global oil benchmark, rose 2.48% to $33.87 per barrel on fresh hopes an OPEC-led meeting this week will reach an agreement to reduce oversupply and shore up the market. Meanwhile, the rupee surged 49 paise to provisionally close at 75.64 against the US dollar.

The death toll due to novel coronavirus in India rose to 114 and the number of cases in the country climbed to 4,421. Global tally of the infections has crossed 13 lakh, with over 74,000 deaths.

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Printable version | May 28, 2020 5:51:58 PM | https://www.thehindu.com/business/markets/sensex-zooms-2476-pts-to-reclaim-30k-level-nifty-rallies-708-points/article31279430.ece

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