Home Business Share Market makes a comeback; Sensex, Nifty Rallies Up

Share Market makes a comeback; Sensex, Nifty Rallies Up


Domestically index turned green as investors turned buoyant over likelihood of government stimulus package

On the 9th trading day, the bulls fueled up and pushed S&P BSE Sensex to the mark beyond 31,000, on the last trading day of the week, while Nifty retrieved at 9,100 levels.

Closing at the end, BSE Sensex recouped 1,265.66 points or 4.23 percent to 31,159.62 and the Nifty50 climbed 363.15 points or 4.15 percent to 9,111.90. After the single largest day bump in the market on Wednesday.

This week, the surge was seen to be 13 percent on benchmark rally.

Sectors, who saw the rally were auto, telecom, banking, IT, FMCG, finance, healthcare, industrials and consumer discretionary.

Strong global indication, and the cue of the furthermore stimulus package from the Modi government with the central banks boosting the sentiments around the world and domestically, suggest experts.

The surge of over 10 percent was marked in the auto index followed by pharma, metal, and infrastructure. And over by 3 percent each BSE Midcap and Smallcap indices rose.

We group the list of factors that could be driving enthusiasm in D-street

Strong Global Cues

Following the strong closing in the US market, the domestic Asian market also on the hopes of the Covid19 pandemic stimulation package to boost the SME and MSME industry.

In a report, Reuters mentioned New York Governor Andrew Cuomo said the decisive measures to keep the social distancing and getting the virus hotspots in control in the country the states are working round the clock.

Shares in China, where the last year coronavirus first case was reported, rose 0.37 percent. Australian shares surged at 3.46 percent. Hong Kong’s Hang Seng was up 1.38 percent and South Korea’s Kospi gained 1.61 percent.

India keeping the Sentiments High

In the wake of previous week reports of coronavirus, investors are hopeful for a good stimulus package to boost the economy amid the chances of extended lockdown.

Last month, Finance minister Sitharaman announced the relief package of INR1.7lakh crore providing the direct cash transfers and food security measures to millions of workers in the awake of 21 days nationwide lockdown.

Senior officials from the government said the second stimulus package could be worth around $1trillion rupees and the eye will be assisting small and medium businesses, said Reuters report.

Trump: US economy opening after pandemic “big bang”

The most crucial factor in rallying up the global markets was the comment made by the US President on the reopening of the economy.

Reuters report said, President indicated that the economy will open with “big bang” but it could be conceivable only when the death toll from coronavirus takes the downslope.

The report added, Trump didn’t express the timeframe when the economy will reopen but his chief economic advisor pinpointed it could be a possibility in the next four to eight weeks.

FPI turn net buyers

The provisional data show, in the last two trading sessions more than 2,600crore was poured back by foreign investors turned net buyers, who pulled out more than Rs 60,000crore from the Indian equity markets cash segments.

10 stocks that gained most today

  • Aurobindo Pharma | Share price climbed over 6 percent after the company got the green light from the US health regulator for an antidepressant drug
  • Hindalco Industries | shares climbed almost 7 percent buoyed by reports that Novelis has received the final regulatory clearance for the Aleris acquisition
  • Titan Company | Share price rallied by 11 percent after the company said its growth in Q4FY20 was mostly in line but the coronavirus outbreak had hurt sales.
  • IDBI Bank | Stock price rose 8 percent after the approval from the board for stake sale in IDBI Federal Life Insurance Company
  • NLC India| share price gained 2 percent after the Neyveli Mines operations resumed.
  • VA Tech | Shares surged by 5 percent after the company bagged the contract for operations and maintenance of sewage treatment plant in Bahrain worth Rs 90crore.
  • Mahindra and Mahindra | Share price surged 17 percent after CRISIL reaffirmed its rating.
  • GRM Overseas | Shares were up 5 percent, locked in upper circuit following commencement of plant operation.
  • Manali Petrochemicals | Shares jumped almost 10 percent after the company recommenced production of propylene oxide.
  • Astron Paper | share price rose by 10 percent after receiving permission from the Gujarat government to commence production for its unit at Bhuj


Please enter your comment!
Please enter your name here