INSUBCONTINENT EXCLUSIVE:
Mumbai: Benchmark equity indices Sensex and Nifty rallied on Tuesday to post biggest point-wise gain ever, catching up with a two-day rally
Early indications that coronavirus cases may be easing in some of the worst affected areas of the world triggered risk-on trade.
However,
market participants were of the view the rally may not sustain unless there was a decline in local coronavirus cases
Indian markets were closed on Monday for Mahavir Jayanti.
The 30-share Sensex jumped 8.97 per cent or 2,476 points to close at 30,067,
while the 50-share Nifty rose 8.69 per cent or 702 points to close at 8,786.
Today's rally added Rs 7.9 lakh crore to the market
capitalization of BSE-listed companies.
Across the world, coronavirus has infected more than 1.3 million people and killed over 74,000, and
though the numbers are still rising in many highly-populated countries; some flattening of the curve in the developed world has led to
hope.
In Italy and Spain, which are the hardest hit, the authorities have started looking ahead to easing lockdowns after steady falls in
markets underperformed with BSE Midcap and BSE Smallcap indices rising 5.40 per cent and 4.13 per cent respectively.
All sectoral indices
logged strong gains, with BSE Bankex leading the charge with a 10.70 per cent surge
Private lender IndusInd Bank jumped 22.60 per cent as its net advances jumped 13 per cent to Rs 2,09,914 crore as of March 31.
BSE
Healthcare index rallied 8.95 per cent after India lifted export restrictions on 24 drugs it had imposed last month.
Morepen Laboratories
and Nectar Lifesciences were the top gainers as they rose nearly 20 per cent.
All 30 Sensex stocks closed higher, with energy-to-telecom
news with regards to NewYork and Spanish data on the rate of Corona infections
The flattening of the curve would help a risk-on trade in the market
However, for Nifty to go above the 9,000 levels one would need some additional positive news on the domestic front with regards to
areas around the world, the Indian markets in sync with the Global markets, witnessed a relief rally
In a holiday-shortened week, any news regarding peaking infections will be bought into
Head of Research at Geojit Financial Services.
Global markets
European shares rallied for a second straight day on Tuesday, with investors
focusing on early signs that the coronavirus pandemic may be easing, even as major companies still take steps to shore up cash after
lockdowns crushed global demand, Reuters reported.
The pan-European STOXX 600 index rose 2.7 per cent - hitting its highest in almost a
month.
Asian stock markets rallied for a second day on Tuesday and riskier currencies rose, on tentative signs the coronavirus crisis may be
early gains, but rose 1.4 per cent.
