INSUBCONTINENT EXCLUSIVE:
in countries hit hard by the pandemic boosted confidence among investors
The fall in death toll in New York, which has seen the most number of cases in the US, fuelled an overnight rally on Wall Street and in
Asian and European markets on Tuesday
The renewed market strength, however, was met with cynicism at home as the number of people infected by the virus in India has shown no
signs of abating despite the lockdown.
The Sensex surged 2,476.26 points, or 9 per cent, to close at 30,067.21
The Nifty ended up 708.40 points, or 8.8 per cent, at 8,792.20
Banking stocks led the gains with the Bank Nifty index rising over 10 per cent
India's volatility gauge VIX fell 6 per cent to 52, suggesting the risk perception among traders is declining.
The rally in Indian stocks
was sharper than their Asian peers, which rose 1.8 per cent to 4 per cent on Tuesday
Tuesday.
Short CoveringForeign portfolio investors (FPIs) bought shares worth ?741.8 crore while domestic institutional investors (DIIs)
bought stocks worth ?422.5 crore
could take the Nifty above the 9,000-levels.
Yogesh Radke, head of alternative and quantitative research at Edelweiss Securities, said the
market rally may extend to 9,160 levels on the Nifty
Governor Andrew Cuomo said the coronavirus death toll has been flat for two days
China said it did not have any new deaths for the first time since it started reporting the virus cases though global financial markets
confirmed cases rise above 4,400
Globally, the number of cases have crossed 1.36 million
