INSUBCONTINENT EXCLUSIVE:
Mumbai: Benchmark equity indices snapped their seven-week losing streak, rallying over 4 per cent in Thursday's session, mirroring gains in
For the week, Sensex and Nifty rose nearly 10 per cent.
Hopes of a second stimulus package in coming days also bolstered the sentiment on
According to a Reuters report, the package will be worth around Rs 1 lakh crore with a focus to help small and medium businesses weathering
Last month, India outlined Rs-1.7-lakh-crore($22.6-billion) economic stimulus plan providing direct cash transfers and food security
measures to give relief to millions of poor hit by an ongoing 21-day nationwide lockdown.
However, the market may take cues from the extent
of the spread of coronavirus in the country in the days to come.
The 30-share Sensex closed 4.23 per cent or 1,266 points higher at 31,160,
while the 50-share Nifty closed 4 per cent or 354 points higher at 9,103.
For the holiday-shortened week, the indices rallied 10.24 per cent
and 10.28 per cent, respectively
Indian markets were closed on Monday for Mahavir Jayanti and will be closed tomorrow for Good Friday.
Market at a glanceOn Thursday, the
market breadth was extremely positive with more than three shares advancing for every share that declined.
The rally added nearly Rs 4 lakh
crore to the market capitalization of the listed companies on the BSE.
India VIX or the volatility index eased 5.12 per cent to 49.56,
indicating that the choppiness would gradually wane.
The rally was broad-based with BSE500 index rising 3.88 per cent
BSE Midcap and BSE Smallcap indices rose 3.63 per cent 3.15 per cent, respectively.
All the sectoral indices closed higher
BSE Auto was the top gainer as it zoomed ahead 10.26 per cent, with all components ended in the green
Motherson Sumi and Mahindra - Mahindra gained 17.54 per cent and 16.74 per cent, respectively.
BSE Consumer Durables index followed suit,
and rose 7.10 per cent, with all constituents logging gains
Titan and TTK Prestige were the top gainers, as they advanced 11.12 per cent and 9.48 per cent, respectively.
As many as 27 Sensex stocks
per cent and 3.98 per cent, respectively
Peers ICICI Bank and Kotak Mahindra Bank advanced 7.41 per cent and 7.51 per cent, respectively.
Top car maker Maruti Suzuki India climbed
lockdown will start to show positive results in the coming days
With the exception of the FMCG sector, valuations have become reasonable for most sectors
Investors should accumulate stocks with strong balance sheets, market leadership, and good management quality
of positive global cues, the market rose led by spirited all-round buying as Automobiles, Financials and Pharmaceuticals led the charge
despite profit booking witnessed
Today's trade saw even consumer discretionary and consumer durables stage a comeback ahead of expectations of a stimulus to help MSME
weather the pandemic."
- S Ranganathan, Head of Research at LKP SecuritiesGlobal marketsGlobal shares rose on Thursday on hopes the COVID-19
pandemic was nearing a peak and that governments would roll out more stimulus to support their economies, while expectations of a deal to
World Index, which tracks shares across 49 countries, was up 0.5 per cent to its highest since March 12.
US stock futures were up 1 per cent
cent, following a strong Wall Street close.
