Sensex surges over 1,500 points in afternoon trade
Indian stock markets witnessed a rally on Tuesday with the BSE Sensex gaining over 1,500 points to reclaim the psychological level of 29,000. The gains on the Indian stock markets were in line with the Asian indices which rose on signs that the rate of coronavirus-related deaths globally is dropping. At 12.07 p.m., Sensex was trading at 29,136.53, higher by 1,545.58 points or 5.60 per cent, from the previous close of 27,590.95. It had opened at 28,898.36 and has so far touched an intra-day high of 29,180.31 and a low of 28,602.31.
Similarly, the NSE Nifty soared 347.95 points, or 4.30 per cent, to 8,431.75. IndusInd Bank was the top gainer in the Sensex pack, surging up to 15 per cent, followed by Mahindra and Mahindra, HCL Tech, ICICI Bank, Axis Bank, and Infosys. On the other hand, Bajaj Finance was the sole loser.
Foreign institutional investors (FIIs) were net sellers in the capital market, as they offloaded equity shares worth Rs 1,960.97 crore, according to provisional exchange data.
The market was closed on Monday on account of ‘Mahavir Jayanti’.
Despite concerns over rising coronavirus cases in the country, domestic equities took positive cues from global stocks and turned positive, traders said.
Bourses in Shanghai, Hong Kong, Tokyo, and Seoul rallied up to 2 per cent.
Benchmark exchanges on Wall Street ended over 7 per cent in overnight trade.
Brent crude futures, the global oil benchmark, rose 2.66 per cent to USD 33.93 per barrel on fresh hopes an OPEC-led meeting this week will reach an agreement to reduce oversupply and shore up the market.
The number of COVID-19 cases in India has stood at over 4,400 and the death toll was above 100, according to the health ministry log.
Global tally of the infections has crossed 13 lakh, with over 74,000 deaths.
Also Read | Multi-notch sovereign ratings downgrade likely in 2020: Fitch
