Sensex Rises Over 1,300 Points, Nifty Touches 8,650; Oil & Gas Stocks Jump

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Sensex Rises Over 1,300 Points, Nifty Touches 8,650; Oil & Gas Stocks Jump

Gains across sectors pushed the markets higher


Domestic stock markets rose more than 4 per cent on Tuesday tracking gains in Asian peers, as the country entered a seventh day of a 21-day nationwide lockout to fight the spread of the deadly coronavirus pandemic. The S&P BSE Sensex index rose as much as 4.68 per cent – or 1,330.56 points – to touch 29,770.88 in afternoon deals, and the broader NSE Nifty benchmark soared to as high as 8,678.30, up 4.12 per cent (341.4 points) from the previous close. Gains across sectors – led by oil & gas, consumer goods and metal stocks – supported the upmove. Analysts say that volatility cannot be ruled out in the near term as investors assess the rising coronavirus cases against the policy measures announced to curb the outbreak.

Here are 10 things to know about the rebound in markets today:

  1. At 1:55 pm, the Sensex traded 1,053.58 points – or 3.70 per cent – higher at 29,493.90, while the Nifty was up 320.45 points – or 3.87 per cent – at 8,601.55.

  2. As many as 47 stocks in the 50-scrip Nifty basket moved higher at the time. Top percentage gainers were Bharat Petroleum, Britannia, GAIL, ONGC, Reliance Industries, Hindalco and ITC, trading between 6.85 per cent and 12.47 per cent higher. 

  3. Reliance Industries (up 7.24 per cent), HDFC Bank (3.75 per cent) and HDFC (5.08 per cent) together accounted for a gain of more than 450 points in the Sensex.

  4. “There are also expectations of more stimulus measures from different governments and central banks. India has also announced quite a number of relief packages to help tide over the disruption caused by the virus,” said Rusmik Oza, senior vice president at Kotak Securities.

  5. The Nifty Energy index – comprising stocks of 10 companies in the petroleum, gas and power sectors including Reliance Industries, GAIL and ONGC – was up 6.15 per cent to trade near its intraday high, having risen 6.24 per cent earlier.

  6. Global oil prices on Monday plunged to the cheapest level recorded in more than 17 years. Brent futures – the benchmark for international crude oil – fell 8.7 per cent to end at $22.76 a barrel – the lowest close since November 2002.

  7. Meanwhile, the NSE’s India VIX index – which gauges the markets’ expectation of volatility in the near term – was as its lowest level of the day, down 10.05 per cent at the time.

  8. Market breadth favoured gains with an advance-decline ratio of almost 3:1, as 1,303 stocks on the NSE traded higher against 437 that moved lower. On the BSE, 1,407 stocks advanced while 736 declined.

  9. Equities in other Asian markets managed a tentative rally with MSCI’s broadest index of Asia-Pacific shares outside Japan rising 1.1, and Japan’s Nikkei index firming up 1.0 per cent after a jittery start. South Korea added 2 per cent.

  10. China held out the hope of a rebound in activity even as other countries across the globe all but shut down. China’s official manufacturing purchasing managers’ index (PMI) bounced to 52.0 in March, up from a record-low 35.7 in February and topping forecasts of 45.0. E-Mini futures for the S&P 500 traded 0.6 per cent higher.

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