Sensex, Nifty soar high in early trade; RBI governor Shaktikanta Das to address media at 10 am

  • The BSE Sensex climbed up to 30,934.51 levels or 987 points up, and Nifty50 prepared to cross the 9000 mark as it stood at 8938.35 points in the opening hours.
  • The press conference by RBI Governor Shaktikanta Das is likely to have a significant impact on the market's trajectory today.
  • All major Asian stocks were also trading in green in the opening hours.
Indian stock markets opened higher looking forward to more money flowing in from two quarters⁠— the $2 trillion stimulus in US and the upcoming measures that the Indian central bank may announce today.

The BSE Sensex climbed up to 30,934.51 levels or 987 points up, and Nifty50 prepared to cross the 9000 mark as it stood at 8938.35 points in opening trade.

Hopes floats that the Reserve Bank of India (RBI) will look to improve the flow of cash and credit in the Indian economy, currently choked by the lockdown aimed at containing the novel coronavirus.

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So far, the Indian government has announced a ₹1.75 lakh crore ($22 billion) package that will provide sustenance to the poorest of the poor. The steps taken by Finance Minister Nirmala Sitharaman on March 26 wasn't enough to lift the market's spirits.

All eyes are now on the press conference to be hosted by RBI Governor Shaktikanta Das. The financial sector, in particular, where the stocks have battered in the last one week, are looking forward to money supply and regulatory reprieve.

NSE Top gainers/losers

NSE Top Gainers% gained till 9:30
IndusInd Bank14.99%
Axis Bank9.99%
HDFC Bank7.07%
SBI India6.98%
Bajaj Finance Service6.81%

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Four out of the top five gainers in the NSE list were from the financial space, making it obvious for high expectations that investors have from the RBI governor.

NSE Top Gainers% changed at 9:30
Bharti Airtel-1.87%
Hero MotoCorp-0.11%

Global cues

Indian markets opening in green was not unprecedented as the SGX Nifty was up by 0.33% during the morning trade.

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The US equity market surged despite the data showing a record surge in the number of Americans applying for jobless benefits due to the coronavirus outbreak. The Dow Jones Industrial Average surged 1,351.62 points or 6.38%, to 22,552. The S&P 500 increased 154.51 points, or 6.24%, to 2,630.07. The Nasdaq Composite Index jumped 413.24 points or 5.60% to 7,797.54.

All major Asian stocks were also trading in green in the opening hours. The Chinese exchange, Shanghai Composite, was up by 0.74%, the Japanese Nikkei was down by 1.24%, and the Hong Kong-based Hang Seng was down by 0.93%.

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