Indian stock market indices rally over 3% amidst positive cues from global markets

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Indian stock market indices rally over 3% amidst positive cues from global markets
  • The 30-share BSE barometer was trading 925.67 points or 3.10% higher at 30,819.63
  • The NSE Nifty was quoting 270.05 points, or 3.09%, up at 9,018.80.
  • According to analysts, the slowing pace of fresh COVID-19 cases has also lent some momentum to global markets.
Equity benchmark Sensex soared over 900 points in opening trade on Thursday led by gains in financial, IT and FMCG stocks following rise global equities on hopes of the COVID-19 pandemic approaching its peak. After hitting a high of 30,847.10 at 9:55 am, the 30-share BSE barometer was trading 925.67 points or 3.10% higher at 30,819.63.

Similarly, the NSE Nifty was quoting 270.05 points, or 3.09%, up at 9,018.80.

HDFC was the top gainer in the Sensex pack, surging up to 5%, followed by Maruti, Bharti Airtel, Bajaj Finance, Tata Steel, Hero MotoCorp and ICICI Bank.

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On the other hand, HUL was the sole laggard.

In the previous session, the BSE barometer closed 173.25 points or 0.58% lower at 29,893.96, and the Nifty settled 43.45 points, or 0.49%, down at 8,748.75.

Foreign institutional investors (FIIs) were net buyers in the capital market, as they bought equity shares worth Rs 1,943.41 crore on Wednesday, according to provisional exchange data.

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According to experts, hopes of another financial stimulus hope before the end of the lockdown period buoyed investor sentiment in early session.

Global Cues

Further, slowing pace of fresh COVID-19 cases has also lent some momentum to global markets, the analyst said.

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On Wednesday (April 9), the Dow Jones Industrial Average jumped 779.71 points, or 3.44%, to 23,433.57. The S&P 500 rose 90.57 points, or 3.41%, to 2,749.98. The Nasdaq Composite Index increased 203.64 points, or 2.58%, to 8,090.90.

All the 11 primary S&P 500 sectors ended higher, with real estate and energy up 7.41% and 6.74%, respectively, outperforming the rest.

The market also found some support after US Democratic presidential candidate Bernie Sanders dropped out of the race Wednesday, paving the way for the party's only remaining candidate Joe Biden to become the Democratic nominee.

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The news boosted the market mood as Biden is viewed by Wall Street as a more market-friendly candidate than Sanders, according to analysts.

Bourses in Shanghai, Hong Kong, and Seoul were trading on a positive note, while those in Tokyo were in the red.

Benchmark exchanges on Wall Street ended significantly higher in overnight trade.

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Brent crude futures, the global oil benchmark, rose 1.55% to USD 33.34 per barrel.

The death toll due to the novel coronavirus in India rose to 166 and the number of cases to 5,734, according to the Union Health Ministry.

Global tally of the infections has crossed 14.8 lakh, with over 88,000 deaths.

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