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Sensex Jumps Over 1,350 Points As Financial, IT Stocks Lead Gains

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Analysts say volatility cannot be ruled out as market participants track coronavirus updates Domestic stock markets began the three-day trading week on a positive note amid gains in global peers on signs of a slowdown in coronavirus-related deaths.

The S-P BSE Sensex index rose as much as 1,372.3 points to touch 28,963.25 at the strongest level in early deals, and the broader NSE Nifty benchmark climbed to as high as 8,468.25, up 384.45 points from the previous close.

Gains across sectors - led by banking, information technology and automobile shares - pushed the markets higher.

At 9:29 am, the Sensex traded 1,035.45 points - or 3.75 per cent - higher at 28,626.40 while the Nifty was up 300.35 points - or 3.72 per cent - at 8,384.15.In the Nifty basket of 50 stocks, 47 traded higher.

Top percentage gainers were IndusInd Bank, Mahindra - Mahindra, HCL Tech, Axis Bank, ICICI Bank and Infosys, trading between 5.78 per cent and 14.08 per cent higher.HDFC Bank (up 5.15 per cent), Infosys (5.87 per cent) and ICICI Bank (6.20 per cent) together accounted for a gain of nearly 400 points in the Sensex. Market breadth was extremely positive with an advance-decline ratio of almost 6:1, as 1,091 stocks traded higher on the BSE against 195 that moved lower.

On the NSE, 1,354 stocks advanced while 227 declined.The markets remained shut on Monday for Mahavir Jayanti, and will also assume a holiday on April 10 for Good Friday, leaving only three trading days this week. Analysts say volatility cannot be ruled out as investors assess the impact of the coronavirus pandemic on global economy.

India entered the fourteenth day of a 21-day countrywide lockdown to curb the spread of the deadly Covid-19 disease. The government lifted export restrictions on 24 drugs, which were imposed last month due to the virus. Equities elsewhere in Asia moved higher in an attempt at another day of gains, encouraged by the slowing death toll from the virus across major European nations, including France and Italy. MSCI's broadest index of Asia-Pacific shares outside Japan rose almost 1 per cent. Japan's Nikkei futures opened lower but were 2.3 per cent above the cash close. On Monday, Japanese Prime Minister Shinzo Abe pledged to roll out an unprecedented economic stimulus, equal to 20 per cent of economic output, as his government vowed to take "all steps" to battle deepening fallout from the coronavirus.Overnight in Wall Street, US equities rallied with the S-P 500, Dow Jones Industrial Average and Nasdaq Composite indices gaining more than 7 per cent each.




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