Sensex zooms 1,627.73 pts to end at 29,915.96; Nifty rallies 482 pts to 8,745.45
Indian shares jump on global stimulus hopes; IT stocks shine
Indian shares rebounded along with their Asian peers on Friday after four sessions of bruising losses, as policymakers across the world launched fresh efforts to stem the economic fallout of the coronavirus pandemic.
Heavy sell-off in Indian equities as Europe, which is worst hit by COVID-19, nears day break, Sensex pares gains by 700 points.
All bluechip stocks trade in green except for IndusInd Bank.
ONGC gains 14%
YES Bank shares slide for the second day, after it witnessed heavy buying after the bailout was announced, down 8%
We are also likely to see a 1-1.5% short-covering bounce in Nifty as shorts may look to book some profits ahead of weekend: IFA Global
However, fundamentals looking grim globally
Jobless claims in the US have spiked to a 2-year high of 281,000 last week and there are fears they could top 1.5 million next week
Why Indian markets are seeing the surge
Most buying coming from domestic funds. Analysts on Dalal Street say that globally equities are witnessing short covering.
Alarm bells for IndusInd bank?
Despite markets trading in green today, IndusInd bank continues to witness selling. With 2% fall today, the bank's share price has crashed by an astounding 61% since collapse of YES Bank on March 5. The bank has allayed the fears regarding its financial position, but analysts in Dalal Street have pressed alarm button after bank postponed it fundraising plan.
Market breadth positive for first time in many days
1,379 advances against 803 declines, about 14.4 crore shares traded on BSE so far today
Good time to invest
For every rupee of earning of Sensex companies, one is shelling out Rs 20.91 in March. This is a reduction of 15% in just 15 days. This is also 25% correction since its peak of Rs 27.95 in December 2019."
IT top gainer on Nifty
IT is the best performer with 8.5%, followed by FMCG, Pharma and Metal. Banking and realty witnessing sell-off.
Rupee pares most of morning gains as it again slides past 75-mark
Rupee recovers against USD
The Indian rupee recovered 34 paise to trade at 74.78 against the US dollar in early deals on Friday following dollar selling by exporters.
Sensex surges
Equity benchmark Sensex surged over 500 points in opening session on Monday on hopes of an economic stimulus after Prime Minister Narendra Modi announced a financial task force to take necessary actions to combat the Covid-19 pandemic's economic blow.
The indices, however, succumbed to profit-booking at higher levels as concerns remained over the rising cases of the novel coronavirus (Covid-19), traders said.
Sensex at 28,499.14, down 210.91 points, Nifty at 8,327
at 09:36 AM, Sensex at 28,147.56 down by 140.67 points or 0.5% and Nifty at 8,223.30
Sensex openedflat with gains of just 21 points, immediately slides into red.Sensex was showing gains of about 1,500 points in pre-open
High volatility in markets. Benchmark indices in red.
Asian markets see rally
Asian shares staged a rare rally on Friday as Wall Street eked out gains, bonds rallied and oil boasted its biggest bounce on record, though the panicked rush into U.S. dollars suggested the crisis was far from done.
MSCI's broadest index of Asia-Pacific shares outside Japan rose 3.2%, after seven sessions of losses.
Gold prices up
The jump in the dollar has made gold more expensive in other currencies and pushed its price down 3% for the week to $1,482.70 per ounce.
Crude prices up
U.S crude oil prices edged higher, extending gains after a 24% jump the previous day, buoyed by hints from U.S. President Donald Trump he may intervene in the price war between Saudi Arabia and Russia at an "appropriate time."