JOIN USIndian markets mark their 3rd biggest gain ever; Nifty surges past 8000-mark
Indian equity markets are rallied on Thursday marking their third-biggest gain ever despite a three-week nationwide lockdown announced, on the back of expectation of the relief package.
After seeing volatility in the morning, in the afternoon, the market gained momentum and surged by closed to 7% due to support based buying, short-covering, recovery in global markets and hope of stimulus from the government for the industry.
At the end of the day's trade, the 30-share benchmark index BSE Sensex closed trading at 28,535.78, up 1,862 points (6.98%). The rally in the markets was lifted by buying in the heavyweights at the undervalued prices.
Mukesh Ambani-controlled Reliance Industries closed up 13.56%, while Kotak Mahindra Bank closed up 12.65%, HDFC Bank up 11.77% and Maruti surged 10.75%. However, the private lender IndusInd Bank -- which had seen its shares battered over the month -- continued to be the top loser, down 3.57%. Other stocks in BSE that ended in red included HCL, ITC, ONGC, and Bajaj Auto.
The overall market sentiment was positive in the afternoon with 1,207 advances against 994 declines. During the day, equity investors pared their losses by Rs 5 lakh crore.
On the other hand, the broader index 50-share NSE Nifty surged past 8,000-mark and closed at 8,297.8, 497 points (6.37%).
All the sectoral indices ended in green on NSE led by Nifty Financial Services, which gained 9.69% during the day.
"Nifty has seen strong recovery as it managed to form higher lows and headed towards 8,400 zones. It has given a consolidation breakout of last three sessions and a hold above 8,000 zones could see a further bounce towards 8,555 then 8,888 zones," says Chandan Taparia of Motilal Oswal.