Indian equities rally over 6%; Nifty surges past 8000-mark

Indian equity markets are rallying on Thursday 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 over 5% due to support based buying, short-covering, recovery in global markets and hope of stimulus from the government for the industry.

At the time of filing this copy, the 30-share benchmark index BSE Sensex was trading at 28,297.02, up 1,623 points (6.08%). The rally in the markets was lifted by buying in the heavyweights at the undervalued prices.

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Mukesh Ambani-controlled Reliance Industries was up 11.76%, while Maruti surged 8.46%. However, the biggest gainer of the day, till now, has been Axis Bank (14.38%) -- which had seen its shares battered over the months.

On the other hand, the broader index 50-share NSE Nifty surged past 8,000-mark and was trading at 8,265.00, 463.95 points (5.95%).

"Nifty has been holding 7500-7700 zones from the last three sessions and hold above 8300 zones could extend its bounce towards 8555 then 8888 zones. Nifty managed to hold 7700 zones and sharply bounced to 8250 zones amid hope of the Industry package from the Indian Govt to fight the slow down because of coronavirus," says Chandan Taparia of Motilal Oswal.