Daijiworld Media Network - Mumbai (SHP)
Mumbai, Apr 7: On Tuesday, the bull trend in the market delighted the investors when the indices posted their biggest single-day gain since May 18, 2009. The S&P BSE Sensex today reclaimed the crucial psychological level of 30,000. The headline index zoomed 2,476 points or around 9 per cent to settle at 30,067. Every one of the 30 constituents of the index ended in the green.
The top gainer in the list turned out to be IndusInd Bank up by 25 per cent. It was followed by Axis Bank up by 19 per cent, M&M up by 14.5 per cent and ICICI Bank up by 14 per cent.
Market on Tuesday proved to be favourable for a major chunk of companies that were listed on the BSE. Out of the 2,576 companies traded on the BSE, 1,842 advanced and 540 lagged while 194 securities remained unchanged.
NSE's Nifty ended at 8,792, up 708 points or 8.76 per cent. Nifty Bank and Nifty Pharma indices jumped around 10.5 per cent each to end at 19,046 and 8,129 levels as reported by Reuters.
Fear Guage India (Volatility Index) declined and hit a month low of 52.06, down by 6 per cent.
“Indian markets opened on a positive note following upbeat global cues in Asian markets as there was some decline witnessed in new COVID-19 cases globally and hopes of the pandemic peaking out gathered pace,” said Narendra Solanki, head equity research (Fundamental), Anand Rathi Financial Service Limited.
"By afternoon the market gained more after an announcement from the Finance Ministry regarding a second possible relief package for the Indian economy to mitigate negative impact due to COVID-19 flooded in," he added.
On the global front, bourses in Shanghai, Hong Kong, Tokyo and Seoul rallied up to 2 per cent and benchmark exchanges in Europe were trading up to 4 per cent higher. Brent crude futures, the global oil benchmark, rose 2.48 per cent to USD 33.87 per barrel on fresh hopes that an OPEC-led meeting to be conducted later this week will reach an agreement to reduce oversupply and shore up the market. Meanwhile, the rupee surged 49 paise to provisionally close at 75.64 against the US dollar.