Sensex, Nifty log biggest ever 1-day gains amid signs of COVID-19 peaking out globally

Experts say that 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.
Sensex, Nifty log biggest ever 1-day gains amid signs of COVID-19 peaking out globally
Sensex, Nifty log biggest ever 1-day gains amid signs of COVID-19 peaking out globally
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Indian market gauges Sensex and Nifty logged their biggest one-day gains ever in absolute terms on Tuesday, tracking global peers amid signs that the COVID-19 pandemic may be peaking in some of the hard-hit countries.

Beginning the holiday-truncated week on a high note, the BSE benchmark Sensex surged 2,476.26 points or 8.97% to settle the day at 30,067.21; while the NSE barometer Nifty zoomed 708.40 points or 8.76% to close at 8,792.20 -- the best session ever for both indices in absolute terms and the biggest since May 2009 in percentage wise.

In the Sensex pack, all 30 shares ended in the green with 14 of them gaining over 10%.

IndusInd Bank was the top gainer surging over 22%, followed by Axis Bank, Mahindra and Mahindra, ICICI Bank, HUL, Maruti, HCL Tech and Nestle India.

All sectoral indices ended higher, with BSE bankex, energy, auto, telecom, teck, FMCG and metal indices rallying up to 10.70%. Broader BSE midcap and smallcap indices rallied up to 5.40%.

The market rally added Rs 7.9 lakh crore to the capitalization of BSE-listed companies.

"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.

The Indian market got further boost from reports that the Finance Ministry is working on a second relief package for the Indian economy to mitigate negative impact due to COVID-19, he said.

Buoyed by positive sentiment, Brent crude futures, the global oil benchmark, rose 2.48% to USD 33.87 per barrel on fresh hopes an OPEC-led meeting this week will reach an agreement to reduce oversupply and shore up the market.

The Indian rupee also surged by 49 paise to close at 75.64 against the US dollar.

On the global market front, bourses in Shanghai, Hong Kong, Tokyo and Seoul rallied up to 2% and benchmark exchanges in Europe were trading up to 4% higher.

Global stocks followed up on Wall Street's Monday rally amid continued signs that the coronavirus outbreak may be peaking in a number of hard-hit places.

Many other analysts said the Indian bourses surged in sync with global markets led by positive news of flattening of curve of new cases reported in Italy, France, Germany and death tolls easing in world's hotspots like Spain and Italy.

Investors also reacted to Prime Minister Narendra Modi's suggestion that all ministries must prepare "business continuity plans" post-April 14.

Globally, the coronavirus has infected more than 1.3 million people and killed over 74,000, and though the numbers are still rising in many parts, some flattening of the curve in some of the hard-hit nations has led to hope.

In India, the death toll due to novel coronavirus rose to 114 and the number of cases in the country climbed to 4,421.

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