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Markets bounce back on stimulus hopes
Sensex rallies 1,627 pts in line with global markets; Nifty zooms 482 pts
Mumbai: Snapping its four-day losing streak, equity benchmark Sensex rallied over 1,627 points on Friday in line with global markets as governments across the world took drastic measures to combat the economic blowback of Covid-19.
Domestic sentiment turned positive on hopes of a stimulus package after Prime Minister Narendra Modi announced a financial task force to support sectors battered by the pandemic, experts said. After starting on a volatile note and swinging over 2,485 points, the BSE barometer ended 1,627.73 points or 5.75 per cent higher at 29,915.96. It hit a high of 30,418.20 and a low of 27,932.67. Similarly, the NSE Nifty zoomed 482 points, or 5.83 per cent, to close at 8,745.45. During the week, Sensex plummeted 4,187.52 points or 12.27 per cent, while Nifty sank 1,209.75 points or 12.15 per cent.
ONGC was the top gainer in the Sensex pack on Friday, rallying 18.58 per cent, followed by UltraTech Cement (13.01 per cent), HUL (11.75 per cent), RIL (11.24 per cent), TCS (9.90 per cent), Tata Steel (9.60 per cent) and Asian Paints (8.91 per cent). Only HDFC Bank and IndusInd Bank settled in the red, shedding up to 1.39 per cent. Modi on Thursday announced setting up of a task force under Finance Minister Nirmala Sitharaman which will take necessary actions "in the near future" after analysing the coronavirus pandemic situation.
Experts were of the view that the Covid-19 task force may come out with concrete proposals very soon. The huge oil bounty from the crude crash can be used for this, said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, adding that PM's appeal is a curtain raiser for the concrete actions to follow soon.
Covid-19 cases in India rose to 195 on Friday after 22 fresh cases were reported from various parts of the country, according to the Health Ministry.
"Tracking positive sentiments in the global markets, Indian indices closed up by around 6 per cent. It was in sync with Asian and European markets and was more of a relief rally driven by technical rather than any fundamental change in outlook.
"Hopes of further stimulus from central banks across the world to contain the economic damage boosted global markets.
The broader market indices were also up by around 4 per cent." said Vinod Nair, Head of Research at Geojit Financial Services.
All sectoral indices ended with gains, with BSE energy, oil and gas, IT, FMCG, teck, metals and utilities rallying up to 9.96 per cent. Broader BSE midcap and smallcap indices surged up to 4.18 per cent. World over, market sentiments improved as governments stepped up measures to cushion the financial blow of the pandemic. Bourses in Shanghai, Hong Kong, Seoul closed up to 7 per cent higher. Stock exchanges in Europe too rallied up to 5 per cent. (PTI)
