By : Mr. Aamar Deo Singh, Head
Advisory, Angel Broking Ltd
The bulls seemed to be in no mood to
sit back and loosen up before the long weekend. It has now driven the
respective markets to their mid-March levels after a strong pullback from its
bearish trend of late. The trend was largely driven amid reports of two new
stimulus packages that focus on MSMEs and bigger companies by the government.
Today, the activity added to the markets’ day before yesterday’s gains. Sensex closed 1,265.66 points higher advancing 4.23% while Nifty jumped 363.15 points with an increase of 4.15%. The positive upside in the market was seen despite a strong possibility of the lockdown extension, with some states also declaring it.
Global Markets Show Positive Signs: There have been initial signs of COVID-19 cases peaking in several countries including Italy and the US. This is giving positive indicators to global investors. The US markets rallied within the range of 2.5% to 3.5% and Asian Markets also extended early gains. Though the cases are showing a sharp trajectory in India, the strict containment measures are expected to bring down the number of cases over the coming few days. The state and the central leaderships are also collaborating actively to control the outbreak in India. These developments are having a positive effect on the investor sentiments and giving a sweet entry point to investors after the recent market corrections.
Auto Sector: The auto sector showed a strong recovery with no decline in Auto Indices. The indices on both markets closed more than 10% higher today. MothersonSumi, Mahindra & Mahindra, Maruti Suzuki, and Tata Motors all closed with a two-digit rally ranging between 10.36% and 17.53% at BSE. All stocks experienced a minimum of about 4% upside today.
Banks and Pharma Join the Party: In the Nifty Bank index, all but RBL Bank, Bandhan Bank, and IndusInd Bank were in the green today. ICICI Bank rallied by 7.45%, Axis Bank by 7.36%, IDFC First Bank by 7.30%, and Kotak Bank saw a rally of 7.18%. Bank of Baroda also paired a gain of 5.27% and HDFC Bank of 4.07%. The 10-stock barometer of Nifty Pharma, on the other hand, saw only one stock, Dr. Reddy’s Lab declining. Cipla and Lupin grew by 13.04% and 11.98% respectively today. Cadila Health advanced with light steps on Thursday’s trade with 0.36% change.
Your email address will not be published. Required fields are marked *
Save my name, email, and website in this browser for the next time I comment.
Sign me up for the newsletter!
Notify me of follow-up comments by email.
Notify me of new posts by email.
Tata AIG offers telematics-based motor insurance through “AutoSafe” tracking app and device
Newgen Unveils new AI and ML-based Document Classification Service
AVIVA INDIA JOINS HANDS WITH INDIAN RED CROSS SOCIETY
Simplilearn Strengthens International Presence: Partners With South Africa Based Deviare Pty Ltd
Universal Sompo General Insurance Company Limited has announced the appointment of Sharad Mathur as its Managing Director & CEO
2014 The Global Indian New Network (TGINN)