Stock market logs biggest single day gain, Sensex up 2,476 pts

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Mumbai, April 7 (IANS) The Indian equity indices recorded their biggest single day gain on Tuesday with the BSE Sensex gaining over 2,400 points.

Positive global cues and healthy buying in the banking, healthcare stocks among others supported boosted the nearly 9 per cent surge and helped the benchmark index was able to reclaim the psychological mark of 30,000.

The gains were in line with the increase in the global markets on indications that the rate of coronavirus-related deaths has begun to decline.

Siddhartha Khemka, Head of Retail Research at Motilal Oswal Financial Services Ltd, said: “Indian equity markets bounced back sharply, tracking the global markets, amid hopes that the coronavirus spread might have peaked in key global centres due to fall in death rates.

“Benchmarks posted biggest absolute one-day gain with Sensex rising 2,476 points to close at 30,067 level (+9 per cent) while Nifty50 was up 708 points to close at 8,792 level (+8.8 per cent). In percentage terms, the indices rise was the biggest since May 2009,” he said.

Deepak Jasani, Head of Retail Research at HDFC Securities noted that the major Asian markets have closed on a positive not and the European indices like FTSE, CAC and DAX also traded in the green.

He said the broad market indices like the BSE Midcap and Small Cap indices gained less, thereby underperforming the Sensex and Nifty. Market breadth was positive on the BSE and NSE.

On the technical front, with the Nifty rallying sharply and taking out the recent highs of 8,678, the bulls seem to have made a comeback. The Nifty could now attempt to target the near term highs of 9,039 in the coming sessions. Crucial supports to watch for any weakness are at 8,361, Jasani said.

Sectorally, the top gainers were the BSE Bankex, Auto, Telecom and Healthcare indices. There were no losers.

Net investment by foreign institutional investors during the day was Rs 741.77 crore and that by domestic institutional investors was Rs 422.51 crore.

The BSE Sensex closed at 30,067.21, higher by 2,476.26 or 8.97 per cent from the previous close of 27,590.95 points.

It had opened at 28,898.36, and touched an intra-day high of high of 30,157.65 and a low of 28,602.31 points.

The Nifty50 on the National Stock Exchange settled at 8,792.20, higher by 708.40 points or 8.76 per cent from its previous close.

–IANS
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