Stock Market: Sensex, Nifty skyrocket on Nirmala Sitharaman Rs 1.7 lakh Crore package
Stock Market Today: BSE Sensex soared 1,318 points and hit 29,854 while the Nifty shot up 382 points to 8,700 levels. Bank Nifty skyrocketed over 1200 points to 19,683 levels.
Stock Market Today: On account of Rs 1.7 lakh crore welfare package announced by the Finance Minister Nirmala Sitharaman, the Indian indices showed some signs of bounceback. The BSE Sensex soared 1,318 points and hit 29,854 while the Nifty shot up 382 points to 8,700 levels. Bank Nifty skyrocketed over 1200 points to 19,683 levels.
Speaking on the current stock market of India; Saurabh Jain, AVP — Research at SMC said, "Such rises in the Indian indices can be termed as relief rally as the entire market is looking at the government for a relief package as the majority of the industries are getting hit in this Coronavirus lockdown and share market is expecting some special package announcement from the Government."
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Highlighting the technicals of the Indian stock market after yesterday's closing Deepak Jasani, Head Retail Research, HDFC Securities said, "Technically, while the Nifty has bounced back, the short term trend remains down. The Nifty could resume its downtrend if the immediate supports of 8174-7966 are broken. Any further pullback rallies could find resistance at 8377-8576."
Shares of Reliance Industries, SBI, HDFC Bank, Tata Motors, ICICI Bank, Yes Bank, Kotak Mahindra Bank, India Cement, Infosys and Bajaj Finance were among the most trending stocks in the Opening Bell trade session while shares of Housing Development Finance, Reliance Industries, HDFC Bank, Infosys and Tata Consultancy Services or TCS were among the most active stocks in the early morning trade session.
Metal stocks witnessed some fresh buying in the early morning trade session as the metal major Hindustan Zinc share price shot up 2.61 per cent, NMDC shares rose 1.89 per cent while shares of Hindalco Industries pared its early morning gains and dipped around 1.5 per cent.
In the banking sector, Axis Bank share price skyrocketed 8.46 per cent, IndusInd Bank shares shot up near 10 per cent, shares of City Union Bank escalated to the tune of 8.44 per cent, ICICI Bank stock price rose 2.87 per cent while HDFC Bank stocks added 1.27 per cent in the early morning trade session.
However, it was IT stocks that led the bull run in the Opening Bell trade session as the BSE IT index rose 3.34 per cent. IT major Aptech share price soared 6.74 per cent, Birlasoft shares rose 5.62 per cent, shares of Hexaware Technologies shot up 4.36 per cent, Infosys stock price rallied 5.75 per cent, MphasiS stocks rose 3.11 per cent, NIIT Technologies scrip scaled up 10 per cent, Sonata Software scrip added 4.74 per cent, TCS went up around 1.85 per cent while Wipro counter jumped 1.34 per cent.
Among the major Asian indices, the Japanese Nikkei 225 index dipped 2.79 per cent, South Korean Kospi went up 1.12 per cent, Hang Seng went down 0.50 per cent while Shanghai index went southward 0.18 per cent.
At Wall Street yesterday, Dow 30 shot up 2.30 per cent, Nasdaq dipped 0.45 per cent while S&P 500 added 1.15 per cent.
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