Sensex Rises Over 400 Points, Nifty Touches 9,400 Amid Volatile Trade

Domestic stock markets bounced back from intraday lows on Tuesday amid a mixed trend in Asian peers, as investors nibbled at securities at lower levels. The S&P BSE Sensex index swung more than 1,300 points between an intraday low of 30,745.19 and a high of 32,047.98 in morning deals. The broader NSE Nifty 50 benchmark gyrated as much as 386.95 points, touching 9,016.85 and 9,403.80 at the weakest and strongest levels of the day respectively, as the markets made a feeble attempt to find their feet after the blood-churning rout witnessed in past two weeks. Losses in banking and IT shares pulled the markets lower; however gains in metal, pharma and consumer goods kept the downside in check. .At 10:40 am, the Sensex traded 550.54 points - or 1.75 per cent - higher at 31,940.61 while the Nifty was up 180.00 points - or 1.96 per cent - at 9,377.40..Forty two stocks in the Nifty basket of 50 shares moved higher at the time. Top percentage gainers were Yes Bank, Adani Ports, Coal India, Power Grid, HCLK Tech and Vedanta, trading between 5.74 per cent and 45.28 per cent higher..On the other hand, Zee Entertainment, UPL, Bharti Infratel, ICICI Bank and Infosys - down between 0.75 per cent and 5.56 per cent - were the top laggards..Reliance Industries, Hindustan Unilever, ITC and Larsen & Toubro were the top contributors to the gain in Sensex, together accounting for a rise of more than 250 points in the index..Analysts say domestic fundamentals took a back seat as the coronavirus pandemic continued to spook the global markets. .The NSE's India VIX index - which gauges the market's expectation volatility in the near term - traded 3.47 per cent higher at the time, receding from a gain of 7.24 per cent in early trade. The VIX index is near its highest level since the 2008 global financial crisis (the volatility index had touched its historical peak of 85.13 on November 17, 2008), which indicates persistent volatility and the extent to which fear has gripped the market participants..Most Asian shares fell on Tuesday a day after Wall Street's historic market rout, with fleeting initial gains evaporating as the coronavirus remained a major risk to economic growth. MSCI's broadest index of Asia-Pacific shares outside Japan gave up early gains to trade 0.43 per cent lower. Japan's Nikkei stock index slid 2.79 per cent and South Korea's KOSPI was off 3.2 per cent. Australian shares were up 0.5 per cent although this followed a massive plunge of almost 10 per cent on Monday..US stock futures rose 1.16 per cent early in Asian trading, but these gains were not enough to ease investor concern about the continuous spread of the flu-like virus..The Reserve Bank of India (RBI) announced two liquidity enhancing measures post-market hours on Monday, including another round of $2-billion dollar-rupee swap on March 23 and up to Rs 1 lakh crore to address any sudden liquidity requirements in the banking system..RBI Governor Shaktikanta Das said the central bank has several instruments at its command, and stands ready to ensure that effects of the coronavirus outbreak (Covid-19) are mitigated..Meanwhile, crude oil prices rose by more than $1 on Tuesday as the recent sharp falls due to the coronavirus pandemic encouraged bargain hunters to come forward, although the market remains volatile as the spread of the infection disrupts economies and hurts demand..Brent crude - the global benchmark for crude oil - was last up 1.5 per cent at $30.51 a barrel, losing some steam after hitting $31.25 at the strongest level of the day..On Monday, the Sensex had ended 2,713.41 points - or 7.96 per cent - lower at 31,390.07, and the Nifty settled at 9,197.40, down 757.80 points - or 7.61 per cent - from the previous close.

Sensex Rises Over 400 Points, Nifty Touches 9,400 Amid Volatile Trade

NDTV Profit

NDTV Profit

Follow Us

DISCOVER US FASTER

DOWNLOAD THE APP