Sensex, Nifty Post Biggest Single-Day Gain Since 2009
Markets At Close
Nifty ends 6.4 percent higher at 8,297.
- 8 Nifty stocks end with gains of over 10 percent (RIL, HDFC Bank, Kotak Bank, UPL, Maruti, Grasim, Adani Ports, HDFC)
- RIL, HDFC Bank, Kotak Bank, Grasim gain the most since 2009
- Maruti gains the most since 2006
- UPL gains the most since 2018
- 11 Nifty stocks (Axis Bank, Bajaj Finserv, Larsen and Toubro, Titan, Nestle, Hindalco, ICICI Bank, Tata Steel, Bharti Infratel, Bharti Airtel and Bajaj Finance) end with gains between 5-10 percent
- Axis Bank, Hindalco gain the most since 2018
- Titan, ICICI Bank, Larsen and Toubro gain the most since September 2019
- Nifty Bank gains the most since September 2013; ends with gains of 8.4 percent
- Nifty Midcap and Smallcap index gain 3.3 percent each
- All other sectoral indices end with gains
- FMCG, I.T., Metal and PSU Banking index gained 2 percent each
- Auto index ended with gains of over 4 percent while realty index gained 3 percent
- India Volatility Index down 8 percent to 76.96
- 1,063 stocks ended with gains while 703 stocks ended with cuts
What Aided The Nifty Gains
- Top 5 contributors form 41 percent of the Nifty weightage
- Reliance, HDFC Bank, Kotak Bank see biggest one-day gain since 2009
- ICICI Bank gains the most in six months
- Reliance Industries contributes 22 percent of the Nifty gains
How Did The Sectoral Indices Fare
Closing Bell: Sensex, Nifty Stage A Strong Rebound
Indian equity markets staged a strong rally in the second half of trade to post their best one-day gain since 2009.
The S&P BSE Sensex ended with gains of 7 percent, the most in a single day since May 2009 at 28,535. 27 out of the 30 stocks of the index ended with gains.
The NSE Nifty 50 index too saw its best single-day jump since 2009, ending 6.62 percent higher at 8,317. 38 out of the 50 stocks on the index ended with gains. This is also the first time in seven weeks that the index has posted two successive days of gains.
All sectoral indices ended the day with gains, led by the Nifty Bank, which witnessed its biggest one-day gain since September 2013.
Market breadth was in favour of the advances with 1,063 stocks ending with gains while 703 stocks ended with losses.
Full Impact Of Covid-19 To Be Seen In Q1FY20, Says Axis Bank
The impact of the 21-day lockdown imposed by the Indian government to combat the spreading of the Coronavirus is difficult to predict, Axis Bank MD and CEO Amitabh Chaudhry told BloombergQuint in an interaction.
While Chaudhry was hopeful of a pickup in economic activity by late April or early May, he expects stressed companies to get further squeezed, some even to the verge of being shut down.
Some of the other highlights of the conversation were:
- Banks will continue to handhold good corporates
- Liquidity is not an issue for most banks
- Pressure is with Mutual Funds seeing redemption pressure
- Deposit trends likely to remain similar as in the past
- Extending additional credit line to select customers
The lender snapped a seven-day losing streak and is now trading 7.5 percent higher at Rs 325.70 on the National Stock Exchange.