AGENCIES, Mumbai: Indices have recorded the best trading day in percentage terms since May 2009 and posted the biggest ever single-day gains in absolute term on Tuesday.
All the sector-based indices ended in green with PSU banking gaining the most at 11%. Banking, financials and pharma ended 10% higher, followed by 8% gain in FMCG, 7.5% rise in IT and 6.5% gain in metal. Realty and media indices ended 6% higher, respectively.
All 30 Sensex and 50 Nifty stocks closed in the green. Total 14 out of 30 Sensex stocks and 21 Nifty stocks closed over 10% higher at the closing bell.
Domestic indices followed the bullish trend from overseas as investors worldwide banked upon hopes over prospects of falling fatalities numbers due to the tightened lockdowns and random screening by governments across the world to combat the coronavirus spread.
Wall Street rallied on account of fall in the death toll from the country’s biggest virus hotspot: New York. Equity investors in Europe also were encouraged by the slowing death toll from the virus across major European nations, including France and Italy. China also reported no new coronavirus deaths for the first time.
The Dow Jones ended 7.73% higher, followed by the S&P 500 that closed 7.03% higher and the Nasdaq Composite that added 7.33% on Monday’s trade. Wall Street rallied on account of fall in fatalities in New York.
Vinod Nair, Head of Research at Geojit Financial Services said, “Aided by the news that the infections were peaking in some of the worst affected areas around the world, the Indian markets in sync with the global markets, witnessed a relief rally. Investors are also awaiting ease in lockdown procedures, so companies can get down to generating business. In a holiday-shortened week, any news regarding peaking infections will be bought into.”