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MARKET: Sensex posts biggest 1-day gain in percentage terms, ends at 28,536

All that happened in markets today

SI Reporter  | New Delhi 

EVENT HIGHLIGHTS

Brokers trade at their computer terminals at a stock brokerage firm in Mumbai (
Brokers trade at their computer terminals at a stock brokerage firm in Mumbai
Benchmark indices zoomed up to 7 per cent on Wednesday to post their biggest one-day gain in terms of percentage as investor sentiment got a boost by gains in global amid reports that the US officials have reached a deal on a $2 trillion package to fight economic fallout from coronavirus (Covid-19) pandemic. Further, hopes of domestic stimulus also helped improve sentiment.  

The S&P BSE rallied 1,862 points or 7 per cent to settle at 28,536 levels. Reliance Industries (RIL) emerged as the top performer on the index wth the gain of 14.65 per cent. In the intra-day session, the stock zoomed 20 per cent on reports that US tech giant Facebook is looking to buy a multiillion-dollar stake in Reliance Jio. India's fastest-growing network, Jio, has over 370 million subscribers. READ MORE

Other major contributors to the index's gain were HDFC Bank, HDFC, ICICI Bank, and Maruti. On the downside, four stocks - IndusInd Bank, ONGC, ITC, and Bajaj Auto ended in the red. 

On the NSE, the frontline index ended at 8,298 levels, up 497 points or 6.37 per cent with 38 out of 50 constituents advancing and 11 declining and 1 remaining unchanged. On the sectoral front, Bank jumped around 8.5 per cent to 18,549 levels. India VIX declined around 8 per cent to 76.96 levels. 

In the broader market, the S&P BSE MidCap index gained over 3.5 per cent to end at 10,212 levels while the S&P BSE SmallCap index rallied around 3 per cent to 9,129.58 levels. 

World markets

A rebound in world stocks reached a lofty 11 per cent on Wednesday and commodities made gains too, as coronavirus-battered leapt on of a $2 trillion U.S. fiscal stimulus package.

Europe's main in London, Frankfurt and Paris all opened 4 per cent-5 per cent higher after the Nikkei in Tokyo had risen almost 7 per cent following some historic moves on Wall Street the previous day.

The Dow Jones Industrial Average had soared over 11 per cent in its biggest one-day percentage gain since 1933 and the S&P 500 scored a 9.4 per cent jump - its tenth best day on record out of 24,067 trading sessions since daily data started in 1927.

The U.S. stimulus deal, billed as a $2 trillion package, is expected to include $500 billion in direct payments to people and $500 billion in liquidity assistance.

US President Donald Trump had also pressed his case for a re-opening of the US economy by mid-April, though that had met immediate scepticism given the rise of infections in the United States is now among the highest in the world.

(With Reuters inputs) 

 

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