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Market Wrap, March 20: Sensex jumps 1,628 pts, Nifty ends at 8,745

HDFC Bank slipped over 1 per cent to Rs 882 after global brokerage house Bernstein downgraded the stock to 'unerperform' and sharply slashed the target price to Rs 750 from Rs 1,400 earlier

BS Web Team  |  New Delhi 

After days of brutal sell-off, the domestic equity market witnessed a sharp rebound on Friday and ended with around 6 per cent gains as positive global cues and coordinated efforts by countries across the globe to fight coronavirus (Covid-19) pandemic soothed investors' nerves.

The S&P rallied 1,628 points or 5.75 per cent to settle at 29,916. Of 30 constituents, 28 advanced and just 2 declined. (RIL), and contributed the most to the index's gains. jumped over 18.5 per cent to Rs 72.45 apiece. It ended as the top gainer on the index. Other heavyweights such as RIL, (HUL), and gained in the range of 10-12 per cent.

On the downside, Bank slipped over 1 per cent to Rs 882 after global brokerage house Bernstein downgraded the stock to 'unerperform' and sharply slashed the target price to Rs 750 from Rs 1,400 earlier.

On the NSE, headline index gained 482 points or 5.83 per cent to settle at 8,745 levels.

On a weekly basis, both and slipped over 12 per cent.

All the sectoral indices on the ended in the green. FMCG advanced the most - up around 9 per cent to 26,073 levels while surged over 8.5 per cent to 12,306 points. Metal stocks, too, witnessed solid buying as the ended 7.7 per cent higher at 1,695 levels.

In the broader market, the Nifty Midcap 100 index jumped around 5 per cent to 12,642 levels while the Nifty SmallCap index gained over 2 per cent to 3,874 points.

Market breadth was in favour of buyers as out of 2,605 companies traded on the BSE, 1,447 advanced and 1,008 declined while 150 remained unchanged. Volatility index India VIX declined over 7 per cent to 66.92 levels.

In the global markets, Asian shares made a partial comeback from a global rout on Friday but still nursed massive losses for the week, while bonds rallied and oil extended its gains. European stocks, too, opened on a positive note.

Read by: Kanishka Gupta

First Published: Fri, March 20 2020. 17:01 IST
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