The unexpected growth of manufacturing activities in March in China has resulted in the uplifting of market sentiment. This led to the Indian benchmark indices shooting up nearly 4% each. Purchasing Manager’s Index (PMI) of China surged to 52 in March, which had plummeted to 35.7 in February 2020.
The S&P BSE Sensex eloped 3.62% or 1,028 points. It ended Tuesday at 29,468.49 points. 25 of the 30 stocks constituting the BSE Sensex advanced while the reaming 5 slipped. ITC, an FMCG major, led the gains in the BSE Sensex. It rose as much as 8% followed by RIL, ONGC, and Tata Steel.
The NSE Nifty too had a good Tuesday as it ended 3.82% or 317 points higher. A sharp fall in the prices of crude oil caused the oil and gas stocks to surge. The S&P BSE Oil and Gas index shot up nearly 9% to touch the 10,020 levels. GAIL, HPCL, and BPCL were trading 8-15% higher.
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Metal and FMCG stocks as well recorded some gains. The S&P BSE FMCG index rallied 6% to trade around the 10,255 levels while the S&P BSE Metal index jumped more than 5% to touch 5,713 points. Individually, Nestle India grew 5% to touch Rs 16,425 a share. It finally ended Tuesday 4% at Rs 16,289 a share, up by 4%.
The shares of IndusInd bank fell nearly 15% to touch Rs 351.5 a share on the Bombay Stock Exchange (BSE). On the other hand, the shares of Hindustan Unilever (HUL) recorded its 52-week high at Rs 2,311.85 in the intra-day trade. It closed the day at Rs 2,298 a share, which is 5% higher.
Meanwhile, the Volatility Index India (VIX) dropped down to trade at 64.49 level, which is more than 10% lower. In the broader markets, the NSE Nifty SmallCap Index added 3% to trade at 3,595 points while the NSE Nifty MidCap Index gained more than 2% to touch 11,704 points.
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Engineer by qualification, financial writer by choice. I am always open to learning new things.
