The Indian markets had a good Tuesday as the bulls made a remarkable comeback. The Indian benchmark indices recorded their highest one-day gains since May 2008. The markets played well globally, and speculations that the COVID-19 infection has hit its peak in key global hubs have been attributed for the performance of the Indian markets.
The BSE Sensex is now over its crucial level of 30,000 points. It gained as much as 2,476 points, which is nearly 9%. Sensex closed Tuesday at 30,067 points. Furthermore, all the 30 stocks comprising the index have also ended in the green territory.
The gains in the BSE Sensex were led by IndusInd Bank, which grew 25%, the biggest gainer in the index. It was followed by ICICI Bank (up by 14%), M&M (up by 14.5%), and Axis Bank (up by 14%). The market breadth also favoured as 1,842 of the 2,576 companies being traded on the Bombay Stock Exchange (BSE) advanced.
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On the other hand, 540 companies drifted downwards while the remaining 194 remained unchanged on the BSE. The NSE Nifty 50 ended the day 708 points higher. It closed at 8,792 points. The NSE Nifty Pharma and NSE Nifty Bank indices surged nearly 10.5% each to end the day at 8,129 and 19,046 levels respectively.
The NSE Nifty SmallCap 100 index closed Tuesday 3.52% or 3,608 points higher. The NSE Nifty MidCap 100 index gained as much as 5% to close the day at 11,914.70 points. VIX, the fear gauge touched 52.06, its lowest in the month. It closed the day 6% lower.
The Asian share markets continued their rally from yesterday. This is mostly due to the momentary signs of COVID-19 pandemic hitting its peak in New York and declining in the European nations. Japanese Nikkei shot up 2%. MSCI’s broadest index of Asia-Pacific shares outside Japan closed the day 1.4%.
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Engineer by qualification, financial writer by choice. I am always open to learning new things.
