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The Indian stock markets have closed the short week on a high. The S&P BSE Sensex closed Thursday well over 31,100 levels while the NSE Nifty 50 closed above 9,100 levels. Overall, the domestic equity markets have closed nearly 4%. The markets are closed tomorrow on account of Good Friday.
The domestic equity markets were expected to play well today on the back of global cues performing excellently. This is on the back of the speculation of the novel Coronavirus hearing its peak around the globe. Apart from that, various stimulus and measures announced by the government helped the cause.
The BSE Sensex jumped a whopping 1,266 points. It closed the week at 31,160 points, gaining 4.23% on Thursday. The gains were supported by the intensive purchasing of shares of RIL, HDFC duo, ICICI Bank, and Maruti. On the other hand, the NSE Nifty managed to reclaim the 9,000 levels; it ended at 9,112 points, which is 4% higher.
Also Read: Sensex Gains 2,476 Points While Nifty Closes Above 8,700 Levels
Both NSE Nifty and BSE Sensex zoomed nearly 13% over this week, some analysts are considering it to be a sign of recovery, but it’s too early to say anything of that sort. All sectoral indices on the National Stock Exchange closed the day on a positive note. VIX, the fear gauge, ended the day 5% lower at 49.56 levels.
The NSE Nifty Auto index gained the most among all sectoral indices. It spiked more than 10.5% to close the day at 5,569 points. Among stocks, Sun Pharma closed today at Rs 455.20 a share on the Bombay Stock Exchange (BSE), which 4% higher. The rally in Sun Pharma’s share price helped the company regain its market capitalisation of Rs 1 trillion.
The share price of Cipla saw a jump of 16%, and it is now trading at Rs 595 a share, which happens to be its 52-week high. The markets now break for three consecutive days, owing to Good Friday and weekend. It is interesting to see how they reopen on the coming Monday.
For any clarifications/feedback on the topic, please contact the writer at vineeth.nc@cleartax.in
Engineer by qualification, financial writer by choice. I am always open to learning new things.
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