Indian equity market bounced back with gains across all sectoral indices despite 21 days lockdown across the India. Indices started the day in a narrow trading range but gained significant momentum in momentum later half of the day .Both indices closed above psychological support levels Nifty above 8300 and Sensex above 28500.Reliance surpassed TCS to become the most valued listed Indian company again with market cap of 6,80,83,7.33 Cr.
Stock market followed positive global clues after the historical rally in the US market. Dow Jones had rallied 11 % yesterday as white House had approved of massive stimulus package of $2 trillions. This was the highest rally in percentage gain after almost 87 years.These kind of rally was seen at the time of great depression 1929-1933.Baring Jakarta composite all asian indices closed the day higher, rising as high as 8%.
Yesterday night prime minister Narendra Modi had announced complete lockdown for 21 days in a fight against Novel Corona virus COVID – 19 pandemic.
Nifty ended the day at 9317.85 rising 516.8 points (6.62%) while Sensex closed at 28,535.78 with gain of 1861.75 (6.98%).Rally was led by reliance and banking stocks. Reliance, HDFC bank ,Kotak bank , UPL, HDFC, Maruti, Grasim ,Adani ports closed the day with more than % price gain.Coal India,IndusInd bank and IOC were major losers in todays trade in Nifty.
Bank Nifty also spike with more than 8% rally led by HDFC bank, Kotak bank and Axis bank.
Highlights of the day:
Reliance surpassed TCS to become the most valued listed Indian company again ,rallied 130.60 points(13.84%) to close at 1074 ,reaching intraday high of 1,151.55.
Axis Bank hit upper circuit