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Stock market LIVE Updates: Market rebounds: Sensex zooms 370 points, Nifty above 7,900-mark; Maruti among top gainers – Firstpost

Stock market LIVE Updates: Sensex surged 545.15 points or 2.04 percent to 27,219.18 while Nifty jumped 153.95 points or 1.97 percent to 7,955 at around 12.30 AM.

Reliance Industries and Maruti surged over 8 percent in the afternoon trade. Other major gainers in the Sensex pack included Axis Bank, Kotak Bank, Nestle India, Ultra Cement and Bharti Airtel.

Sensex soared 371.49 points or 1.39 percent to 27,045.52 while Nifty also jumped 104.45 points or 1.34 percent to 7,905.50 at around 11.50 AM.

Maruti and Reliance Industries were the top gainers in the Sensex pack surging over 8 percent followed by Axis Bank, Kotak Bank, Nestle India, Ultra Cement and Bharti Airtel.

Staging a sharp recovery in the late morning trading, Sensex soared 270.22 points or 1.01 percent to 26,944.25 while Nifty was also 76.70 points or 0.98 percent at 7,877.75 at around 11.30 AM.

Reliance Industries and Maruti surged over 8 percent in the late morning trade. Axis Bank, Kotak Bank, Nestle India, Ultra Cement and Bharti Airtel were among the top gainers in the Sensex pack.

Sensex rose 136.55 points or 0.51 percent to 26,810.58 while Nifty was also up 51.70 points or 0.66 percent to 7,852.75 at 10.40 AM.

Benchmark indices erased most of the early gains with the broader Nifty was holding above 7,700-mark.

The Sensex fell 191.60 points ot 0.72 percent to 26,482.43 and the Nifty was down 49.40 points or 0.63 percent to 7,751.65 at 10 AM.

As many as 435 shares have advanced, 699 shares declined, and 63 shares are unchanged.

Sensex up 570 points, Nifty opens above 7,500 level; RIL, Cipla, Tech Mahindra among major gainers

Asian shares extended their rally on Wednesday in the wake of Wall Street’s big gains as US Congress appeared closer to passing a $2 trillion stimulus package to curb the coronavirus pandemic’s economic toll.

#CNBCTV18Market | Asian indices trading sharply higher, #Nikkei reverses early slump, climbs 600 points+ from lows #Coronavirus

— CNBC-TV18 (@CNBCTV18Live) March 25, 2020

MSCI’s broadest index of Asia-Pacific shares outside Japan rose 1.3 percent with Australian shares rising 4.5 percent and South Korean shares gaining 4.0 percent. Japan’s Nikkei added 2.0 percent.

“Japanese shares have been bolstered by aggressive buying from the Bank of Japan and pension money this week. That has prompted hedge funds to cover their short positions,” said Norihiro Fujito, chief investment strategist at Mitsubishi UFJ Morgan Stanley Securities.

On Tuesday, MSCI’s gauge of stocks across the globe gained 8.39 percent, the largest single-day gain since the wild swings seen during the height of the global financial crisis in October 2008.

Investors look at computer screens showing stock information at a brokerage house in Shanghai, China. File Photo: Reuters

US stock futures were down 0.5 percent in early Asian trade.

Senior Democrats and Republicans in the divided US Congress said on Tuesday they were close to a deal on a $2 trillion stimulus package to limit the coronavirus pandemic’s economic toll. But it was unclear when they would be ready to vote on a bill.

Investor fears about a sharp economic downturn are easing after the US Federal Reserve’s offer of unlimited bond-buying and programs to buy corporate debt.

In the currency market, the dollar has slipped as a greenback liquidity crunch loosened slightly.

The euro traded at $1.0798 after four straight days of gains.

The dollar stayed firmer against the yen due to dollar demands at the March 31 end of the Japanese financial, trading at 111.33 yen, near a one-month high of 111.715 touched the previous day.

Gold soared almost 5 percent, its biggest gains since 2008, on Tuesday and last stood at $1,633, in part helped by concerns lockdowns in major producer South Africa could disrupt supply.

Still, the course of the market is still largely dependent on how much countries can slow the pandemic and how quickly they can lift various curbs on economic activity.

Confirmed cases are now topping 400,000 globally with New York City suffering another quick and brutal rise in the number of infections to around 15,000.

Oil prices steadied as hopes for US stimulus offset fears from falling global demand.

India, the world’s third largest oil consumer, ordered its 1.3 billion residents to stay home for three weeks, the latest big fuel user to announce restrictions on social movement, which have destroyed demand for gasoline and jet fuel worldwide.

The market remained pressured by a flood of supply after Saudi Arabia started a price war earlier this month, a move that dealt a crushing blow to markets already reeling from the epidemic.

US crude futures rose 1.8 percent to $24.45 per barrel.

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Updated Date: Mar 25, 2020 12:39:10 IST

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