Sensex up 692.79 points, Nifty closes at 7801.05; infosys, Adani Ports, Britannia Industries gain

Image courtesy: Reuters

New Delhi: After witnessing a record low on Monday, equity benchmark indices on Tuesday (March 24) ended in the green amid some positive announcements by Union Finance Minister Nirmala Sitharaman. The Sensex was up 692.79 points or 2.67% at 26674.03, while the broader Nifty also closed 190.80 points up or 2.51% at 7801.05.

Major gainers on the Nifty included Infosys, Adani Ports, Britannia Industries, and Bajaj Finance, while top laggards were Yes Bank, M&M, Grasim, and IndusInd Bank. About 927 shares advanced, 1310 shares declined, while 145 shares remain unchanged.

In the afternoon trade today, Indian stock markets witnessed a relief rally as the BSE Sensex rose over 1,200 points after volatility in the early trade. At 1.45 pm, Sensex was trading at 27,201.29, higher by 1,220.05 points or 4.70 per cent from its previous close of 25,981.24

The broader Nifty50 on the National Stock Exchange, however, was trading at 7,954.85, higher by 344.60 points or 4.53 per cent from its previous close.

Union Finance Minister Nirmala Sitharaman`s statement that the government is preparing an economic package also supported the investor sentiments. 

She tweeted, "Even as we are readying an economic package to help us through the Corona lockdown (on priority, to be announced soon) I will address the media at 2 pm today, specifically on statutory and regulatory compliance matters. Via video conference." 

During early hours on Tuesday, equity benchmark indices erased early gains in choppy trade after the US Federal Reserve announced unprecedented measures to support the economy reeling from coronavirus pandemic. 

At 10:15 am, the BSE Sensex was down by 40 points to 25,941 while the Nifty 50 edged lower by 20 points to 7,591. Sectoral indices at the National Stock Exchange were mixed with Nifty IT ticking up by 4.1 per cent, pharma by 2.8 per cent, and FMCG by 1.5 per cent. But Nifty private bank was down by 1.4 per cent and realty by 1.3 per cent.

Among stocks, IT major Infosys was the top gainer, moving up 7.9 per cent to Rs 568.40 per share. Tech Mahindra edged up by 3.8 per cent, HCL Technologies by 3.5 per cent and Wipro by 3.4 per cent.Index heavyweight Reliance Industries was up by 3.1 per cent to Rs 911.65 while FMCG majors Hindustan Lever and Britannia gained by 6.1 per cent and 2.8 per cent respectively.  Titan, Bharti Infratel, Hero MotoCorp and Bharat Petroleum Corporation traded with a negative bias.

Meanwhile, Asian stocks rallied as the US Federal Reserve`s pledge to spend whatever it took to stabilise the financial system eased debt market pressures.

The world`s biggest central bank signalled it will do practically anything -- extending loans to big and small businesses and purchasing unlimited amounts of government debt -- to help the US economy with coronavirus sending large swaths of the globe into shutdown mode.

Japan`s Nikkei moved up by 4.9 per cent while MSCI`s broadest index of Asia Pacific shares outside Japan added 1.2 per cent. 

(With Agency Inputs)