Stock markets close day's trading on positive note: Sensex soars 2,476 points, Nifty shoots 708 points; IndusInd Bank among major gainers

FP Staff

The benchmark indices ended on positive note on April 7 with Nifty ended near to 8,800-level.

At close, the Sensex was up 2,476.26 points or 8.97% at 30067.21, and the Nifty was up 708.40 points or 8.76% at 8792.20. About 1813 shares have advanced, 535 shares declined, and 189 shares are unchanged.

IndusInd Bank, Axis Bank, Hindalco, M&M and Grasim were among major gainers on the Nifty.

All the sectoral indices ended higher with Nifty Bank and Nifty Pharma rose over 10 percent.

All Sensex components ended on a positive note with IndusInd Bank was the top gainer surging over 22 per cent, followed by Axis Bank, Mahindra and Mahindra, ICICI Bank, HUL, Maruti, HCL Tech and Hero MotoCorp.

Broader BSE midcap and smallcap indices rallied up to 5.40 percent.

Sumeet Bagadia, Executive Director, Choice Broking said, "the Nifty ends above 8,700 at 8782 levels up by almost 9 percent with support from Nifty Bank, while pharma stocks were up 10 percent. Furthermore, on the four hourly chart Nifty has given breakout of inverse H&S Formation which is a reversal pattern suggesting an upside movement in the counter. Moreover, the Index has managed to give a closing above 21&50 HMA which suggest Northward movement in the index." Based on the above technical structure resistance comes at 9000 If index manages to give break out above 9000 level then we can see 9200 & 9600 levels with support of 8350, he added.

"Indian markets opened on a positive note following upbeat global cues in Asian markets as there was some decline witnessed in new COVID-19 cases globally and hopes of the pandemic peaking out gathered pace," said Narendra Solanki, Head- Equity Research (Fundamental), Anand Rathi.

At 2 PM, the market continued the rally e as Sensex surged 2476.15 points or 8.97 percent to 30,067.10 and the broader Nifty was trading 711.40 points or 8.8 percent higher at 8,795.20 at around 3 pm.

IndusInd jumped nearly 23 percent followed by Axis Bank and Mahindra & Mahindra.

On the global front, bourses in Shanghai, Hong Kong, Tokyo and Seoul rallied up to 2 per cent and benchmark exchanges in Europe were trading up to 4 per cent higher.

Brent crude futures, the global oil benchmark, rose 2.48 per cent to USD 33.87 per barrel on fresh hopes an OPEC-led meeting this week will reach an agreement to reduce oversupply and shore up the market, PTI said.

The death toll due to novel coronavirus in India rose to 114 and the number of cases in the country climbed to 4,421.

Global tally of the infections has crossed 13 lakh, with over 74,000 death.

Rupee ends 55 paise up

The rupee ended with a gain of 55 paise at 75.63 per dollar on 7 April amid buying seen in the domestic equity market.

The Indian rupee surged by 49 paise to 75.64 (provisional) against the US dollar on Tuesday, taking cues from positive equity market sentiment.

At the interbank foreign exchange, the rupee opened at 75.92 and gained further ground to touch the day's high of 75.60. The Indian unit finally settled for the day at 75.64, registering a rise of 49 paise over its previous close.

On Friday, the rupee had settled at 76.13 against the US dollar, PTI said.

The Reserve Bank of India (RBI) has reduced the timing of market hours for call money market, government securities market, currency market from April 7 to April 17 (from 10 am to 2 pm) following the unprecedented situation that has emerged due to the spread of coronavirus.

The forex market was closed on Monday on account of Mahavir Jayanti.

Traders said investor sentiments remain fragile amid concerns over the impact of coronavirus outbreak on the domestic as well as global economy.

The number of deaths around the world linked to the new coronavirus has crossed over 74,000. In India, over 4,400 coronavirus cases have been reported so far.

Meanwhile, domestic bourses were trading on a positive note on Tuesday with benchmark indices Sensex trading 2,080.77 points higher at 29,671.72 and Nifty up by 597.35 points at 8,681.15.

Foreign institutional investors (FIIs) remained net sellers in the capital market, as they sold equity shares worth Rs 1,960.97 crore on Friday, according to provisional exchange data.

Brent crude futures, the global oil benchmark, rose 1.54 per cent to $33.56 per barrel.

Meanwhile, the dollar index, which gauges the greenback's strength against the basket of six currencies was trading 0.56 per cent down at 100.12.

The Financial Benchmark India Private Ltd (FBIL) set the reference rate for the rupee/dollar at 75.8276 and for rupee/euro at 82.2168. The reference rate for rupee/British pound was fixed at 93.8816 and for rupee/100 Japanese yen at 70.27.

--With PTI inputs

Also See: Indices up 1%: Sensex rises over 500 points, Nifty above 8,800-mark after RBI governor announces repo rate cut by 75 bps

Sensex up over 100 points, Nifty rises after markets open in green post-Narendra Modi's 21-day nation-wide lockout announcement

Market opens in red: Sensex falls 350 points, Nifty trades below 8,200-mark; IndusInd, Kotak Mahindra among top losers

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