Markets witnessed a sharp rebound today; Sensex surges 593 points & Nifty reclaims 11,200-level

Domestic share markets advanced for a second consecutive session on Monday, September 28, 2020, in sync with the global markets. The Sensex ended near 38,000-mark while the Nifty reclaimed 11,200-level.

The S&P BSE Sensex jumped 592.97 points, or 1.59 per cent, at 37,981.63. The Nifty 50 index surged 177.30 points, or 1.60 per cent, at 11,236.25. Similarly, Nifty Bank rose 683.15 points, or 3.26 per cent, to 21,665.50.

The broader markets at BSE were also appreciated outperforming the Sensex. The Mid-cap zoomed 2.68 per cent while the Small-cap jumped 2.54 per cent. Overall positive global cues and a sharp pullback by Banking & Financials helped Bulls regain the upper hand. Advances outnumbered declines by more than 4:1, indicating the intensity of today's up-move.

Buyers outpaced sellers. On the BSE, 1928 shares rose and 756 shares fell. In the case of Nifty 50, 46 stocks advanced while four dropped. Amongst the Top 3 Nifty gainers were all from the financial space and the top five gainers on the index were IndusInd Bank (up 7.99 per cent), Bajaj Finance (up 6.41 per cent), Axis Bank (up 5.54 per cent), ONGC (up 4.64 per cent) and Tata Motors (up 4.60 per cent), while the losers include WIPRO (down 0.75 per cent), Hindustan Unilever (down 0.53 per cent), Nestle India (down 0.11 per cent) and Infosys (down 0.05 per cent).

Total COVID-19 confirmed cases worldwide were at 32,994,213 with 996,682 deaths. India reported 9,62,640 active cases of COVID-19 infection and 95,542 deaths while 50,16,520 patients have been discharged, data showed.

The RBI announced that the Monetary Policy Committee meeting scheduled during September 29, 30 and October 1, 2020, has been rescheduled. The dates of the MPC's meeting will be announced shortly.

President Ram Nath Kovind on Sunday gave his assent to three farm bills recently passed by the parliament. The bills are Farmers' Produce Trade and Commerce (Promotion and Facilitation) Bill, 2020, the Farmers (Empowerment and Protection) Agreement on Price Assurance and Farm Services Bill, 2020 and the Essential Commodities (Amendment) Bill, 2020. The act is aimed at transforming agriculture in the country and raising farmers' income.

China's industrial profits rose 19. 1 per cent in August, data showed over the weekend. In Europe, Bank of England policymaker Silvana Tenreyro has reportedly said the central bank's investigation into whether negative interest rates could help the British economic recovery has yielded encouraging results. US House Democrats are reportedly preparing a $2.4 trillion relief package that they could vote on as soon as next week. The bill would include enhanced unemployment benefits and aid to airlines but the overall price tag remains well above what Republican leaders have said they are willing to spend.