Markets zoom on global cues, Sensex up 2,476 points

Mumbai: Indian market gauges Sensex and Nifty logged their biggest one-day gains ever in absolute terms on Tuesday, tracking global peers amid signs that the COVID-19 pandemic may be peaking in some of the hard-hit countries.

Beginning the holiday-truncated week on a high note, the BSE benchmark Sensex surged 2,476.26 points or 8.97 per cent to settle the day at 30,067.21; while the NSE barometer Nifty zoomed 708.40 points or 8.76 per cent to close at 8,792.20 - the best session ever for both indices in absolute terms and the biggest since May 2009 in percentage wise.

In the Sensex pack, all 30 shares ended in the green with 14 of them gaining over 10 per cent. 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 Nestle India.

All sectoral indices ended higher, with BSE bankex, energy, auto, telecom, teck, FMCG and metal indices rallying up to 10.70 per cent. Broader BSE midcap and smallcap indices rallied up to 5.40 per cent.

The market rally added added Rs 7.9 lakh crore to the capitalization of BSE-listed companies. "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.

The Indian market got further boost from reports that the Finance Ministry is working on a second relief package for the Indian economy to mitigate negative impact due to COVID-19, he said.

Buoyed by positive sentiment, brent crude futures, the global oil benchmark, rose 2.48 per cent to $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.

The Indian rupee also surged by 49 paise to close at 75.64 against the US dollar. On the global market 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.

Global stocks followed up on Wall Street's Monday rally amid continued signs that the coronavirus outbreak may be peaking in a number of hard-hit places.

Many other analysts said the Indian bourses surged in sync with global markets led by positive news of flattening of curve of new cases reported in Italy, France, Germany and death tolls easing in world's hotspots like Spain and Italy.

Investors also reacted to Prime Minister Narendra Modi''s suggestion that all ministries must prepare 'business continuity plans' post-April 14.