Domestic benchmark Sensex rose 9 per cent, the most since May 2009, while the NSE Nifty 50 Index advanced by a similar amount on signs of waning coronavirus pandemic around the world. This is the best day for the Indian markets since 2009.
The S&P BSE Sensex index rose as much as 2,566.7 points to touch 30,157.65 at the strongest level of the session in late afternoon deals, and the broader NSE Nifty benchmark climbed to as high as 8,819.40, up 735.6 points from the previous close. Gains across sectors – led by banking, IT, auto and pharma shares – pushed the markets higher. The Sensex ended 2,476.26 points – or 8.97 per cent – higher at 30,067.21 and the Nifty settled at 8,785.90, up 702.10 points – or 8.69 per cent – from the previous close.
The rupee surged by 49 paise to 75.64 (provisional) against the US dollar on Tuesday, taking cues from positive equity market sentiment, as the forex markets re-opened to new timings post the Mahavir Jayanti holiday on Monday.
Meanwhile, in a reprieve for the market participants, the NSE’s India VIX index – which gauges the expectation of volatility in the near term – corrected 5.8 per cent to 52 levels.
Analysts say volatility cannot be ruled out as investors assess the impact of the coronavirus pandemic on global economy. India entered the fourteenth day of a 21-day countrywide lockdown to curb the spread of the deadly Covid-19 disease
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