sensex today: Sensex rises over 1,250 points amid positive global cues; Nifty above 8,450 – Times of India

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NEW DELHI: Equity indices jumped on Tuesday with the benchmark BSE sensex rising over 1,250 points amid positive global cues. Sensex surged 1,257 points or 4.55 per cent to 28,848; while the broader NSE Nifty moved 380 points or 4.70 per cent higher to 8,464.
Top gainers in the sensex pack included IndusInd Bank, ICICI Bank, Kotak Mahindra Bank, Mahindra & Mahindra, Axis Bank and HDFC Bank with their stock rising as much as 9.99 per cent. On NSE, sub-indices Nifty Private Bank and Bank surged as much as 6.04 per cent.
On the global front, Asian stock markets rallied and riskier currencies rose, buoyed by tentative signs the coronavirus crisis may be levelling off in New York and receding in Europe.
Gains were broad even though global coronavirus cases kept rising and an economic crash on a scale not seen for generations looms large.
The United States is bracing for its toughest week yet as the death toll climbs above 10,000 while across the Atlantic, British Prime Minister Boris Johnson has entered intensive care after his COVID-19 symptoms worsened.
“The market is front running what it believes is a peak in the virus case count with Europe leading the way,” Chris Weston, head of research at Melbourne brokerage Pepperstone, told news agency Reuters.
“You can almost smell the fear of missing out from active managers,” he added
Worldwide there are 1.3 million cases and more than 70,000 deaths from COVID-19, the respiratory illness caused by the coronavirus – rising even as swathes of the globe are under lockdown.
Hope stems though from hardest-hit Italy and Spain, where authorities have started looking ahead to easing lockdowns after steady falls in coronavirus-related fatality rates.
The United States has reported skyrocketing unemployment as lockdowns drive layoffs and is bracing for what one official called the “peak death week”.
Analysts have said that market sentiment will continue to be driven by the trend in coronavirus cases globally as well as in India while adding that indices may see high volatility in the holiday-shortened week ahead.
Domestic indices were closed on Monday on account of ‘Mahavir Jayanti’. The bourses will be closed on Friday as well for ‘Good Friday’.
Concerns over a looming recession have kept investors on the edge. During the last week, sensex lost 2,225 points or 7.46 per cent.
(With agency inputs)

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