Sensex rallies 400 points, Nifty tops 12,100 on firm global cues

NEW DELHI: Domestic equity indices saw a gap up opening to Tuesday’s session, tracking gains in global markets as some factories in China opened despite coronavirus deaths continued to mount.The total number of deaths in China has topped 1,000, well past the toll from Severe Acute Respiratory Syndrome, which killed nearly 800 worldwide.BSE flagship Sensex rose 439 points to 41,418.64 while NSE benchmark Nifty added 111 points to 12,142. Broader market indices were faring in-line with their headline peers as Nifty Smallcap gained 0.70 per cent to 6,221 while Nifty Midcap jumped 0.63 per cent to 18,306. Nifty 500 advanced 0.83 per cent to 10,028.India VIX, the measure of volatility in the market, dipped 3.18 per cent to 13.75. This means market participants expect relatively lower volatile movement going ahead.All sectoral indices on NSE were trading with gains in early trade. Nifty Metal that fell 3 per cent on Monday, was the biggest gainer, adding 1.43 per cent. Among other big gainers were Nifty PSU Bank, Nifty Auto and Nifty Bank.All 30 stocks in the Sensex were trading in the green. ITC was the biggest gainer, up 1.9 per cent at Rs 214.90. Tata Steel followed with gains of 1.83 per cent at Rs 451. Ultratech Cement, SBI, Hero Moto and Axis Bank were among other gainers in the pack.Globally, Asian share markets followed Wall Street higher. MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.9 per cent, while Shanghai blue chips rallied 1 per cent. Japan's Nikkei was closed for a holiday, although Nikkei futures traded 0.7 per cent firmer. Futures for the EUROSTOXX 50 rose 0.7 per cent and the FTSE 0.6 per cent. E-Mini futures for the S&P 500 added 0.3 per cent, after a late jump took Wall Street to fresh record highs on Monday. The Dow ended up 0.6 per cent, the S&P 500 gained 0.73 per cent and the Nasdaq 1.13 per cent. Meanwhile, Fed Chair Jerome Powell will appear before Congress on Tuesday to begin two days of testimony and is expected to reiterate that the US economy is doing well but that rates can stay low given subdued inflation.

from Economic Times https://ift.tt/38sV0vG