Equity benchmark indices failed to retain the sharp recovery in the afternoon trade on Tuesday despite Finance Minister Nirmala Sitharaman announced several relief measures for the industry. But the market recovered from the previous session’s historic losses and ended in the green.
MarketAtClose | Frontline indices end with gains of 1-3% after a volatile trading session; Nifty gains 191 points to 7,801 & Sensex 693 points to 26,674 pic.twitter.com/6vsLd0aqOm
— CNBC-TV18 (@CNBCTV18Live) March 24, 2020
The Sensex closed 692.79 points or 2.67 percent higher at 26674.03, while Nifty was up 190.80 points or 2.51 percent at 7801.05.
Representational image. Reuters.
After gyrating 1,823.97 points, the BSE barometer gave up some gains to end 692.79 points or 2.67 percent higher at 26,674.03. It hit an intra-day high of 27,462.87 and a low of 25,638.90.
Similarly, the NSE Nifty settled 190.80 points, or 2.51 percent, down at 7,801.05.
In the Sensex pack, Infosys was the top gainer which rallied 12.69 percent. Other major gainers included Bajaj Finance, Hindustan Unilever, Maruti, HCL Tech, Reliance Industries, Nestle India, ICICI Bank, Kotak Bank, Titan, Asian Paints and Sun Pharma.
Mahindra and Mahindra, IndusInd Bank, ITC and PowerGrid were the losers.
On Monday, the Sensex crashed 3,935 points or 13.15 percent to 25,981 while the Nifty 50 tumbled by 1,135 points or 12.88 percent to 7,610. Both Nifty 50 and Nifty bank witnessed their biggest fall in absolute terms in the previous session.
On Tuesday, the market recovered sharply though it started in the red. Both Sensex and Nifty staged a sharp recovery after reports of possible announcement of an economic stimulus package by Sitharaman in the afternoon.
Infosys, Adani Ports, Britannia Industries, Bajaj Finance and HUL were among major gainers on the Nifty, while losers included Yes Bank, M&M, Grasim, IndusInd Bank and Power Grid Corp.
As many as 927 shares advanced, 1,310 shares declined, and 145 shares are unchanged on Tuesday.
Except realty all other sectoral indices ended in the green. BSE Midcap up 1.5 percent, while Smallcap index ended flat.
According to experts, a major package from the government of India and the Reserve Bank is expected shortly, and the market is likely to remain hugely volatile with rising possibility of V shaped recovery occasionally.
Global equities rebounded almost 2%
Global equities rebounded almost 2 percent on Tuesday, off near four-year lows, and the dollar slipped as investors pinned hopes on unprecedented stimulus steps by the US Federal Reserve and other policymakers to ease strains in financial markets.
While the measures such as the Fed’s offer of unlimited bond-buying w