Sensex today spiked after many sessions. Market sentiments turned positive after reports suggested Finance Minister Nirmala Sitharaman, through a task force meeting today, would announce measures to bring relief to coronavirus-affected industries.
Friday's gain were the highest in the last 123 trading sessions
Sensex gained 1,627 points or 5.75 per cent today. Sensex
opened at 28,460 and closed at 29,915.96 points. On an intraday basis, Sensex
swinged 2,485 points from a low of 27,932 to a high of 30,418. However the
index was not able to hold the 30,000 level.
The biggest contributors to
the rise were ONGC (+18.58%), Ultratech Cements (+13.01%), Hindustan
Unilever (+11.75%), Reliance
Industries (+11.24%), TCS (+9.90%), Tata Steel (+9.60%), and Asian
Paints (8.86%). Out of the 30 stocks listed on Sensex, 28 stocks advanced while
only 2 stocks declined.
Today's gain is the highest
in the last 123 trading sessions (on closing to closing basis). The previous
highest gain was recorded on 20 September 2019 when Sensex jumped 1,921 points
in a single trading session. In fact, It was the highest gain in the last ten
years. The reason for the rally was a cut in corporate tax rates, which were
reduced by over 10 per cent.
Sensex today spiked after
many sessions. Market sentiments turned positive after reports suggested Finance
Minister Nirmala
Sitharaman, through a task force meeting today, would announce measures
to bring relief to coronavirus-affected industries.
Finance Minister is
scheduled to meet MSME Minister Nitin
Gadkari, Animal Husbandry Minister Giriraj Singh, Civil Aviation
Minister Hardeep
Singh Puri and Tourism Minister Prahlad
Singh Patel to assess the situation in order to work out a package.
The 30-share benchmark index
has taken a beating of late due to coronavirus outbreak. Since it touched its
all-time closing high of 41,952.6 on 14 January, Sensex has dropped 32.6 per
cent up till 17 March 2020 - that's a loss of 13,664.6 points and an erosion of
over Rs 50 lakh crore investor wealth.
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