Gujarat Exclusive > Sensex rallies 2,476 points in biggest single-day gains since 2009

Sensex rallies 2,476 points in biggest single-day gains since 2009


Firing on all cylinders, the bulls made a terrific comeback on Tuesday with the benchmark indices posting their biggest single-day gain since May 18, 2009. Supportive global cues and hopes that coronavirus spread may have peaked in key global centres, boosted investor sentiment.

The S&P BSE Sensex today reclaimed the crucial psychological level of 30,000. The headline index zoomed 2,476 points or around 9 per cent to settle at 30,067. All the 30 constituents of the index ended in the green. IndusInd Bank (up 25 per cent) emerged as the biggest gainer on Sensex, followed by Axis Bank (up over 19 per cent), M&M (up around 14.5 per cent), and ICICI Bank (up around 14 per cent).

Market breadth was in favour of advances as out of 2,576 companies traded on the BSE, 1,842 advanced and 540 declined while 194 securities remained unchanged.

NSE’s Nifty ended at 8,792, up 708 points or 8.76 per cent. Nifty Bank and Nifty Pharma indices jumped around 10.5 per cent each to end at 19,046 and 8,129 levels, respectively.

Fear guage India VIX continued to decline and hit a month low of 52.06, down around 6 per cent.

Second-rung stocks, too participated in the rally; however, they underperformed the headline indices. The Nifty MidCap 100 index gained over 5 per cent to 11,914.70 levels while the Nifty SmallCap 100 index ended at 3,608.40, up 3.52 per cent.

Among individual stocks, Mahindra & Mahindra (M&M) ended nearly 14.5 per cent higher at Rs 321.45 after the company’s board turned down a proposal to pump in fresh equity of $406 million in its ailing South Korean subsidiary SsangYong Motor Co (SYMC) amid the ongoing COVID-19 crisis.

FMCG major Hindustan Unilever (HUL) hit a fresh high of Rs 2462.90 during the day before settling at Rs 2,444.60, up 13.5 per cent. Britannia Industries rallied 10.6 per cent to Rs 2,821. The FMCG company has partnered with on-demand e-commerce platform Dunzo for home delivery of all its products.

Shares of pharmaceutical companies rallied on Tuesday with the Nifty Pharma index surging 10 per cent as the government lifted the curbs on exports of 13 active pharmaceutical ingredients (APIs) and their formulations. The index had rallied 5 per cent in the previous session also.

13 fresh cases of COVID-19 reported from Ahmedabad in 12-hour, Gujarat’s tally touches165