Indices rally as Covid-19 news boost sentiments

Mumbai | Updated on March 31, 2020 Published on March 31, 2020

With all major economic activities coming to a standstill, India’s stock markets are now just mirroring the US markets. The Sensex and Nifty witnessed a near 4-per-cent rally on Tuesday, as US stock markets rose by more than 3 per cent on Monday.

The first data crunching exercise by the government revealed that India might have flattened the Covid-19 curve with the ongoing strict lockdown, and this has boosted sentiments, analysts said.

FPIs continue to sell

The Sensex gained 1,028 points or 3.62 per cent to close at 29,468. The broader index Nifty gained 316 points or 3.82 per cent at 8,597. The Bank Nifty index gained 1.93 per cent at 19,144.

Foreign institutional investors (FPIs) continued their selling spree in the cash market. On Tuesday, FPIs sold stocks worth ₹3,044 crore. Domestic institutional investors bought shares worth ₹3,576 crore.

PSU major BPCL rose 15 per cent to close at ₹316. The government is privatising the company and has extended the deadline for submission of expression of interest. IndusInd Bank was yet again the top loser, down 15.14 per cent after the management told analysts about higher provisions and erosion in bank deposits.

“For now, we may see broad-based trading in Nifty in the range of 8,200 to 9,000. On the downside, the Nifty has 8,100 as support. It has 9,100 as resistance on the upside. If the index sustains above 9,100, we may see an upmove to 9,600,” said Sumeet Bagadia, Executive Director, Choice Broking.

Published on March 31, 2020

A letter from the Editor

Dear Readers,

The coronavirus crisis has changed the world completely in the last few months. All of us have been locked into our homes, economic activity has come to a near standstill. Everyone has been impacted.

Including your favourite business and financial newspaper. Our printing and distribution chains have been severely disrupted across the country, leaving readers without access to newspapers. Newspaper delivery agents have also been unable to service their customers because of multiple restrictions.

In these difficult times, we, at BusinessLine have been working continuously every day so that you are informed about all the developments – whether on the pandemic, on policy responses, or the impact on the world of business and finance. Our team has been working round the clock to keep track of developments so that you – the reader – gets accurate information and actionable insights so that you can protect your jobs, businesses, finances and investments.

We are trying our best to ensure the newspaper reaches your hands every day. We have also ensured that even if your paper is not delivered, you can access BusinessLine in the e-paper format – just as it appears in print. Our website and apps too, are updated every minute, so that you can access the information you want anywhere, anytime.

But all this comes at a heavy cost. As you are aware, the lockdowns have wiped out almost all our entire revenue stream. Sustaining our quality journalism has become extremely challenging. That we have managed so far is thanks to your support. I thank all our subscribers – print and digital – for your support.

I appeal to all or readers to help us navigate these challenging times and help sustain one of the truly independent and credible voices in the world of Indian journalism. Doing so is easy. You can help us enormously simply by subscribing to our digital or e-paper editions. We offer several affordable subscription plans for our website, which includes Portfolio, our investment advisory section that offers rich investment advice from our highly qualified, in-house Research Bureau, the only such team in the Indian newspaper industry.

A little help from you can make a huge difference to the cause of quality journalism!

Support Quality Journalism
This article is closed for comments.
Please Email the Editor
You have read 1 out of 3 free articles for this week. For full access, please subscribe and get unlimited access to all sections.