Investors gained Rs 7.69 lakh crore today as Sensex posted its biggest single day gain in (terms of points) on rise in global markets buoyed by the slowing of coronavirus cases across the world. Market capitalisation on BSE rose to Rs 116.36 lakh crore today compared to the previous session's market cap of Rs 108.67 lakh crore. That led the market cap to rise by Rs 7.69 lakh crore.
While Sensex closed 2,476 points higher at 30,067, Nifty gained 708 points or 8.76% to 8,792. All Sensex and Nifty stocks closed in the green.
However, Sensex is still down 27.12% or 11,186 points since the beginning of this year. Similarly, Nifty has lost 27.75% or 3,376 points during the same period as coronavirus crisis roiled global markets since February this year.
Meanwhile, IndusInd Bank (22%), Axis Bank (19%) and M&M (14.44%) were the top Sensex gainers. On Nifty, IndusInd Bank (25%), Axis Bank (20.14%) and Grasim (15%) were the top gainers.
S Ranganathan, Head of Research at LKP Securities said, "Bulls took bears to task today with a salute of more than 700 points on the NIFTY. MSCI changes, Under Ownership in Pharmaceuticals and support from Financials, culminated the stellar day in favour of the Bulls".
Number of stocks hitting upper circuit on BSE stood at 453 against 202 falling to their lower circuits today. Market breadth was positive with 1,843 stocks ending higher against 539 closing lower on BSE. 194 stocks were unchanged.
NSE VIX, the volatility gauge of Indian market, closed 6.33% lower at 51.80.
Deepak Jasani, Head of Retail Research at HDFC Securities said, "Indian equity markets began the shortened week on a decisive note, staging their biggest one-day gain since May 2009. Nifty gained 8.7 percent to end at 8,792. Technically, the Nifty has rebounded well after forming a higher bottom at 8,056. On upmoves, it could face resistance at 9,039, while 8,678 could offer support for the near term. Indian markets could join South Korea, Philippines and Indonesia in rising 20% plus from recent bottom when it touches 9,013 (Nifty). "
Global markets rallied today on hopes the peak of the coronavirus pandemic surge may come soon.France's CAC 40 rose nearly 4.0% to 4,518.21 in early trading, while Germany's DAX jumped 4.5% to 10,530.95. Britain's FTSE 100 added 2.6% to 5,728.94.
US shares were set to drift higher with Dow futures gaining 2.9% to 23,140. S&P 500 futures rose 2.7% to 2,716.12.
Overnight, the S&P 500 climbed 175.03, or 7%, to 2,663.68, and nearly all the stocks in the index were higher. It more than recovered all its losses from the prior week, when the government reported a record number of layoffs sweeping the economy. The Dow Jones Industrial Average shot up 1,627.46 points, or 7.7%, to 22,679.99, and the Nasdaq rose 540.15, or 7.3%, to 7,913.24.