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Indices Trade on a Volatile Note; IndusInd Bank Cracks 25%
Tue, 24 Mar 11:30 am

Share markets in India are highly volatile today, in line with global counterparts that erased gains as investors panicked over the global economic damage from COVID-19 pandemic.

The BSE Sensex rallied as much as 1,450 points in opening trade, while the broader NSE Nifty topped 8,000-mark.

Asian stock markets rallied today as the US Fed's pledge to stabilize the financial system eased debt market pressures.

Japan's benchmark Nikkei climbed nearly 7% to its highest level in 1-1/2 weeks, supported by hopes of buying by the Bank of Japan (BOJ) and public pension funds.

Meanwhile, US crude oil futures climbed nearly 3% as the Trump administration launched an effort to work with Saudi Arabia to stabilise oil prices.

The BSE Sensex is presently trading up by 308 points, up 1.2%, while the NSE Nifty is trading up by 74 points.

Shares of Infosys and HUL gained over 7% while Sun Pharma, Tech Mahindra and ONGC gained in the range of 3-5%.

IndusInd Bank, on the other hand, plunged over 25%.

On the sectoral front, gains are largely seen in the IT sector and healthcare sector, while realty stocks are trading in red.

Note that, since the coronavirus outbreak, all BSE indices and NSE indices are down in the range of 25-35%.

In the article titled Worst Hit Indian Sectors Amid Coronavirus Pandemic: 10 Points to Know, we dive deeper and look at how the impact has been on individual sectors...

More details to follow in the upcoming commentary.

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

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