Share Market Update: Sensex jumps nearly 500 pts; Nifty tops 9,300

DN Bureau

Equity benchmark Sensex jumped nearly 500 points in early trade on Tuesday amid value-buying in recently-hammered stocks even as investors fretted over an impending economic global recession led by Covid-19 pandemic.

BSE
BSE

Mumbai: Equity benchmark Sensex jumped nearly 500 points in early trade on Tuesday amid value-buying in recently-hammered stocks even as investors fretted over an impending economic global recession led by Covid-19 pandemic.

After gyrating over 1,000 points in a highly volatile opening session, the BSE barometer was trading 475.45 points or 1.51 per cent higher at 31,865.52.

Similarly, the NSE Nifty advanced 163 points, or 1.77 per cent, to 9,360.40. In the previous session, the Sensex logged its second-biggest drop in absolute terms, plunging 2,713.41 points or 7.96 per cent to finish at 31,390.07. Likewise, the Nifty slumped 757.80 points or 7.61 per cent to end at 9,197.40.

The number of deaths around the world linked to the virus has topped 7,000, after Italy announced a new surge in fatalities, with over 1,75,000 infections recorded globally so far.

In India, the number of infected cases stood at 125, as per union health ministry log.

After market hours on Monday, the Reserve Bank hinted at a rate cut but stopped short of a decision, belying market expectations at a hurriedly called presser even as it announced some liquidity enhancing measures to contain the economic fallout from the coronavirus.

But Governor Shaktikanta Das was quick to assure that the Reserve Bank has "enough policy tools and stands ready to take any measures" needed to help the economy tide over the impact of the coronavirus pandemic.

The rupee appreciated 22 paise to 74.03 against US dollar in morning session. Meanwhile, global oil benchmark Brent crude futures rose over 2.10 per cent to USD 30.67 per barrel.(PTI)
 

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