Market

Closing Bell: Sensex, Nifty surge over 3.5% on Tuesday, but down around 25% for FY20

Updated : March 31, 2020 03:55 PM IST

The Sensex ended 1,028 points higher at 29,468, while the Nifty rose 276 points to settle at 8,557.

For FY20, the Sensex and Nifty slumped 24 percent and 26 percent, respectively.

OMCs rose after Credit Suisse upgraded all three stocks to 'neutral' from 'underperform'.

Indian shares surged over 3.5 percent on Tuesday, tracking broader Asian peers, mainly led by gains in financials, FMCG, and metal space. The sentiment was upbeat after factory data from China gave investors hope of a rebound in activity, despite a spike in coronavirus cases back home.

The Sensex ended 1,028 points higher at 29,468 on the last trading day of the current financial year, while the Nifty rose 317 points to settle at 8,598.

However, the benchmarks posted their worst yearly performance since 2009, battered by sluggish economic growth and the fallout from the coronavirus pandemic. For FY20, the Sensex and Nifty slumped 24 percent and 26 percent, respectively.

India has reported 1,251 confirmed coronavirus cases by Monday evening, up 227 from the previous day, its steepest single-day rise.

On the Nifty50 index, BPCL, Britannia, GAIL, ONGC, and UPL were the top gainers, while IndusInd Bank, Eicher Motors, Cipla, Zee, and Bajaj Finserv led the losses.

Broader markets also rose for the day with Nifty Midcap and Nifty Smallcap indices up 2.2 percent and 3 percent, respectively.

All sectors were also positive for the day. Nifty Energy surged 7 percent as crude oil fell to multi-year lows. Nifty FMCG and Nifty Metal followed, rising over 5 percent each. Meanwhile, Nifty Fin Services added 3 percent, Nifty IT advanced 3.6 percent, and Nifty Bank was up 1.9 percent.

IndusInd Bank was the day’s top loser, shedding 15 percent after the company said it saw its retail deposits slowing on an analyst call on Monday.

However, OMCs rose after Credit Suisse upgraded all three stocks to 'neutral' from 'underperform' on valuation support. BPCL rose the most, up 13.5 percent.

Globally, MSCI’s broadest index of Asia-Pacific shares outside Japan rose 1.1 percent after China’s official manufacturing purchasing managers’ index (PMI) bounced to 52.0 in March, up from a record low of 35.7 in February.

Closing Bell: Sensex, Nifty surge over 3.5% on Tuesday, but down around 25% for FY20

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