Sensex Surges Over 1,550 Points, Nifty Touches 8,700; Financial, IT Stocks Jump

Sensex Surges Over 1,550 Points, Nifty Touches 8,700; Financial, IT Stocks Jump

Sensex Surges Over 1,550 Points, Nifty Touches 8,700; Financial, IT Stocks Jump
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Sensex Surges Over 1,550 Points, Nifty Touches 8,700; Financial, IT Stocks Jump

Domestic stock markets soared amid volatile trade on Thursday, tracking cautious gains in Asian peers as investors around the globe awaited details of a $2-trillion stimulus package in the US to fight the coronavirus (COVID-19) pandemic. The S&P BSE Sensex index soared as much as 1,564.13 points to touch 30,099.91, within 90 minutes after opening with a gain of 537.93 points at 29,073.71. The broader NSE Nifty 50 climbed to as high as 8,749.05 compared to its previous close of 8,317.85. While all the sectors traded in the green, banking and financial services shares fuelled the strength in the markets.

At 10:48 am, the Sensex traded 1,248.13 points - or 4.37 per cent - higher at 29,783.91 while the Nifty was up 353.70 points - or 4.25 per cent - at 8,671.55. 

In the 50-scrip Nifty basket, 43 shares enjoyed gains at the moment. Top percentage gainers were IndusInd Bank (up 35 per cent), ICICI Bank (12.53 per cent), Axis Bank (9.99 per cent), HDFC (9.85 per cent) and Bajaj Finserv (8.38 per cent). 

Market breadth turned from mildly positive to extremely positive with an advance-decline ratio of 4:1. On the BSE, 1,373 moved higher against 420 that moved lower. On the NSE, 1,326 stocks advanced while 318 declined.