S&P BSE Sensex NSE Nifty 50 LIVE News Sensex Nifty Jump 3% Global Markets Gain COVID-19 Drug Hopes

Sensex, Nifty Jump Over 3% As Global Markets Gain On COVID-19 Drug Hopes

Reliance Industries, HDFC Bank and Infosys together accounted for gains of over 350 points in Sensex

Domestic stock markets jumped more than 3 per cent on the last trading session of the week, tracking gains in Asian peers where encouraging early results from a coronavirus (COVID-19) treatment trial lifted equities. The S&P BSE Sensex index jumped as much as 3.23 per cent - or 1,058.18 points - to touch 33,778.34 in mid-morning deals, having started the day up 661.03 points at 33,381.19. The broader NSE Nifty 50 benchmark climbed to as high as 9,860.40, after starting the session at 9,753.50 compared to its previous close of 9,553.35.

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Gains across sectors - led by financial and information technology stocks supported the markets in early deals. At 10:40 am, the Sensex traded 957.85 points - or 2.93 per cent - higher at 33,678.01 while the Nifty was up 280.00 points - or 2.93 per cent - at 9,833.35.
In the 50-scrip Nifty basket, 47 stocks traded higher at the time. Top percentage gainers were Tata Motors, Hero MotoCorp, Vedanta, Hindalco and HCL Tech, trading higher between 6.09 per cent and 11.20 per cent each.
Reliance Industries (up 2.96 per cent), HDFC Bank (3.30 per cent) and Infosys (4.97 per cent) together accounted for a gain of more than 350 points in Sensex.
Reliance Industries shares rose more than 3 per cent to Rs 1,476 apiece on the BSE, ahead of the release of financial results for the January-March period by the conglomerate. At its meeting later in the day, the company's board will also consider its first rights issue in almost 30 years in another attempt to slash its debt.
Market breadth was highly positive with an advance-decline ratio of 3:1, as 1,266 stocks on the NSE traded higher against 383 that moved lower. On the BSE, 1,385 stocks advanced while 524 declined.
Analysts awaited more financial results from large caps for near-time direction. Tech Mahindra and Hindustan Unilever will also report their earnings on Thursday. The markets will remain closed on Friday for Maharashtra Day holiday.
Equities elsewhere in Asia jumped to multi-week highs, with MSCI's broadest index of Asia-Pacific shares excluding Japan rising 0.8 per cent to its highest level recorded since mid-March. Japan's Nikkei 225 benchmark index, returning from a holiday the previous day, jumped 2.5 per cent to a seven-week high.
Asian stocks followed strong moves in US markets overnight, where shares rallied after Anthony Fauci, the top US infectious disease official, said Gilead's antiviral remdesivir will become the standard of care for COVID-19 after early results from a trial seemed to show it helped speed recovery. The S&P 500, Dow Jones Industrial Average and Nasdaq Composite indices ended 2.66 per cent, 2.21 per cent and 3.57 per cent higher respectively.
The Federal Reserve policymakers left interest rates near zero after a two-day meeting, and repeated a vow to do what it takes to shore up the economy, saying the ongoing coronavirus pandemic will “weigh heavily” on the near-term outlook and poses “considerable risks” for the medium term. US futures gave up early gains to turn flat, indicating a lacklustre start on Thursday.
Investors around the globe have been excited by the prospect of a COVID-19 treatment because it may help countries emerge from lockdowns - even though investors' hopes don't seem to take into account regulatory and distribution difficulties should a treatment be found.