Indian benchmark index Sensex reports biggest 1-day gain in over 10-years

Source: Xinhua| 2020-04-07 20:13:49|Editor: xuxin
Video PlayerClose

MUMBAI, April 7 (Xinhua) -- Indian benchmark index Sensex on Tuesday reported its biggest one-day gain in over 10 years to end at 30,067 points, up 2,476 points or 8.97 percent over the previous close following global cues and declining rate of COVID-19 cases.

"Aided by news that the infections were peaking in some of the worst affected areas around the world, the Indian markets in sync with the global markets, witnessed a relief rally. Investors are also awaiting an ease in lockdown procedures, so companies can get down to generating business," said Vinod Nair, Head of Research at Geojit Financial Services, a domestic stock brokerage house.

According to media, as of Tuesday, India has reported around 350 new cases of novel coronavirus, down from close to 700 on the previous day. As per official morning update, India has 3,981 active cases of COVID-19 with 114 dead reported so far.

"Signs that intensity of coronavirus spread is declining in highly affected areas of the U.S. and Europe kept the sentiments upbeat. Market sentiment will continue to be driven by the trend in corona virus cases globally as well as in India," said Sundar Sanmukhani, Head of Fundamental Research Desk, Choice Broking, another domestic brokerage house.

The other benchmark index Nifty too rose by 9 percent to end the day at 8,792 points, which added 106 billion U.S. dollars to the investors' wealth on Tuesday after the benchmark indices corrected 25 percent so far this year since January, dealers said.