Sensex Rallies 1,000 Points; Bajaj Finance, Titan & Tata Steel Surge Over 7%

Share markets in India are presently trading on a strong note after the government eased curbs on most economic activities, even as the lockdown in containment zones was extended till June 30.

Further, positive momentum in Asian peers also supported gains in the domestic market. Asian shares pushed to three-month highs as progress on opening up economies helped offset jitters over riots in US cities and unease over Washington's power struggle with Beijing.

The BSE Sensex is trading up by 1,045 points, up 3.2%, while the NSE Nifty is trading up by 298 points.

The BSE Mid Cap index is trading up by 2.4%, while the BSE Small Cap index is trading up by 3.2%.

Shares of Bajaj Finance and Tata Steel gained over 8%, while Titan, M&M, and Axis Bank surged over 6%.

On the sectoral front, gains are largely seen in the realty sector, banking sector, and metal sector.

Gold prices are currently trading up by 0.7% at Rs 46,984.

The rupee is currently trading at 75.45 against the US$.

Speaking of the current stock market scenario, note that the coronavirus impact has shaken markets worldwide. After all, 2020 has already seen one of the worst market crashes in history.

Will the 2020 Market Crash Be Worse than 2009?

Naturally, there is an atmosphere of fear all round.

Is it time to sell stocks now? Will the correction get worse?

History has shown that after years like the one we had just now, the next 3 years are good for the markets. In fact, these corrections are the rare times when you find businesses with solid fundamentals at reasonable valuations.

If you can find good businesses that can survive the current crisis, you will do well in the long run.

Moving on, market participants are tracking Adani Power share price as the company said that its board will meet on June 3, to consider the proposal for voluntary delisting of the equity shares of the company received from Adani Properties Private ltd.

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Disclosure: Equitymaster Agora Research Private Limited (Research Analyst) bearing Registration No. INH000000537 (hereinafter referred as 'Equitymaster') is an independent equity research ...

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