Sensex Zooms 595 Points; Capital Goods, Automobile And Banking Stocks Rally

Indian share markets continued their momentum during closing hours today and ended on a strong note.

Benchmark indices edged higher today, tracking mixed cues from global markets, backed by buying pressure in banking and finance stocks.

At the closing bell, the BSE Sensex stood higher by 595 points (up 1.9%) and the NSE Nifty closed higher by 175 points (up 1.9%).

The SGX Nifty was trading at 9,429, up by 119 points, at the time of writing.

The BSE Mid Cap index and the BSE Small Cap index ended their day up by 1.3% and 1.4%, respectively.

On the sectoral front, gains were largely seen in the capital goods sector, automobile sector and banking sector.

Asian stock markets ended on a mixed note. As of the most recent closing prices, the Nikkei jumped over 2%, while the Hang Seng declined 0.7%. The Shanghai Composite ended higher by 0.3%.

European share markets rose for the fourth straight session today as businesses returning to work and a 750 billion euro EU stimulus plan outweighed rising US-China tensions.

Gold prices are trading up by 0.3% at Rs 46,691 per 10 grams.

The rupee is trading at 75.75 against the US$.

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 around.

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 were tracking UFlex share price as the company announced that it has developed a Personal Protective Equipment (PPE) Coverall 'Flex Protect' in joint collaboration with lIT-Delhi and INMAS, DRDO, Delhi.

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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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