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Sensex rallies 1,500 pts to reclaim 30,000, Nifty tops 8700; check what’s behind D-Street rally today

Surbhi Jain
Sensex, Nifty

Extending the gains, domestic equity market benchmarks Sensex and Nifty were trading nearly 4 per cent higher on Thursday on reports that Modi's government likely to agree an economic stimulus package of more than Rs 1.5 trillion to stem the spread of coronavirus. S&P BSE Sensex was trading 1154 points or 4.05 per cent higher at 29,690, while the broader Nifty 50 index was ruling 326 points or 3.93 per cent higher at 8644. "We expect volatility would remain high in the near term and any sustainable rally would largely depend upon how effectively we can contain the spread of coronavirus now with a 21-day nationwide lockdown in place," Ajit Mishra, VP-Research, Religare Broking ltd, said.

Nifty approaches 8,700- Headline indices were trading higher for the third consecutive session in a volatile market. With today's surge, the 30-share index Sensex gained 1,500 points while the broader Nifty 50 index reclaimed 8,700 level.

IndusInd Bank gains 30%- All the 30 Sensex stocks swung into green to trade higher. IndusInd Bank was the top Sensex gainer, up 30 per cent to Rs 391.55, followed by Axis Bank, ICICI Bank and HDFC.

Nifty Private Bank index jumps 10%- All the sectoral indices were trading in green. Nifty Private Bank index was trading more than 10 per cent higher led by IndusInd Bank, Bandhan Bank and Federal Bank. Similarly, Nifty Financial Services index was also trading higher driven by gains in Bajaj Finserv, ICICI Lombard General Insurance and Bajaj Holdings and Investment.

US Senate passes relief package- Reports suggest that US Senate has passed $2 trillion coronavirus relief package to aid the economy. The Bill now heads to the House, which will push to pass it Friday by voice vote as most representatives are out of Washington.

Total coronavirus cases at 649– Total number of COVID19 positive cases reached 649 in India, including 593 active cases, 42 cured or discharged people and 13 deaths, the Ministry of Health and Family Welfare said on Thursday. The death toll has reached 10.