Sensex, Nifty Rebound Nearly 3% After Worst Day

Gains across sectors, led by financial, consumer goods, IT and pharma stocks, backed the upmove in the markets.

Sensex, Nifty Rebound Nearly 3% After Worst Day

Domestic stock markets rose almost 3 per cent amid a highly volatile session on Tuesday, a day after benchmark indices S&P BSE Sensex and NSE Nifty 50 suffered their worst day ever. After staging a gap-up opening, the Sensex changed direction at least four times in the first half of the session, as financial stocks fluctuated between gains and losses. The Sensex moved in a range of 1,823.97, touching 25,638.90 and 27,462.87 at the weakest and strongest levels during the session, after starting the day at 27,056.23. The broader Nifty benchmark rose to as high as 8,036.95 during the session, compared with its previous close of 7,610.25. The National Stock Exchange's India VIX index - which gauges the markets' expectation of volatility in the near term - jumped as much as 20.35 per cent during the session before closing 13.8 per cent higher at 81. 

The markets gave up roughly half of intraday gains by the end of the session. The Sensex ended 693 points - or , 2.6 per cent - higher at 26,674 and the Nifty shut shop at 7,801, up 191 points - or 2.5 per cent - from the previous close.

Meanwhile, the Finance Minister Nirmala Sitharaman announced a slew of relief measures for taxpayers and businesses to aid the fight against the fast-spreading coronavirus pandemic. The Finance Minister said the last date for filing of income tax return for financial year 2018-19 stands extended to June 30, and also announced June 30 as the new date for mandatory filing of Aadhaar with Permanent Account Number (PAN). The government also extended the last date for linking PAN with unique biometric ID Aadhaar to June 30 from March 31.

On the financial market, Ms Sitharaman said that RBI and Ministry of Finance are working together to monitor the developments in the market and SEBI has come up with certain guidelines to ensure stability in the stock market. She also said that the government is working on a relief package to tackle the slowdown in economy amid outbreak of Covid-19 and the same will be announced soon.

Ten of 11 sector gauges compiled by National Stock Exchange ended higher, led by Nifty IT, Pharma and FMCG. which surged between 2-6 per cent each. Infosys, Unilever, Britannia and Kotak Bank gained between 7-13 per cent each. On the  other hand, M&M, Grasim and IndusInd Bank had cuts ranging 6-8 per cent each.