Sensex jumps over 500 points, Nifty above 9,400; IRCTC hits upper circuit

Domestic markets opened on a positive note on Monday citing firm global cues and both benchmark equity indices are trading in green.

Apart from positive global cues, investors are also awaiting another stimulus package that the government is expected to announce this week to cushion economically stressed companies.

At around 9:33 am, BSE Sensex was trading higher by 533.44 points or 1.69 per cent at 32,176.14, while NSE Nifty was trading slightly above 9,400 after rising 1.61 per cent.

IRCTC shares hit the upper circuit, rising five per cent after the government announced yesterday that a set of special trains will be allowed to operate from May 12.

It may be noted that all Nifty sectoral indexes were trading in the green, with Nifty Auto leading the rally. Some of the top gainers were Tata Motors, which gained over 5 per cent. Vedanta, Maruti, Reliance (RIL) were some of the other top gainers.

RIL shares were up over 2 per cent after the company fixed May 14 as the date for its rights issue.

Besides that, investors are also hoping for a mega stimulus package that the government is likely to announce this week, as per reports.

Investors on the stock market are also awaiting a meeting that will take place via video conferencing between Prime Minister Narendra Modi and state chief ministers at 3 pm.

The crucial meeting will be closely tracked by market participants and any important decisions taken today could result in a sharp reaction on D-Street on Tuesday.

Globally, markets are gaining a better foothold as more countries ease lockdown norms in a phased manner to restart economies. However, one concern that remains is the resurgence of cases in some countries.

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