Markets jump over 2{b1ee4ac4d8d7b8e1af61a560a11ca52574b8103b547ccac8037ce0cdf9e7ba58} as investors pin hopes on potential Covid-19 anti-viral drug
BSE Sensex was up nearly 1,000 points at around 10:15 am, while NSE Nifty was seen consolidating further at after rising over 280 points to rise above 9,800-mark.
Experts expect markets to consolidate further as the government is planning to ease the lockdown significantly from May 3. (Photo: Reuters)
HIGHLIGHTS
- Sensex was up nearly 1,000 points at around 10:15 am
- Nifty was seen consolidating further after rising over 280 points to cross 9,800
- All Nifty sectoral indexes are finally trading in the green after a long period
Domestic markets surged over 2 per cent as global sentiments improved after a new anti-viral drug remdesivir showed promising results in treating Covid-19.
BSE Sensex was up nearly 1,000 points at around 10:15 am, while NSE Nifty was seen consolidating further after rising over 280 points to jump above the 9,800-mark.
Tata Motors, Hero Motor Corp, Vedanta, Mahindra and Mahindra, Infosys and HCL Tech were some of the top gainers in morning trade. Reliance Industries Limited was also trading higher by over 1 per cent ahead of March quarterly results today.
All Nifty sectoral indexes are finally trading in the green after a long period. Nifty Auto, Nifty IT and Nifty Metal indexes led the rally.
Experts expect markets to consolidate further as the government is planning to ease the lockdown significantly from May 3 in areas with low or no risk of Covid-19.
Sameet Chavan, Chief Analyst-Technical and Derivatives, Angel Broking, said, “. The momentum clearly seems to be in favor of bulls as of now as the recent under performer banking index too have witnessed buying interest in last couple of sessions. The immediate target zone of the ongoing move is seen around 9600-9700 while the support base has now shifted higher to around 9250-9300.”
“Traders are advised to trade with the momentum and ride the short term trend until any reversal signs are seen.”
Global stocks also rose on hopes of a possible vaccine for Covid-19 after early results from US-listed Gilead’s trial for the drug remdesivir. Asian stock markets are also rose to a seven-week high despite cautious trade.
Meanwhile, shares of Glenmark Pharmaceuticals Ltd also rose as much as 8.9 per cent after the drugmaker said it got the Indian drug regulator’s nod to conduct clinical trials of antiviral drug favipiravir, seen as a potential treatment for COVID-19.
(With inputs from Reuters)
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