Breaking its four-day losing trend, equity benchmark Sensex rallied over 1627 points on Friday in line with global markets as governments across the world took drastic measures to combat the economic blowback of Covid-19.
Domestic sentiment turned positive on hopes of a stimulus package after Prime Minister Narendra Modi announced a financial task force to support sectors battered by the pandemic, experts said.
After starting on a volatile note and swinging over 2485 points, the BSE barometer ended 1627.73 points, or 5.75 per cent, higher at 29915.96. It hit a high of 30418.20 and a low of 27932.67.
Similarly, the NSE Nifty zoomed 482 points, or 5.83 per cent, to close at 8745.45. During the week, the Sensex plummeted 4187.52 points or 12.27 per cent, while the Nifty sank 1209.75 points or 12.15 per cent.
ONGC was the top gainer in the Sensex pack on Friday, rallying 18.58 per cent, followed by UltraTech Cement (13.01 per cent), HUL (11.75 per cent), RIL (11.24 per cent), TCS (9.90 per cent), Tata Steel (9.60 per cent) and Asian Paints (8.91 per cent). Only HDFC Bank and IndusInd Bank settled in the red, shedding up to 1.39 per cent.
Experts feel the Covid-19 taskforce may come out with concrete proposals very soon. The huge oil bounty from the crude crash can be used for this, said V.K. Vijayakumar, chief investment strategist at Geojit Financial Services.
“Tracking positive sentiments in the global markets, Indian indices closed up by around 6 per cent. It was in sync with Asian and European markets and was more of a relief rally driven by technicals rather than any change in outlook. Hopes of further stimulus from central banks across the world boosted global markets,” said Vinod Nair, head of research at Geojit Financial Services.