Mumbai: Equity benchmark Sensex surged over 483 points on Thursday, tracking gains in IT and banking stocks as expectations of another stimulus package from the government enthused investor sentiment.
The 30-share index ended 483.53 points or 1.54 per cent higher at 31,863.08. The broader NSE Nifty advanced 126.60 points, or 1.38 per cent, to settle at 9,313.90.
Kotak Bank was the top gainer in the Sensex pack, rallying over 8 per cent, followed by TCS, Infosys, ICICI Bank, HCL Tech and ONGC.
On the other hand, Titan, HUL, PowerGrid, NTPC and Nestle India were among the laggards.
Indian markets opened on a positive note tracking mostly positive global markets as oil prices were seen rebounding after catastrophic falls a few days back amid some decline in volatility, said Narendra Solanki, Head- Equity Research (Fundamental), Anand Rathi.
Market participants also anticipate another stimulus package from the government in the wake of the COVID-19 outbreak, he added.
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Bourses in Hong Kong, Tokyo and Seoul ended with gains, while Shanghai closed in the red.
Stock exchanges in Europe were trading on a mixed note.
Traders said concerns over the COVID-19 pandemic kept investors cautious.
Rupee surges by 62 paise to 2-week high against dollar on stimulus hopes
The rupee soared by 62 paise to settle at a two-week high of 76.06 against the US dollar tracking gains in domestic equities as hopes of another stimulus package from the government bolstered investor sentiment.
Forex traders said investor sentiment strengthened after the RBI said it would undertake additional purchase of government securities through open market operations (OMO).
At the interbank foreign exchange, the rupee opened higher at 76.31 rose further to the day's high pf 76.00. The rupee finally settled at 76.06 against the US dollar, registering a rise of 62 paise over its previous close. This is the highest closing level since April 7.
"On a review of current and evolving liquidity and market conditions, the Reserve Bank has decided to conduct simultaneous purchase and sale of government securities under Open Market Operations (OMO) for Rs 10,000 crores each on April 27, 2020," the Reserve Bank said in a release.
The dollar index, which gauges the greenback's strength against the basket of six currencies, was trading 0.08 per cent up at 100.46.
Brent crude, the global oil benchmark, rose 6.92 per cent to USD 21.78 per barrel.
(PTI Report)
