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Sensex, Nifty surges amid the virus scare

Domestic stock market Sensex surged over 1,100 points in opening session on Friday led by gains in banking stock. The rise come ahead of Reserve Bank governor’s address.

Positive cues from the global markets too enthused investor sentiment here.

The 30-share BSE barometer was trading 1,140.10 points or 3.81 per cent higher at 31,086.87.

Similarly, the NSE Nifty zoomed 367.10 points, or 4.25 per cent, to 9,008.55.

IndusInd Bank was the top gainer in the Sensex pack, rallying up to 20 per cent, followed by Axis Bank, SBI, Bajaj Finance, ICICI Bank, HDFC Bank and M&M. On the other hand, Bharti Airtel, HCL Tech, TCS and Bajaj Auto were the top losers.

Domestic markets have been driven by optimism on USD 2 trillion package to US economy and also in anticipation of an economic package by the RBI for the Indian economy.

Finance Minister’s package did not address to the needs of the corporate sector, analysts said, adding that this would, perhaps, be followed by monetary stimulus by RBI along with forbearance on loan repayments.

On the global front, bourses in Shanghai, Hong Kong, Tokyo and Seoul were trading on a positive note.

Meanwhile, the Indian rupee appreciated 51 paise to 74.65 against the US dollar in morning trade.

Brent crude futures, the global oil benchmark, rose 0.87 per cent to USD 26.57 per barrel.

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