Sensex spurts 1325.34 pts
Economy

Sensex spurts 1325.34 pts

Agency News

Mumbai, Mar 13 : The benchmark index of Bombay Stock Exchange (BSE) on Friday rallied by 1325.34 points to end strong at 34,103.48, amid volatile session after posting a record intra day recover as investors temporarily putting aside the worries over coronovirus. The market spurted after fresh buying in finance, telecom, bankex, metal, power and realty stocks amid positive Asian Market. The Nifty of National Stock Exchange (NSE) rose by 433.50 points to 10,023.65.

With yesterday's down of 2,919 pts, the Sensex opened in red only at 31,214.13, sliding by 1,564 pts. Even, Nifty to dropped by 483 pts to open at 9,590. The Nifty50 index was locked in 10 per cent lower circuit early morning, prompting a trading halt for 45 minutes.

However, once the markets re-opened, the headline indices Sensex and Nifty shot up as much as 5,381 points and 1,604 points, respectively, from their early morning lows. Volitality index surged over 24 per cent during the session. As the market re-opened it erased earlier losses, it shot up by nearly 1991 points to 34,769.48 day high, before closing at 34,103.48, up by 1325.34 pts from its last close. The Nifty recorded day high and low at 10,159.40 and 8,555.15 pts respectively.

The sectoral indices include, finance, telecom, bankex, metal, oil and gas, power and realty came to the rescue to push the market up. Seeing scrips, SBI and Tata Steel rallied more than 13 per cent followed by HDFC, Sun Pharma and Bajaj Finance. The broader markets also joined the benchmarks in the upmove. The S&P BSE MidCap index closed 258 points, or 2.09 per cent, higher and the S&P BSE SmallCap index gained 146 points, or 1.26 per cent. The sharp rebound in US futures eased investor concerns. Futures on the Dow Jones Industrial Average erased early losses and were up 1,000 points, implying a strong opening in the US market on Friday. A clarification from the stock market regulator, Securities and Exchange Board of India (SEBI), on Friday said, "SEBI and Stock Exchanges have a robust risk management framework in place which automatically gets triggered in response to movements in the indices as well as individual stocks both in cash and derivatives market," it said. The regulator further said that the positions of margin payments, margin utilization, adequacy of collaterals (securities deposited by the brokers with the clearing corporations) and the pay-in's obligations being met by the clearing members (brokers) are being continuously monitored.

Similarly, the settlement and clearance of trades are also being constantly monitored. SEBI and stock exchanges are prepared to take suitable actions as may be required, it added. “Over the last few days, the Indian stock market has been moving in tandem with other global markets owing to concerns related to Covid-19 pandemic, resultant fear of economic slowdown, recent fall in global crude oil price, and so on,” SEBI said. In Europe too, markets bounced back from their worst day ever, as signs of a US stimulus package helped soothe fears about an economic shock from the coronavirus pandemic. In commodity market, oil prices rose over 3 per cent but were set for their worst weekly drubbing since the 2008 financial crisis. (UNI)

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