The BSE Sensex and Nifty opened higher on Friday extending their gains to the fourth day in a row tracking positive global markets and expectation of relief measures from the Reserve Bank of India after the government announced a Rs 1.70 lakh crore relief package for the poor to meet their emergency needs during the 21-day lockdown announced to combat the spread of coronavirus.
As of 9.20 am, the Sensex rallied nearly 1,150 points to 31,105.11 while the Nifty50 index traded over 350 points higher at 9,026.85. Gains in the market were led by banking stocks. Nifty Bank, the banking sub-index of NSE rose 7.30%.
Among Nifty stocks, IndusInd Bank was the top gainer, up 15% followed by Axis Bank and Bajaj Finserv which rallied 10% and 8.27% respectively. UPL, SBI, ICICI Bank, Bajaj Finance, L&T, Tata Motors, Infosys were the other prominent gainers in the Nifty rising between 3.96%-6.76%. Bharti Airtel was the only loser in Nifty, down 4.70%.
On Thursday, The BSE Sensex closed 1,411 points or 4.94% higher at 29,946.77 while the NSE Nifty settled 323.60 points higher at 8,641.45. In the past three trading sessions, the Nifty has rebounded 13.5% and the Sensex has bounced 15.3%.
Meanwhile, foreign portfolio investors have reduced their intensity of selling. FPIs sold for the twenty-third consecutive session on Thursday, but the sell figure -- at Rs 484.78 crore -- was the lowest since March 2. Worth mentioning here is that these investors have been selling shares worth nearly Rs 3,000 crore on an average on a daily basis in the past one month.