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Sensex Jumps 800 Points: PSUs Lead


Markets were trading higher led by gains in PSU stocks. Strong overnight cues from across the US also helped sentiments.

BPCL, Indian Oil, GAIL, ONGC and Coal India were the big winners in trade. These stocks were also supported by heavyweight Reliance Industries.

The Sensex was trading with gains of 860 points, while the Nifty was up 262 points in trade. Banking stocks which were pounded on Monday saw some buying support with HDFC Bank, and ICICI Bank among the gainers.

Sensex Jumps 800 Points: PSUs Lead

However, IndusInd Bank, which has been the most volatile stock from the Nifty space was the only loser. The stock saw a fall of 15 per cent in trade, after reports that the bank had seen withdrawal of deposits sparked concerns.

Among the Nifty stocks that lost ground were Bajaj Finance, Bajaj Finserv, Bajaj Auto and Maruti Suzuki.

Metal stocks which had seen some large scale selling pressure were witnessing good gains. Among the metal stocks that gained were Tata Steel, Vedanta and JSW Steel. Auto stocks too were marginally higher ahead of sales numbers for the month of March. Numbers are expected to be weak given the nationwide lockdown for the last 15 days.

Meanwhile, Asian markets too were trading firm as US Dow Futures pointed to a higher openings for the US Markets. The Japanese markets were trading flat, while the Shanghai Composite and the Hong Kong's Hang Sang were higher in trade.

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