Benchmark indices ended the day sharply higher, led by gains in banking and the stock of Reliance Industries. A strong global rally on Monday, when Indian markets were closed prompted by likely higher openings for the US markets on Tuesday, as seen by the US Dow Futures pushed Indian benchmark indices sharply higher.
The Nifty ended the day higher by 709 points, to end the day at 8,792 points.
Reports that the lockdown maybe eased helped sentiments. Also, domestic investors took positives from news that India may see passive flows as the FPI limit has been increased to the sector foreign limit.
Among the top gainers in trade were Hindalco, IndusInd Bank, Axis, Mahindra and Mahindra and Grasim. There were no losers from among the Nifty stocks in trade.
Shares in Pharma companies were in the limelight with investors hoping that the sector would see better prospects following Covid 19 outbreak. Cadilla, Aurobindo, Cipla and Sun Pharma were all among the gainers in trade. Shares in Bajaj Finance, which had dropped sharply early in trade managed to end the day higher. The stock hit the 52-week low in trade today.
Meanwhile, the Indian rupee ended with a gain of 55 paise at 75.63 per dollar on April 7 amid buying seen in the domestic equity market.