The benchmark indices after opening strong taking cues from global markets extended their morning gains with Sensex reclaiming 31,000 mark , up over 1182 points and Nifty up 4%.
Banking stocks led the rally with HDFC Bank, ICICI Bank, Kotak Mahindra Bank being the top contributors to Nifty Bank gains. Auto shares also made sharp gains of 7% as there was hints of partial lifting of lockdown at some of the places where infection rate is low. Among the top gainer on the pack was Motherson Sumi which climbed as much as 7%.
Paper stocks also saw good upside since last few days with names such as JK Paper all climbing as there are reports that production has resumed at certain places. Also, amid lockdown situation, there are no imports from other countries which is auguring well for Indian companies in the space.
Pharma companies are also moving strong as there seen to be better placed given Covid 19. Also, the recent lifting of curb on some of the API and their formulations exports also goes well for these companies.
In all the market is discounting another stimulus package from the government to assist during Covid 19.
Also, European markets are trading firm, with French CAC up 1.82% and German DAX up 2.33%. Asian markets though trade mixed, with losses of 0.04% on Japanese Nikkei.
Meanwhile , rupee reached record low of 76.44 in trade on April 9, 2020