Sensex Surges As Global Markets Rebound On US Move To Open Economy

Benchmark indices surged in trade on strong global cues, after several positive developments. Reports that the US was re-opening the economy and also the RBI governor briefing, helped sentiments. Most of Asia was trading with solid gains led by the Japanese Nikkei.

Global markets discounted the fact that the Chinese economy shrank 6.8 per cent and looked for positive developments. The Sensex was trading with gains of 932 points, while the Nifty was up 278 points in trade, as hopes were also built around the fact that the government may soon announce a second stimulus package.

Banking stocks were the biggest gainers in trade with HDFC Bank, ICICI Bank, Bandhan Bank and IndusInd Bank all gaining ground. Metal stocks were also having a good trading session with Vedanta and Tata Steel among the gainers.

TCS, which report a tepid set of numbers managed to gain ground and was up 4 per cent in trade. Among the smaller cap stocks, L&T Finance Holdings surged for a second day in a row and was up more than 8 per cent, while shares in Shemaroo were locked at the upper end of the filter for the fourth consecutive day.

Meanwhile, most of Asia was trading with solid gains.