Benchmark indices surged in trade as crude prices fell and fears of a Corona Virus abated. Global cues were extremely strong with European markets opening higher and the Dow Futures showing gains in excess of 1 per cent. The Sensex ended the day higher by a whopping 917 points, while the Nifty gained 272 points.
The broader markets too joined the rally with the BSE MidCap index too gaining around 1.5 per cent.
The Sensex and the Nifty recovered most of the losses seen on Union Budget day. Shares in Titan 7.5 per cent, following its quarterly numbers. Net profits at the company jumped 13 per cent to Rs 430 crores.
Shares in Punjab National Bank fell after the company reported a net loss of Rs 492.28 crores, as against a net profit of Rs 246.51 crore. Provisions at the bank rose, even while gross NPAs were placed at 16.3 percent versus 16.76 percent. Oil and gas stocks, which had plunged to 52-week lows saw some gains. Oil India, ONGC and Indian Oil were among the gainers in trade.
Heavyweight stocks like HDFC, Reliance Industries and HDFC Bank contributed significantly to today's gains.
Shares in ITC, which was hammered ever since the Union Budget managed to gain ground and close the day higher by 4 per cent.
Shares in Zee Entertainment fell sharply, after reports that the Ministry of Corporate Affairs had ordered an inspection of the company's books of accounts. The stock ended the day lower by 5 per cent.