Following global cues, Indian equity indices witnessed a surge during the early hours on Monday morning as the BSE jumped 675 points or 2.15 percent at 32,002 while the Nifty 50 edged higher by 188 points or 2.06 percent at 9,343 at around 10.15. All sectors in NSE recorded an upward trajectory with Nifty auto up by 2 percent, pharma by 1.9 percent and financial service by 1.8 percent.
Reliance Industries witnessed a 2.93 percent gain at Rs 1,458.55 per share while private sector banks such as Kotak Mahindra and Indus Ind saw a rise of 4.7 percent each. Whereas the pharma sector also witnessed a considerable rise with Cipla and Sun Pharma gaining by 4 percent and 3.3 percent respectively. However, Wipro, Bajaj Finance, NTPC and Asian Paints traded in negative.
Investors will also be taking cues from the latest released March quarter earnings by Adani Power, Sasken, HDFC Life, Ambuja Cement. IndusInd Bank and Ambuja Cements are scheduled to announce their March quarter results today.
Investors have also been anticipating ease in lockdown measures and hoping more stimulus from PM Modi's meet with CMs scheduled today at 10 AM.
Bajaj Auto was the top gainer with as much as 4.27 percent gain. In the previous session, the BSE Sensex tumbled 536 points as finance and bank stocks skidded after Franklin Templeton MF suddenly closed six debt fund schemes, catching investors off guard.
The world has witnessed an economic crisis due to the Coronavirus Pandemic. Economies across the globe have come to a standstill with lockdown measures in effect. There are over 29.71 lakh confirmed cases and over 2.06 lakh deaths from the coronavirus COVID-19 outbreak. The total number of confirmed COVID-19 cases in India stands at 27,892 currently with 872 deaths, according to Union Ministry of Health and Family Welfare.