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Mumbai, April 23, 2020
The Indian stock market closed on a positive note on Thursday tracking a rise in the global indices and amid hopes that the government may soon come up with the a stimulus package for the industry.
Rahul Sharma, Research Head at Equity99 Advisors said: "The expectation of an early economic package announcement by the government lifted sentiments on the markets today. Yesterday I&B Minister Prakash Javadekar's statement that the economic package will be announced as and when it's ready lifted market sentiments."
He said that the gains during the day were led by index heavyweights Kotak Bank, TCS, ICICI Bank, and Infosys. The surge in Asian markets and a rebound in crude oil prices also added to the positive sentiments, Sharma added.
According to Vinod Nair, Head of Research at Geojit Financial Services, the sustainability of this rally will depend on government measures to boost the economy and support the industries, once the lockdown is over.
The BSE Sensex closed at 31,863.08, higher by 483.53 points or 1.54 per cent from the previous close of 31,379.55.
It had opened at 31,646.45 and touched an intra-day high of 31,959.02 and a low of 31,292.92 points.
The Nifty50 on the National Stock Exchange settled at 9,313.90, higher by 126.60 points or 1.38 per cent from the previous close.
Deepak Jasani, Head of Retail Research at HDFC Securities, noted that the broad market indices like the BSE Mid Cap and Small Cap indices gained less, thereby underperforming the Sensex and Nifty.
On the technical front, he said: "With the Nifty moving up further, the short term trend remains up. Further upside are likely once the immediate resistance of 9,343 is taken out. Crucial supports to watch for resumption of weakness are at 9,171."