Rally continued in the Indian stock market on Tuesday afternoon as the BSE Sensex rose over 1,000 points. The Nifty50 on the National Stock Exchange (NSE) rose 300 points to trade above the 8,500 mark.
This comes as a major relief to the retail loan borrowers including farmers whose daily work and farm activities have stopped due to the 21-day lockdown leaving them with lower or no income.
The Apex bank instituted a moratorium on interest payments on term loans for three months. This move is expected to benefit corporates and MSMEs. Even interest on working capital loans have been deferred for three months.
The rise in the market was in line with the gains in the Asian market. Healthy buying in finance and banking stocks also supported the domestic indices.
Indian stock markets witnessed a rally on Wednesday afternoon with the BSE Sensex rising 1,600 points. The indices gained steadily after a largely volatile trade earlier in the day.
The Ministry of Finance has extended the deadlines for filing returns of goods and services tax (GST) in view of the coronavirus crisis and difficulties faced by taxpayers in meeting the compliance norms.
The market movement comes a day after the Central and state governments announced wide ranging measures including lockdowns and suspension of some public transport to contain the spread of the novel coronavirus.
The Sensex reclaimed the psychological mark of 30,000 points. At 1.44 p.m., it was trading at 30,326.43, higher by 2,038.20 points or 7.21 per cent from the previous close of 28,288.23.
Stock markets also plunged on Thursday as Sensex fell below the 27,000-mark and Nifty50 breached the 8,000 mark for the first time in over three years during the initial trade.
A huge pit was dug in a field in Mubarakpur village in Unchagaon area, where the chicks were dumped and later buried. Pictures and video clips of the incident have been widely shared.
The sector-wide selloff in the Indian markets was led by heavy selling in banking and finance stocks. On the Sensex, IndusInd Bank, Bajaj Finance Aand Axis Bank were the top losers.
Making a significant recovery from the day's bloodbath both Sensex and Nifty rose from their intra-day lows to trade in the green. Sensex gained over 3,900 points to touch the intra-day high of 33,349.83 points.
Freefall in the Indian stock markets resumed on Friday as both Nifty50 on the National Stock Exchange and the BSE Sensex hit their lower circuit and trading was halted for the next 45 minutes.
In what appears to be the worst trading session in the Indian stock markets, the benchmark BSE Sensex fell over 3,100 points to trade below the 33,000-mark.
Country's largest lender State Bank of India on Wednesday said that it has decided to waive maintenance of 'Average Monthly Balance' requirements for all savings bank accounts.
The mayhem in domestic stock markets deepened with the BSE Sensex falling over 2,400 points and the Nifty50 trading below 10,400 points.
On Saturday, Saudi Arabia announced massive discounts to its official selling prices for April, and the nation is reportedly preparing to increase its production above the 10 million barrel per day mark, according to reports.
The benchmark Sensex advanced over 500 points during the early trade on Monday after the worst week of trade since the 2008 financial crisis.
Concerns of coronavirus turning into a pandemic and spreading into countries outside China have off late impacted investor sentiments both in the global and domestic markets.
However, the move may hit revenues of digital payments players like PhonePe, Google Pay and Amazon Pay which have spent heavily to grab a greater market share in the UPI ecosystem.
Although the Coronavirus related deaths have crossed 1000, more than the SARS epidemic in 2003, Dalal Street is interpreting the drop in new cases as initial signs of normalcy returning in China.
Meanwhile, provisions data from the exchanges showed, foreign institutional investors sold equities worth Rs 1,200.27 crore on Monday, while domestic institutional investors purchased shares worth Rs 1,286.63 crore.
Chinese equity markets fell sharply on Monday, the first day after an extended Lunar New Year holiday, when the investors got a chance to react to the escalating death toll due to the coronavirus.
Three years back, Amazon Founder and CEO Jeff Bezos paid $23 million in an all-cash deal for the old Textile Museum in the upscale Kalorama neighbourhood in the US capital, which is undergoing years-long renovation.