SENSEX surges over 1,650 points, NIFTY50 reclaims 22,650 on value buying, global cues

The Indian equity benchmarks staged a strong bounce back on Tuesday, April 8, after witnessing a stock market crash in the previous session. Strong global cues, value buying at lower levels along with a short covering rally led to surge in Tuesday’s session, market participants said. The SENSEX rose as much as 1,669 points to hit an intraday high of 74,806.59 and NIFTY50 index touched an intraday high of 22,672.90 led by gains in index heavyweights like Infosys, HDFC Bank, Reliance Industries, Bharti Airtel, Larsen & Toubro and ICICI Bank.

As of 1:23 pm, the SENSEX advanced 1,638 points or 2.24% to 74,774.76 and NIFTY50 index rose 518 points or 2.35% to 22,687.05 amid positive cues from global markets.

Asian stocks bounced off more than one-year lows and US stock futures pointed up on Tuesday, but many investors remained on edge even as they hoped Washington might be willing to negotiate some of the aggressive tariffs that have unleashed turmoil in markets, news agency Reuters reported.

Japan's Nikkei surged 6.01%, Australia's S&P/ASX 200 advanced 2.27%, China's Shanghai Composite added 1.58% and Hong Kong's Hang Seng gained 1.35%.

European markets were also trading with a positive bias with Germany's DAX rising 1.46%, England's FTSE100 advancing 1.41% and France's CAC40 index advanced 1%.

Back home, India VIX, the fear index which had jumped over 50% in the previous session, was down nearly 9%.

Buying was visible across board as all the major sector gauges compiled by the National Stock Exchange were trading higher led by the NIFTY IT index's 3% gain. NIFTY Bank, Auto, Financial Services, FMCG, Metal, Pharma, PSU Bank, Realty and Consumer Durable indices also rose in range 0f 1.7-3%.

Broader markets were also witnessing buying interest as NIFTY Midcap 100 index advanced 2.34% and NIFTY Smallcap 100 index surged 2.42%.

All 50 shares in the NIFTY50 index were trading higher led by the Shriram Finance's 4.64% gain. Titan advanced 4.16% after it registered around 25% year-on-year (YoY) growth in standalone revenue for the quarter and around 21% for the financial year. Titan's (consolidated) retail network grew by 72 stores (net) in the quarter to 3,312 stores.

Zomato (4.22%), Larsen & Toubro (3.76%), Infosys (3.65%), Eicher Motors (3.57%) and State Bank of India (3.42%) were also among the top gainers in the NIFTY50 index.

The overall market breadth was extremely positive as 3,058 shares were advancing while 765 were declining on the BSE.