Market opens positive; Nifty above 8,350

Mumbai: Sensex today on March 20, 2020 rebounded in the opening session. After Prime Minister Narendra Modi announced a financial task force to take necessary actions to combat the Coronavirus pandemic’s economic blow, Equity benchmark Sensex surged in opening session.

At 10:14 AM, BSE was trading at 28,607. Similarly, Nifty was trading at 8,356.

Among stocks, private banks suffered heavy losses with IndusInd Bank down by 6.6 per cent to Rs 414.55 per share. HDFC Bank slipped by 5.3 per cent, Kotak Mahindra Bank by 4.6 per cent, ICICI Bank by 2.9 per cent and Axis Bank by 2.7 per cent.
The other prominent losers were HDFC, Bajaj Finance, Eicher Motors, Adani Ports and Titan.

However, GAIL gained by 8 per cent to Rs 74.95 per share while ITC moved up by 6.3 per cent. Power Grid Corporation, Zee Entertainment, Dr Reddy’s, Hindustan Lever and ONGC gained between 4 and 6 per cent.

Meanwhile, Asian shares staged a rare rally as Wall Street eked out gains. MSCI’s broadest index of Asia Pacific shares outside Japan rose by 3.2 per cent after seven sessions of losses. South Korean shares bounced by 3.5 per cent.

The Covid-19 infection cases have risen drastically outside China, hurting major economies and disrupting supply chains. But many countries have poured in massive amounts of stimulus into their economies while central banks have flooded markets with cheap dollars to ease funding strains.

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