Market update: Sensex rises 1300 points, Nifty up 4%, How will Bitcoin react?

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The past few days saw a massive sell-off in the stock markets around the world as fear loomed among investors. The announcement of a $2 Trillion relief package for the Coronavirus crisis by the United States on Wednesday provided a ray of light, and this showed around the rally of stock markets in the US and also in several other parts of the world including India. 

The BSE Sensex rose 1800 points on Wednesday, the highest increase in a single day in 11 years. The rally continued on Thursday as Nifty and Sensex both rose by 4%. Todays’ top gainers till the time of publication of this article include:

  • Indusind Bank, which increased by 35% or Rs. 105.45, currently trading at Rs. 406.75.
  • Bandhan Bank, which increased by 34.99% or Rs. 54.15, currently trading at Rs. 208.90.
  • Piramal Enterprises Ltd, which increased by 30% or Rs. 204.55, currently trading at Rs. 886.40.
  • Hatsun Agro Products, which increased by 19.49% or Rs. 84.80, currently trading at Rs. 520.

 

SENSEX rallies up from the previous close of 28,535.7

It is the second day of a 21 -day lockdown imposed by India. The lockdown, combined with the relief package announced by the US, has strengthened sentiments. Investors rejoice as SENSEX touches the crucial 30,000 points mark after a prolonged period of plunging. The BSE Sensex rose nearly 9% in two trading sessions. 

The rupee also strengthened 58 paise against the dollar and is currently trading at Rs. 75.46 per Us dollar.

 

Can BTC’s short term resistance of $6850 be broken

Bitcoin and other cryptocurrencies such as Ethereum, Litecoin have not reacted significantly towards the relief stimulus or lockdown announcements by Governments. However, it has a bit of recovery from its free fall from its low of $4925 this month. Right now BTC is hovering around the $6650 mark.

Only time will reveal the fate of Bitcoin. As of now, under such turbulent conditions, investors prefer safer assets. 

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Sabyasaachi is a stock market enthusiast by day, a content writer by night. He believes that 90% of one's problems can be solved by marketing, while solving the other 10% just requires good procrastination skills.

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