Sensex rallies by 1,300 points as many IT, commercial companies witness an increase
Sensex has rallied 4.5 percent at the total points of 28,963.25 while, on the other hand, Nifty has risen to 3 percent with the full scores of 8,426.
Gold prices shot up
As of Tuesday, 7th April, the prices of Gold experienced an immense surge of approximately ₹2000 for 10 grams, which currently leads up to ₹45,724 per 10 grams in the future market. Silver futures in MCX also witnessed a surge of up to 5 percent, which makes it ₹43,345 per kilogram.
Bajaj Finance down by 3.5 percent
This finance company, during its quarterly updates on Monday, stated that they had witnessed a fall of 22 percent in New loans, which are booked during the fourth quarter. They had booked a total of 77 lakh new loans in the previous quarter, which has been reduced by 22 percent this quarter.
Mahindra & Mahindra up by 12 percent
The automobile giant Mahindra has stated that its special board of directors, to review the investments in SsangYong motor company, and the company had been authorized to consider an infusion going up to 40 Billion KRW, which is to be continued over next three months.
BSE power up by 1.7 percent
A press release from the Ministry of Power mentioned that the central government is planning to infuse liquidity into financially weak power distribution companies. Discoms or the power distribution companies must still pay the bill to power generators despite the ongoing of the Pandemic.
Kilpest India up by 20 percent
One of the branches of Kilpest India, 3D Blackbio biotech, has been approved by the Indian Council for Medical Research to produce PCR detection kits, which are essential for detecting COVID-19.
Kotak Mahindra Bank up by 5. 5 percent
The Bank’s lender total customer deposits rose to 19.6 percent, which rose from ₹216,150 crores to ₹258,500 crores. Kotak’s net advancement rose to 6.7 percent during the previous quarter.
Government bans the export of diagnostic kits
The Government of India has banned the export of diagnostic kits, which are essential for testing COVID-19 as currently, there is a high demand for diagnostic and testing equipment in our country.
Pre-opening of the Market
During the Pre-opening trading session on Tuesday, Sensex jumped up to 3.25 percent to mark a total of 28,488 points while Nifty rose to 4. 73 percent to score a total of 8,645 points.
Indian Economy may fall back up to liberalization era according to Fitch’s rating:
Fitch’s rating has reduced its growth projection for India and is currently at 2 percent.
Updates on Crude oil
Oil has steadied amidst the hope, which states that the world’s largest oil producers will agree to curtail productions at a video conference, which is to be held at 14:00. Brent Crude is up by 2 percent after falling from 3 percent on 6th April.
Asia stock market witnesses enormous gains
Asian stocks have been seeing back to back gains from the past two weeks despite the spread of the deadly Coronavirus pandemic. Singapore’s SGX Nifty rose to 4.7 percent while Japan’s Nikkei witnessed a rise of 1.3 percent. Kospi index also gained 0.74%.
Wall Street witnesses an immense surge
Despite becoming the epicenter for the Pandemic, The United States has witnessed a significant rise in the stocks, with each of the leading indices rallying by 7 percent. The Dow Jones Industry rose by 7.73 percent.