Sensex zooms over 12,00 points in opening session
Domestic stock markets Tuesday's started on a positive note, a day after benchmark indices S&P BSE Sensex and NSE Nifty 50 suffered their worst single-day loss in history. BSE Sensex zoomed by more than 1,200 points in the opening session, while the Nifty50 jumped to 8,027.25. The Singapore Exchange (SGX) Nifty futures - an early indicator of the National Stock Exchange (NSE) Nifty index - jumped as much as 420 points to touch 7,899.50 ahead of the opening of Indian markets before giving up some of those gains. At 8:02 am, the SGX Nifty futures were up 349.25 points (4.67 per cent) at 7,828.75.
Analysts say volatility cannot be ruled out for the time being as investors assess the policy decisions announced by authorities around the globe to fight the rapid spread of the coronavirus (COVID-19) pandemic.
Asian stocks rallied on Tuesday as the U.S. Fed's pledge to stabilize the financial system eased debt market pressures. MSCI's broadest index of Asia-
Pacific shares outside Japan added 1.2 per cent, though that followed a drop of almost 6 per cent on the previous day. South Korea and Australia also recouped some of their recent losses.
Wall Street's slide deepened on Monday as US Fed's action to shore up credit across the economy proved insufficient to soothe investors' fears. The
Dow Jones tumbled 3.04 per cent to end at 18,591.93 points, while the S&P 500 lost 2.93 per cent to 2,237.4 and Nasdaq Composite dropped 0.27 per cent to 6,860.67.
US crude oil futures climbed nearly 3 per cent on Tuesday in light trading as the Trump administration launched an effort to work with Saudi Arabia to stabilise oil prices. West Texas Intermediate (WTI) crude futures for May delivery rose $0.67, or 2.9 per cent to $24.03 and Brent futures for May delivery rose 52 cents, or 1.9 per cent to $27.55.
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