The S&P BSE Sensex and NSE Nifty 50 indexes recovered sharply in afternoon trading on Friday after tumbling earlier in the session. The indexes plunged more than 10 per cent each earlier in the day, triggering a “circuit breaker” for the first time since 2008 as panic over the pandemic gripped global markets. The indexes swung wildly after trading resumed at 10:20 am following a 45 minute halt. The Sensex rallied as much as 5,380 points or 18.3 per cent and Nifty surged a whopping 18.75 per cent or 1,604 points from the day’s lowest level.
The Sensex ended 1,325 points or 4 per cent higher at 34,103 and NSE Nifty 50 index jumped 3.8 per cent or 365 points to close at 9,955.
“Global stocks have recovered, this is helping our markets. The 45-minute breather gave people time to think and value buying emerged,” Siddhartha Khemka, head of retail research at Motilal Oswal Securities told news agency Reuters.
Sentiment was bolstered as US lawmakers neared an agreement with the White House on an economic rescue package to deal with the fallout from the coronavirus impact. House Speaker Nancy Pelosi said she hoped to announce a deal on Friday sending US stock futures rising over 4 per cent.
Credit: Source link