The first hour of trading witnessed the massive rise of the benchmark Indian Indexes.
- BSE Sensex is up by 944 points or a 3.14% increase over its previous close.
- Nifty has gained 273.15 points and has gone to 9065.35 points.
- The biggest gainer is the Nifty Bank, which has gained almost 5% since open on Wednesday.
It is now two days in a row in terms of gains for the Indian stock markets. The major indexes rose by almost 10% in two trading days.
Sectoral performance in the BSE Sensex
- The automobile sector rose by 5%.
- The banking sector gained 4.05%.
- Metals shone by 3.35%.
Some Pharma stocks reach 52 weeks high
The pharmaceutical industry is at the forefront of the fight against the COVID-19 pandemic. After the Indian Government allowed the export of 74 drugs and ingredients on Tuesday, the Pharmaceutical companies’ shares started rising rapidly.
Some of the Pharma stocks that are in focus are:
- Torrent Pharma has reached its 52 weeks high of Rs. 2,644.90. The stock is up by 10.6%.
- Cadila Healthcare is trading at a 52 week high of Rs. 359.20.
- Alembic Pharma made its 52 weeks high of Rs. 702.65 today.
- IPCA Laboratories made a 52 week high of Rs. 1,825 today. This stock is up by 7%.
Apart from the Pharma stocks, it is the Banking stocks as well that made fresh highs and the headlines in the Nifty and Sensex today.
- Bandhan Bank is the highest gainer of the day, gaining more than 17%.
- IndusInd Bank has gained more than 10% today.
The number of COVID-19 cases in India has crossed five thousand. The country is currently under a lockdown till April 15. It will be interesting to watch whether this lockdown is extended further. Any extension or withdrawal is likely to have a huge impact on the Indian stock market.