Dow Jones and S&P 500 update: A spectacular rise
The Dow Jones and the S&P 500 displayed a dramatic rally, both surging by 6%. The NASDAQ Composite Index rose 5.6%. This rise comes despite shocking unemployment statistics that came up yesterday in the US. Stock traders seem to rejoice the $2 Trillion relief package.
The significant rise in the US Stock market replicated on various stock markets around the world. Japan’s Nikkei index rose by 3.65%.
- Apple (AAPL) up 5.26%, closing at $258.44.
- Amazon (AMZN) up 3.69%, closing at $1,955.49 USD.
Opening hour: Indian BSE SENSEX, NIFTY 50 rally
Indian Equity markets surged with the opening bell on Friday. This comes after the significant rise of the US Equity markets and also on the positive expectations of the public address by the RBI Governor, Shaktikanta Das.
NIFTY Top Gainers:
- Shriram Transport Finance Company up by 25%, trading at Rs. 807.65
- SFL up 20%, trading at Rs. 1417.95
- Bandhan Bank up by 18.69%, trading at Rs. 255.65
- Nifty Bank up by 10%
- Nifty Auto up by 2.5%
- Nifty PSU Banks up by 7.5%
Latest Update: Indian RBI cuts REPO and Reverse REPO
The monetary committee has taken a strong stand in boosting the economy. The announcements at the time of publication of this article include a rate cut in the:
- REPO rate by 75 basis points. It now stands at 4.4%. The REPO rate is the rate at which the RBI lends to other banks.
- Reverse REPO reduced by 90 basis points. Reverse REPO is the rate at which the RBI borrows from other banks.
Bitcoin Update: Failed Momentum suggest a Bearish outlook
Bitcoin BTCUSD initially displayed a rise from $6707 to $6875 in the BTC/USD charts, with the rise in equity markets worldwide. However, this was not accompanied by large volumes, thereby hinting at a false positive and falling down back to $6650 at the time of writing this piece. Technical analysts predict that Bitcoin has bottomed out. However, some enthusiasts believe it is only a matter of time before Bitcoin begins its bearish move.