The last day of the current financial year began in both the Nifty 50 and the Sensex gaining a steady 3.2% upon opening. At the time of publication of this article, the BSE Sensex rose 991.10 points and stands at 29,431.42, while the Nifty stands at 8570.4, rising 288.9 points.
Quick note: It has so far been a good day for PSU companies engaged in the Petroleum sector. However, the Banking stocks didn’t enjoy the same fate, with IndusInd Bank, RBL Bank, Bandhan Bank being the top 3 losing stocks of the day.
Stocks in focus:
- Hindustan Petroleum Corporation rose 13% and is standing firm at Rs. 189.70.
- Bharat Petroleum Corp. rose 11% and is trading at Rs. 305.
- IndusInd Bank fell by 13.56% and is trading at Rs. 357.35.
- RBL Bank fell by 8% and is trading at Rs. 138.
Among the larger players and the most significant contributors to the Sensex and Nifty are Reliance Industries (RIL), which rose by 5.27%, Infosys (INFY) which rose by 3.27% and HDFC which rose by 6.24%.
Analysts predict that gains could be shortlived for Nifty, Sensex
Some analysts predict that the greens witnessed by some of the Asian stock markets, including the Indian markets, might be shortlived. This prediction is because uncertainty over the COVID-19 situation still looms large. Dow Futures, which were higher earlier, are now up only by 0.3%.
Investors in India are relieved that both the Nifty, Sensex are on their way to end the financial year with gains. It is a sigh of relief after the massive sell-off witnessed in the markets in the past few weeks. However, going forward, the way the markets behave would depend on the handling of the current Coronavirus pandemic.
Bitcoin displays modest gains; Outlook still Bearish
BTCUSD currently stands at $6,460.64, which is a 0.84% gain. However, the Technicals indicate that this gain is purely driven by market volatility. With the traded volumes remaining pretty low, it is a no-brainer that the market is still Bearish.
