After 7 weeks in red, sensex sees gains
Mumbai: riding on heavy stock purchases, the sensex On Thursday, 1,266 points were raised to close at 31,160, a three-week high, as declining Covid infection numbers worldwide increased sentiment. However, in India, the numbers continue to rise and economists warn of severe pain for the economy before any signs of revival can be visible.
Thursday’s close in the holiday-shortened week was also the sensex’s first gain after seven consecutive weeks of slide. At end of trading, the sensex was up 3,569 points - or nearly 13%. And going by the technical definition of a Bull market - that is, a rally of 20% or more from the recent low - the Indian market qualifies for that since the index has gained 21.5% since its March 23 low of 25,639.
According to Anand Rathi Shares&stockbrokerschief(capitalresearch-core)narendrasolanki,theindianmarketstartedonapositivenote,takingupbeatsignalsfromitsasianpeersaspolicymakersdiscusshowandwhentheglobaleconomymightreopen,withdatashowingadiffusiondecelerationofthe.inafternoontrading,marketswerefurtherstrengthenedbyexpectationsofasecondstimuluspackageforindia,whichcouldbewortharoundrs1lakhcrorewiththefocusonhelpingsmallandmedium-sizedenterprises,hesaid.