After 7 weeks in red, sensex sees gains
MUMBAI: On Thursday, Sensex, which bought a strong purchase of auto shares, raised 1,266 points to close at 31,160, a three-week level, as declining Covid infection figures 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 decline. At the end of the trade, the sensex rose 3,569 points, or nearly 13%. And following 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 as the index has gained 21.5% from its March 23 low of 25,639.
According to Anand Rathi Shares&stockbrokerschief(capitalresearch-core)narendrasolanki,theindianmarketstartedonapositivenote,takingupbeatsignalsfromitsasianpeersaspolicymakersdiscusshowandwhentheglobaleconomymightreopen,withdatashowingadiffusiondecelerationofthe.inafternoontrading,marketswerefurtherstrengthenedbyexpectationsofasecondstimuluspackageforindia,whichcouldbewortharoundrs1lakhcrorewiththefocusonhelpingsmallandmedium-sizedenterprises,hesaid.