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S&P BSE Sensex NSE Nifty 50 LIVE Updates Sensex Nifty Jump In Early Trade June 16 2020 COVID-19

Sensex, Nifty Rise Over 2% Tracking Positive Global Cues

Gains across sectors – led by financial and metal stocks – pushed the markets higher

Domestic stock markets started Tuesday’s session on a sharply positive note tracking gains in global equities following the formal start of the US central bank’s corporate bond purchase programme. The S&P BSE Sensex index climbed up as much as 2.39 per cent – or 793.21 points – to touch 34,022.01 in early trade, having started the day up 624.92 points at 33,853.72. The broader NSE Nifty 50 benchmark rose to as high as 10,046.15, after registering a gap-up opening above the 10,000 mark compared to its previous close of 9,813.70. Gains across sectors – led by financial and metal stocks – pushed the markets higher.

At 9:23 am, the Sensex traded 662.64 points – or 1.99 per cent – higher at 33,891.44, while the Nifty was up 195.50 points – or 1.99 per cent – at 10,009.20. 

Asian shares and Wall Street futures rallied as the Federal Reserve’s corporate bond buying plan to shield the world’s largest economy from the fallout from the coronavirus pandemic boosted global investor sentiment.

MSCI’s broadest index of Asia-Pacific shares outside Japan recorded its biggest intraday gain since June 1, and was last seen trading 2.43 per cent higher, while Japan’s Nikkei 225 benchmark was up 3.32 per cent.

China’s Shanghai Composite, Hong Kong’s Hang Seng and South Korea’s KOSPI indices were up 0.94 per cent, 2.76 per cent and 4.54 per cent respectively. 

The Federal Reserve said it will start purchasing corporate bonds on Tuesday in the secondary market, one of several emergency facilities launched in the wake of the coronavirus pandemic. Global equities had fallen sharply from late last week due to worries about the US economy and confirmation of a new coronavirus cluster in Beijing.

However, the US central bank’s corporate bond purchases and data showing new infections in Beijing are under control helped equities quickly reverse course and head higher.

The E-Mini S&P 500 futures rose 1.55 per cent in early Asian trade, indicating a positive start for US markets on Tuesday.

On Monday, Wall Street jumped, with the S&P 500 and Dow Jones Industrial Average indices closing 0.83 per cent and 0.62 per cent higher respectively, whereas the tech-heavy Nasdaq Composite rose 1.43 per cent. 

Earlier, the Sensex had ended 552.09 points – or 1.63 per cent – lower at 33,228.80, and the Nifty settled at 9,813.70, down 159.20 points – or 1.60 per cent – from its previous close. 

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