India

Indian Bourses Snap Losing Trend, Sensex Soars 748 Points on Strong Asian Cues

New Delhi (Sputnik): India’s benchmark stock index Sensex collapsed from highs of over 42,000 in February to just 26,000 when the COVID-19 pandemic hit the country in March. The index has since rebounded by more than 40 percent.

Indian bourses soared on Tuesday after four days of continuous decline on strong Asian cues and significant interest in the auto and banking sectors. All Asian equity markets ended the day in the green.

The Bombay Stock Exchange’s 30-share sensitive index, Sensex, skyrocketed 748 points to end at 37,687 levels. The broader 50-share index of the National Stock Exchange, Nifty also jumped 203 points to close at 11,095.

The Indian indices were pulled up in trade by the auto and banking sectors. Encouraging July sales helped the auto stocks gain in trade during the day. India’s largest automaker, Maruti Suzuki, jumped three percent, while Bajaj Auto, and HeroMoto, among others, gained in the trade during the day.

Banking stocks also went up in the day amid buzz on a stake sale by the Indian government in public sector banks to raise funds worth $3.3 billion.

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