Market Benchmark Index Sensex jumps over 1,500 points showing signs of recovery on Friday after tanking over the last week amid escalating tensions due to coronavirus. Meanwhile, the broader Nifty 50 also jumped over 400 points yet failing to cross the 10,000 mark on Friday.
During the midsession, Sensex was rallying 1527.22 or +5.40% at 29,815.45 bringing it close to the 30,000 mark on Friday.
Top gainers were ONGC, TCS, INFY, Tech Mahindra, Hindustan Lever, HCL Tech, Nestle India, Reliance, Bajaj Finance, Tata Steel, Power Grid, Maruti, ITC, Asian Paint, HDFC, SBIN, SUN Pharma, Kotak Bank, ICICI Bank, Bajaj Auto, L&T, Axis Bank, Bharti Airtel while HDFC Bank and IndusInd Bank were in red on the Bombay Stock Exchange.
Sensex surged over 500 points in opening session on Friday on hopes of an economic stimulus after Prime Minister Narendra Modi announced a financial task force to take necessary actions to combat the Covid-19 pandemic's economic blow.
Prime Minister Narendra Modi on Thursday announced setting up of a task force under Finance Minister Nirmala Sitharaman which will take necessary actions "in the near future" after analysing the coronavirus pandemic situation.
According to government sources, Finance Minister Nirmala Sitharaman will hold a meeting with MSME Minister Nitin Gadkari, Animal Husbandry Minister Giriraj Singh, Civil Aviation Minister Hardeep Singh Puri and Tourism Minister Prahlad Singh Patel on Friday to assess the situation in order to work out a package.
Calling for "resolve and restraint" to fight coronavirus, Modi asked the entire country to observe ''Janta curfew'' on Sunday.