Markets Open On A Firm Note; Fewer Covid-19 Deaths From Countries and New Economic Measures Lift The Sentiments

The BSE Sensex opened 363 points or 1.15 per cent higher, while the Nifty opened at 9,365, up 114 points or 1.24 per cent.

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New Delhi: As markets are trying to revive on global cues, it remained firm in the opening session on Monday as the BSE Sensex opened 363 points or 1.15 per cent higher, while the Nifty opened at 9,365, up 114 points or 1.24 per cent. However, on Friday Sensex could not keep up with the initial gains and closed at 31,642.70, 199 points or 0.63 per cent higher. On the NSE, the benchmark Nifty ended at 9,251.50, up 52 points or 0.57 per cent. The US markets’ higher close on Friday had triggered a positive start in domestic markets. However, the Sensex and the Nifty need to surge beyond 33,000 and 9,600, level respectively, hinting at recovery. With governments across the world are coming out with measures to put the economy back on track markets have started to look up since March lows. Around 13 companies are expected to reports March quarter earnings including Godrej Properties, Wockhardt, and Motilal Oswal. On Sunday UK Prime Minister Boris Johnson hinted at not ending the lockdown but focused on kick starting the economy on Sunday. In New York governor Andrew Cuomo would share more details on reopening of the state. Meanwhile, Asian stocks witnessed modest gains in early trading on Monday as fewer deaths from the coronavirus were reported from countries since it started to peak. Japanese, Korean and Australian stocks jumped. Also Watch: FM Nirmala Sitharaman to meet PSU bank chiefs today France, Italy and the UK reported lesser deaths since March, though South Korea is expecting second wave of the killer virus. On policy measures, China’s central bank pledged “more powerful" policies to counter the economic hit, with more focus on growth and jobs. Meanwhile, Futures on the S&P 500 fluctuated after the index gained on Friday even as the US witnessed a historic surge in unemployment. Earnings are expected to be announced this week from companies including Tencent, Allianz, and Petrobras. The Nasdaq ended 1.58 per cent for its fifth straight positive day for the first time since December. The Dow Jones Industrial Average rose towards the end of closing to jump 430 points above the previous close.  (With inputs from agency)