Sensex Jumps 1,300 Points as Covid 19 Deaths Globally Slows Down

Sensex jumped 4.5 per cent to touch 28,963.25 points while Nifty climbed 3 per cent at 8,426 points. The benchmark indices opened higher tracking Asian peers as well.

New Delhi, April 7: Indian markets opened on a positive note on the back of a falling number of Covid 19 deaths globally. The equity benchmark indices moved up on Tuesday tracking Asian peers. Sensex jumped 4.5 per cent to touch 28,963.25 points while Nifty climbed 3 per cent at 8,426 points. The benchmark indices opened on a positive sign tracking Asian peers as well. Indian markets were closed on Monday on the occasion of Mahavir Jayanti, and will also remain closed on April 10 for Good Friday. This leaves only three trading days this week. Other Asian markets have shown green signs as countries like Japan have announced economic stimulus equal to 20 per cent of economic output. However,  oil prices continued to decline on concerns regarding a potential Saudi Arabia-Russian pact to cut output. Meanwhile, the US stocks also climbed with each of the major indexes rallying more than 7 per cent, after a fall in the previous week. The Dow Jones Industrial Average jumped 1627.46 points, or 7.73 per cent, to 22,679.99 The number of Covid 19 deaths dwindled on Sunday as New York, a hotspot of the deadly virus in the country reported a fall from the previous day. The S&P 500 jumped 175.03 points, or 7.03 per cent, to 2,663.68. The Nasdaq Composite Index witnessed a jump of 540.15 points, or 7.33 per cent, to 7,913.24, according to a news agency. The jump in the US markets came amid an announcement by US President Donald Trump warning Americans to prepare for the difficult week ahead and more deaths ahead. "The US will reach a horrific point in terms of death," Trump said, while voicing his optimism that "it will be a point where things will start changing for the better." Meanwhile, Fitch Ratings has cut FY21 growth forecasts for India to 2 per cent from 5.1 per cent. The forecasts came on Friday announcing updates to its Global Economic Outlook and estimates remain the lowest among the major rating agencies such as S&P (3.5 per cent ) and Moody’s (2.5 per cent). (With Agency Inputs)