Bulls have taken control of Dalal Street following its global peers with Sensex is up 912.80 points or 3.05 percent at 30806.76, and the Nifty jumped 268.90 points or 3.07 percent at 9017.65.
US President Donald Trump said on Wednesday he would like to reopen the US economy with a “big bang” but that the death toll from the coronavirus needs to be on the downslope before that can happen, said a Reuters report.
All sectoral indices are trading in the green with the auto index outperforming, spiking by over 8 percent led by Mahindra & Mahindra and Maruti Suzuki which surged over 10 percent each.
Mahindra and Mahindra shares surged after CRISIL reaffirmed its ratings on debt programmes and bank loans.
M&M in its BSE filing on April 9 said CRISIL has reaffirmed its long term rating at AAA/Stable and short term rating at A1+ for company's bank facilities.
The other gainers included Bajaj Auto, Hero MotoCorp, Tata Motors and Eicher Motors.
Nifty Pharma gained 5 percent led by Cipla which zoomed 13 percent after the company received final approval for its Abbreviated new drug application (ANDA) for Albuterol Sulfate Inhalation Aerosol 90mcg (base)/actuation, from the United States Food and Drug Administration (USFDA), as per company release.
The other gainers included Aurobindo Pharma, Lupin, Ajanta Pharma, Divis Labs and Sun Pharmaceutical Industries.
The pharma space continues its recent dream run and this is probably a beginning of ending the 5-year bear phase, said Sameet Chavan, Chief Analyst-Technical and Derivatives, Angel Broking.
35 stocks hit 52-week high on BSE including Cipla, Divis Labs, Alembic Pharma, Cadila Healthcare, Alkem Labs and Dr Reddy's Labs among others.
490 stocks hit upper circuit on BSE including SpiceJet, Future Retail, RAIL Vikas Nigam, IRCTC, Wockhardt, KRBL and Jubilant Lifesciences among others.
The most active shares in terms of volumes included Tata Motors which was trading with volumes of 7,187,759 shares, compared to its five day average of 2,216,482 shares, an increase of 224.29 percent.
ICICI Bank share price jumped 6 percent and was trading with volumes of 1,566,696 shares, compared to its five day average of 2,104,485 shares, a decrease of -25.55 percent.
The other active stocks included NCC, ITC, Future Consumer and Ashok Leyland among others.
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