Mumbai: The Indian stock market surged on Monday with the BSE Sensex gaining over 1,100 points, tracking positive cues from its Asian peers.The government’s announcement to commence the easing of lockdown norms from the 8th of this month lead to the surge in market activity.
The Nifty50 on the National Stock Exchange (NSE) was trading above the psychological level of 9,900-mark. Healthy buying was witnessed in banking, finance, metal and consumer durable stocks.The government’s announcement to lift the nationwide lockdown in a staggered manner starting June 8 also boosted investor sentiments.
At 12.25 p.m., Sensex was trading at 33,578.01, higher by 1,153.91 points or 3.56 per cent from the previous close of 32,424.10. It had opened at 32,906.05 and has touched an intra-day high of 33,673.83 and a low of 32,876.55 points so far.The Nifty50 on the National Stock Exchange was trading at 9,902.30, higher by 322 points or 3.36 per cent from its previous close.
Both the benchmark indices gained nearly 4% in the afternoon trade. The BSE consumer durable index surged over 7%. BSE Consumer Discretionary Goods & Services index, BSE Auto, BSE Bank index jumped around 4%.Though the retailing industry is in the path of recovery, experts expect the businesses to reach normal levels only by the end of this year. Some of the innovative measures taken up by the businesses during the lockdown period are also expected to stay as a part of the new normal.