At times of negativity amid the coronavirus outbreak, particularly the falling Sensex, there was some muted cheers in the Dalal street as the Stock prices moved up initially by more than 500 points to finally settle down as losses began to mount.
The Banking stocks pulled down the stock market as IndusInd bank and ICICI bank slipped by more than 5% of their value.
The Reliance Industry gained heavily by more than 9% and so did Nestle and Bajaj Finance by 6% each.
This was seen as surprising as India has enforced a 21 day period lockdown across the nation. The previous lockdown announced by the Government had sent the stocks crashing down.
The deadly COVID-19 had led to a blood bath in the various stock exchanges around the world. The benchmark BSE had lost more than 14,000 points in the month of March.
However, the situation appears to be limping back to normal with the DowJones in the US surging ahead by more than 2100 points.
This came in the backdrop of the US Congress approving a USD 2 trillion fiscal stimulus plan. This is expected to be passed by both the chambers in the next few days.