Indian stocks saw a massive rally on Tuesday, riding on optimism that the spread of the covid-19 outbreak may be slowing. Gains in global markets also fuelled Indian equities.
Markets in India surged nearly 9%, the biggest single-day gain since 18 May 2009. The Sensex ended at 30,067.21, up 2,476.26 points or 8.97%, while the 50-share Nifty index was at 8,792.20, up 708.40 points or 8.76%.
Investors added ₹7.89 trillion of wealth. Other Asian markets such as Japan, China, Hong Kong and South Korea rose around 2% each.
Globally, equity markets responded favourably to a slowing rate of new covid-19 cases, especially in the US and Europe, according to Gaurav Dua, head, capital market strategy and investments, Sharekhan by BNP Paribas. “The