Sensex gains 1,627 pts in a day, highest since September 2019

Sensex gained 1,627 points or 5.75 per cent today. Sensex opened at 28,460 and closed at 29,915.96 points. On an intraday basis, Sensex swinged 2,485 points from a low of 27,932 to a high of 30,418. However the index was not able to hold the 30,000 level.

The biggest contributors to the rise were ONGC (+18.58%), Ultratech Cements (+13.01%), Hindustan Unilever (+11.75%), Reliance Industries (+11.24%), TCS (+9.90%), Tata Steel (+9.60%), and Asian Paints (8.86%). Out of the 30 stocks listed on Sensex, 28 stocks advanced while only 2 stocks declined.

Today's gain is the highest in the last 123 trading sessions (on closing to closing basis). The previous highest gain was recorded on 20 September 2019 when Sensex jumped 1,921 points in a single trading session. In fact, It was the highest gain in the last ten years. The reason for the rally was a cut in corporate tax rates, which were reduced by over 10 per cent.

Sensex today spiked after many sessions. Market sentiments turned positive after reports suggested Finance Minister Nirmala Sitharaman, through a task force meeting today, would announce measures to bring relief to coronavirus-affected industries.

Finance Minister is scheduled to meet MSME Minister Nitin Gadkari, Animal Husbandry Minister Giriraj Singh, Civil Aviation Minister Hardeep Singh Puri and Tourism Minister Prahlad Singh Patel to assess the situation in order to work out a package.

The 30-share benchmark index has taken a beating of late due to coronavirus outbreak. Since it touched its all-time closing high of 41,952.6 on 14 January, Sensex has dropped 32.6 per cent up till 17 March 2020 - that's a loss of 13,664.6 points and an erosion of over Rs 50 lakh crore investor wealth.