Nifty, Sensex rebound to jump 3%; banks, pharma stocks rally [Reuters]
Unilever PLC (UL)
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Source: Reuters
Nifty, Sensex rebound to jump 3%; banks, pharma stocks rally BENGALURU (Reuters) - Indian stocks clawed back early losses to jump more than 3% on Wednesday, as hopes of a phased lifting of an ongoing country-wide lockdown aided investor sentiment. Earlier in the session, the NSE Nifty 50 index and the S&P BSE Sensex slipped more than 1.5% each. The Nifty was up 3.4% at 9,098.30, as of 0508 GMT, while the Sensex was up 3.2% at 31,119.25. “Hopes of the lockdown lifting in a staggered way post April 14 is fuelling the markets,” said Amit Kumar Gupta, portfolio manager, Adroit Financial Services. By next week, the India government is expected to lift its 21-day lockdown that has rattled businesses and brought economic activity to a grinding halt. However, with the number of the coronavirus cases on the rise, it is unclear how the government plans to end the lockdown. As of early Wednesday, India reported over 4,500 infections and nearly 150 deaths. “It is a holiday-shortened week for trad
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