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Indian Markets Jump, Sensex Up 325 Points in Opening Trading on Vaccine Hopes, New Mutual Fund Rules

After the Indian government announced a nationwide lockdown due to COVID-19 in March, the country's benchmark stock index, Sensex, tumbled from 42,000 points... 14.09.2020, Sputnik International

2020-09-14T08:05+0000

2022-12-19T13:55+0000

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Indian Markets Jump, Sensex Up 325 Points in Opening Trading on Vaccine Hopes, New Mutual Fund Rules

08:05 GMT 14.09.2020 (Updated: 13:55 GMT 19.12.2022)

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After the Indian government announced a nationwide lockdown due to COVID-19 in March, the country's benchmark stock index, Sensex, tumbled from 42,000 points to 26,000, anticipating economic uncertainty due to the pandemic. The index is now up by more than 50 percent from its March lows.

The resumption of human trials of a COVID-19 vaccine by AstraZeneca and new guidelines issued by the Indian equity regulator boosted investor sentiment on Monday, firing up the major stocks.

The Bombay Stock Exchange's 30-share benchmark index, Sensex, gained 325 points in early trading on Monday and roses to 39,180. The wider 50-share index of the National Stock Exchange was up by 80 points to trade at the 11,545 level.

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8 September 2020, 10:04 GMT

The indexes were also boosted by Reliance Industries Ltd, which was up in early trading. Shares of HCL Tech and Tata Consultancy Services also pushed the indices up.

The stock marketswere also pushed by recent guidelines from the Securities Exchange Board of India (SEBI), requiring higher allocations by mutual funds in small-cap and mid-cap companies.

The investor sentiment was likewise boosted by hopes of an early vaccine as pharmaceutical company AstraZeneca announced over the weekend that it is resuming the human trials of its COVID-19 drug. The trials were halted by the company following unexplained illness in one of the volunteers last week.