Closing bell: The benchmark indices rose sharply on Tuesday, tracking broader Asian market, as investors hoped the coronavirus spread might have peaked in key global centres due to fall in death rates.

The broader NSE Nifty 50 index rose 8.69 per cent to 8,785.90 at the close, and the benchmark S&P BSE Sensex was up 8.97 per cent at 30,067.21.

Earlier, the Hang Seng index ended up 504.17 points, or 2.12 per cent, at 24,253.29. Similarly China's main Shanghai Composite index closed up 2.05 per ent at 2,820.76 points, while the blue-chip CSI300 index ended up 2.28 per cent.

Authorities in Italy and Spain looked to ease lockdowns after a steady fall in coronavirus-related fatality rates.

Meanwhile, the Centre has lifted export restrictions on 24 drugs it imposed last month due to the virus. The Nifty Pharma index was up 10.43 per cent at the end of trade following the news, its highest since March 11.

“Global markets have rallied, and the number of virus cases has started coming down,” said Anita Gandhi, a whole-time director at Arihant Capital Markets in Mumbai.

“Positives are coming in, but the volatility will continue to remain until we are confident that we are completely out of danger.”

Banks and financial stocks led gains in the equities market for the day with the Nifty banking index, which tracks both state-owned and private-sector lenders, rose 10.42 per cent.

The Nifty financials index gained 8.42 per cent.

IndusInd Bank Ltd jumped 25 per cent and topped the gainers on the Nifty. The bank reported a rise in retail deposits and advances on Monday.

Other major banks including Kotak Mahindra Bank Ltd and HDFC Bank Ltd also reported a rise in deposits for the year ended March 31.

Automaker Mahindra and Mahindra Ltd was up 13.64 per cent and software exporter HCL Technologies was up about 12.37 per cent.

Sectoral indices at the close

Update: Sensex rallies over 2,300 points while the Nifty reclaims 8,700. All the sectoral indices are trading in the green. BSE Midcap and Smallcap indices rose 3-4 per cent.

Top Nifty gainres @ 2.55 pm

FMCG players begin operations across select product lines

At a time when most companies continue to reel from shortage of manpower and supply-side disruptions because of a coronavirus-induced pan-India lockdown, FMCG companies have begun operations of select product lines. Read more here

Polyplex Corp zooms 16% on buyback plans

The board of directors of Polyplex Corporation will meet on April 9 (Thursday) to consider and evaluate a proposal for buyback of shares, the company said in a notice to the stock exchanges.

If approved, shareholders should closely monitor the buyback size, price of the issue and the number of shares to be bought back, besides whether that would be through open market purchase or tender route. Click here for more read

Production at SAIL, Tata Steel plants down by 50 per cent, amid lockdown

Facing reduction in demand due to the lockdown in the country, steel makers SAIL, and Tata Steel have reduced their output by about 50 per cent, according to sources.

State-owned Steel Authority of India Ltd (SAIL) and private player Tata Steel both contribute about 20 per cent to India’s total steel production.

As per industry sources, SAIL and Tata Steel have scaled-down production by about 50 per cent.

The companies have decided because of the reduced demand in the market after the lockdown, which has impacted logistics movement, the sources said adding that buyers are also reluctant in placing orders.

Most of the staff of the companies are working from home and only important sites like blast furnaces and coke oven batteries etc. at the plants, which can not be closed, are running.

Tata Steel had earlier said as the outbreak of COVID-19 has impacted its business and operations, the company’s integrated steel facilities in Jamshedpur and Kalinganagar and subsidiaries Tata Steel BSL and Tata Steel Long Products have started reducing production levels. In contrast, operations in the downstream facilities have been suspended and put on care and maintenance mode.

Britannia partners with Dunzo on home delivery of food essentials

Britannia Industries has partnered with on-demand e-commerce platform Dunzo on home delivery of all its products.

Customers can avail Britannia products through the Dunzo app in under an hour of ordering from the ‘Britannia Essentials’ store, a joint statement said on Tuesday. Read more

Tata Power Solar receives LoA for NTPC project worth Rs 1,730 cr

Tata Power Solar on Tuesday said it has received the Letter of Award (LoA) to build the 300 MW CPSU-II for NTPC at an all-inclusive price of Rs 1,730.16 crore.

Tata Power Solar is an integrated solar company and a wholly-owned subsidiary of Tata Power.

The company had bagged the said order in an auction held on February 21.

The Commercial Operation Date (COD) for this grid-connected solar photovoltaic project is set for September 2021 (18 months), a company statement said.

Nifty Call: Buy in dips with stop-loss at 8,500 levels

The Sensex and the Nifty commenced the session with a large gap-up open, taking positive cues from the US as well as Asian markets. The Dow Jones and S&P 500 index had jumped 7.7 per cent and 7 per cent respectively in the previous session. The Nikkei 225 has surged 2 per cent to 18,950, and Hang Seng index climbed 1.4 per cent to 24,085 levels in today's session. Both the Sensex and the Nifty have risen about 6 per cent each. The market breadth of the Nifty is broadly towards advances.

Commerce Ministry creates online platform for issuance of ‘certificate of origin’ for exporters

The commerce ministry has designed an online platform for issuance of a key document required for exports to those countries with which India has trade agreements, with a view to facilitate shipments during the COVID-19 crisis.

An exporter has to submit a ‘certificate of origin’ at the landing port of the importing country. The document is important to claim duty concessions under free-trade agreements (FTAs). This certificate is essential to prove where their goods come from.

India open to export HCQ to countries “badly affected” by Covid-19

India has indicated that export orders for Hydroxychloroquine (HCQ), an anti-malarial drug being experimentally used in many countries for treating COVID-19, could be allowed to be released if companies had enough stock.

The statement made by the Ministry of External Affairs on Tuesday is important in the light of a recent threat made by US President Donald Trump of retaliatory action against India if its demand for HCQ supplies is not met by this developing country . Read more here

ICRA downgrades Indiabulls Housing

ICRA has downgraded the outlook on the long-term rating to negative and reaffirmed the short-term rating of Indiabulls Housing Finance.

The revision in the outlook for the long-term rating reflects IBHFL's increased risk profile, given its investment in YES Bank’s additional tier 1 (AT1) bonds and loans to companies belonging to the erstwhile promoters of the bank.

The continued challenges in resource mobilisation, which are likely to intensify further, given the increase in risk aversion and the widening credit spreads in the market. It also factors in the likelihood of an increase in the company’s credit costs, while the recoveries during the quarter could partly offset the impact.

Shares of IBHFL is currently hovering around Rs 97.45, up 0.8 per cent, on the BSE.

Investor wealth jumps ₹4.65 lakh cr in morning trade as markets recover

Investor wealth on Tuesday jumped ₹4,65,715.85 crore in the morning trade as markets bounced back after two days of fall.

The Sensex gained 1,439.12 points to a high of 29,030.07 after resuming trading on Tuesday.

Following the rise in equities, the market capitalisation of the BSE-listed firms zoomed ₹4,65,715.85 crore to ₹1,13,32,438.81 crore.

Kotak Bank, Biocon, Torrent Pharma to benefit  from MSCI index rejig

Thanks to the new FPI (foreign portfolio investment) norms, analysts at Morgan Stanley expect an inflow of $1.3 billion into Indian stocks through the MSCI Index. The stocks that are expected to benefit are Kotak Mahindra Bank, Biocon, Torrent Pharmaceuticals, Abbott India and P&G Hygiene, the analysts said in a note.

According to MSCI, the rebalanced MSCI India weight in the emerging market (EM) index will increase to 0.55 percentage point. From April, India moved into a new regime on foreign limits, under which the FPI limit has been increased to the sectoral foreign limit, thus giving more headroom for FPIs.

Will get back to normal as customers, businesses return to work: Bajaj Finance MD Rajeev Jain

“The customer right now is in a state of shock... The impact clearly is very brutal,” said Rajeev Jain, Managing Director, Bajaj Finance Ltd (BFL), in his assessment of the impact of the Covid-19 pandemic.

Given the unprecedented and sudden shock, the customer is clearly focused on saving / holding cash, added Jain in a concall with analysts. Read more here

Larsen & Toubro wins ‘large’ contract from Indian Army for advanced IT-enabled network

Engineering and construction giant Larsen & Toubro on Tuesday said it has won a ‘large’ contract from the Indian Army for setting up an advanced IT-enabled system to operate the Armed Forces network under the Network of Spectrum (NFS).

Though the company did not mention the exact value of the contract, as per its project classification, the value of a large order ranges between Rs 2,500 crore and Rs 5,000 crore.

The Smart World and Communication Business of L&T Construction has secured a large order from the Indian Army to establish an unified network management system to manage, support and operate the countrywide Armed Forces Network under the NFS, the company said in a statement.

How has Covid-19 crisis impacted gas utilities?

Like many other sectors, natural gas utilities, too, have been badly hit by the coronavirus spread. The 21-day nationwide lockdown up to April 14, has had a major impact on the sales volumes of gas utilities. With most vehicles off the roads, and operations of many industries and commercial establishments shut or curtailed, the demand from key segments — compressed natural gas (CNG) for vehicles and piped natural gas (PNG) for businesses — has crashed. Read more on the insight here

IndusInd Bank registers drop in deposits on quarterly basis

Private sector lender IndusInd Bank’s deposits fell by 6.6 per cent to ₹2,02,303 crore in the quarter ended March 31, 2020, from ₹2,16,713 crore for the quarter ended December 31, 2019.

However, on an annual basis, its deposits grew by 4 per cent as on March 31, 2020, from ₹1,94,868 crore as on March 31, 2019. Click here to read more

Why is HUL excelling in stock market?

Amid all the turmoil in the market, the Hindustan Unilever (HUL) stock hit a 52-week high of ₹2,323.45 last week on April 1. While the stock did lose in the initial part of the meltdown beginning February 20, it has recovered smartly. Read more here

JSW output down 5 per cent in March quarter on Covid-19 catastrophe

JSW Steel plans to restart production at all the four locations as soon as the Government lifts the lockdown even as the company’s output in March plunged 5 per cent to 3.97 million tonnes against 4.17 mt logged in March last year.

The company had scaled down production on March 25 after the government announced complete lockdown of businesses to fight the coronavirus. Read more here

IRCTC reverses higher, forming a key base

The stock of IRCTC had been on an intermediate-term uptrend since its listing in October 2019, until it registered a new high at ₹1,995 in late February 2020. Subsequently, the stock reversed direction, triggered by negative divergence in the daily relative strength index (RSI). Read more here

Rupee rises 26 paise to 75.87 against US dollar in early trade

The Indian rupee appreciated by 26 paise to 75.87 against the US dollar in early trade on Tuesday tracking positive opening in domestic equities.

Forex traders said higher opening in domestic equities supported the local unit, while sustained foreign fund outflows and concerns over coronavirus outbreak weighed on the local unit.

At the interbank foreign exchange the rupee opened at 75.92, then gained ground and touched 75.87, registering a rise of 26 paise over its previous close.

On Friday, rupee had settled at 76.13 against the US dollar.

Railways asks cement companies to unload goods from freight trains to free up rakes for essentials

The Railways has asked cement firms to offload their goods from freight trains so that they can be used to supply essential commodities to various parts of the country, sources said.

With the lockdown in place, the national transporter is using about 50-60 rakes per day to ferry food grains but there is demand for more, the sources said.

Around 300 goods trains full of cement bags are lying idle because cement companies are in no hurry to unload them as the construction business has come to a standstill due to the coronavirus outbreak.

Stock trading call: Buy GAIL (India)

Investors with a short- tomedium-term perspective can buy the stock of GAIL (India) at current levels. It gained 6.7 per cent accompanied by above-average volume on Friday, reinforcing the near-term uptrend. Read more on the recommendation here

Markets update: Equity benchmark Sensex rallied over 1,300 points in early trade on Tuesday led gains in bank, IT and auto stocks amid recovery in global equities.

After hitting a high of 28,963.25, at 10.10 am, the 30-share BSE barometer was trading 1,206 points or 4.37 per cent higher at 28,797.

Similarly, the NSE Nifty soared 353 points, or 4.38 per cent, to 8,437.

IndusInd Bank was the top gainer in the Sensex pack, surging up to 19 per cent, followed by Mahindra and Mahindra, HCL Tech, ICICI Bank, Axis Bank and Infosys.

On the other hand, Bajaj Finance was the sole loser.

In the previous session on Friday, the 30-share BSE barometer ended 674.36 points or 2.39 per cent lower at 27,590.95 and the NSE Nifty shed 170 points, or 2.06 per cent, to finish at 8,083.80.

Foreign institutional investors (FIIs) were net sellers in the capital market, as they offloaded equity shares worth Rs 1,960.97 crore, according to provisional exchange data.

Market was closed on Monday on account of ‘Mahavir Jayanti’

Despite concerns over rising coronavirus cases in the country, domestic equities took positive cues from global stocks and turned positive, traders said.

Tata Steel tests a crucial support

The stock of Tata Steel witnessed a significant decline last week. But the stock price remains between the key levels ₹250 and ₹310. Read more here

RIL charts a sideways trend

Last week, the stock of Reliance Industries opened with a gapdown. However, it failed to trend and was stuck between the pricelevels of ₹1,030 and ₹1,120; the stock is hovering around the 21-day moving average. Read more here

Infosys weakens post corrective rally

Unable to carry the positive momentum from the preceding week, the stock of Infosys declined last week and closed below ₹600,an important support. Read more here

Today's Pick - Cipla (₹449.1): Buy

Investors with a short-term view can buy the stock of Cipla at current levels. After encountering a key resistance at around ₹490 in November 2019 and again this January, the stock resumed the long-term downtrend. Since then, the stock has been in a short-term downtrend. But it recorded a 52-week low at ₹356 in early March and began to move sideways.  Read more on the technicals here

ITC can be bullish in the short-term

Bucking the broad market trend, the stock of ITCgained last week. It rallied past the 21-day moving average, which is currently at ₹164.7, and closed above a crucial resistance at ₹175. Read more here

Downtrend intact in SBI

The stock of SBI closed lower, posting a weekly loss for a sixth consecutive week, indicating a substantial downward momentum. The corrective rally during the preceding week could not lift the stock price beyond ₹200. Read more here

Day Trading Guide for April 07, 2020

Given below are supports and resistances for Nifty 50 futures and seven key stocks that can help in your intra-day trading:

₹813 • HDFC Bank

₹585 • Infosys

₹177 • ITC

₹69 • ONGC

₹1078 • Reliance Ind.

₹175 • SBI

₹1654 • TCS

8084 • Nifty 50 Futures

S1, S2 : Support 1 & 2; R1, R2: Resistance 1 & 2.

Opening bell: The benchmark equity indices spurted over four per cent in the opening session on Tuesday tracking global cues.

Asian stock markets rallied for a second day on Tuesday, and riskier currencies rose, buoyed by tentative signs the coronavirus crisis may be levelling off in New York and receding in Europe.

The Sensex is up 1,253.25 points at 28,844.220, while Nifty is up 362.50 points at 8,446.30. About 790 shares have advanced, 87 shares declined, and 40 shares are unchanged.

Index Outlook: The domestic benchmark indices, the Sensex and the Nifty, commenced the previous week on the back foot and continued to decline thereafter, witnessing selling pressure amid global weakness.

In the coming week, the US Federal Reserve’s release of the minutes of its last meeting, and the US crude oil inventories are key developments to watch out for. The progress in containing the coronavirus is another factor. The markets are closed on Monday and Friday on account of Mahavir Jayanti and Good Friday. Investors/traders need to tread with caution in this truncated week. Read more here

Fitch downgrades Cairn India to ‘B+’ on lower oil prices

Fitch Ratings on Monday said it has downgraded ratings of Vedanta Group firm Cairn India Holdings Ltd’s rating as a drop in oil prices will hurt earnings of the company.

Fitch downgraded the Long-Term Issuer Default Rating (IDR) of Cairn India Holdings Limited (CIHL) to ‘B+’ from ‘BB-’ The outlook is stable.

Crude oil: Oil prices rebounded Tuesday on fresh hopes an OPEC-led meeting this week will reach an agreement to reduce oversupply and shore up the market.

Prices have fallen sharply since expectations for a quick deal to cut output levels were dashed, but the rescheduling to Thursday of a meeting of major crude producers boosted sentiment.

US benchmark West Texas Intermediate was up 3.83 per cent to USD 27.08 a barrel in Asian morning trade.

A barrel of Brent crude, the international benchmark, was trading 2.81 percent higher at USD 33.98.

Prices fell to 18-year lows last week as the market wallowed in oversupply arising from a price war between Saudi Arabia and Russia, which have ramped up production

US Markets: U.S. stocks rocketed higher on Monday, with each of the major indexes rallying at least 7%, after a fall in the daily death toll in New York, the country's biggest coronavirus hot spot, fueled optimism a leveling off of the pandemic was on the horizon.

On Sunday, New York reported virus-related deaths had fallen slightly from the previous day, the first instance in a week.

Asian stocks: Asian markets looked poised on Tuesday to attempt another day of gains after stocks rallied on signs of a slowdown in coronavirus-related deaths, as oil prices resumed their decline on doubts about a potential Saudi-Russian pact to cut output.

Hong Kong futures were up and Australia futures also rose in early trade.