Sensex rallies over 1,200 points; Nifty reclaims 9,100-mark at close

Sensex up 4.23 per cent, Nifty gains 4.15 per cent

3.45 pm

Closing bell: Equity benchmark Sensex soared over 1,200 points at close on Thursday led by gains in auto, financial, FMCG and pharma stocks following rise global equities on hopes of the COVID-19 pandemic approaching its peak.

After hitting an intra-day high of 31,225.20, the 30-share BSE barometer ended 1,265.66 points or 4.23 per cent higher at 31,159.62.

Similarly, the NSE Nifty closed 363.15 points, or 4.15 per cent higher, at 9,111.90.

Mahindra & Mahindra was the top gainer in the Nifty pack, surging up to 17.49 per cent, followed by Maruti, Cipla, Titan and Tata Motors.

On the other hand, HUL, Dr Reddy's, Tech Mahindra, IndusInd Bank and Nestle were to top losers, shedding up to 3.34 per cent.

3.22 pm

Apollo Tyres raises Rs 500 crore through private placement of NCDs

Apollo Tyres on Thursday said it has raised Rs 500 crore via allotment of non-convertible debentures (NCDs) through private placement.

The present issue is for allotment of 5,000 NCDs of face value of Rs 10,00,000 each aggregating to Rs 500 crore, Apollo Tyres said in a regulatory filing.

3.15 pm

Inflows in equity mutual funds touch 1-year high of Rs 11,485 cr in March

Inflows into equity mutual funds surged to Rs 11,485 crore in March, the highest level in a year, even as the broader market witnessed heavy volatility amid concerns over the impact of coronavirus.

Overall, the mutual fund industry witnessed a net outflow of Rs 2.13 lakh crore across all segments, mainly owing to withdrawal from liquid or money market category, data by the Association of Mutual Funds in India showed on Thursday.

In comparison, an outflow of just Rs 1,985 crore was seen in February.

The outflow has pulled down the assets under management of the 44-players mutual fund industry to Rs 22.26 lakh crore in March-end from Rs 27.23 lakh crore in February-end.

According to the data, inflows into equity and equity-linked open-ended schemes was at Rs 11,723 crore, while an outflow of Rs 238 crore was seen from close ended funds, taking the net inflow to Rs 11,485 crore.

3.10 pm

Covid-19: RBI hopes monetary, fiscal measures to spur eco activity once normalcy is restored

Amid lockdowns and global slowdown adversely impacting the economic activity, the RBI on Thursday expressed hope that recent monetary and fiscal measures will mitigate the impact of COVID-19 on domestic demand and spur growth once the normalcy is restored.

Observing that it was difficult to make growth projections at this point of time, the Reserve Bank in its Monetary Policy Report said the lockdown following the outbreak of COVID-19 and expected contraction in global outlook would weigh heavily on the growth outlook.

3.05 pm

JSPL promoter companies repay Rs 391 crore debt

Three promoter companies of JSPL have repaid an amount totalling Rs 391 crore to the lenders, said a company official.

The companies are Opelina Sustainable Services Ltd, OPJ Trading Private Ltd and Gagan Infra Energy Ltd.

“These promoter companies have repaid loans of around Rs 391 crore out of total debt amount Rs 747 crore as on December 3, 2019,” the official said.

The said promoter companies have also informed the exchanges about the development, he said.

2.40 pm

Bajaj Electricals share price rises 12%

The scrip of Bajaj Electricals is among the top performers of the indices on Thursday.

The stock has gained 12.37 per cent to Rs 323.40 on NSE and registered a 20 per cent rise in the last three trading sessions.

It is up 23 per cent from the 52-week low of Rs 260 recorded on April 3.

2.20 pm

Rupee close: The rupee ended 6 paise higher at 76.28 (provisional) against the US dollar.

2.15 pm

Pharma stocks maintain blistering pace

Following a slew of positive news for the sector, the shares of pharmaceutical companies continued to maintain their stellar rally on Thursday with the Nifty Pharma index surging another 7.35 per cent. While the most important factor is defensive buying at a time of all-round turmoil, a lot of stocks, such as Cadila Healthcare, Cipla, Glenmark Pharmaceuticals, Lupin, Alembic Pharmaceuticals and Ipca Laboratories, attracted individual attention due to positive news. Read more here

2 pm

Fuel consumption falls 18% as coronavirus eviscerates energy demand

India’s fuel consumption in March shrank by 18 per cent, the biggest decline in more than a decade, as a nationwide lockdown halted economic activity and travel.

India’s petroleum product consumption fell 17.79 per cent to 16.08 million tonnes in March as diesel, petrol and aviation turbine fuel (ATF) demand fell, according to official data released on Thursday.

Diesel, the most consumed fuel in the country, saw demand contract by 24.23 per cent to 5.65 million tonnes. This is the biggest fall in diesel consumption the country has recorded as most trucks went off-road and railways stopped plying trains. Petrol sales dropped 16.37 per cent to 2.15 million tonnes as the 21-day nationwide lockdown enforced to prevent the spread of COVID-19 took most cars and two-wheelers off the road.

1.55 pm

Godrej Consumer partners Zomato, ShopKirana, Zoomcar for delivery of essential items

FMCG major Godrej Consumer Products Limited (GCPL) on Thursday announced partnership with food delivery app Zomato, B2B supply chain startup ShopKirana and car rental company Zoomcar for delivery of essential goods during lockdown.

Zomato will deliver GCPL products directly to consumers at their doorsteps while ShopKirana will deliver them to individual retailers by connecting with GCPL directly, said a statement.

1.28 pm

Nifty call: Buy in dips with a stop-loss at 8,980 levels

The Sensex and the Nifty commenced the session with a gap-up open amid mixed Asian markets. The Nikkei 225 is trading flat at 19,345 levels while Hang Seng index has gained 0.8 per cent to 24,174 levels. Click here to read the technicals

1.25 pm

Trading call - Cholamandalam Investment and Finance Company (₹169.9): Buy

After a sharp fall in the month of March, the stock of Cholamandalam Investment and Finance Company recorded a 52-week low at ₹117 on Wednesday and found support. Click here to read more

1.05 pm

Markets at afternoon trade: The benchmark indices extended gains on Thursday noon trade. The Nifty was up 3.4 per cent at 9,047, and the Sensex has risen 3.4 per cent at 30,930.

All the sectoral indices are holding on to the gains, lead by Nifty Auto index (up 7.2 per cent), Nifty Pharma index (up 6 per cent), Nifty Metal, Media and PSU Bank indices were up over 2.5 per cent each.

The Nifty Smallcap and Midcap indices have risen 3.4 per cent and 3 per cent respectively.

India Volatility Index was down 2.1 per cent to 51.1.

Cipla remains the top Nifty gainer up 13 per cent, while Hindustan Unilever has been the top laggard, down 3.2 per cent.

12.40 pm

Digital payments zoom 31 per cent to touch ₹4,116 crore in FY20

In what can be seen as a significant impact of the government’s agenda to encourage digital payments, total transactions through these channels touched ₹4,116.74 crore in FY20, according to the Centre’s Digidhan Dashboard. Read more here

12.20 pm

Seeds, fertiliser sectors impacted by disruption in transportation

The Kharif season is on the horizon but due to the pandemic, there has been a noticeable disruption in the production and transportation value chain of major agriculture inputs such as seeds, fertilizers and pesticides. Despite agriculture being exempted from the lockdown, the sector faced a major set back in the first 10 days. Read more here

12.01 pm

Marico says Q4 EBITDA may see a modest decline

FMCG major Marico said its January-March quarter EBITDA might see “modest decline” following disruptions on account of Covid-19 pandemic and associated lockdowns.

During the lockdown period, there was a spike in the sales of its cooking oil brand Saffola as people were stocking household items. Still, overall, it had a “low single-digit volume decline” in the domestic business, Marico said in a regulatory filing.

Though its India business had signs of “improvement across categories until early March”, but it was offset by disruptions in the last 12 days in March, following lockdown in some states to contain the outbreak of Covid-19, Marico said.

The shares are currently trading 2.47 per cent higher at Rs 296.60.

11.50 am

Cadila Healthcare shares climb 2% on USFDA nod for new drug

Cadila Healthcare said on Thursday that Zydus had received the final approval from the US FDA to market Imatinib Mesylate tablets, a drug used in the treatment of leukaemia, bone marrow disorders, skin cancers and tumours of the stomach.

The company informed that the drug would be manufactured at the group's formulation manufacturing facility in Ahmedabad.

The shares rose as much as 7 per cent to Rs 374 in early trade today. It is currently trading 2.17 per cent higher at Rs 357.45.

11.23 am

Trade cautiously in around 480 illiquid stocks: BSE, NSE to investors

To safeguard interests of investors, leading stock exchanges BSE and NSE have advised their members to take extra caution while trading in nearly 480 illiquid stocks.

Illiquid stocks are those that cannot be sold easily because they see limited trading. These stocks pose higher risks to investors because it is difficult to find buyers for them as compared to frequently traded shares.

In similar-worded circulars, both the exchanges advised their trading members “to exercise additional due diligence while trading in these securities either on own account or on behalf of their clients”.

BSE and NSE have listed out 440 and 38 illiquid stocks, respectively, where additional due diligence is required.

Illiquid scrips listed by both the exchanges include Shyam Telecom, Global Offshore Services, DCM Financial Services, Creative Eye and National Steel and Agro Industries.

Based on the trading activity from January to March, these scrips will be traded in a periodic call auction mechanism from April 13, the exchanges noted.

The criteria for shifting securities in periodic call auction mechanism is decided in consultation with the Securities and Exchange Board of India (Sebi) and applied uniformly across the stock exchanges and reviewed periodically.

In December 2014, the market regulator had relaxed norms for trading in illiquid stocks. The move was aimed at shifting various illiquid scrips to regular trading session from the periodic call auction, the window where these stocks are currently traded.

11.13 am

IDBI Bank shares rise 5% on fund raising plan

The shares of LIC promoted IDBI Bank on Thursday rose 5.33 per cent to ₹20.75 and trading with higher volumes.

IDBI Bank’s board of directors on Wednesday approved rupee bond borrowing limit of ₹7,500 crore for FY 2020-21.

11 am

Coronavirus: NSE gives more time to brokers for submission of reports

The National Stock Exchange (NSE) has relaxed compliance requirements for brokers to submit reports about client funding and net worth certificates in the wake of current coronavirus pandemic.

However, the due date for submitting the quarterly report on the incidence of cyber-attacks and threats will remain unchanged — 15 days after the end of the quarter, NSE said in a circular.

The exchange has given time till April 30 to brokers for submitting reports on client funding, artificial intelligence (AI) and machine learning (ML) applications and quarterly compliance certificate.

The due dates for submitting the report on AI and ML applications and quarterly compliance certificate was April 15, while the same for client funding was April 7.

Further, NSE has extended time by one month, till June 30, for submission of the report on risk-based supervision, audit as well as net worth certificate for members for the half-year ending March, 2020. These reports were required to be submitted at the end of May.

Also, reports on the system or cyber audit can now be submitted until July 31. Earlier, it was required to be submitted by June 30.

Besides, the exchange has given relaxation of one month till May 31 for submitting compliance certificates on margin trading for the half-year ending March, 2020.

In view my of the ongoing lockdown, the due dates for submitting these reports have been extended, the exchange said.

10.45 am

Commodity call: Go long on MCX-Nickel above ₹900

The April futures contract of nickel in the Multi Commodity Exchange (MCX) breached a key resistance of ₹870 on Tuesday, increasing the likelihood of the contract extending the gain. Read more here

10.40 am

Bank of Maharashtra launches financial support schemes

Bank of Maharashtra (BoM) has announced various schemes for the corporate, retail, and agriculture sector to ensure immediate financial assistance against the backdrop of Covid-19 crisis.  For more read

10.35 am

Daily Rupee call: INR likely to inch up

After posting a loss of nearly one per cent on Wednesday, the rupee (INR) has opened with a gain today, at 76.09 versus yesterday’s close of 76.34 against the dollar (USD). The daily chart shows that the domestic currency has been oscillating between 75.7 and 76.3 for the past few trading sessions.

10.28 am

Rupee opening: Rupee opens 23 paise higher at 76.11 against US dollar on Thursday.

10.20 am

Markets update: Equity benchmark Sensex soared over 900 points in opening trade on Thursday led by gains in financial, IT and FMCG stocks following rise global equities on hopes of the COVID-19 pandemic approaching its peak.

After hitting a high of 30,847.10, the 30-share BSE barometer was trading 925.67 points or 3.10 per cent higher at 30,819.63.

At 10.15 a.m., the 30-share BSE barometer was trading 816 points or 2.73 per cent higher at 30,710, after hitting a high of 30,847.10.

Similarly, the NSE Nifty was quoting 233 points, or 2.67 per cent, up at 8,982.

HDFC was the top gainer in the Sensex pack, surging up to 5 per cent, followed by Maruti, Bharti Airtel, Bajaj Finance, Tata Steel, Hero MotoCorp and ICICI Bank.

On the other hand, HUL was the sole laggard.

10.15 am

FII data: Foreign institutional investors (FIIs) were net buyers in the capital market, as they bought equity shares worth Rs 1,943.41 crore on Wednesday, according to provisional exchange data.

9.55 am

L&T gains 2 per cent on bagging new orders

The shares of Larsen and Toubro has gained nearly 2 per cent on Thursday to trade at ₹823.20.

The power transmission and distribution business of L&T Construction has bagged orders in India and abroad.

In Kuwait, a prestigious order has been awarded to upgrade substations and related power facilities in KNPC's Mina Al Ahmadi oil refinery. The revamped network of distribution substations with the latest technology will enhance the reliability of power supply and facilitate expansion.

9.42 am

Cipla stocks surge 15 per cent on USFDA nod for asthmatic drug

The pharma major Cipla is the top gainer today on the Nifty index. The shares surged as much as 15 per cent to ₹589.65.

It had got the final approval for its Abbreviated New Drug Application (ANDA) for Albuterol Sulfate Inhalation Aerosol 90 mcg from the USFDA, it said in a press release.

The drug is used in the treatment of acute events of bronchospasm.

9.30 am

GSK Consumer: April 15 is last day of trading

Exchanges will suspend the trading of GlaxoSmithKline Consumer Healthcare from April 16 (also ex-date) following its scheme of arrangement with Hindustan Unilever, according to a release by the exchanges.

Shareholders of GSK Consumer will receive 4.39 shares of Hindustan Unilever for every share held in the company.

9.26 am

Covid-19: In the latest update on Coronavirus, the total cases across the globe are at 1.39 million, and the death toll crosses 79,000.

9.19 am

Opening bell: The Sensex and Nifty benchmarks have started the day on a positive note, with the Nifty is trading above 8,900 level.

The Sensex is up 574 points at 30,467, while Nifty is up 171 points at 8,920. About 862 shares have advanced, 90 shares declined, and 90 shares are unchanged.

All other sectoral indices are trading in the green, lead by the bank stocks.

9 am

Asian stocks gain on hopes Covid-19 pandemic is approaching peak

Asian shares rose on Thursday on hopes the Covid-19 pandemic is nearing a peak and that governments would roll out more stimulus measures, while expectations of an oil production cut agreement bolstered crude prices.

MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.6 per cent, following a strong Wall Street close.

Shares in China, where the novel coronavirus first emerged late last year, rose 0.54 per cent. Australian shares were up 1.52 per cent.

8.57 am

Today’s pick: Avanti Feeds (₹341.6): Buy

The stock of Avanti Feeds jumped 10 per cent with above-average volume, breaching a key near-term resistance at ₹325 as well as the 21-day moving average, on Wednesday. This rally provides an opportunity for investors with a short term view to buy the stock. Read more on the technicals here

8.55 am

Wall Street rallies on hopeful coronavirus signs, healthcare lift

U.S. stock markets jumped on Wednesday on hopeful signs about the coronavirus outbreak in the United States was close to a peak, with health insurers getting an additional lift from Bernie Sanders' decision to suspend his presidential campaign.

Stocks opened higher after President Donald Trump said Americans might be getting to the top of the “curve” in relation to the outbreak. New York Governor Andrew Cuomo said the state's efforts at social distancing were working in getting the virus under control in one of the biggest hotspots in the country.

The three major indices ended in green: Dow up 3.44%, S&P 500 up 3.41%, Nasdaq up 2.58%

Published on April 09, 2020
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