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Closing Bell
Across-the-board buying gave the much needed life to the Indian equity market, with the benchmark indices rallied nearly 7 per cent buoyed by the big uptick moves in heavyweights such as Reliance Industries, HDFC Bank, Kotak Bank, Maruti, HDFC Bank and Axis Bank.
Sensex jumped 1,861.75 points, or 6.98%, and ended at 28, 535.78, whereas Nifty topped 8,376 in intraday trade before closing higher by 496.75, or 6.37%, at 8,297.80.
Heavyweights such as Reliance surged 14.50%, Maruti (+12.23%), Kotak Bank (+12.65%), HDFC Bank (+11.77%) HDFC (9.44%) and Titan (+8.255%) helped the index to rally higher.
Block deals were done in Reliance Industries counter which has lifted the stock 20 per cent up to Rs 1,152 on the BSE today. The share price of Reliance Industries (RIL) jumped 20% after media reports indicated that Facebook might pick up stake in Jio.
The social media major Facebook Inc is in talks to buy a 10 per cent stake in Mukesh Ambani’s telecom and internet services venture Reliance Jio, said a media report yesterday.
Earlier, markets opened sharply higher tracking gains from other Asian markets and the US market. Asian markets such as Nikkei and Hang Seng rallied higher up to 5% today. The Dow Jones soared over 11% overnight even as the Trump administration struck a deal with Senate Democrats and Republicans on an historic rescue package that tees up almost $2 trillion in spending and tax breaks to bolster the US economy.
However, concerns over the impact of worldwide lockdowns kept investors still on edge and expect more volatility during the coming days, traders said.
Broker's call: Aarti Industries (Buy)
CD Equisearch
Aarti Industries (Buy)
CMP: ₹698
Target: ₹890
Dire fall in crude oil prices would cap expansion of revenue growth next fiscal, though operating profit is projected to grow in low double digits all thanks to entrenched focus on improving product mix of specialty chemicals. Value addition coupled with increased supplies to regulated markets explains much of the rise in pharmaceutical margins in the last few quarters.
Block deals are done in Reliance Industries counter which has lifted the stock 20 per cent up to Rs 1,132.05 on the BSE today.
The share price of Reliance Industries (RIL) jumped 20% and is the top index gainer pushing the stock market higher after media reports indicated that Facebook may pick up stake in Jio.
The social media giant Facebook Inc is in talks to buy a 10 per cent stake in Mukesh Ambani’s telecom and internet services venture Reliance Jio, said a media report yesterday.
Reliance chart on NSE
RIL STOCK ON NSE
For many retail players across the country stock markets are virtually shut
Even markets are open for trade, many equity and commodity market brokers have restricted trading for retail investors across the country in the wake of nationwide lock-down by the government due to COVID-19.
Increased default threshold for IBC trigger comes into effect
The Ministry of Corporate Affairs (MCA) has operationalised the Centre’s move to raise the default threshold for initiating corporate insolvency resolution proceedings (CIRP) against companies to ₹1 crore from the earlier ₹1 lakh.
Govt mulls to form Market stabilisation fund
BSE SENSEX
NIFTY 50 INDEX
Nifty Call: Buy with stop-loss at 7,850
The equity markets across the globe are witnessing buying interests; the US benchmark indices rallied sharply yesterday and posted neraly 10 per cent gain. Following this, the Asian markets have been rallying since morning. As a result, the Indian benchmark indices too are in the green today. The Nifty spot and the Sensex spot indices are up by over one per cent each.
Experts peg India’s cost of coronavirus lockdown at USD 120 bn
Pegging the cost of the COVID-19 lockdown at USD 120 billion (approximately ₹9 lakh crore) or 4 per cent of the GDP, analysts on Wednesday sharply cut their growth estimates and stressed on the need to announce an economic package. The Reserve Bank of India (RBI), which is scheduled to announce its first bi-monthly policy review on April 3, is set to deliver a deep rate cuts and it should also be assumed that the fiscal deficit targets will be breached, analysts said.
12.05 pm
Moody’s downgrades ONGC rating to Baa2
Ratings agency Moody's has downgraded Oil and Natural Gas Corporation Ltd .'s (ONGC) local and foreign currency issuer ratings to Baa2 from Baa1. The outlook on all ratings on ONGC remains negative, Moody's has said.
15-minute moves in market
Stocks such as Maruti (+8.40%), Reliance (+7.99%), Nestle (+4%), Axis Bank (4%) and Ultracemco (+3.65%) helped the index to rally higher.
The BSE Sensex rallied higher by 263 points or 1% to 26,936.92 and the Nifty rose 87 points to 7,888.95
Chennai reports three new coronavirus cases
Chennai has reported three new cases for Covid-19. All three of them had travelled abroad.
The 74-year-old male, a resident of Porur, returned from the US was tested positive and is in an isolation ward at Stanley Hospital.
Five in Indore test +ve for coronavirus; MP cases rise to 14
Five people admitted in different hospitals of Indore have tested positive for the coronavirus, taking the total number of COVID-19 cases in Madhya Pradesh to 14, health officials said on Wednesday.
None of these five patients have history of travel to abroad, Indore’s Chief Medical and Health Officer Dr Praveen Jadiya said.
The five new COVID-19 patients include three men, aged 48, 65 and 68, and two women- one 50 years old and the other aged 65.
Of the two women, the 65-year-old patient belongs to neighbouring Ujjain. She is admitted to the government-run MY Hospital in Indore.
The four other patients are residents of Indore.
“All the five patients admitted in different hospitals of Indore have no international travel history. Of these, two men, both friends, recently visited Vaishno Devi in Jammu,” Jadiya said.
Indore Collector Lokesh Jatav said the condition of all the five COVID-19 patients is stable.
All arrangements were being made for proper medical treatment of the coronavirus patients, he said.
Earlier, six positive coronavirus cases were reported from Jabalpur and one each from Bhopal, Gwalior and Shivpuri. -PTI
Why the SpiceJet stock has crashed more than IndiGo in the coronavirus storm?
The market seems to be taking a bleak view of SpiceJet’s weaker financial position, performance and cash flows
Forex market is closed today on account of Gudi Padwa holiday.
BSE GAINERS
BSE GAINERS
BSE GAINERS
Flipkart suspends services as lockdown impedes online grocery deliveries
Walmart Inc's Flipkart has suspended services, a notice on the Indian e-commerce firm’s website said on Wednesday, as India began a 21-day lockdown to fight the spread of the coronavirus pandemic.
Sterlite Tech board okays buyback at ₹150 a share
The board of directors of Sterlite Technologies on Tuesday approved a buyback proposal worth ₹145 crore at a price not exceeding ₹150 a share. The maximum buyback size represents 9.95 per cent and 9.32 per cent of the aggregate of the total paid-up equity capital and free reserves (including securities premium) of the company based on the audited standalone and consolidated financial statements respectively, for the financial year ended on March 31, 2019, it said.
The Nifty Bank index made a smart recovery from the day's lower levels. On the NSE, the Nifty Bank was quoted at 17, 111.70, up 4.40 points from previous close. It touched a low of 16,635.50 in early trading session.
Yes Bank board to meet on March 26 to discuss capital raising plans
The reconstituted board of private sector lender Yes Bank is set to meet on Thursday to finalise its capital raising plans. Sources privy to the development said the bank is keen to have its funding in place by March 31 and a number of global investors have shown interest in investing in the private sector lender.
NIFTY BANK INDEX
NIFTY BANK INDEX
The stock of Apollo Hospitals was down 5.80% to Rs 1,088.60 on the NSE today. The hospital group has said that it has got approval for testing of Covid-19. It said in its release that at present, it has only two kits for testing. It would import more testing kits soon.
Opening session
After opening higher in opening session on Wednesday, the key stock indices fell in early trades.
Markets went up tracking gains from other Asian markets and the US market. Nikkei and Hang Seng rallied higher up to 5% today. The Dow Jones soared over 11% overnight after U.S. lawmakers said they were close to a deal for an economic rescue package in response to the coronavirus outbreak
The government took drastic measures to combat Covid-19 outbreak with Prime Minister Narendra Modi announcing a complete lockdown of the country for 21 days.
Asian peers were also trading higher as authorities world over stepped up efforts to fight the pandemic. However, concerns over the impact of worldwide lockdowns kept investors on edge, traders said.
After rallying 625.41 points, the BSE barometer gave up all gains to trade 157.91 points or 0.59 per cent lower at 26,516.12.
Similarly, the NSE Nifty was trading 45.30 points, or 0.59 per cent, down at 7,755.75.
Reliance Industries was the top gainer in the Sensex pack, rallying up to 7 per cent initially, followed by Nestle India, Tech Mahindra, HDFC, PowerGrid and HUL. On the other hand, IndusInd Bank, ITC, M&M, L&T, Hero MotoCorp and ICICI Bank were the top losers.
India bans export of key malaria drug amid coronavirus outbreak
The Indian government said on Wednesday that it is banning the export of hydroxychloroquine and formulations made from the medication, as experts test the efficacy of the drug in helping treat patients infected with COVID-19, a Reuters report said.
There are currently no approved treatments, or preventive vaccines for COVID-19, the highly contagious, sometimes deadly respiratory illness caused by the new coronavirus. Researchers are studying existing treatments and working on experimental ones, but most current patients receive only supportive care such as breathing assistance.
Hydroxychloroquine, a malaria drug, is among the medications that are being tested, as a potential treatment for patients with the disease. Earlier this week, the American Society of Health-System Pharmacists (ASHP), which maintains a list of drug shortages, said hydroxychloroquine was in shortage
‘Getting virus spread under control, a key to market revival’
R Venkataraman, Managing Director, IIFL Securities & Co-Promoter, IIFL Group, explains what the Centre can do once we are out of Covid-19 mess to boost investors’ confidence. Excerpts:
RBL Bank (₹155): Buy
Investors with a short-term perspective can buy the stock of RBL Bank at current levels. After declining to an intra-day and 52-week low of ₹128.7, the stock bounced up strongly with good volume and closed 9.7 per cent higher.
Dow soars over 11% in strongest one-day performance since 1933
The Dow soared on Tuesday to its biggest one-day percentage gain since 1933, after U.S. lawmakers said they were close to a deal for an economic rescue package in response to the coronavirus outbreak, injecting optimism following the biggest selloff since the financial crisis.
Asian shares extend rally tracking gains in Wall Street
Asian shares extended their rally on Wednesday in the wake of Wall Street's big gains as U.S. Congress appeared closer to passing a $2 trillion stimulus package to curb the coronavirus pandemic's economic toll.
MSCI's broadest index of Asia-Pacific shares outside Japan rose 1.3% with Australian shares rising 4.5% and South Korean shares gaining 4.0%. Japan's Nikkei added 2.0%.
Stock markets to remain open during nationwide lockdown
Capital and debt market services will remain open during the national lockdown as announced by the Centre. According to guidelines issued by the Centre, capital and debt market services will be exempted as notified by SEBI.
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