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Closing Bell
Equity benchmark Sensex jumped over 1,400 points on Thursday led by gains in IndusInd Bank, L&T, Bajaj Finance, Bharti Airtel, Bajaj Auto, HDFC twins, Infosys, ICICI Bank and Axis Bank amid mixed global cues.
Market came off day's highs in the mid-session. However, after the Finance Minister Nirmala Sitharaman announced a massive ₹1.7 lakh crore economic package that will be implemented with immediate effect the markets rebounded sharply towards the end of the session.
The 30-share BSE barometer ended higher by 1,410.99 points or 4.94 per cent, at 29,946.77. Similarly, the NSE Nifty was up 335.70 points, or 4.04 per cent, at 8,653.55.
IndusInd Bank was the top gainer in the Sensex pack, rallying up to 46 per cent, followed by L&T, which was up 10 per cent, Bajaj Finance, up 9.25%, Bharti Airtel was up 8.37% and Hero Moto Corp was up 7%. On the other hand, GAIL, HCL Tech, Sun Pharma, Tata Steel, and Tech Mahindra were the top losers.
IndusInd Bank turned top gainer today on expectations that RBI would allow the IndusInd Bank promoters to hike their stake in Indusind Bank in line with the treatment they gave to promoters of Kotak Mahindra Bank this year. Promoter holding in IndusInd Bank is currently 14.39 per cent.
In yesterday's session, the BSE gauge Sensex shot up 1,861.75 points or 6.98 per cent to settle at 28,535.78, and the NSE barometer Nifty spurted 516.80 points or 6.62 per cent to end at 8,317.85 — the biggest single-day gain for the indices.
According to traders, investors are weighing the economic impact of the 21-day lockdown in the country.
Bourses in Shanghai, Hong Kong, Tokyo and Seoul ended on a negative note today. Incessant foreign fund outflow also kept domestic market participants risk-averse, traders said.
Foreign institutional investors (FIIs) remained net sellers in the capital market, as they sold equity shares worth Rs 1,893.36 crore on Wednesday, according to provisional exchange data.
Brent crude futures, the global oil benchmark, fell 0.51 per cent to USD 27.25 per barrel.
BSE SECTORAL INDICES
Sensex stocks
Sensex stocks
FM announces 1.7 lakh cr relief package to fight Coronavirus
Finance Minister Nirmala Sitharaman on Thursday announced a ₹50 lakh insurance cover for healthcare workers who are at the forefront of dealing with coronavirus pandemic.
Breaking news:
Nirmala Sitharaman annouces relief package to poor families under direct benefit transfer
- Rs 500/3 months to be given to women under Jan Dhan
- Rs 1.7 lakh crore relief to poor
- Free LPG cylinder to 8.3 crore families
- 8.7 crore farmers to be given to Rs 2,000
- Free 5KG rice/wheat for poor families.
- The Government would pay the EPF contribution of 24% that includes employee and employer contribution for three months.
EPFO workers can draw from their EPF funds up to 75% or 3 months wages as advance, whichever is lower, and that is non-refundable. Relief for companies having over 100 employees on its rolls.
Promoters acquire stocks, as price slump
As the market corrected sharply, promoters have opened their purse in a big way to buy stake in their company.
According to a study by Motilal Oswal Financial Services, the highest quantum of promoter buying was seen in the Tata Group (Tata Chemicals, Tata Steel, Indian Hotels, Tata Motors, Tata Power and Tata Consumer), the Bajaj Group (Bajaj Finance, Bajaj Finserv, Bajaj Holdings and Bajaj Auto), Mphasis, Maruti Suzuki, Sun Pharma and GMR Infra.
Govt to supply 7 kg/person subsidised foodgrains under PDS for 3 months
The government will supply over the next three months additional 2 kg subsidised foodgrains under the PDS, taking the total monthly quota to 7 kg per person, a senior Food Ministry official said on Thursday.
Stay calm and retain your existing portfolio: Birla MF chief A Balasubramanian
Most small retail investors have lost their gains and are staring skywards to save their principal investment. First-time mutual fund investors are a confused lot. BusinessLine spoke to A Balasubramanian, a mutual fund veteran and Managing Director and CEO, Aditya Birla Sun Life AMC, on what lies ahead for investors. Excerpts:
Nifty call: Nifty 50 March Futures (8,650)
Despite major indices across Asia declining, the Indian benchmarks are gaining today. The Nifty spot and the Sensex spot indices are trading higher by over 4 per cent. Comparatively, the Asian indices like the Nikkei, the Shanghai composite and the Hang Seng index are down by 4.4 per cent, 0.3 per cent and 0.7 per cent respectively.
India Cement turn stronger as promoters hike stake
Shares of India Cements went up 8 per cent to Rs 103.35, after hitting an intraday high of Rs 104.90 on the NSE today.
India Cements in its release said that Gopikishan Damani, Radhakishan Damani, Shrikantadevi Damani and Derive Investments (whose partners are Radhakishan S. Damani and Gopikishan S. Damani) picked up 1.24 crore shares or 4.01% stake through open market purchases between February 27 and March 16, raising stake to 16% from 11.98%.
The stock jumped 17.80% in three consecutive trading sessions to its current market price of Rs 104.20 from its recent closing low of Rs 88.45 traded on March 23.
On a consolidated basis, India Cements reported net loss of Rs 8.79 crore in Q3 December 2019 compared with net loss of Rs 4.32 crore in Q3 December 2018.
Sensex Stocks
Why IndusInd Bank rallied 30% in early trade on Thursday
The share price of IndusInd Bank, which had been falling consistently on market fears that the bank witness the same fate as Yes Bank, gained 30 per cent in less than one hour of Thursday’s trading session. Among the key reasons that market players say for the bank to rise is that selling by large foreign portfolio investors has subsided and promoters have sought RBI permission to raise their stake in the bank.
BSE SECTORAL INDICES
BSE SECTORAL INDICES
US Senate passes coronavirus rescue package on unanimous vote
The Senate has passed an unparalleled USD 2.2 trillion economic rescue package steering aid to businesses, workers and health care systems engulfed by the coronavirus pandemic.
Cipla in pink of health
The stock of Cipla rose 3% today to Rs 385.70 on the BSE today after the company got the USFDA approval for its new ANDA for oral suspension Esomeprazole. The total traded quantity, as of now, was around 59,000 shares as against the two-week average quantity of 1.76 lakh shares.
Cipla said in its release to the exchangeds that it has received final approval for its abbreviated new drug application (ANDA) for Esomeprazole for oral suspension 10mg, 20mg and 40mg from the United States Food and Drug Administration (USFDA). Cipla is the first company to file for the 10mg strength.
Cipla's Esomeprazole for oral suspension 10mg, 20mg and 40mg is AB-rated generic therapeutic equivalent version of AstraZeneca Pharmaceutical's Nexium.
Nexium is a proton pump inhibitor indicated for treatment of gastroesophageal reflux disease (GERD), reducing risk of NSAID-associated gastric ulcer, eradication of helicobacter pylori (H. pylori) bacteria to reduce the risk of duodenal ulcer recurrence and for pathological hypersecretory conditions including Zollinger-Ellison syndrome.
Short-covering props up stocks
There was aggressive short covering as today being the last day for the month futures contract closing. Moreover, the short positions in many counters are not allowed to be rolled over to next month and triggered the prices higher. Market participants are still cautious as Covid-19 fear lingers around. With the coronavirus cases in the US increasing there is still some anxiety prevailing in the markets.
The Sensex was quoted higher by 881 points, or 3.09%, to 29,417.43 and the Nifty was trading higher by 220 points, or 2.65%, to 8,538.05
Three new coronavirus cases in Chhattisgarh; state tally reaches six
Three more persons, including a woman, have tested positive for coronavirus in Chhattisgarh, taking the total number of confirmed cases in the state to six, officials said on Thursday.
One of the cases was reported from the state capital Raipur, and one each from Durg and Bilaspur, they said.
“Three more persons tested positive for coronavirus in the state on Wednesday night,” All India Institute of Medical Sciences, Raipur, Director Dr Nitin M Nagarkar told PTI.
Of the three new patients, two men, one from Raipur and another from Bhilai (Durg), have been admitted to the isolation ward of AIIMS, he said.
Besides, a woman from Bilaspur tested positive for coronavirus, he said.
With this, the state’s tally of COVID-19 patients has gone up to six.
Earlier on Wednesday, two persons, a 26-year-old woman from Raipur and a 26-year-old man from Rajnandgaon, with recent foreign travel history, were found positive for the deadly virus.
Last week, a 24-year-old woman, who had returned to Raipur from London, was the first confirmed case of coronavirus in the state. - PTI
11.15 am
ADVANCES AND DECLINES ON BSE
For a good read: Off Market BL article on coronavirus
India’s corona strategy is very amoebic
The government took charge of the fight against Covid-19 right from the beginning — the first week of February. The first port of virus entry happened to be Kerala. Infection coming through individuals flying in from affected communities was blocked. Travellers at risk were identified, quarantined, tested, contacts traced and quarantined.
Sell-off by FPIs hits a historic high in March
Amid fear of coronavirus-led global recession and increasing number of Covid-19 cases in India, risk-averse foreign investors are dumping Indian stocks and bonds in search of safer investment avenues. Foreign portfolio investors (FPIs) have pulled out investment (net) in excess of ₹1-lakh crore (₹55,600 crore from equities and ₹54,240 crore from bonds) in just 16 trading days in March, plunging the market into a crisis.
Rupee rises 71 paise to 75.23 against US dollar
The Indian rupee appreciated by 71 paise to 75.23 against the US dollar on Thursday tracking positive opening in domestic equities as assurance of a stimulus to fight the coronavirus pandemic supported investor sentiment.
Buy rupee with stop-loss at 75.9
Today, the rupee (INR) has opened with a gain against the dollar (USD), at 75.88 versus 76.1 – its previous close. The local currency has been gaining since the session open and has rallied above the key resistance at 75.7. This opens the door for further strengthening.
Tata Consumer Products ( ₹276.7): Buy
Investors with a short-term horizon can buy the stock of Tata Consumer Products formerly known as Tata Global Beverages at current levels. The stock jumped almost 11 per cent on Wednesday, surpassing a key resistance at ₹260 decisively.
Stocks that drive markets up
Significant gainers were IndusInd Bank was up 24%, Bajaj FinServ rose 10%, Axis Bank, up 10%, Bajaj Auto was up 9% and Bajaj Finace gained 8.50%
Opening Session
S tock markets made a promising start on Thursday extending yesterday's rally, as investors await the passage and details of a $2 trillion stimulus package in the United States to combat the economic fallout from the coronavirus.
Sensex jumped 675 points, or 2.37%, to 29,210.90, while the Nifty climbed 151 points to 8,508.95.
Major gainers were IndusInd Bank, Axis Bank, Infosys, Tech Mahindra, HDFC and ICICI Bank, which rose between 5% and 15%.
SENSEX STOCKS
Sensex stocks
S&P 500 rallies for second day as investors await $2 trillion aid package
The S&P 500 rallied for a second straight session on Wednesday as the U.S. Senate appeared near a vote on a $2 trillion package to support businesses and households devastated by the coronavirus pandemic.
Asian markets tread cautiously ahead of US stimulus, jobs
Asian stock markets made a cautious start on Thursday following two days of rallies, as investors await the passage and details of a $2 trillion stimulus package in the United States to combat the economic fallout from the coronavirus.
Three more persons, including a woman, have tested positive for coronavirus in Chhattisgarh, taking the total number of confirmed cases in the state to six, officials said on Thursday.
One of the cases was reported from the state capital Raipur, and one each from Durg and Bilaspur, they said.
“Three more persons tested positive for coronavirus in the state on Wednesday night,” All India Institute of Medical Sciences, Raipur, Director Dr Nitin M Nagarkar told PTI.
Of the three new patients, two men, one from Raipur and another from Bhilai (Durg), have been admitted to the isolation ward of AIIMS, he said.
Besides, a woman from Bilaspur tested positive for coronavirus, he said.
With this, the state’s tally of COVID-19 patients has gone up to six.
Earlier on Wednesday, two persons, a 26-year-old woman from Raipur and a 26-year-old man from Rajnandgaon, with recent foreign travel history, were found positive for the deadly virus.
Last week, a 24-year-old woman, who had returned to Raipur from London, was the first confirmed case of coronavirus in the state.
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