Sensex rallies 1,028 points; energy, FMCG stocks soar

Closing bell

Equity benchmark Sensex surged over 1,028 points on the last day of the 2019-20 fiscal on Tuesday, led by gains in energy, financial and FMCG stocks amid recovery in global peers even as the number of Covid-19 cases continued to mount.

The 30-share BSE barometer settled 1,028.17 points or 3.62 per cent higher at 29,468.49. Similarly, the NSE Nifty rose 316.65 points, or 3.82 per cent, to close at 8,597.75.

ITC was the top gainer in the Sensex pack, rallying over 7 per cent, followed by Reliance Industries, ONGC, Tata Steel, Tech Mahindra, Sun Pharma and SBI.

On the other hand, IndusInd Bank plunged nearly 15 per cent. Maruti, Bajaj Finance and Titan were the other laggards.

According to traders, domestic investors turned positive amid rebound in global peers as most Asian benchmarks ended higher on recovery in China’s manufacturing during March as authorities relaxed anti-disease controls and allowed factories to reopen.

Bourses in Shanghai, Hong Kong and Seoul ended up to 2 per cent higher, while Tokyo closed in the red. Stocks in Europe were also trading on a positive note in early deals.

International oil benchmark Brent crude rose 3.60 per cent to $27.37 per barrel in futures trade.

On the currency front, the rupee appreciated marginally to 75.54 against the US dollar in intra-day trade.

The number of Covid-19 cases in India surged past 1,200, according to the Health Ministry. While there are more than 1,100 active cases, nearly 100 people have recovered.

Deaths around the world linked to the pandemic have crossed 37,000. - PTI

Benchmark indices up over 4 per cent

The benchmark indices surged over 4 per cent in the afternoon session on Tuesday,

The Sensex was at 29,678, up 1,238 points or 4.35 per cent higher, while the Nifty rose to 8,649, up 368 points or 4.45 per cent higher.

The top gainers in the Sensex pack were Reliance, which gained nearly 9 per cent, ONGC (up 8.27 per cent), ITC (7.05 per cent), Tech Mahindra (6.79 per cent), and HCL Tech (6.44 per cent). The laggards were IndusInd Bank (down 13 per cent), Maruti (1.50 per cent), Bajaj Finance (1.10 per cent) and Titan (down 0.94 per cent).

Among the BSE Sectoral Indices, the top gainers were oil and gas and the energy indices, which rose over 8 per cent each, followed by metals (up 6 per cent) and FMCG (up 5.6 per cent).

European shares inch higher but set for worst quarter since 2002

European stocks inched higher on Tuesday with investors buying into defensive sectors as they awaited further signs that the economy could weather the fallout from a near total global shut-down to curtail the spread of the coronavirus pandemic.

The pan-European STOXX 600 index was up 1.1 per cent at 0706 GMT, with real estate stocks, utilities and telecoms usually considered stable during heightened volatility adding between 0.9 per cent and 1.5 per cent. Click here to read in full the European markets report .

Yen declines on year-end US dollar demand

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The dollar rose against the yen on Tuesday amid fiscal year-end demand by Japanese companies and the Chinese yuan stood firm after a survey showed manufacturing returned to growth in March.

Tuesday is the last trading day of Japan's fiscal year and the end of the quarter for major investors elsewhere, which has fuelled some volatility as big currency market players closed their books. The bulk of those positioning changes caused the dollar to strengthen.

“The talk is Japanese names are short of dollars, which is likely to keep the dollar bid well into London time,” said Yukio Ishizuki, FX strategist at Daiwa Securities in Tokyo. Click here to read in full the forex market report .

Oil rises from 18-year lows after US, Russia agree to talks

Oil recovered ground on Tuesday after US President Donald Trump and Russian President Vladimir Putin agreed to talks to stabilise energy markets, with benchmarks climbing off 18-year lows hit as the coronavirus outbreak cut fuel demand worldwide.

Brent crude was up by 30 cents, or 1.3 per cent, at $23.06 a barrel by 0635 G5MT, after closing on Monday at $22.76, its lowest finish since November 2002. Click here to read in full the oil  markets report .

Nifty call: Buy on declines with fixed stop-loss at 8,500 levels

A security guard walks past the logo of the National Stock Exchange (NSE) inside its building in Mumbai, India, May 28, 2019. REUTERS/Francis Mascarenhas

The Sensex and the Nifty commenced the session with a gap-up open amid mixed Asian markets. The Nikkei 225 index has fallen 0.8 per cent to 18,917 levels, while the Hang Seng index has gained 0.9 per cent to 23,398 levels in today's session. Both the Sensex and the Nifty continued to trend upwards and have gained more than 3 per cent each. The market breadth of the Nifty index is biased towards advances. The India VIX has tumbled almost 7 per cent to 66.9 levels. Click here to read more on the Nifty call report .

Titan Company Ltd. (₹950): Buy

The stock of Titan Company Ltd. has been gaining for the past two weeks. It has stayed above ₹900 for the past few trading sessions and the price action in the daily chart indicates that the price might advance further.

The stock, which marked a year-to-date high at ₹1,341 towards the end of February, has crashed and lost about 46 per cent; it registered a low of ₹720.9 last week. It has since gained and is currently hovering around ₹950.

The daily Relative Strength Index (RSI) has inched up in the past one week and the Moving Average Convergence Divergence (MACD) indicator in the daily chart shows the momentum is shifting in favour of the bulls.

The above factors hint at a short-term rally. Hence, traders hunting for near-term opportunities can buy the stock with stop-loss at ₹915 and look for targets ₹1,000 and ₹1,035.

Supports: ₹920 and ₹900

Resistances: ₹1,000 and ₹1,038

(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)

China PMI offers tiny relief to Asian stocks as they head for dire end to quarter

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Asian shares were set to close out a calamitous quarter by eking out a small rally on Tuesday as factory data from China held out the hope of a revival in activity, even as much of the rest of the world shut down.

China's official manufacturing purchasing managers' index (PMI) bounced to 52.0 in March, up from a record-low 35.7 in February and topping forecasts of 45.0.

Analysts cautioned the underlying activity probably remained well below par as the improvement measures the net balance of firms reporting an expansion or contraction. China's National Bureau of Statistics also warned that the rebound didn't signal a stabilisation in activity, and was partly due to the very low base in February. Click here to read in full the Asian markets report .

Sensex, Nifty make further gains

The benchmark indices edged up further by mid-session on Tuesday. The Sensex was at 29,240, up 800 points or 2.81 per cent higher, while the Nifty gained 252 points or 3 per cent to trade at 8,533.

The top gainers on the 30-share index were ONGC (up 7 per cent), HCL Tech, ITC, Reliance and Asian Paints (up over 5 per cent) and UltraTech Cement (up 4.80 per cent). The laggards on the benchmark were IndusInd Bank, which sank 12.5 per cent, Bajaj Finance (down 3.36 per cent) and Maruti (0.31 per cent).

All the BSE sectoral indices were in the green. Oil and gas shares made the most gains with the index rising over 7 per cent, followed by the energy index (up 5.5 per cent), metals (up 4.5 per cent) and the IT and TECK indices up over 3 per cent.

Existing foreign trade policy likely to be extended

The existing Foreign Trade Policy, which is scheduled to lapse this month-end, may be extended by six months as the government has not been able to wrap up consultations for a new policy due to the on-going lockdown aimed at checking the spread of Covid-19. Click here to read in full the report on foreign trade policy .

No change in fiscal year: FinMin

The government has not extended the current 2019-20 fiscal year, and it will end as scheduled on March 31, the finance ministry said Monday. Click here to read more on the financial year .

Dollar up, but yuan sluggish as traders question China's PMI bounce

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The dollar rose against the yen on Tuesday as Japanese investors and companies rushed to cover a shortage of the US currency before their fiscal year end, but sentiment remained fragile as the global coronavirus crisis showed no signs of abating.

China's yuan was little changed even after a key survey showed manufacturing returned to growth in March, as investors remain sceptical of the uptick given many businesses are still struggling resume full operations amid widespread disruptions caused by the coronavirus. Click here to read in full the forex market report .

Crude oil rises after US, Russia agree to talks

Oil recovered some ground on Tuesday as US President Donald Trump and Russian President Vladimir Putin agreed to discuss stablising energy markets, but prices remain near 18-year lows as the coronavirus shutdown destroys demand. Click here to read more on the global oil markets .

Daily rupee call: Indian unit leaning towards downtrend 

Today, the rupee (INR) began the session marginally higher at 75.53 versus Monday’s close of 75.59 against the dollar (USD). It remained weak yesterday and dropped throughout the session. Now hovering around 75.4, the rupee has dropped by about 5.6 per cent so far this year.

While 75.4 can be a hurdle for the local currency, the nearest support can be spotted at 75.7. A break below 75.7 can drag the rupee to 76. The key resistance above 75.4 is 75. Click here to read in full the daily rupee call report .

Sensex, Nifty hold firm

The Sensex was trading firm but off its opening highs on Tuesday morning. The 30-share benchmark was at 28,903, up 463 points or 1.63 per cent firmer on its overnight close.

The Nifty was also trading firm at 8,444, up 163 points or 1.97 per cent firmer on its overnight close.

The top gainers in the Sensex pack were Infosys (up 4.43 per cent firmer), Tata Steel (up 4.21 per cent), ONGC (4 per cent), ITC (3.57 per cent) and Asain Paints (up 3.50 per cent), The laggards were IndusInd Bank (down 12.65 per cent), Bajaj Finance (1.88 per cent), Bajaj Auto (1.48 per cent), Bharti Airtel (0.52 per cent) and Maruti (0.26 per cent).

According to an agency report, the Sensex surged over 800 points in the opening session, led by gains in index heavyweights Reliance Industries, HDFC twins and Infosys amid recovery in global equities.

In the previous session, the 30-share BSE barometer ended 1,375.27 points or 4.61 per cent lower at 28,440.32, and the broader Nifty fell 379.15 points, or 4.38 per cent, to close at 8,281.10.

Foreign institutional investors (FIIs) turned net sellers in the capital market, as they offloaded equity shares worth Rs 4,363.61 crore on Monday, according to provisional exchange data.

According to the report, traders said despite concerns over the rising number of COVID-19 cases in the country and the economic fallout of the nationwide lockdown, investors are value-buying during each dip.

On the global front, bourses in Shanghai were trading on a positive note after China’s manufacturing sector steadily resumed production after the COVID-19 shutdown, with 98.6 per cent of the major industrial firms nationwide having restarted work.

Stocks in Hong Kong, Tokyo and Seoul were also trading significantly higher.

Benchmark exchanges on Wall Street rallied over 3 per cent in overnight trade.

Meanwhile, the rupee appreciated 10 paise to 75.48 against the US dollar in morning trade.

Brent crude futures, the global oil benchmark, rose 2.16 per cent to USD 26.99 per barrel.

The number of COVID-19 cases in India has surged past 1,200, according to a Health Ministry log. While there are more than 1,100 active cases, nearly 100 have been cured.

Deaths around the world linked to the pandemic crossed have 37,000 (with inputs from PTI).

Rupee rises 8 paise to 75.51 against US dollar in early trade

he Indian rupee appreciated by 8 paise to 75.51 against the US dollar in early trade on Tuesday, tracking a positive opening in domestic equities.

Forex traders said the rupee is trading in a narrow range as the higher opening in domestic equities supported the local unit, while sustained foreign fund outflows and strengthening of the American currency weighed on it.

At the interbank foreign exchange the rupee opened at 75.52, then gained ground and touched 75.51, registering a rise of 8 paise over its previous close. On Monday, the rupee had settled at 75.59 against the US dollar. Click here to read in full the rupee report .

RBI allows non-residents to invest without limit in specified G-Secs

The Reserve Bank of India has allowed non-residents to invest in specified Government of India dated securities without any quantitative limit with effect from April 1, 2020. To enable this, RBI has decided to introduce a separate channel called ‘Fully Accessible Route’ (FAR).

The central bank also upped the limit for Foreign Portfolio Investment (FPI) investment in corporate bonds to 15 per cent of outstanding stock for FY 2020-21 from 9 per cent now. Click here to read in full the report on NRI investment in G-Secs

Implementation of Stamp Act changes deferred by 3 months till July 1

The Revenue Department on Monday said the provisions of the amended Indian Stamp Act, which was to come into force from April 1, will now be effective from July 1.

To rationalise and harmonise the system of levying stamp duty and help curb tax evasion, the government had through Finance Act 2019 amended the Indian Stamp Act, 1899. Specific changes were to be effective from April 1, 2020. Click here to read in full the report on Stamp Act changes deferred .

HDFC Trustee Co picks 5.4% stake in SpiceJet

HDFC Trustee Company Ltd has bought 3.4 crore shares of SpiceJet from the open market constituting 5.45 per cent stake in the Delhi- headquartered low-cost airline.

HDFC Trustee Company is the Trustee to HDFC Mutual Fund (country’s largest mutual fund) and is a wholly-owned subsidiary of HDFC. Click here to read in full the report on HDFC Trustee Co picks stake in SpiceJet .

Asian shares edge up, China factories show flicker of life

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Asian shares managed a tentative rally on Tuesday as factory data from China held out the hope of a rebound in activity even as other countries across the globe all but shut down.

China's official manufacturing purchasing managers’ index (PMI) bounced to 52.0 in March, up from a record-low 35.7 in February and topping forecasts of 45.0. Analysts cautioned the index could overstate the true improvement as it measures the net balance of firms reporting an expansion or contraction in activity. If a company merely resumed working after a forced stoppage, it would read as an expansion without saying much about the overall level of activity. Click here to read in full the Asian markets report .

Opening bell

The benchmark indices, the BSESensex and the NSE Nifty, opened in the green on Tuesday.

The Sensex opened at 29,073, up 632 points or 2.22 per cent firmer, while the Nifty opened 199 points or 2.41 per cent firmer at 8,480.

Day Trading Guide for Tuesday,  March 31, 2020

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

₹833 • HDFC Bank

₹627 • Infosys

₹159 • ITC

₹63 • ONGC

₹1032 • Reliance Ind.

₹186 • SBI

₹1776 • TCS

8290 • Nifty 50 Futures

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

Today's Pick:: EID-Parry India (₹136.3): Buy

The stock of EID-Parry India gained 10 per cent with above average volume on Monday, decisively breaking above a key near-term resistance at ₹127. This rally provides an opportunity to buy the stock at current levels for the investors with a short-term perspective. Click here to read in full Today's Pick on EID-Parry India .d

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