Sensex, Nifty end up nearly 6%; FMCG, IT stocks jump

3.50 pm

Closing bell: The equity indices rebounded along with their Asian peers on Friday after four sessions of bruising losses, as policymakers across the world launched fresh efforts to stem the economic fallout of the coronavirus pandemic.

Asian shares made a partial comeback from a global rout, and European stocks were set for similar gains on Friday.

Central banks in Europe, Japan, Australia and the United States announced new stimulus to help businesses battered by a near halt in economic activity due to the virus outbreak, and U.S. Senate was debating a $1 trillion-plus package that would include direct financial help for Americans.

NSE Nifty 50 index ended up 5.88 per cent higher at 8,749.70, while the S&P BSE Sensex closed 5.75 per cent higher at 29,915.96.

"The announcements by global central banks and stimulus measures are helping. Some short-covering is also happening,” said Mayuresh Joshi, head of equity research at William O'Neil & Co in India.

“But overall, how the pandemic will be contained remains a cause of concern,” he added.

Oil and Natural Gas Corp led gains on the Nifty 50 with a 17.77 per cent jump as oil prices bounced back.

The Nifty FMCG and IT indices jumped over 8 per cent each.

HDFC Bank shares slid 1.6 per cent after Bernstein downgraded the stock.

The virus, which originated in China, has spread quickly around the globe, claiming more than 10,000 lives and hampering economic activity.

The carnage in financial markets has taken blue-chip Nifty 50 index 33% below its January 20 record intraday high, while India's small-cap and mid-cap shares have fared no better, falling roughly 29% since the start of 2020.

The pandemic also threatens to chip away at India's economic growth, already languishing at multi-year lows, as it forces more offices and factories into lockdown, pressuring corporate balance sheets.

BofA Securities on Thursday cut its June-quarter growth projections for the country by 90 basis points to 3.1% as it forecast a global recession.

2.45 pm

Top gainers and losers at 2.30 pm

 

2.04 pm

Trading call -- Wipro (₹183.7): Buy

Taking contrarian view traders from a short-term perspective can buy the stock of Wipro in declines. The stock has jumped over 13 per cent in today's session accompanied by above-average volume.

It has decisively breached a key resistance at ₹175 during the intra-day rally. The daily relative strength index and the price rate of change indicator are recovering from the oversold territory.

 

1.50 pm

Mid-session update: Equity benchmark Sensex soared over 1,900 points in the afternoon session on Friday amid hopes of a stimulus package as Prime Minister Narendra Modi announced a financial task force to combat the Covid-19 pandemic’s economic fallout.

After starting on a volatile note, at 1.45 pm, the BSE barometer was trading 1,929 points or 6.82 per cent higher at 30,217.

Similarly, the NSE Nifty was trading 564 points, or 6.83 per cent, up at 8,827.

ONGC was the top gainer in the Sensex pack, rallying up to 15 per cent, followed by TCS, Infosys, HUL, Ultratech Cement, Tech Mahindra and Asian Paints.

On the other hand, IndusInd Bank was the only laggard.

According to traders, investor sentiment turned positive on hopes of an economic stimulus to support the economy in the wake of coronavirus (Covid-19) pandemic.

1.45 pm

Adani Ports raises ₹125 cr via debentures

Adani Ports and Special Economic Zone (APSEZ) on Friday raised ₹125 crore through issuance of debentures.

“The company has raised ₹125 crore today by allotment of 1,250 rated, listed, secured, redeemable, non-convertible debentures (NCDs) of the face value of ₹10,00,000 each on private placement basis,” Adani Ports and Special Economic Zone (APSEZ) said in a filing to the BSE. Read more here

1.40 pm

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

After marginally opening the negative territory and the initial choppiness, the Nifty and the Sensex began to trend upwards on the back of buying interest.

The Asian markets are trading in the positive territory, the Hang Seng index has advanced 3.8 per cent to 22,551 levels and Shanghai Shenzhen CSI 300 Index has gained 1.8 per cent to 3,653 levels.  Read more here

12.55 pm

Dr Reddy’s scrip surges 7% on generic launch in US

Pharma major Dr Reddy’s Laboratories Ltd’s scrip zoomed 7.59 per cent on the Bombay Stock Exchange on Thursday after it announced the launch of a generic in US.

The scrip is trading at ₹2,821.85 on the Bombay Stock Exchange (BSE) by noon on Friday gaining 7.69 per cent over the previous close on Thursday.

The Hyderabad-based company launched Pyrimethamine Tablets, a therapeutic equivalent and first-wave generic version of Daraprim (pyrimethamine) Tablets in the US market. The product is the only AB-rated generic version Daraprim (pyrimethamine) Tablets approved by the USFDA.

12.30 pm

Reliance Industries shares bounce back after 4-day fall

Shares of Reliance Industries Limited (RIL) bounced back on Friday rising by over four per cent, a day after Mukesh Ambani, his wife, and three children marginally raised their personal shareholding in RIL.

The scrip jumped 4.34 per cent to Rs 956.95 on the Bombay Stock Exchange (BSE).

On the National Stock Exchange (NSE), it gained 4.36 per cent to Rs 957.75.

RIL shares had dropped 17.14 per cent till Thursday in fourth consecutive session of fall.

11.57 am

IDFC First Bank MD sells shares worth ₹58 crore

V Vaidyanathan, Managing Director and CEO of IDFC First Bank has sold 2.75 crore shares for about ₹58 crore and intends to sell shares worth ₹35 crore today, the private sector lender said in a regulatory filing on Friday.

The shares were sold to close ESOP loan availed by him, it added. The further sale of shares will help Vaidyanathan to entirely repay the residual ESOP loan taken for exercising his ESOP shares to release his pledged shares, the bank said. Read more here

11.20 am

Godrej Properties enters Faridabad market

 

Mumbai-based real estate developer Godrej Properties Ltd (GPL) has announced its entry into the Faridabad market with a residential plotted development.

This is GPL’s first plotted development project within the National Capital Region (NCR). Spread across 43.61 acres (17.65 hectares), the land parcel was acquired from BPTP, the company said in a regulatory filing.

11 am

Dr Reddy’s Laboratories launches Pyrimethamine tablets for treatment of toxoplasmosis

Dr Reddy’s Laboratories has launched Pyrimethamine Tablets USP, 25 mg, a therapeutic equivalent and first-wave generic version of Daraprim (pyrimethamine) tablets, approved by the US Food and Drug Administration (USFDA).

This product is the only AB-rated generic version of the Daraprim® (pyrimethamine) Tablets approved by USFDA. Pyrimethamine is indicated for the treatment of toxoplasmosis when used conjointly with a sulfonamide, since synergism exists with this combination, the company said in a statement. Read more here

10.25 am

Buy rupee for intraday with stop-loss at 75

The rupee (INR) lost one per cent in yesterday’s session as it marked its lifetime low of 75.31 against the dollar (USD). But it recovered marginally towards the end of the day closing the session at 74.98; the previous close was at 74.23. Read more on technicals here

10.15 am

Markets update: Equity benchmark Sensex surged over 500 points in opening session on Monday on hopes of an economic stimulus after Prime Minister Narendra Modi announced a financial task force to take necessary actions to combat the Covid-19 pandemic’s economic blow.

The indices, however, succumbed to profit-booking at higher levels as concerns remained over the rising cases of the novel coronavirus (Covid-19), traders said.

After spiking 573.07 points, at 10.15 am, the BSE barometer gave up the gains in a seesaw trade quoting 269 points or 0.95 per cent higher at 28,557.

Similarly, the NSE Nifty was trading 107 points, or 1.30 per cent, higher at 8,370, after hitting a high of 8,441.25 in early session.

10.10

FII activities: As per the data available with stock exchanges, on a net basis, foreign institutional investors sold equities worth Rs 4,622.93 crore on Thursday.

9.55 am

Uncertainty looms as jewellers down shutters amid coronavirus scare

With customers largely staying indoors amid the coronavirus outbreak, and demand plunging with soaring prices, most of the large organised jewellers in the country are planning to down shutters. Read more here

9.42 am

Centre prohibits export of all ventilators, surgical masks, raw material

The Centre has prohibited export of all ventilators, disposable surgical masks and specific textile raw material for masks and coveralls in a move that could increase the availability of personal protective gear for healthcare professionals in the country fighting the deadly coronavirus. Read more here

9.40 am

Godrej Consumer Products holds off price increase in soaps due to coronavirus crisis

Godrej Consumer Products Limited on March 19 said that despite a 30 per cent increase in raw material inputs, that led it to plan for a price increase in soaps, it has decided to hold off this increase currently due to the coronavirus crisis. Read more here

9.22 am

Today's Pick - Exide Industries (₹140): Buy

The stock of Exide Industries gained 5 per cent with good volume on Thursday. Investors with a short-term perspective and contrarian view can buy the stock at current levels. Read more  here

9.20 am

Day Trading Guide for March 20, 2020

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

₹894 • HDFC Bank

S1

S2

R1

R2

COMMENT

880

865

910

925

Fresh long positions can be initiated with a tight stop-loss if the stock reverses higher from ₹880 levels

 

₹545 • Infosys

S1

S2

R1

R2

COMMENT

535

525

555

565

Initiate fresh long positions with a stiff stop-loss only if the stock of Infosys moves beyond ₹555 levels

 

₹161 • ITC

S1

S2

R1

R2

COMMENT

158

154

164

168

Near-term outlook is bullish for the stock of ITC. Buy in declines while maintaining a stop-loss at ₹158 levels

 

₹61 • ONGC

S1

S2

R1

R2

COMMENT

59

57

64

67

Consider initiating fresh long positions with a fixed stop-loss if the stock of ONGC advances above ₹64 levels

 

₹917 • Reliance Ind.

S1

S2

R1

R2

COMMENT

900

880

940

960

Initiate fresh short positions with a stiff stop-loss only if the stock of RIL declines below ₹900 levels

 

₹203 • SBI

S1

S2

R1

R2

COMMENT

195

185

212

220

Fresh long positions can be initiated with a fixed stop-loss only if the stock moves beyond ₹212 levels

 

₹1636 • TCS

S1

S2

R1

R2

COMMENT

1610

1580

1660

1690

Initiate fresh long positions with a fixed stop-loss if the stock of TCS rebounds up from ₹1,610 levels

 

8205 • Nifty 50 Futures

S1

S2

R1

R2

COMMENT

8100

8000

8300

8400

The contract will remain choppy. Consider initiating fresh long positions with a fixed stop-loss above 8,300 levels

 

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

9.15 am

Opening bell: The benchmark indices, Sensex and Nifty, opened on a positive note on Friday. The Sensex was quoted at 28,640.73, up 352 points. The Nifty was up 68 points at 8,284.45.

Published on March 20, 2020