Sensex zooms 2,476 pts in biggest one-day percentage gain since May 2009

All that happened in the markets today

Firing on all cylinders, the bulls made a terrific comeback on Tuesday with the benchmark indices posting their biggest single-day gain since May 18, 2009. Supportive global cues and hopes that coronavirus spread may have peaked in key global centres, boosted investor sentiment.  

The S&P BSE Sensex today reclaimed the crucial psychological level of 30,000. The headline index zoomed 2,476 points or around 9 per cent to settle at 30,067. All the 30 constituents of the index ended in the green. IndusInd Bank (up 25 per cent) emerged as the biggest gainer on Sensex, followed by Axis Bank (up over 19 per cent), M&M (up around 14.5 per cent), and ICICI Bank (up around 14 per cent).  

Market breadth was in favour of advances as out of 2,576 companies traded on the BSE, 1,842 advanced and 540 declined while 194 securities remained unchanged. 

NSE's Nifty ended at 8,792, up 708 points or 8.76 per cent. Nifty Bank and Nifty Pharma indices jumped around 10.5 per cent each to end at 19,046 and 8,129 levels, respectively. 

Fear guage India VIX continued to decline and hit a month low of 52.06, down around 6 per cent.

Second-rung stocks, too participated in the rally; however, they underperformed the headline indices. The Nifty MidCap 100 index gained over 5 per cent to 11,914.70 levels while the Nifty SmallCap 100 index ended at 3,608.40, up 3.52 per cent. 

BUZZING STOCKS

Among individual stocks, Mahindra & Mahindra (M&M) ended nearly 14.5 per cent higher at Rs 321.45 after the company’s board turned down a proposal to pump in fresh equity of $406 million in its ailing South Korean subsidiary SsangYong Motor Co (SYMC) amid the ongoing Covid-19 crisis. READ MORE

FMCG major Hindustan Unilever (HUL) hit a fresh high of Rs 2462.90 during the day before settling at Rs 2,444.60, up 13.5 per cent. Britannia Industries rallied 10.6 per cent to Rs 2,821. The FMCG company has partnered with on-demand e-commerce platform Dunzo for home delivery of all its products. READ MORE

Shares of pharmaceutical companies rallied on Tuesday with the Nifty Pharma index surging 10 per cent as the government lifted the curbs on exports of 13 active pharmaceutical ingredients (APIs) and their formulations. The index had rallied 5 per cent in the previous session also. READ MORE

Global Markets

Asian stock markets rallied for a second day on Tuesday and riskier currencies rose, on tentative signs the coronavirus crisis may be levelling off in New York and receding in Europe. Japan’s Nikkei rose 2 per cent and has erased most of last week’s losses. MSCI’s broadest index of Asia-Pacific shares outside Japan pared early gains, but rose 1.4 per cent. 

European shares, too, rallied for a second straight day. 

In commodities, oil rose amid hope that the world’s biggest producers of crude will agree to cut output as the coronavirus pandemic crushes demand, even as analysts warn a global recession may be deeper than expected and big production cuts will be needed.

(With inputs from Reuters)

4:05 PM

MARKET COMMENT :: Vinod Nair, head of research, Geojit Financial Services

Aided by news that the infections were peaking in some of the worst affected areas around the world, the Indian markets in sync with the Global markets, witnessed a relief rally. Investors are also awaiting an ease in lockdown procedures, so companies can get down to generating business. In a holiday shortened week, any news regarding peaking infections will be bought into. Defensives like Pharma and FMCG, which has witnessed the least disruption in their business, will continue to be favored

3:50 PM

SECTOR WATCH | Here's how sectoral indices on NSE performed today

3:45 PM

MARKET AT CLOSE | All 30 constituents of S&P BSE Sensex end in the green

3:38 PM

CLOSING BELL

The S&P BSE Sensex zoomed 2,476 points or around 9 per cent to settle at 30,067 while NSE's  Nifty50 ended at 8,792, up 708 points or 8.76 per cent. 

3:34 PM

MARKET COMMENT :: Abhimanyu Sofat, Head of Research, IIFL Securities

Markets were driven by positive news with regard to New York and Spanish data on the rate of Corona infections. The flattening of the curve would help a risk-on trade in the market. However, for Nifty to go above the 9,000 levels, one would  need some additional positive news on domestic front with regards this pandemic

3:26 PM

MARKET UPDATE | RIL zooms around 12%

3:17 PM

MARKET CHECK | Top 5 losers on the BSE at this hour

3:08 PM

Heatmap: S&P BSE Sensex at this hour

3:02 PM

MARKET UPDATE:: Sensex reclaims 30k

3:00 PM

Indian tea exports may decline by up to 8% over Covid-19 outbreak

Estimates from the Tea Board suggested that owing to the loss of the first flush and the complete wipe out of Darjeeling tea from the system, there could be a shortfall of 16-20 million kg (mkg) this year in export volume. Moreover, if the production and quality in the second flush starting May is affected, then the export shortfall may increase. READ MORE

2:56 PM

Bajaj Finance recovers over 5% from day's low, turns green

2:54 PM

NEWS ALERT :: RBI permits greater space to state govt/UTs for availing overdraft facilities till Sept 30, 2020

2:54 PM

Sun Pharma regains market-cap of Rs 1-trillion after rallying 25% in four trading days

2:53 PM

Gold falls 1% as hopes of slowing coronavirus spread boost stocks: Reuters

Gold prices fell 1% on Tuesday, retreating from a one-month high hit earlier in the session as risk sentiment improved on wider market optimism that the coronavirus pandemic may be easing.

2:49 PM

NEWS ALERT | Hindustan Unilever, Nestle India, Torrent Pharma, GSK Consumer and Ipca Labs from the S&P BSE 500 index hit all-time highs