MARKET WRAP: Sensex surges 1,266 pts, Nifty ends at 9,112; auto stocks jump

All that happened in the markets today.

The domestic equity market ended with over 4 per cent gains on Thursday, in line with global peers that gained on hopes that the coronavirus pandemic was nearing its peak globally. That apart, hopes of more stimulus measures by the government also kept the investor sentiment upbeat. 

The S&P BSE Sensex jumped 1,266 points or 4.23 per cent to settle at 31,160 amid heavy buying in index heavyweights such as HDFC, HDFC Bank, ICICI Bank, Reliance Industries (RIL), and Maruti. NSE's Nifty reclaimed the crucial 9,000 levels to end at 9,112, up 363 points or 4 per cent. 

On a weekly basis, both Sensex and Nifty added around 13 per cent. 

In the broader market, the S&P BSE MidCap index ended over 3.63 per cent higher at 11,374 and the S&P BSE SmallCap index added over 3 per cent to 10,294. 

On the sectoral front, all the indices on the NSE ended in the green with the Nifty Auto index jumping over 10.5 per cent to 5,569 levels. Volatility index India VIX declined over 5 per cent to 49.56 levels. READ MORE

Buzzing stocks 

Among individual stocks, Sun Pharma regained the market-capitalisation of Rs 1 trillion after a sharp rally in its stock price. The stock ended at Rs 455.20 on the BSE, up over 4 per cent. READ MORE

Shares of Cipla jumped 16 per cent at Rs 595, also its 52-week high on the BSE after the drug firm received United States Food and Drug Administration's (USFDA) nod for the first generic Proventil HFA (albuterol sulfate) metered dose inhaler, used for conditions such as asthma. It ended at Rs 579.50, up 13 per cent. READ MORE  

Markets will remain closed tomorrow on account of Good Friday. 

Global Markets

Global shares rose on Thursday on hopes the Covid-19 pandemic was nearing a peak and that governments would roll out more stimulus to support their economies, while expectations of a deal to cut oil production bolstered crude prices. 

European stock markets gained for a fourth straight day. The pan-European STOXX 600 index was up 1.7 per cent, with battered travel and leisure stocks, autos, and mining companies leading early gains.

MSCI’s All-Country World Index, which tracks shares across 49 countries, was up 0.5 per cent to its highest since March 12.

US stock futures were up 1 per cent after bouncing in and out of positive territory in Asia.

Shares in China, where the novel coronavirus first emerged late last year, rose 0.42 per cent. Australian shares were up 2.54 per cent.

In commodities, oil prices rose on expectations the world’s largest oil producers would agree to cut production at a meeting later in the day as the industry grapples with a coronavirus-driven collapse in global oil demand.

(With inputs from Reuters)

4:06 PM

MARKET COMMENT | Vinod Nair, Head of Research at Geojit Financial Services

Indian markets in sync with Global markets were up again today on expectations of infections peaking out and for more stimulus measures to be announced. This uptrend seems to be a short term bear market rally and may not be sustainable. In India, there is speculation that the package may help worst affected sectors and MSMEs may get some relief in the package to be announced.

4:06 PM

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

4:05 PM

MARKET AT CLOSE | Top gainers and losers on the S&P BSE Sensex

3:41 PM

CLOSING BELL

The S&P BSE Sensex rallied 1,266 points or 4.23 per cent to close at 31,160 while NSE's Nifty50 ended at 9,103, up 354 points or 4 per cent.

3:28 PM

NEWS ALERT | CRISIL reaffirmed its ratings on the debt programmes and bank facilities of M&M; stock surges 20%

3:27 PM

MARKET CHECK

3:26 PM

MARKET COMMENT :: Sanjeev Zarbade, VP PCG Research, Kotak Securities

The Sensex is poised to close this holiday shortened week with a strong uptick as global markets bounced back on initial signs of peaking out of Covid-19 infections in major hotspots like Italy and the US. While the trajectory of Covid-19 infections in India is now getting steeper, it is hoped that the effect of lockdown will start to show positive results in the coming days.

With the exception of the FMCG sector, valuations have become reasonable for most sectors. Investors should accumulate stocks with strong balance sheets, market leadership and good management quality. Such stocks can deliver good returns when economic conditions normalise

3:20 PM

BUZZING STOCK | Titan Co jumps 10%

3:10 PM

MARKET UPDATE | Midcap index gains around 4%

3:02 PM

ALERT :: MARKETS TO REMAIN SHUT TOMORROW ON ACCOUNT OF GOOD FRIDAY

2:59 PM

Petrol, diesel demand slumps 66%; ATF down 90% as lockdown hurts business

In April 2019, India had consumed 2.4 million tonnes of petrol and 7.3 million tonnes of diesel. As much as 6,45,000 tonnes of ATF was used during the same time last year.

 

The collapse of demand in the world's third-biggest consumer during April comes on the back of worst fuel sales in more than a decade recorded in March 2020. READ MORE

2:58 PM

Telecom stocks gain

COMPANY	LATEST(rs)	CHG(%)
VODAFONE IDEA	3.28	2.50
BHARTI AIRTEL	482.60	4.55
TEJAS NETWORKS	35.40	4.89

2:49 PM

IT industry is resilient and will emerge stronger: Infosys COO

These are challenging times for the Indian information technology (IT) industry. However, the industry has time and again proven its resilience. We hope to emerge stronger. The immediate priority is navigating through the Covid-19 situation and ensuring business continuity. After Covid, I hope to continue the growth rate we’ve been doing, of taking forward the industry and making it relevant in the digital era, including expanding our market presence, skilling and reskilling workforce, and contributing to India’s gross domestic product (GDP) growth. READ FULL INTERVIEW HERE

Nasscom's newly appointed chairman and Infosys Chief Operating Officer U B Pravin Rao

2:44 PM

BROKERAGE VIEW:: Prabhudas Lilladher on Cement sector

Admittedly, Covid-19 virus has derailed sector’s FY20-FY22e earnings, due to sharp fall in volumes. However, better pricing power would help lessen the impact of depressed volumes unlike other sectors. Downgrade in FY21e earnings and fall in stock prices have broadly been in tandem however, fall have been far significant relative to earnings cut on FY22e nos. To factor earnings cut, we have reduced price targets of our coverage universe by 15- 20%. We upgrade Ambuja cement (ACEM)/ACC to BUY while Ramco cement (TRCL)/Heidelberg cement (HEIM) are upgraded to Accumulate on account of comfortable valuations. Shree cement remains our least preferred name in the space with Hold rating due to expensive valuations. We reiterate BUY on Ultratech cement (UTCEM) and JKLakshmi (JKLC)

2:41 PM

Coronavirus lockdown: Rs 1-trn stimulus package for MSMEs on cards

“The second package could be focused largely on MSMEs (micro, small and medium enterprises),” one of the senior government officials, with direct knowledge of the plan told Reuters.

 

The official said a separate package could be announced for bigger companies after assessing the extent of the hit they have faced due to the lockdown imposed to fight the outbreak. READ MORE