MARKETS: Sensex ends 1,325 pts up as indices stage sharpest 1-day recovery

All that happened in the markets today

Indian equity markets ended an eventful and highly volatile session with significant gains on Friday after posting a record intra-day recovery as investors temporarily put aside worries over coronavirus spread and indulged in some bargain buying. The Nifty50 index was locked in 10 per cent lower circuit early morning, prompting a trading halt for 45 minutes. However, once the markets re-opened, the headline indices Sensex and Nifty shot up as much as 5,381 points and 1,604 points, respectively, from their early morning lows. Volitality index surged over 24 per cent during the session.

Sensex closed 1,325 pts, or 4.04 per cent, higher at 34,103 and the Nifty50 index a tad above 10,000 level at 10,023.65, up 433 points, or 4.54 per cent. The rebound was led by index heavyweights like HDFC which ended 10 per cent higher and State Bank of India whichi zoomed 14 per cent. Reliance Industries was also up over 5 per cent. In the end, 27 out of the 30 Sensex constituents ended the session in green.

The broader markets also joined the benchmarks in the upmove. The S&P BSE MidCap index closed 258 points, or 2.09 per cent, higher and the S&P BSE SmallCap index gained 146 points, or 1.26 per cent.

On a weekly basis, however, the Sensex posted worst week in over a decade -- down 11.35 per cent while the Nifty50 index slipped 11.6 per cent in the week.

Global Markets
 

Stocks plunged on Friday with coronavirus panic selling hitting nearly every asset class, before finding some kind of floor as hopes turned to a US stimulus package.

Japan's Nikkei fell 10 per cent before paring the drop to close 6 per cent lower. Australia's S&P/ASX200 had its wildest trading day on record, falling past 8 per cent before surging in the last minutes of trade to settle 4.4 per cent higher after the close.

In Europe too, markets bounced back from their worst day ever, as signs of a US stimulus package helped soothe fears about an economic shock from the coronavirus pandemic.

In commodity market, oil prices rose over 3 per cent but were set for their worst weekly drubbing since the 2008 financial crisis.

(With inputs from Reuters)

4:03 PM

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

Sharp recovery in global markets on hopes that US is considering economic stimulus helped domestic market to bounce back from losses with index heavyweights contributing to gains. Increase in recovery rates of virus-infected apart from those in Italy has been considered positive. If there any further fresh coronavirus cases over the weekend the market could turn volatile

3:43 PM

MARKET COMMENT | S Ranganathan, head of research at LKP Securities

Indian markets reached capitulation today amidst mayhem as exchanges were forced to shut down markets on hitting the circuit filter. Markets after reopening displayed a highly spirited recovery in anticipation of a stimulus today post market by the GOI. The intraday swing in indices witnessed today was truly unnerving but provided a tremendous buying opportunity for those under allocated towards equities.

3:37 PM

Nifty snapshot | PSU Bank index top gainer on NSE

3:35 PM

Sensex heatmap at close | SBI, Tata Steel up 15% each

3:34 PM

Closing Bell | Indices stage biggest intra-day recovery

>> The S&P BSE Sensex closed 1,325.34 points, or 4 per cent, higher at 34,103.48 level. The index touched an intra-day high of 34,769.48, up 5,380.5 points from day's low.

>> The NSE's Nifty reclaimed the 10,000-mark to end at 10,023.65, up 433.50 points or 4.52 per cent. The index had hit 10% lower circuit in the first few minutes of trade today.

3:31 PM

Expert Speak :: Shyam Sekhar

3:20 PM

Tata Steel, Tata Power, Indian Hotels rebound up to 25% on heavy volumes

Tata Steel moved higher by 11 per cent to Rs 320, rebounding 25 per cent from the day’s low on the NSE. The stock had hit multi-year low of Rs 255 in the early morning trade. A combined 29 million shares, representing 2.6 per cent of total equity of the company, have changed hands on the NSE and BSE. READ MORE

3:15 PM

Contribution to S&P BSE Sensex's rebound gain today

3:00 PM

Most active stocks by volume

COMPANY	PRICE(rs)	CHG(rs)	CHG(%)	VOLUME
VODAFONE IDEA	5.19	0.99	23.57	108672997
YES BANK	25.30	0.25	1.00	23754720
TATA MOTORS	85.65	-2.35	-2.67	9200937
RELIANCE POWER	1.34	-0.03	-2.19	8298186
ST BK OF INDIA	230.95	18.20	8.55	6776668

2:59 PM

NEWS ALERT | China central bank cuts reserve requirement ratio for some banks: CNBC TV18

-- China's Reserve Bank cuts requirement ratio for qualifying banks by 50-100 bps for inclusive financing

-- Effective as of Mrach 16

2:56 PM

Nifty sectoral indices at this hour

2:52 PM

NEWS ALERT | There will be an adverse impact on the biz but the extent is not yet clear: Unilever Plc

>> GSK Cons deal is now expected to complete in the first half of 2020

2:50 PM

Global Markets check

Stocks plunged on Friday with coronavirus panic selling hitting nearly every asset class, before finding some kind of floor as hopes turned to a US stimulus package.

European and US stock futures traded in positive territory and some of Asia’s deepest losses were recovered by the end of a session, in which tight liquidity exaggerated moves.

Japan's Nikkei fell 10 per cent before paring the drop to close 6 per cent lower. Australia's S&P/ASX200 had its wildest trading day on record, falling past 8% before surging in the last minutes of trade to settle 4.4 per cent higher after the close.

 

MSCI’s broadest index of Asia-Pacific shares outside Japan wobbled 0.1 per cent higher by late-afternoon after being down more than 5 per cent during the morning. It remains set to end the week 11 per cent lower, the biggest drop since 2008.

The turnaround came as central banks from the United States to Australia pumped liquidity into their financial systems and as hopes grew that US Democrats and Republicans could pass a stimulus package on Friday.

By late afternoon, Hong Kong's Hang Seng was down 1.9 per cent and Korea's Kospi - which had busted through circuitbreakers earlier in the session - had recouped losses to sit 3.4 per cent in the red.

2:43 PM

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

2:42 PM

Heatmap: S&P BSE Sensex