MARKET WRAP: Sensex ends 114 pts higher, ITC surges 7%; India VIX drops 8%

All that happened in the markets today

Continuing its gaining streak, the equity market ended in the positive zone on Thursday, though gains were capped as sell-off resumed in financial stocks in the second half of the session. 

The S&P BSE Sensex ended at 30,933, up 114 points or 0.37 per cent while the 50-share index Nifty of NSE held on to the crucial 9,100-level to end at 9,106.25, up 40 points or 0.44 per cent. Volatility continued to decline as India VIX today dropped nearly 8 per cent to 33 levels. 

Broader market, however, fared well and outperformed the headline indices. For instance, the S&P BSE MidCap index gained 0.76 per cent and the S&P BSE SmallCap added 0.72 per cent.

FMCG major ITC rallied over 7 per cent to Rs 188.90 on the BSE and emerged as the biggest gainer on Sensex. The company has resumed cigarette production and distribution, after a hiatus of over a month. The category leader in the country, ITC has a market share of 77 per cent in cigarettes. READ MORE

Aviation stocks, InterGlobe Aviation and SpiceJet, climbed in the trade after the government on Wednesday announced that domestic airline operations would resume on May 25, more than two months after all flights were halted. READ MORE

Bajaj Auto ended 3 per cent higher at Rs 2,623.80 apiece on the BSE after the two-wheeler manufacturer posted better-than-expected numbers for March quarter. READ MORE

Sectorally, financial stocks slipped in the trade. Nifty Private Bank index dropped 0.64 per cent and Nifty Bank lost 0.5 per cent to 17,744.20 levels. 

Global markets

Equity markets slipped on Thursday on concerns about the long-term impact of the new coronavirus and simmering US-China tensions, though those worries couldn’t stop oil prices from marching to a 2-1/2 month high. 

In Asia, China stocks ended lower, hurt by tech players, on news that US regulators are open to making changes to close a possible loophole in a new rule aimed at curbing global chip sales to Chinese firm Huawei Technologies Ltd. Around the region, MSCI’s Asia ex-Japan stock index was weaker by 0.23 per cent, while Japan’s Nikkei index closed down 0.21 per cent.

In Europe, too, shares fell as investors braced for the latest batch of business activity data to underline the blow to the euro zone economy from sweeping lockdown measures imposed to curb the virus spread.

In commodities, oil prices rose to their highest since March as a drawdown of US crude inventories and output cuts by major producers helped ease concerns about a supply glut, offsetting fears over the economic fallout from the Covid-19 epidemic.

(With inputs from Reuters)

4:14 PM

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

"In spite of mostly negative global cues, the Indian indices traded positive before paring gains and ending up by around 0.4%. The announcement that domestic airlines would be allowed to resume operations enabled aviation stocks to trade positive. Markets are expected to trade in a range, until further directions from the government, while stock-specific moves, based on the ongoing earnings season and sectoral impact of the lockdown measures, will continue."

3:49 PM

SECTOR WATCH | Auto, FMCG stocks rally

3:45 PM

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

3:36 PM

CLOSING BELL

The S&P BSE Sensex ended 114 points or 0.37 per cent higher at 30,932.90 levels while NSE's Nifty ended at 9,106.25, up 40 points or 0.44 per cent.

3:26 PM

MARKET CHECK

3:18 PM

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

3:07 PM

SECTOR ALERT :: Nifty FMCG index ruling 2% higher

3:07 PM

Strides Pharma to conduct trials in India for potential COVID-19 drug, reports Reuters

Indian pharmaceutical company Strides Pharma Sciences said on Thursday it has got regulatory approval to conduct clinical trials of antiviral drug favipiravir, considered a potential treatment for COVID-19. The Bengaluru-based company has received approval from the Drug Controller General of India to conduct trials of favipiravir in the country, Strides Founder and Non-Executive Chairman Arun Kumar said on a post-earnings conference call, without giving any more details, the report said. 

3:01 PM

Index contributors at this hour

2:54 PM

Airlines to follow ticket price rules as domestic flights begin from May 25

Airlines should stick to ticket price guidelines issued by India's civil aviation ministry when they restart some domestic flights, two months after air travel was halted to fight the novel coronavirus, the ministry said on Thursday.

 

Airlines should adhere to the lower and upper limits of fares set by the ministry, it said in a notice, but it did not give details on the amounts. READ MORE

2:45 PM

Rights Issue Day 2 | RIL-RE surges over 15%

2:39 PM

SECTOR ALERT :: Nifty Bank index slips into the red

2:39 PM

EARNINGS ALERT | HZL defers FY21 guidance due to uncertainty over Covid-19 lockdown and disruption

2:30 PM

MARKET CHECK | Hindustan Zinc down 0.6% post Q4 nos

>> Net profit declines 33.4% YoY to Rs 1,339 crore;
>> Revenue from operations down 20%YoY to Rs 4,391 crore;
>> Announces interim dividend of Rs 16.5 

2:20 PM

SECTOR ALERT :: Nifty CPSE index trades weak in a firm market

>> NTPC, Cochin  Shipyard, ONGC, down between 1 and 2.7 per cent, were the top losers on the index