MARKET WRAP: Financials propel Sensex 996 points up; Nifty reclaims 9,300

All that happened in the markets today

Benchmark indices shot up over 3 per cent on Wednesday, propelled by banks and financials, ahead of the upcoming derivative contract expiry.

The S&P BSE Sensex jumped 996 points to 31,605, and the Nifty50 index reclaimed the 9,300 zones, settling 286 points higher at 9,315. Axis Bank (up 13 per cent) and ICICI Bank (up 9 per cent) were the top Sensex gainers. Besides, HDFC Bank, IndusInd Bank, Bajaj Finance, and Kotak Mahindra Bank were all up 5 per cent.

The Nifty sectoral indices were largely in the green, led by the Nifty Bank index, up over 7 per cent.

Broader indices, however, underperformed compared to their frontline peers. The S&P BSE MidCap index ended the session 0.54 per cent higher and the S&P BSE SmallCap index was up 0.28 per cent.

Buzzing stocks

Shares of Axis Bank soared 13.46 per cent to Rs 387.35 on the BSE on reports that private equity (PE) firm Carlyle was looking to pick around 8 per cent stake in the lender. READ MORE

Bajaj Finance and Bajaj Finserv recovered from multi-year lows closed 5 per cent and 3 per cent higher on the BSE. Earlier, the Bajaj twins had hit an over two-year low on the BSE amid concerns that the current April-June quarter (Q1FY20) will be a wash-out quarter for Bajaj Finance. READ MORE
 

Global markets

Unrest in Hong Kong over Beijing’s proposed national security laws weighed on global shares and oil prices on Wednesday, offsetting optimism about the re-opening of the world economy. MSCI’s ex-Japan Asia-Pacific index fell 0.4 per cent, as Hong Kong and mainland China shares extended declines.

Hong Kong's Hang Seng fell 1 per cent and mainland shares were down 0.8 er cent, amid fears the protests would worsen tensions between the United States and China.

Still, European shares remained buoyed by hopes for a post- COVID-19 recovery. The STOXX 600 added 0.4 per cent to reach its highest level since March 10. Britain's FTSE gained 1 per cent and the domestically focused FTSE 250 hit an 11-week high as thousands of retailers prepared to re-open on June 1 from a months-long shutdown.

In commodities, oil prices fell amid U.S.-China tensions. Brent crude futures dropped 1.5 per cent to $35.62 a barrel.

3:53 PM

Market closing comment :: Vinod Nair, Head of Research at Geojit Financial Services

The benchmark indices staged an intra-day rally in sync with global cues, as some pockets of value buying emerged. Inspite of rising number of infections, markets expect slow return to normalcy, when lockdown 4.0 ends this week. All sectoral indices, except Nifty IT and Pharma, were in the green and Institutional buying in banking stocks helped the bank index gain by over 7 per cent. The volatility is expected to continue, ahead of tomorrow’s F&O expiry

3:47 PM

Market Breadth in favour of advances

3:44 PM

Nifty IT index top loser on NSE

3:39 PM

Nifty snapshot | Nifty Bank zooms over 7%

3:38 PM

Sensex Heatmap at Close | 24 of 30 constituents end in the green

3:36 PM

CLOSING BELL | Indices surge 3%

>> The benchmark S&P BSE Sensex surges 995.92 points, or 3.25 per cent, to settle at 31,605.22. The Sensex hit an intra-day high of 31,660.60.

>> NSE's Nifty50 breached psychological level of 9,300 to settle at 9,314.95, up 286 points or 3.17 per cent.

3:23 PM

JSPL's all-round beat in Q4 leaves investors happy

Rally in shares of JSPL was its all-round better-that-expected results for the March quarter (Q4), which were announced on Monday evening. This was enabled by continued benefits from expanded steel capacities at Angul (leading to economies of scale) and increasing usage of cheaper coal from captive Sarda mines. READ MORE

3:14 PM

Earnings Alert | Dabur Q4

>> Net profit at Rs 281.2 crore

>> Revenue at Rs 1,865.4 crore

>> EBITDA at Rs 352.3 crore ; margin at 18.9%

3:09 PM

Earnings Alert | Sun Pharma Q4

>> One time loss at Rs 260.4 cr

>> Net profit at Rs 399.8 cr

>> Revenue at Rs 8,184.9 cr

>> EBITDA at Rs 1,363 cr; margin at 16.7%

3:01 PM

Agrochemical stocks rally; Bayer Crop hits new high, Dhanuka Agri soars 17%

Dhanuka Agritech touched a 52-week high of Rs 578, rallying 17 per cent on the BSE today. Besides, UPL, Rallis India and Sumitomo Chemical India were up 5 per cent each, as compared to a 2.6 per cent rise in the S&P BSE Sensex at 02:17 pm. READ MORE

2:52 PM

Algos find relief as volumes that had fallen due to Covid-19 bounce back

Algorithmic trading typically refers to the use of electronic systems programmed with trading rules designed to exploit the smallest opportunities to make a profit in the market. Algorithms can execute thousands of trades in the time it takes a human being to blink but they need counter-parties to these orders, especially in lesser traded stocks. Many counterparties had been out of the market as indices crashed because of Covid-19 and logistical difficulties created due to the lockdown. READ MORE

2:43 PM

MARKET CHECK | IT stocks rally

2:29 PM

Axis Bank soars 15% on report PE firm Carlyle could pick 8% stake

Shares of Axis Bank soared 15 per cent to Rs 392.5 in the intra-day trade today on the BSE on Wednesday on reports that private equity (PE) firm Carlyle was looking to pick around 8 per cent stake in the lender. The stock trades in the future & option (F&O) segment, which has no circuit limits. READ MORE  

2:23 PM

BUZZING STOCK | Shipping Corp zooms 14%

2:10 PM

Sensex zooms 1,000 pts :: HDFC twins, ICICI Bank top index contributors