At 13:28 IST, the barometer index, the S&P BSE Sensex, was up 383.25 points or 1% at 38,792.73. The Nifty 50 index surged 108.80 points or 0.97% at 11,359.80.
In the broader market, the S&P BSE Mid-Cap index was up 0.86% while the S&P BSE Small-Cap index was up 0.79%.
The market breadth was positive. On the BSE, 1304 shares rose and 925 shares fell. A total of 148 shares were unchanged. In Nifty 50 index, the market breadth was positive with 42 stocks advancing and 8 stocks declining.
Economy:
Retirement fund body Employees Provident Fund Organisation (EPFO) on Thursday reportedly lowered the interest rate on deposits to 8.50% for 2019-20 from 8.65% in 2018-19. The decision was taken at a meeting of the central board of trustees (CBT) of the EPFO.
The move means that salaried employees would earn lower returns for the financial year ending 31 March 2020. The EPFO was offering subscribers an interest of 8.65% in 2018-19. It had provided 8.65% rate of interest for 2016-17 and 8.55% in 2017-18. The rate of interest in 2015-16 was slightly higher at 8.8%.
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Stocks in Spotlight:
Reliance Industries (RIL) slipped 0.37% to Rs 1334.25. RIL informed that its subsidiary Reliance Retail Ventures (RRVL) has acquired 7,86,191 equity shares representing 100% of the equity share capital of Shri Kannan Departmental Store (SKDS). The stake acquisition is for a consideration of Rs 152.5 crore.
Mahindra and Mahindra (M&M) rose 1.23% to Rs 480.40. M&M said the operations of the company in March, 2020 have been impacted due to supply disruptions of certain critical components for production of BS-VI vehicles on account of outbreak of Coronavirus in China and fire at a plant of a major supplier which is estimated to result into reduction in production / sales volume of the company (Automotive Division) and Mahindra Vehicle Manufacturer, a wholly owned subsidiary of the company, by around 12,000 units in the month of March, 2020.
Maruti Suzuki India gained 0.46% to Rs 6414. The company partnered with HDB Financial Service, a leading NonBanking Financial Company, to provide customized and attractive car loans for customers. The tie up will facilitate loans for both new and used cars.
HDFC added 0.70% to Rs 2220. The housing financier reduced its retail prime lending rate on housing loans by 5 basis points with effect from 9 March 2020. The change will benefit all existing HDFC retail home loan customers.
Global Markets:
European markets opened in the green while Asian stocks were trading higher on Thursday after an emergency US spending bill to combat the impact of the coronavirus added to signs of support from policy makers around the world.
As of Wednesday, all levels of finance ministries in China have allocated 110.48 billion yuan ($16 billion) for virus prevention and control, Vice Finance Minister Xu Hongcai said at a press conference. China reported 139 new confirmed cases on Thursday.
Meanwhile, the International Monetary Fund (IMF) announced a $50 billion aid package on Wednesday to combat the impact of the coronavirus. Most of the money will be interest-free, and countries do not need to have a pre-existing program with the IMF to participate.
In US, stocks soared on Wednesday, as investors warmed to the Federal Reserve's surprise interest rate cut and support from other central banks, as well as former Vice President Joe Biden emerging as the frontrunner of the Democratic Party's presidential race.
The Dow Jones Industrial Average skyrocketed 1,173.45 points higher to close at 27,090.86 its second-highest point gain ever, and the second time in three days that the 30-stock average swung 1,000 points or higher.
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