Indices at day's high; metal stocks gain

Key equity benchmarks sharply pared losses and bounced into the green in mid-morning trade. The Nifty 50 index scaled 8950 level. At 11:26 IST, the barometer index, the S&P BSE Sensex, was up 112.30 points or 0.37% at 30,492.01. The Nifty 50 index was up 48.65 points or 0.55% at 8,973.95.

Sentiment was supported by the media reports that the government is working on a fiscal package and is closely studying the impact of Covid-19 on various industries. According to reports, the government is conducting a detailed sectoral analysis on the impact of Covid-19 and an announcement should be made soon.

In the broader market, the S&P BSE Mid-Cap index was up 0.78% while the S&P BSE Small-Cap index was up 0.82%.

The market breadth, indicating the overall health of the market, was strong. On the BSE, 1243 shares rose and 685 shares fell. A total of 128 shares were unchanged. In Nifty 50 index, 35 stocks advanced while 15 stocks declined.

Buzzing Index:

The Nifty Metal index gained 1.47% to 1,778.75, rising for fourth consecutive trading session. The index has gained 9.47% in four trading sessions from its previous closing low of 1624.85 posted on 8 April 2020.

Vedanta (up 5.92%), Hindustan Copper (up 2.72%), Hindalco Industries (up 2.48%), Hindustan Zinc (up 2.15%), Jindal Steel & Power (up 1.76%), Steel Authority of India (up 1.53%), National Aluminium Company (up 1.16%), Coal India (up 0.82%) and JSW Steel (up 0.73%) were top gainers in metal segment.

Stocks in Spotlight:

Larsen & Toubro (L&T) rose 3.89% after the company said its heavy engineering arm has won significant contracts in Q4 March 2020. The unit secured orders for key gasification equipment from Wuhan Engineering, China against stiff Chinese competition for Talcher Fertilizer, which is the first-of-its-kind coal gasification project in India. It will produce 1.27 MMTPA of urea through the gasification of the mixed feedstock of Indian coal with high ash content and pet coke.

Escorts fell 1.25% after the company said all its plants and offices will remain shut till 3 May 2020. All offices and plants across the company shall remain shut till 3 May 2020, or such other date as may be announced by the government barring certain specific activities permitted by the authorities from time to time, Escorts announced after market hours yesterday, 15 April 2020.

Eveready Industries India jumped 3.51% after the company said its battery manufacturing facility at Maddur in Karnataka is partially operational in a gradual and phased manner. The company said it has received permission from the concerned government authority, for operation of its battery manufacturing facility at Maddur, Karnataka subject to certain guidelines inclusive of maintaining a minimum number of working employees. The firm is assessing the situation and will take all necessary measures as directed by the central and/or the state government from time to time.

Global Markets:

Asian markets were trading with mixed sentiment on Thursday, after a coronavirus-driven plunge in US retail sales and factory production and increasing gloomy economic outlooks for Asia.

In US, stocks fell on Wednesday as dismal economic data and first-quarter earnings reports compounded concerns over the extent of damage from the coronavirus outbreak.

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