At 13:29 IST, the barometer index, the S&P BSE Sensex, was up 426.34 points or 1.33% at 32,540.86. The Nifty 50 index was up 122.50 points or 1.31% at 9,503.40.
The S&P BSE Mid-Cap index was up 1.09% while the S&P BSE Small-Cap index was up 1.01%. Both these indices trailed the Sensex.
The market breadth was strong. On the BSE, 1325 shares rose and 865 shares fell. A total of 160 shares were unchanged. In Nifty 50 index, 41 stocks advanced while 9 stocks declined.
Moody's Investors Service on Tuesday slashed India growth forecast for calendar year 2020 to 0.2%, from 2.5% projected earlier. For 2021, Moody's expects India's growth to rebound to 6.2%. Moody's said the economic costs of coronavirus crisis amid the near shutdown of the global economy are accumulating rapidly.
Stocks in Spotlight:
Hindalco Industries (up 6.21%), HDFC (up 5.42%), Bajaj Finance (up 5.25%), GAIL (India) (up 4.67%) and Mahindra & Mahindra (up 3.50%) advanced.
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Asian Paints (down 2.65%), Hindustan Unilever (down 1.62%), Dr. Reddy's Laboratories (down 1.43%), Titan Company (down 0.76%) and Eicher Motors (down 0.54%) declined.
Axis Bank declined 3.41% to Rs 440 after the bank reported a net loss of Rs 1387.78 crore in Q4 March 2020 compared with net profit of Rs 1505.06 crore in Q4 March 2019. Total income rose 10.34% to Rs 20,219.57 crore in Q4 March 2020 over Q4 March 2019.
The bank's provisions and contingencies surged 185.09% to Rs 7730.02 crore in Q4 March 2020 over Q4 March 2019. The provision amount includes Rs 3,000 crore related to Covid-19, taking the overall additional provisions held by the bank to Rs 5,983 crore. The bank's gross non-performing assets (NPAs) stood at Rs 30233.82 crore as on 31 March 2020 as against Rs 30073.02 crore as on 31 December 2019 and Rs 29789.44 crore as on 31 March 2019. The ratio of gross NPAs to gross advances stood at 4.86% as on 31 March 2020 as against 5% as on 31 December 2019 and 5.26% as on 31 March 2019.
Larsen & Toubro (L&T) rose 1.40% to Rs 869 after the company said it raised Rs 2500 crore through issue of unsecured redeemable non-convertible debentures. L&T said it allotted 25,000, 7.70% rated listed unsecured redeemable non-convertible debentures (NCDs) of Rs 10 lakh each aggregating to Rs 2500 crore. The NCDs will mature on 28 April 2025. The said debentures are proposed to be listed on the National Stock Exchange of India.
Global Markets:
Shares in Europe and Asian rose across the board on Wednesday as investors await the US Federal Reserve's decision on interest rates. Markets in Japan are closed for a holiday.
The US Fed is expected to announce its interest rate decision later in the global day. Investors will look for guidance on the US central bank's future path of interest rates as the country looks toward gradually reopening its economy.
In US, Wall Street's major indexes lost ground on Tuesday as investors moved out of market-leading growth stocks, though a rotation into cyclical value stocks indicated hopes of economic revival as states began to relax restrictions enacted to fight the deadly COVID-19 pandemic
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