Domestic shares staged a strong comeback today after logging a sharp slide on Monday. Buying demand in index pivotals boosted sentiment. The Sensex moved above 32,000 level. Results of Adani Ports and Special Economic Zone is awaited today, 5 May 2020.
At 9:25 IST, the barometer index, the S&P BSE Sensex, was up 352.96 points or 1.11% at 32,068.31. The Nifty 50 index was up 138.10 points or 1.49% at 9,431.60.
The S&P BSE Mid-Cap index was up 1.15%. The S&P BSE Small-Cap index was up 1.18%.
The market breadth, indicating the overall health of the market, was strong. On the BSE, 945 shares rose and 234 shares fell. A total of 53 shares were unchanged.
Domestic shares had corrected sharply on Monday, snapping its four-day rising streak. The slump was triggered by weak global cues, muted results from India Inc, zero sales from top auto manufacturers in April, an extension of lockdown by another two-weeks and contraction in manufacturing activity. The barometer S&P BSE Sensex tumbled 2,002.27 points or 5.94% at 31,715.35. The Nifty 50 index lost 566.40 points or 5.74% at 9,293.50.
Foreign portfolio investors (FPIs) sold shares worth Rs 1,373.98 crore, while domestic institutional investors (DIIs), too, sold shares worth Rs 1,661.61 crore in the Indian equity market on April 4, provisional data showed.
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Adani Ports and Special Economic Zone rose 1.63% ahead of its Q4 result today, 5 May 2020.
ICICI Bank rose 2.26%. ICICI Bank said its board at its meeting scheduled on 9 May 2020 will also consider, fund raising by way of issuance of debt securities including non-convertible debentures/bonds/notes/offshore Certificate of Deposits in single/multiple tranches in any currency through public/private placement.
Lupin rose 1.06%. Lupin Pharmaceuticals Inc. (Lupin) the U.S. based wholly owned subsidiary of Lupin, yesterday announced positive top-line results from its pivotal Phase 3 clinical trial to assess efficacy and safety of single-dose Solosec (secnidazole) 2g oral granules in 147 female patients with trichomoniasis. Trichomoniasis is the most common non-viral, curable, sexually transmitted infection (STI) in the U.S.
Marico advanced 3.57%. On a consolidated basis, Marico's net profit fell 50.62% to Rs 199 crore on 7.02% decline in net sales to Rs 1,496 crore in Q4 March 2020 (Q4 FY20) over Q4 March 2019 (Q4 FY19). During the quarter, the India business recorded a volume decline of 3%, vastly affected by disruptions in the last fortnight of March, due to lockdowns initially enforced in some states and eventually all over the country, to contain the outbreak of COVID-19 in India. But for this disruption, the business would have delivered low to mid single digit volume growth during the quarter.
Colgate-Palmolive (India) rose 0.77%. Colgate-Palmolive (India) said the company has been allowed to resume operations at reduced capacity at all of its manufacturing plants as per respective local regulations applicable to them although few plants are facing challenges of inter-districts and inter-state movement of labour and unavailability of labour for loading/unloading.
CEAT gained 2.23%. CEAT said that the company is able to partially resume its functioning at its plants located at Nasik, Nagpur (Maharashtra) and Halol (Gujrat), with restricted movement of manpower as prescribed, while taking all the necessary steps for ensuring complete sanitization and social distancing norms.
Global Markets:
Overseas, Asian stocks are trading higher on Tuesday after tech and oil rose on easing coronavirus restrictions and prospects of an economic recovery. Markets in China, Japan and South Korea are shut on account of a holiday.
The Reserve Bank of Australia is expected to announce its interest rate decision on Tuesday.
US stocks ended higher on Monday as increases in large tech and internet companies and oil price gains outweighed concerns about the latest US-China tensions and downbeat sentiment from the annual meeting of Warren Buffett's Berkshire Hathaway.
In economic data, U.S. factory orders sank 10.3% in March, and orders for long-lasting goods slumped 14.7%.
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