The barometer index, the S&P BSE Sensex rose 61.13 points or 0.16% at 38,470.61. The Nifty 50 index advanced 18 points or 0.16% at 11,269. Trading was volatile due to expiry of weekly index options on the NSE.
In the broader market, the S&P BSE Mid-Cap index added 0.31% while the S&P BSE Small-Cap index gained 0.29%.
The market breadth favored the seller. On the BSE, 1194 shares rose and 1217 shares fell. A total of 175 shares were unchanged. In Nifty 50 index, the market breadth was positive with 29 stocks advancing and 21 stocks declining.
Buzzing Index:
The Nifty Metal index fell 0.90% to 2,283.45, extended losses for second day. The index has lost 1.61% in the past two sessions.
Hindalco Industries (down 3.11%), National Aluminium Company (down 2.14%), Vedanta (down 1.89%), Steel Authority of India (down 1.87%), Tata Steel (down 0.48%) , NMDC (down 0.21%) and Jindal Steel & Power (down 0.16%) declined.
Hindustan Copper (up 3.56%), JSW Steel (up 0.67%) and Hindustan Zinc (up 0.38%) advanced.
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Stocks in Spotlight:
Yes Bank surged 25.60% to Rs 36.80. State Bank of India (SBI) advanced 0.89% to Rs 287.85. The media reported that the government may ask State Bank of India (SBI) to lead a consortium that will buy stake in the private lender. The PSU bank has also been authorised to pick other members of the consortium, added reports.
Yes Bank clarified in afternoon today (5 March) that it has not received any communication from the Reserve Bank of India (RBI) or any other government or regulatory authorities or from SBI and hence the bank is unaware of any such decision. The bank further said it is in its usual course of business to explore various means of raising capital/ funds through issuance of securities to diverse set of investors to meet its business/ regulatory requirements.
Separately, SBI clarified today that it abides by the timelines under regulation of disclosing the developments, if any in the matter to stock exchanges.
Earlier in January 2020, State Bank of India chairman Rajnish Kumar said, "Yes Bank is a significant player in the market with an almost $40 billion balance sheet. He further added, "I have a feeling that it will not be allowed to fail because a bank of that size, if it is allowed to fail, there's a problem."
Reliance Industries (RIL) slipped 2.25% to Rs 1309. 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 0.8% to Rs 478.35. 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 lost 0.32% to Rs 6364.10. 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 fell 0.67% to Rs 2189. 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.
Granules India rose 3.21 % to Rs 178.55. the drug maker in a regulatory filing during market hours today (5 March) announced that the US Food & Drug Administration (US FDA) has approved the Abbreviated New Drug Application (ANDA) filed by company's wholly owned foreign subsidiary, for Potassium Chloride extended-release tablets USP, of 600 mg and 750 mg.
The drug is bioequivalent of Klor-Con extended-release tablets of Upsher-Smith Laboratories, LLC. It is used for the treatment and prophylaxis of hypokalemia with or without metabolic alkalosis, in patients for whom dietary management with potassium-rich foods or diuretic dose reduction is insufficient. According to IQVIA Health, Klor-Con brand and generic had US sales of approximately $54 million MAT for the most recent twelve months ending in December 2019.
BASF India jumped 4.97% to Rs 1205. The chemical maker on Wednesday (4 March) said it received further demand notices from the Commercial Tax Department, Karnataka. In October last year, BASF India had received demand notices from Commercial Tax Department, Karnataka for the periods 2006-2010, 2010-11 (2 months), 2014-15 by treating the stock transfers of the company's Mangalore plant as interstate sales to dealers and its subsequent stay granted by the Karnataka Appellate Tribunal. The company has now received demand notices for the further periods i.e. 2010-13 from the Commercial Tax Department, Karnataka aggregating to Rs 211.25 crore (including interest & penalty) by treating the stock transfers of its Mangalore plant as interstate sales to dealers. The company has also received a Notice for Rs 46.39 crore (including interest & penalty) for the period 2015-16 from Commercial Tax Department, Karnataka.
Global Markets:
European markets reversed early gains while most Asian stocks ended 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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