MARKET WRAP: Sensex settles 606 pts higher; metals, financial stocks jump
All that happened in the markets today
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NSE's benchmark index Nifty settled at 9,553, up 172 points or 1.84 per cent.
The domestic equity market settled in the positive territory for the third straight day on Wednesday, supported by buying in financial, IT, auto, and metal stocks.
The S&P BSE Sensex rallied 606 points or nearly 2 per cent to settle at 32,720. HDFC emerged as the biggest gainer on the index - up 7 per cent. HDFC Bank, HCL Tech, and Mahindra & Mahindra (M&M) were next on the list. On the flip side, Axis Bank (down 3.6 per cent) settled as the top loser on the index.
NSE's benchmark index Nifty settled at 9,553, up 172 points or 1.84 per cent. Volatility index India VIX continued to slide and ended 4.3 per cent lower at 33.83 levels.
Among sectoral indices, Nifty Metal index was the top gainer - up 3.74 per cent at 1,724 levels, followed by Nifty Financial Service index (up 3.43 per cent). Nifty IT ended over 2 per cent higher at 13,425 levels.
In the broader market, the S&P BSE MidCap index ended at 11,840.20, up 1 per cent while the S&P BSE SmallCap index settled at 10,975, up over 1 per cent.
Buzzing stocks
Shares of Housing Development Finance Corporation (HDFC) traded higher for the third straight day on the BSE as investors indulged in some value buying after the price erosion during the coronavirus-induced sell-off. It settled at Rs 1,837 apiece on the BSE, up over 7 per cent. READ MORE
Ruchi Soya Industries has entered the list of top 200 most-valued companies by market capitalisation (market-cap) following a sharp run-up in its share price. At the close, the company's m-cap stood at Rs 11,558.51 crore on the BSE. The stock ended at Rs 390.70 apiece. READ MORE
Among sectoral indices, Nifty Metal index was the top gainer - up 3.74 per cent at 1,724 levels, followed by Nifty Financial Service index (up 3.43 per cent). Nifty IT ended over 2 per cent higher at 13,425 levels.
In the broader market, the S&P BSE MidCap index ended at 11,840.20, up 1 per cent while the S&P BSE SmallCap index settled at 10,975, up over 1 per cent.
Buzzing stocks
Shares of Housing Development Finance Corporation (HDFC) traded higher for the third straight day on the BSE as investors indulged in some value buying after the price erosion during the coronavirus-induced sell-off. It settled at Rs 1,837 apiece on the BSE, up over 7 per cent. READ MORE
Ruchi Soya Industries has entered the list of top 200 most-valued companies by market capitalisation (market-cap) following a sharp run-up in its share price. At the close, the company's m-cap stood at Rs 11,558.51 crore on the BSE. The stock ended at Rs 390.70 apiece. READ MORE
Axis Bank ended over 4 per cent lower at Rs 438.85 apiece on the BSE after the bank made massive Rs 7,730 crore provisions in the March quarter of FY20 (Q4FY20), of which Rs 3,000 crore worth provisions were due to coronavirus (Covid-19)-induced uncertainty. This pushed the bank in the red zone, with the lender posting a surprise Rs 1,388-crore net loss in the recently concluded quarter. READ MORE
Global Markets
Global Markets
European shares struggled to maintain early gains on Wednesday, as a slide in defensive stocks countered upbeat forecasts from German automakers and sensor specialist AMS as well as a bounce in oil prices.
In Asia, China shares settled higher after the country’s biggest listed banks posted solid first-quarter profits, and as investors saw signs of lockdown easing, but lingering worries over the coronavirus pandemic capped gains. At the close, the Shanghai Composite index was up 0.44 per cent at 2,822.44. The blue-chip CSI300 index ended 0.46 per cent higher.
In commodities, oil prices gained after US stockpiles rose less than expected and gasoline stocks fell and buoyed by hopes demand will improve as some European countries and US cities moved to ease coronavirus lockdowns.
June Brent crude futures were up 2.30 per cent, or 47 cents, to $20.93 a barrel at the time of writing of this report, after hitting $21.60 a barrel. The more active July contract added 22 cents, or 0.97 per cent, to $22.96 a barrel.
US West Texas Intermediate (WTI) crude futures jumped 12.56 per cent or $1.55 to $13.89 after a 27 per cent plunge over the first two days of this week.
(With inputs from Reuters)
4:01 PM
Market closing comment :: Sahaj Agrawal, Head of Research- Derivatives at Kotak Securities
Market continues to remain in medium term uptrend. Nifty is expected to test 9,900-10,000 levels in the next few weeks. Broader participation is increasing which is a positive sign and reinforces the positivity. On the down side, trend support is seen only at 8,900. We expect the broader markets to remain positive over the next few weeks. Traders can consider buying on dips; Banking and Metals expected to provide further momentum while Pharma and FMCG expected to witness profit booking
3:45 PM
Market closing comment :: Vinod Nair, Head of Research at Geojit Financial Services
Nifty closed above the 9,500-mark and almost all sectoral indices traded positive, except for the defensives, FMCG and Pharma. Expectations of lockdown measures easing and company specific news about restarting operations gave support to the markets. The volatile crude oil prices were also up because of a lesser than forecasted increase in US oil inventories. Tomorrow we have the results of index heavyweights Reliance and HUL
3:42 PM
Sectoral trends on NSE at Close | Metals, financials gain; FMCGs dip
3:41 PM
Sensex Heatmap at Close | HDFC, HCL Tech settle as top gainers
3:39 PM
CLOSING BELL
>> The S&P BSE Sensex settled the day at 32,720.16 level, advancing 605.64 points or 1.89 per cent
>> The NSE's NIfty50, meanwhile, topped 9,500-mark to close at 9,553.35 level, up 172.45 points or 1.84 per cent
>> The NSE's NIfty50, meanwhile, topped 9,500-mark to close at 9,553.35 level, up 172.45 points or 1.84 per cent
3:32 PM
NEWS ALERT | Banks borrow Rs 2,000 cr via the Special Liquidity facility announced for MFs: RBI
(as reported by CNBC-TV18)
3:25 PM
BUZZING STOCK | HCL Tech trades at day's high
3:16 PM
Heatmap: Top gainers and losers on the BSE Sensex at this hour
3:10 PM
MARKET CHECK | Top 5 losers on the BSE at this hour
2:55 PM
Ruchi Soya m-cap crosses Rs 10,000 crore
Ruchi Soya Industries has entered the list of top 200 most-valued companies by market capitalisation (market-cap) following a sharp run-up in its share price. At 01:45 pm, the company's m-cap stood at Rs 11,559 crore on the BSE. Ruchi Soya Industries is at number 185 position in the overall m-cap ranking. The company stood ahead of Dalmia Bharat, GMR Infrastructure, Polycab India, Crisil, Cummins India, IDFC First Bank, ICICI Securities and Tata Communications, which have market-capitalisation of Rs 10,000 crore. READ MORE
2:49 PM
Nifty Metal index, up 4 per cent, lead sectoral gainer
2:34 PM
Tech Mahindra Q4 preview: What analysts expect; key things to watch out for
When information technology (IT) major Tech Mahindra announces its results for the March quarter (Q4FY20) on Thursday (April 30), among key developments to watch out for will be its update on the execution of large deals it won in the past four-five months, and a timeline of progress on its 5G rollout in the midst of the Covid-19 crisis. READ MORE
2:25 PM
Covid-19 fallout: UBS pegs FY21 India growth at -0.4%, a four decade low
Weaker-than-expected economic activity due to the nation-wide lockdown due to the coronavirus pandemic and a looming global recession is likely to hit Indian economy hard with UBS expecting real GDP to contract to -0.4 per cent in financial year 2020-21 (FY21). The global research and brokerage house has been trimming its expectations gradually and had earlier forecast a growth of 2.5 per cent. READ MORE
2:14 PM
MARKET CHECK
2:07 PM
US Federal Reserve likely to renew vow to use all tools to support economy
The Federal Reserve, which has pumped trillions of dollars in emergency funding into the US financial markets to stem the damage from the coronavirus pandemic, is expected to reiterate on Wednesday its promise to do whatever it takes to support the world's largest economy. The US central bank may also signal how long, and by what benchmark, it plans to leave interest rates near zero after the recovery begins from what many economists forecast will be the sharpest downturn in recorded US history. READ MORE
Topics : Coronavirus Markets Axis Bank MARKET WRAP
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First Published: Apr 29 2020 | 7:24 AM IST
