The benchmark indices trimmed gains after hitting fresh intraday high in afternoon trade. Buying was supported by positive global shares. Sentiment also improved after the finance minister said the government would unveil measures to limit the impact of the coronavirus outbreak.
At 13:29 IST, the S&P BSE Sensex, surged 346.49 points or 0.85% at 41,240.87. The Nifty 50 index was up 115.05 points or 0.96% at 12,107.55.
The broader market outperformed the benchmark indices. The S&P BSE Mid-Cap index was up 1.1% while the S&P BSE Small-Cap index surged 1.45%.
The market breadth was strong. On the BSE, 1442 shares rose and 895 shares fell. A total of 147 shares were unchanged. In Nifty 50 index, 40 stocks advanced while 10 stocks declined.
Economy:
Finance Minister Nirmala Sitharaman on Tuesday said that the Indian government will soon announce measures to deal with the impact of deadly Coronavirus outbreak on the domestic industry and the economy. The minister's statement came after a comprehensive consultation on the effects of the Coronavirus in a review meeting of the Ministry of Finance in the national capital. Sitharaman said she would hold a meeting with the secretaires of different ministries on Wednesday and then announce steps to deal with the situation in consultation with the Prime Minister's Office (PMO). FM also said there were no reports of shortage of medicines or medical equipment, instead the pharma industry is asking for lifting of ban on exports of certain items. However, there could be some disruptions in supplies and concerns have been expressed by the representative of pharma, solar and chemical industries, she said.
Stocks in Spotlight:
Bharti Infratel (up 6.43%), Grasim Industries (up 3.55%), Coal India (up 3.17%), Zee Entertainment Enterprises (up 3.07%) and Hindustan Unilever (up 2.93%) were the top gainers.
Tata Motors (down 1.79%), Sun Pharmaceutical Industries (down 1.22%), Maruti Suzuki India (down 0.52%), Larsen & Toubro (down 0.37%), TCS (down 0.36%) were the top losers.
Shree Cement rose 2.90% to Rs 24489.30. the cement maker will replace private lender Yes Bank (up 1.43%) in the benchmark index Nifty 50 from 27 March 2020, NSE Indices, a subsidiary of the National Stock Exchange (NSE), said on Tuesday, 18 February 2020 after market hours.
Infosys was up 0.03% to Rs 797.65. The company announced a long-term strategic partnership with GE Appliance, a Haier company, to effectively streamline IT operations. As an IT services partner, Infosys will help GE Appliances modernize its IT infrastructure and run IT in managed services mode as part of the overall innovation and optimization agenda.
HCL Technologies gained 0.89% to Rs 612.40. The IT firm announced that it will open a Global Delivery Center (GDC) in Hartford, Connecticut to offer digital transformation services to clients in the smart manufacturing, insurance, aerospace, and defense industries. The first anchor client for the GDC will be Stanley Black & Decker, a diversified global industrial that operates the world's largest tool company, which signed a significant global agreement with HCL Technologies.
Global Markets:
European shares opened higher while Asian markets were trading higher on Wednesday as investors tried to shake off concerns over the coronavirus epidemic following a slight decline in the number of new cases.
China's National Health Commission said that as of Tuesday night, a total of 74,185 cases of the new coronavirus had been confirmed in the country and 2,004 people have died.
In US, the Nasdaq Composite index eked out a record finish on Tuesday, even though other major stock benchmarks fell after Apple Inc. said its second-quarter earnings would take a hit from the viral outbreak in China, reigniting fears that the disease may disrupt manufacturing supply chains and have broad implications for the global economy and financial markets.
Apple said revenue in the current quarter won't reach its target range of between $63 billion and $67 billion due to the impact of the infectious disease.
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