In the broader market, the S&P BSE Mid-Cap index was up 1.38% while the S&P BSE Small-Cap index was up 1.29%. Both these indices underperformed the Sensex.
The market breadth was strong. On the BSE, 1253 shares rose and 617 shares fell. A total of 124 shares were unchanged. In Nifty 50 index, 46 stocks advanced while 4 stocks declined.
Buzzing Sector:
Sugar stocks continued their winning run for second straight trading session after the media reported that sugar mills have ramped up production of hand sanitisers to cater its rising demand following the coronavirus outbreak. This could boost revenue of sugar companies.
Shree Renuka Sugars (up 9.91%), KCP Sugar and Industries Corporation (up 6.54%), Balrampur Chini Mills (up 5%), Dhampur Sugar (up 4.95%), Triveni Engineering & Industries (up 4.88%), Dwarikesh Sugar (up 4.76%), Rana Sugars (up 4.76%), Bajaj Hindusthan Sugar (up 4.63%), Sakthi Sugars (up 3.86%), E.I.D. Parry (India) and (up 1.94%) were top gainers in sugar producing segment.
Stocks in Spotlight:
Britannia Industries gained 2.44% at Rs 2,535 amid bargain hunting after a recent slide. Britannia Industries informed that in view of the COVID-19 pandemic, the company has taken various measures (including work from home) to ensure safety and well-being of all the employees and is ensuring compliance with the directives issued by the central government, state government and local administration in this regard. The company manufactures food products which are considered as essential commodities for the consumers. However, due to lock down ordered by the Government of India across the country to contain the spread of COVID-19, the operations of the company have also been disrupted.
Aster DM Healthcare gained 3.14% to Rs 95.40 after the company announced the closure of its loss making pharmacies in Kuwait. The company said that it intends to exit from the Kuwait market by shutting down the loss making operations of the pharmacies. The drug maker expects to close all Kuwait operations by 31 May 2020. The company said it has been operating pharmacies in Kuwait through its subsidiary, Aster Kuwait Pharmaceuticals and Medical Equipment Company W.L.L (the subsidiary). As on 31 March 2020, the company's subsidiary contributed Rs 33.26 crore or 0.42% towards Aster DM Healthcare's consolidated revenues. The business had a negative net-worth of Rs 26.58 crore.
Global Markets:
Most Asian stocks advanced on Tuesday as China's official manufacturing Purchasing Managers' Index (PMI) for March came in better than expected.
China's official manufacturing PMI bounced to 52 in March, up from a record-low 35.7 in February.
In US, stocks surged on Monday, rebounding from a deep rout triggered by the coronavirus pandemic. The rebound was led by an 8% pop in Johnson & Johnson after it announced a vaccine candidate for the coronavirus.
US President Donald Trump extended the timeline for social distancing guidelines to April 30, which many believe will reduce economic damage in the long run.
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