Indian stocks were trading lower in early trade as trading resumed after a local holiday. Developments surrounding the global coronavirus pandemic continued weighing on investor sentiment. Stock markets were shut on Friday, 10 April 2020 on account of Good Friday.
At 9:18 IST, the barometer index, the S&P BSE Sensex, was down 212.03 points or 0.68% at 30,947.59. The Nifty 50 index was down 26.40 points or 0.29% at 9,085.50.
The S&P BSE Mid-Cap index was up 0.15%. The S&P BSE Small-Cap index was up 0.4%.
The market breadth, indicating the overall health of the market, was strong. On the BSE, 832 shares rose and 461 shares fell. A total of 78 shares were unchanged.
On the macro front, the Quick Estimates of Index of Industrial Production (IIP) with base 2011-12 for the month of February 2020 stands at 133.3, which is 4.5% higher as compared to the level in the month of February 2019. The cumulative growth for the period April-February 2019-20 over the corresponding period of the previous year stands at 0.9%.
India's foreign exchange reserves fell by US$ 0.90 billion to US$ 474.66 billion in the week ended 3 April 2020. The foreign exchange reserves had stood at US$ 475.56 a week ago.
Stocks in news:
Among stocks, Cadila Healthcare rose 1.17%. Zydus Cadila has received tentative approval from the US drug regulator to market Empagliflozin tablets, in the strengths of 10 mg and 25 mg. The medication is used together with diet and exercise to improve blood sugar control in adults with Type 2 diabetes mellitus. It is also used to reduce the risk of cardiovascular death in adult patients with Type 2 diabetes mellitus and established cardiovascular disease.
Avenue Supermarts dropped 5%. Avenue Supermarts on Friday (10 April) informed that nearly 50% of the company's stores remain closed for operations based on directive by the local authorities. Avenue Supermarts owns and operates D-Mart stores, a national supermarket chain that offers customers a range of home and personal products under one roof.
TCS shed 0.56%. TCS said that the meeting of the board of directors of the company is scheduled on 16 April 2020, to consider and approve audited consolidated financial results for the Q4 and year ended 31 March 2020.
Dr Reddy's Laboratories gained 3.28%. Dr Reddy's Laboratories informed that the company has received the Establishment Inspection Report (EIR) from USFDA, for API manufacturing plant 5 at Miryalaguda, Nalgonda district, Telangana, indicating closure of the audit and the inspection classification of this facility is determined as Voluntary Action Indicated (VAI).
Container Corporation of India (CONCOR) jumped 5.38%. CONCOR informed that its total physical volumes handled fell 3.85% to 9,41,270 twenty foot equivalent units (TEUs) in Q4 March 2020 from 9,78,930 TEUs in Q4 March 2019.
Global Markets:
Overseas, stocks in Asia traded lower Monday as the Organization of the Petroleum Exporting Countries and its allies reached an agreement on a record oil production cut. Markets in Hong Kong and Australia are closed on Monday for Easter Monday.
In US, stock markets were closed on Friday, 10 April 2020 on account of Good Friday
Meanwhile, oil prices rose in Asian trading hours. The moves came after OPEC and its allies, known collectively as OPEC+, on Sunday finalized an unprecedented production cut of nearly 10 million barrels, or a tenth of global supply, in hopes of boosting crashing prices amid the coronavirus pandemic and a price war.
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