At 10:21 IST, the barometer index, the S&P BSE Sensex, was up 749.55 points or 2.44% at 31,439.57. The Nifty 50 index was up 227.55 points or 2.53% at 9,221.40.
The broader market rallied. The S&P BSE Mid-Cap index was up 2.48% while the S&P BSE Small-Cap index was up 2.61%.
The market breadth, indicating the overall health of the market, was strong. On the BSE, 1434 shares rose and 377 shares fell. A total of 104 shares were unchanged. In Nifty 50 index, 46 stocks advanced while 4 stocks declined.
Economy:
The International Monetary Fund (IMF) on Tuesday (14 April) projected a gross domestic product (GDP) growth of 1.9% for India in 2020, amid coronavirus pandemic that has nearly stalled all economic activities across the world. However, IMF said India is among the only two major countries, which will register a positive growth rate in 2020. The other being China, for which the IMF has projected a growth rate of 1.2%.
Buzzing Index:
The Nifty Pharma index was up 3.4% to 9,351.80, rising for sixth consecutive trading session. The index has surged 33% in six trading sessions from its previous closing low of 7026.70 posted on 1 April 2020.
Glenmark Pharmaceuticals (up 12.12%), Aurobindo Pharma (up 5.86%), Sun Pharmaceutical Industries (up 5.26%), Piramal Enterprises (up 3.45%), Cipla (up 3%), Lupin (up 2.33%), Dr. Reddy's Laboratories (up 2.31%), Divi's Laboratories (up 2.01%), Biocon (up 1.89%) and Cadila Healthcare (up 0.4%) advanced.
Pharma stocks extended recent gains after the government allowed export of select active pharmaceutical ingredients (API), including antibiotics, vitamins and hormones as well as their formulations, that were placed under restriction early last month. The government had imposed the restrictions last month as the coronavirus outbreak disrupted global supply chains.
Stocks in Spotlight:
IT major Wipro rose 1.82% at Rs 192.90 ahead of its Q4 results today, 15 April 2020.
Hindalco Industries jumped 7.95% to Rs 122.85 after completion of acquisition of US-based Aleris Corporation by Hindalco through its wholly-owned subsidiary Novelis Inc.
Sunteck Realty gained 1.22% to Rs 202.60 after the realty firm said its pre-sales jumped 110% to Rs 608 crore in Q4 March 2020 from Rs 289 crore in Q4 March 2019. Collections declined 15% to Rs 175 crore in Q4 March 2020 from Rs 207 crore in Q4 March 2019. The announcement was made before market hours today, 15 April 2020.
IRCTC fell 1.66% to Rs 1,270 after the company said the cancellation of passenger trains services has been extended till 3 May 2020 in view of COVID 19 lockdown.
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