Sensex, Nifty turn range bound; breadth strong

Shares continued to trade firm at higher levels in mid-afternoon trade. The Nifty hovered above 9400 mark. Prime Minister Narendra Modi's Rs 20 lakh crore stimulus package to revive the coronavirus-hit economy boosted domestic investor sentiment. Union Finance Minister Nirmala Sitharaman will brief the media on Wednesday at 4 pm to share the details of the stimulus package.

At 14:29 IST, the barometer index, the S&P BSE Sensex, was up 706.87 points or 2.25% at 32,077.28. The Nifty 50 index was up 209.60 points or 2.28% at 9,405.85.

In the broader market, the S&P BSE Mid-Cap index added 1.77% while the S&P BSE Small-Cap index gained 1.99%.

 

The market breadth was dominated by bulls. On the BSE, 1617 shares rose and 643 shares fell. A total of 173 shares were unchanged. In the Nifty 50 index, 43 shares advanced while 7 stocks declined.

Special Economic Package:

Prime Minister Narendra Modi in his address to the nation on Tuesday (12 May) announced a special economic relief package in light of the ongoing situation due to the COVID-19 outbreak. He said the economic measures earlier announced by the government to tackle the COVID-19 pandemic, steps taken by the Reserve Bank of India (RBI), and this latest package will come up to a total of Rs 20 lakh crore, nearly 10% of India's gross domestic product (GDP). The package will focus on land, labour, liquidity and laws.

PM Modi also said Lockdown 4.0 will be a new one, with new rules. It will be implemented based on suggestions from the states and details of the same will be announced before May 18.

Numbers to Track:

The yield on 10-year benchmark federal paper fell to 6.098% as compared with previous closing of 6.163% in the previous trading session.

In the foreign exchange market, the partially convertible rupee edged higher to 75.46 compared with its previous closing of 75.515.

In the commodities market, Brent crude for July 2020 settlement was down 58 cents to $29.40 a barrel. The contract rose 1.18% to settle at $ 29.98 a barrel in the previous trading session.

MCX Gold futures for 5 June 2020 settlement rose 0.03% to Rs 45,64.

Stocks in Spotlight:

Vedanta was up 1.46% at Rs 90.60. Parent firm Vedanta Resources (VRL) on Tuesday announced plans to delist the metals & mining stock from Indian bourses. The company fixed the indicative price at Rs 87.50, at a 2% discount to its Tuesday's closing price of Rs 89.30.

TTK Prestige said the manufacturing facilities at Coimbatore (Tamilnadu) and Khardi (Maharashtra) have started day-shift operations by deploying 50% manpower within the conditions as applicable to each location. Shares of TTK Prestige were up 2.05% at Rs 4850.

Premier Explosives hit an upper circuit limit of 5% at Rs 76 after the company said it received license to make defense explosives at Telangana plant. The company said received license from Petroleum and Safety Organisation (PESO) to manufacture RDX/RDX compounded products - defence and HMX-based explosives - defence. The explosives will be manufactured at the company's plant in Telangana. The license is valid upto 31 March 2025, the company said in a statement during trading hours today, 13 May 2020.

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