At 14:30 IST, the barometer index, the S&P BSE Sensex, was up 574.79 points or 1.79% at 32,689.31. The Nifty 50 index was up 161.50 points or 1.72% at 9,542.40.
The S&P BSE Mid-Cap index was up 1.16% while the S&P BSE Small-Cap index was up 1.13%. Both these indices trailed the Sensex.
The market breadth was strong. On the BSE, 1356 shares rose and 907 shares fell. A total of 172 shares were unchanged. In Nifty 50 index, 41 stocks advanced while 9 stocks declined.
Moody's Investors Service on Tuesday slashed India growth forecast for calendar year 2020 to 0.2%, from 2.5% projected earlier. For 2021, Moody's expects India's growth to rebound to 6.2%. Moody's said the economic costs of coronavirus crisis amid the near shutdown of the global economy are accumulating rapidly.
Buzzing Index:
The Nifty Auto index rose 1.79% to 5,544.65, extending gains for the third day. The index has added 3.11% in three sessions.
Ashok Leyland (up 7.08%), Mahindra & Mahindra (up 4.34%), TVS Motor Company (up 4.16%), Hero MotoCorp (up 1.85%), Tata Motors (up 1.49%), Bajaj Auto (up 1.46%), Escorts (up 1.07%), Maruti Suzuki India (up 0.38%) declined.
Stocks in Spotlight:
Lupin rose 0.34% to Rs 857.25. The company announced that it has received tentative approval for its Arformoterol Tartrate Inhalation Solution from the United States Food and Drug Administration (US FDA). The solution is indicated for the long-term maintenance treatment of bronchoconstriction in patients with chronic obstructive pulmonary disease (COPD), including chronic bronchitis and emphysema. It is a generic version of Brovana Inhalation Solution of Sunovion Pharmaceuticals Inc. The solution had an annual sales of approximately $489 million in the United States of America.
Hexaware Technologies jumped 5.21% to Rs 302.10 after consolidated net profit rose 4.27% to Rs 174.96 crore on a 0.85% increase in revenue from operations to Rs 1541.75 crore in Q1 March 2020 over Q4 December 2019. EBITDA (post Restricted Stock Units) fell 2.54% to Rs 233.60 crore in Q1 March 2020 as against Rs 239.70 crore in Q4 December 2019. The company follows January-December as its fiscal year for accounting.
Numbers to Track:
In the foreign exchange market, the partially convertible rupee edged higher to 75.66 compared with its previous closing of 76.185.
The yield on 10-year benchmark federal paper fell to 6.124% as compared with 6.137% in the previous trading session.
MCX Gold futures for 5 June 2020 settlement lost 0.37% to Rs 45,895.
In the commodities market, Brent crude for June 2020 settlement was up 79 cents to $21.25 a barrel. The contract rose 47 cents or 2.35% to settle at $20.46 a barrel in the previous trading session.
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