Shares trade with modest gains; Europe opens in green

Key equity benchmarks were trading with modest gains in afternoon trade, supported by positive global cues. The Nifty traded slightly above the 11,200 mark. At 13:27 IST, the barometer index, the S&P BSE Sensex, was up 222.38 points or 0.58% at 38,366.40. The Nifty 50 index was up 93.15 points or 0.84% at 11,225.90.

In broader market, the S&P BSE Mid-Cap index was up 0.86% while the S&P BSE Small-Cap index was up 0.47%.

The market breadth was negative. On the BSE, 1006 shares rose and 1199 shares fell. A total of 148 shares were unchanged. In Nifty 50 index, the market breadth remained positive with 42 stocks advancing and 8 stocks declining.

 

Stocks in Spotlight:

Cipla (up 5.80%), Vedanta (up 5.32%), Dr. Reddy's Laboratories (up 3.78%), Zee Entertainment Enterprises (up 4.08%) and Hindalco Industries (up 3.91%) advanced.

Yes Bank (down 1.43%), ITC (down 1.15%), Titan Company (down 0.66%), Bajaj Finserv (down 0.73%) and HDFC Bank (down 0.58%) declined.

Larsen & Toubro rose 0.26% to Rs 1170 after the company said its power transmission & distribution business bagged 'significant' orders in India and overseas. In Bangladesh, the business has won a turnkey order for design, supply, installation and commissioning of power transmission infrastructure for the 800 MW Rupsha power plant. The company also received an order from Nepal to build 220kV substations. Lastly, in Saudi Arabia, the company bagged an order to establish 380kV and 230kV transmission line corridors. As per the L&T's classification, the valuation of the 'significant' order stands between Rs 1000 and 2500 crore.

Infosys were up 0.52% at Rs 748.25. The IT major, in an exchange filing made after market hours on Monday, announced a global alliance to help enterprises accelerate their digital transformation journey using the IBM public cloud. The collaboration will help enterprises to transition, modernize and transform their enterprise workloads and applications by tapping into the security, open innovation and enterprise capabilities of the IBM public cloud.

Hero MotoCorp rose 2.53% to Rs 2024. The auto maker reported 19.3% decline in total two-wheeler sales to 498242 units in February 2020 from 617215 units in February 2019. Hero MotoCorp moved ahead to manufacturing only BS-VI vehicles and stopped the production of all BS-IV two-wheelers in the month of February.

Global Markets:

Shares in Europe opened higher while Asian shares traded higher on Tuesday on hopes that central banks will coordinate some kind of monetary policy response to lessen the economic impact of the coronavirus. Global financial ministers and central bankers will hold a conference call on Tuesday to coordinate their response to the outbreak.

In US, the Dow Jones Industrial Average scored its biggest one-day percentage gain in nearly 11 years on Monday, as stocks bounced back sharply from the previous week's selloff, with the rebound fuelled by expectations that policy makers will move to cushion the impact of the COVID-19 outbreak on the global economy. The Dow Jones rallied 1,294 points, most in its history.

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