Sensex ends over 400 points higher, Nifty below 9,300; private banks shine7 min read . Updated: 27 Apr 2020, 03:32 PM IST
- Nifty sectoral indices end in the green. Nifty Bank rallies 2.5%
- BSE Midcap, BSE SmallCap climb 1.4% each
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Indian equity market pared intraday gains but managed to end higher amid a day of bullish trade. Index heavyweights--Britannia, IndusInd Bank, Kotak Mahindra Bank, Bajaj Finserv and Axis Bank--were the top performers today.
Key indices had opened higher tracking global equities, where investors turned hopeful over the waning impact of the coronavirus pandemic, even though the number of cases continue to rise in major economies across the world.
The Sensex finished up 415.86 points, or 1.3%, at 31,743.08, while Nifty 50 gained 127.90 points, or 1.5%, to end at 9,282.30.
Rico Auto Industries said it has re-started manufacturing operations at various plants across the country with permission from concerned authorities. The stock was at ₹29.55 on the BSE, up 17.5%.
Axis Bank, IndusInd Bank, Kotak Mahindra Bank, UPL, Hindalco led gains on the Nifty 50 index, while NTPC, Dr Reddy's, HDFC Bank and ITC were the worst hit stocks.
Major markets in Asia settled in the green buoyed by optimism that the spread of coronavirus has peaked out. Japan's Nikkei 225 surged 2.7%, while Shanghai Composite index in China gained 0.3%. Korea's Kospi and Hang Seng in Hong Kong rose nearly 2% each.
The government is likely to miss its fiscal deficit target of 3.5% of gross domestic product (GDP) for FY21 owing to the impact of the covid-19 pandemic, Reserve Bank of India (RBI) Governor Shaktikanta Das said in an interview to news agency Cogencis.
The board of the company has approved the appointment of Amit Mittal as the chief financial officer (CFO) with effect from 27 April. Shares of the firm declined 2.3% to ₹77.60 on the BSE.
European stock markets jumped in early trading on Monday as countries eased lockdown measures and the Bank of Japan unveiled further support for its virus-hit economy. London gained 1.7%, Frankfurt rallied 2.5% and Paris rose 1.9%. (AFP)
Kirloskar Electrical Company said it has re-started operations at its manufacturing facility in Mysuru, Karnataka. The stock traded 4.5% lower at ₹9.55 on the BSE.
The board of the company declared a special dividend of ₹320 per equity share of ₹10 each for the financial year ended March. The dividend will be distributed to shareholders on 19 May. Shares of the company advanced 8.2% to ₹4759.95 on the BSE.
The laminate maker said it has resumed manufacturing operations at its Nalagarh plant in Himachal Pradesh from 25 April, on the lines of the government's plans to lift the 40-day national lockdown, which ends on 3 May, in a phased manner.
Gold prices fell on Monday as equities gained on improved risk appetite boosted by fresh stimulus from the Japanese central bank and countries planned easing of coronavirus-led lockdowns, but continued worries over a global recession capped losses. Spot gold eased 0.3% to $1,722.06 per ounce by 0606 GMT. The US gold futures rose 0.3% to $1,740.90.
Granules India has received approval from the US Food and Drug Administration (USFDA) for abbreviated new drug application (ANDA) filed by its wholly-owned subsidiary Granules Pharmaceuticals, Inc for Vigabatrin used in oral solution USP. Shares of the company rose 3.3% to ₹172.75 on the BSE.
The US West Texas Intermediate (WTI) June futures fell $2.05, or 12.1%, to $14.89 a barrel by 0638 GMT, while Brent crude was down $1.08, or 5.0%, at $20.36 a barrel. The June Brent contract expires this Thursday. Oil futures marked their third straight week of losses last week - and have fallen for eight of the past nine - with Brent ending down 24% and WTI off around 7%.
The pharmaceutical major has received approval from the US Food and Drug Administration (USFDA) to launch Fenofibrate tablets USP, a therapeutic equivalent generic version of Tricor (fenofibrate) tablets. The Tricor brand and generic reported US sales of about $90 million MAT for the most recent 12 months ended January, as per IQVIA Health. Shares were down 0.4% at ₹3985.10 on the BSE.
Lincoln Pharmaceuticals has received approval from Food and Drug Control Administration, Gujarat, to manufacture hydroxychloroquine (HCQ) that could be potentially used to treat covid-19. The company will manufacture the drug at its plant in Khatraj in Ahmedabad. It will also export the drug after necessary approval from the Directorate General of Foreign Trade (DGFT). Shares of the company rose 5% to ₹152.70 on the BSE.
The Indian rupee opened higher at 76.17 against the US dollar, compared with Friday's close of 76.45.
Mindtree impressed the Street with strong performance in March quarter. The stock gained 8%. The company reported a 1.9% sequential constant currency revenue growth and 1.5 percentage-points expansion in operating profit margins, despite business disruption by covid-19 and notable slowdown in travel and hospitality business. Volume growth was also strong (up 4.1%) and deal wins at $393 million are highest in recent quarters.
Shares of ICICI Prudential Life Insurance Company surged almost 10% in early deals after global brokerages maintained a positive outlook on the stock. ICICI Prudential jumped 8.5% to ₹365 on the BSE.
Kotak Mahindra Bank, Bharti Infratel, Axis Bank, Eicher Motors and IndusInd Bank were the top gainers on Nifty 50, while only three stocks--Dr Reddy's Laboratories, NTPC and Asian Paints--were in the red.
The Reserve Bank of India today announced a special liquidity window for mutual funds (MFs) that have been reeling under redemption pressure amid the impact of the coronavirus outbreak. With a view to ease liquidity pressures on MFs, it has been decided to open a special liquidity facility for mutual funds of ₹50, 000 crore, the central bank said.
Indian equity market climbed in opening deals, tracking Asian peers that advanced due to optimism over the peaking out of the spread of coronavirus. The benchmark Sensex rose 407.33 points, or 1.3%, to 31,734.55, while the Nifty 50 index gained 125.60 points, or 1.4%, to open at 9,280.
Key markets in Asia advanced in early deals due to hopes that the worst of the coronavirus outbreak has passed. Japan's Nikkei 225 moved up 2.2%, while Hang Seng index in Hong Kong rose 1.6%. SGX Nifty, which indicates the movement for Indian stocks, increased 0.9% in morning trade.
The board of Tata Steel has approved fundraising through the issuance of non-convertible debentures (NCDs) of up to ₹5,000 crore on a private placement basis, in one or more tranches. Bank of Baroda, IndusInd Bank, PNB Housing Finance, Oberoi Realty and Future Lifestyle may also be in focus.
Oil prices fell on Monday on signs that worldwide oil storage is filling rapidly, raising concerns that production cuts will not be fast enough to catch up with the collapse in demand from the coronavirus pandemic. The US West Texas Intermediate (WTI) futures fell $1.22, or 7.2%, to $15.72 a barrel by 0122 GMT, while Brent crude was down 33 cents, or 1.5%, at $21.11 a barrel. (Reuters)
The Dow Jones Industrial Average ended up 1.1% at 23,775.27. The broad-based S&P 500 climbed 1.4% to close at 2,836.74, while the tech-rich Nasdaq finished 1.7% higher at 8,634.52.
Key Wall Street indices ended higher on Friday as investors turned cautiously optimistic, despite mounting evidence of the coronavirus pandemic's deep damage to the American economy. However, Wall Street finished the five-day stretch negative overall, with the Dow losing 1.9% over the course of a week that began tumultuously as the US benchmark oil price crashed into negative territory for the first time after traders tried to unload futures contracts amid a supply glut.