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Indian equity market slipped from day's high but ended in the green driven by heavyweights Reliance Industries, Kotak Mahindra Bank and HDFC Bank. Key domestic indices were volatile in opening deals today. Bank stocks, especially private lenders, were among the best performers in today's session.
The benchmark Sensex jumped 1,861.75 points, or 6.98%, to end at 28,535.78, while the Nifty 50 index settled 496.75 points, or 6.37%, higher at 8,297.80.
Reliance Industries gained as much as 20% intraday, closing nearly 14% higher. Kotak Mahindra Bank, HDFC Bank, UPL and Maruti Suzuki were the other stocks that contributed the most to today's gains. Shares of IndusInd Bank, Indian Oil Corporation, Coal India, Wipro and GAIL fell the most.
The software solutions provider said it has fully implemented work from home across all its locations in India starting 23 March, until further notice, and has suspended operations at its manufacturing plant to prevent the spread of coronavirus.
Japan's Nikkei 225 index jumped over 8%, while Hang Seng index in Hong Kong gained 3.8% and Shanghai Composite index in China rose 2.2%. Korea's Kospi index advanced nearly 6%.
Key indices in Europe opened sharply higher, with London's FTSE gaining 3.8% in opening deals. CAC index in France was up 3.6%, while Germany's DAX index rose 3.4% in the early trade.
Reliance Industries surged nearly 20% followed by Kotak Mahindra Bank, Maruti Suzuki, UPL and Axis Bank on the Nifty 50 index, while IndusInd Bank, Coal India, ONGC, ITC, Indian Oil Corporation led the losses.
The stainless steel maker said it has shut down its manufacturing facility at Jajpur in Odisha with immediate effect in the wake of the coronavirus outbreak. The suspension will continue until further directives by the central and state governments.
The company said it has suspended operations at all its plants and offices until further directive by the central and state governments as preventive measure against the spread of coronavirus.
The electrical company said it has shut down all factories and offices till 31 March to prevent and contain the spread of coronavirus (COVID-19). Shares of the company fell 4.8% to ₹7.03 on the BSE.
Crude oil prices on Wednesday rose 5.5% to ₹1,976 per barrel as participants widened their positions tracking a positive trend overseas. On the Multi Commodity Exchange (MCX), crude oil for delivery in April traded higher by ₹103, or 5.5%, to ₹1,976 per barrel in 27,659 lots. Crude oil for May delivery was up by ₹105, or 5.04%, to ₹2,187 per barrel with an open interest of 351 lots. (PTI)
Gold prices on Wednesday rose ₹292 to ₹41,671 per 10 gram in futures trade as speculators were indulged in creating fresh positions even as the metal lost steam overseas. On the Multi Commodity Exchange (MCX), gold contracts for April traded higher by ₹292, or 0.71%, to ₹41,671 per 10 gram in a business turnover of 1,428 lots. The yellow metal for June delivery edged up by ₹190, or 0.45%, to ₹42,295 per 10 gram in a business turnover of 848 lots. (PTI)
Indian equity market traded in the green after being volatile in early deals. The benchmark Sensex was up 511.31 points, or 1.92%, at 27,185.34, while the Nifty 50 index advanced 136.75 points, or 1.75%, to 7,937.80 in the afternoon trade.
Shares of auto companies jumped after television news channel CNBC-TV18 quoted sources as saying that the government may reach out to these firms to manufacture ventilators required to treat coronavirus patients. Nifty Auto gained 2.5% on the news.
White House and Senate leaders reached a historic deal on a Bill worth $2 trillion to combat the economic damage likely to be caused by the rapidly-spreading coronavirus and to stimulate financial markets.
The agri-sciences company said it has re-organised operations, curtailing work and shutting down certain plants starting today to 15 April as it falls under the essential commodities and services list. Shares of the company rose 1.5% to ₹1,023.40 on the BSE. "Our formulation plants and other essential manufacturing activities to keep the global supply chain of crop protection products going are planned to be operated with all safety, security and other measures required by government and health advisories," the company said.
Shares of Metropolis Healthcare surges 14.3% to ₹1,301.55 on the BSE, after the company said the Indian Council of Medical Research (ICMR) has empanelled its global reference lab in Mumbai's Vikhroli for testing of coronavirus.
The company said it has completed the acquisition of 3.62% stake in Hinduja Leyland Finance Ltd (HLFL), a subsidiary of the former. Ashok Leyland's stake in HLFL has increased to 65.45% from 61.83%. The acquisition is part of the 6.99% stake approved by the board of Ashok Lyeland.
Reliance Industries, Nestle India, Grasim Industries, Cipla and Tech Mahindra were the top performers on the Nifty 50 index, while ITC, IndusInd Bank, Mahindra & Mahindra, Larsen & Toubro and Tech Mahindra led the losses.
Indian equity market was volatile in opening deals, with the benchmark Sensex and Nifty swinging between gains and losses. While the Sensex was up over 529.20 points, or 1.99%, at 27,199.23, Nifty rose 126.30 points, or 1.59%, to 7,938 in the early trade. Reliance Industries, Bajaj Finance and Bajaj Finserv were the top gainers.
SGX Nifty, which indicates the movement for Indian equities, traded 2.6% lower in early deals. However, most Asian shares jumped, with Japan's Nikkei 225 and Hang Seng index in Hong Kong rising over 5% and 2%, respectively. Shanghai Composite index in China gained 1.7% in the morning trade.
Federal Bank's managing director and chief executive officer (CEO) Shyam Srinivasan has sold 19 lakh shares of the bank for ₹7.5 crore to repay employee stock ownership plan (ESOP) loans. Yes Bank, JK Tyre, Indiabulls Housing, Mahindra & Mahindra Logistics are other stocks that may be under the spotlight today.
The Dow Jones Industrial Average jumped 11.37% to end at 20,704.91 points, while the S&P 500 gained 9.38% to close Tuesday's session at 2,447.33. The Nasdaq Composite rose 8.12% to 7,417.86 points.
Benchmark Wall Street indices snapped back from three-year lows on Tuesday and jumped after the US lawmakers said they were close to forming an economic rescue package, cheering investors amid the biggest sell-off since the financial crisis of 2008. All three main US stock indices rebounded strongly from Monday's brutal sell-off as governments took extreme measures to lockdown entire nations due to coronavirus.
