Sensex extends rally to third day, Nifty up 4%; IndusInd Bank shines7 min read . Updated: 26 Mar 2020, 03:57 PM IST
- All Nifty sectoral indices advance. Nifty Bank rises over 6%
- BSE MidCap, BSE SmallCap gain nearly 4% each
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Indian equity market continued its rally and ended in the green for the third consecutive session. Key indices were choppy for a while in opening deals, but soon started rising driven by bank stocks. Expectations of a stimulus package to be announced by the government had also added to intraday gains.
The benchmark Sensex rose 1,410.99 points, or 4.94%, to close at 29,946.77, while the Nifty 50 index settled 323.60 points, or 3.89%, higher at 8,641.45.
Shares of IndusInd Bank rallied as much as 45% intraday, becoming the best performer among Nifty stocks. Larsen & Toubro, Bharti Airtel, Bajaj Finance and HeroMotoCorp were the other top gainers in today's session.
Markets in Asia, which jumped after the US Senate passed a stimulus package worth $2 trillion to mitigate the impact of the coronavirus pandemic, were mixed. Japan's Nikkei 225 fell 4.5%, while Hang Seng index in Hong Kong traded 0.7% lower. Shanghai Composite index in China was down a marginal 0.6%. However, SGX Nifty surged close to 4%.
Key indices in Europe slipped in early deals, with London's FTSE falling over 2%. CAC index in France and Germany's DAX index were down nearly 2% each in the morning trade.
The company said it has suspended operations at its fertilizer plant in Kota with immediate effect to comply with the central government's order of a complete lockdown due to the coronavirus outbreak. Shares of the company were up 4.7% at ₹205 on the BSE.
The government will pay provident fund for both the employer and employee, 12% each, for the next three months. This will apply to those organisations that have up to 100 employees, 90% of which earn less than ₹15,000 per month, finance minister Nirmala Sitharaman said.
Five crore families will benefit from hike in wages under the Mahatma Gandhi National Rural Employment Gurantee Act (MNREGA), finance minister Nirmala Sitharaman said. The wage has been hiked to ₹202 from ₹182 per person.
The government will distribute additional five kilogram of wheat or rice for three months to 80 crore people under the Pradhan Mantri Anna Yojana. It will also provide one kilogram of pulses for free for three months to every household under the scheme, Nirmala Sitharaman said.
The government will provide insurance cover of ₹50 lakh per person--doctors, nurses, para-medical staff--to those who are working on the frontlines amid the coronavirus pandemic, Nirmala Sitharaman said.
The government announced a package for those--migrant workers, women, widows, specially abled, poor people and senior citizens--who need immediate help amid complete lockdown imposed by the government in the wake of the coronavirus outbreak, Nirmala Sitharaman said.
Apollo Hospitals Enterprise has received approval from Indian Council of Medical Research (ICMR) to start coronavirus testing. The hospital chain will launch testing services for patients from Friday and will open isolation rooms in five cities starting Saturday.
Suzuki Motor Gujarat, which manufactures cars on a contract basis for Maruti Suzuki India, has extended the suspension of its operations till 14 April as per the government's order of a complete lockdown to contain the spread of coronavirus. Shares of Maruti Suzuki were flat at 5,008.10 on the BSE.
The company said its board has approved an interim dividend of 10 paise per equity share on 19.3 crore equity shares of Re 1 each for the financial year ending 31 March. The dividend will be distributed to shareholders of the company within 30 days of the declaration.
Asian markets mostly rose Thursday as investors breathed a sigh of relief that US senators have finally passed a gargantuan stimulus package for the world's top economy after being delayed by wrangling over details. The unprecedented $2 trillion plan--described by Senate Majority Leader Mitch McConnell as a "wartime level of investment"-- helped spur a surge across global equities as panicked traders worried about the impact of the coronavirus sweeping the planet. (AFP)
The government may announce economic stimulus package today to combat the damage that may entail the coronavirus pandemic, television news channel CNBC-TV18 quoted sources as saying. Finance minister Nirmal Sitharaman will hold a press conference at 1 pm to announce relief measures for the economy.
Coffee Day Enterprises said all outlets and offices of its subsidiary and cafe chain Cafe Coffee Day have been closed due to complete nationwide lockdown declared by the government in the wake of the coronavirus outbreak.
Caplin Steriles, a wholly-owned subsidiary of Caplin Point Laboratories, has got an approval from the US Food and Drug Administration (FDA) for its Verapamil Hydrochloride injection, according to a filing on the stock exchanges.
The group is working with two large public-sector banks and an existing manufacturer of ventilators to step up supply to the government to treat patients of coronavirus.
The number of confirmed cases in India has risen to 649, of which active patients are 593. 42 have been cured so far, while the virus has left 13 dead, according to data from the health ministry.
The tyre maker said its board has approved increasing its stake in Cavendish Industries, a subsidiary of the former, from 69% to 71.91% on a standalone basis. Shares of the company rose over 8% to ₹38.25 on the BSE.
Shares of IndusInd Bank rallied as much as 30% and was the top gainer on the Nifty 50 index. Bajaj Finserv, Axis Bank, Bajaj Auto and Bajaj Finance were the other top performers. Indian Oil Corporation, GAIL India, HCL Technologies, NTPC and ITC were the biggest laggards.
The Indian rupee trimmed some early losses and traded higher by 40 paise at 75.53 against the US dollar. It had closed at 75.88 per dollar on Wednesday.
Indian equity market opened in the green, extending gains from Wednesday's close. The benchmark BSE Sensex rose a marginal 200.03 points, or 0.70% to 28,735.81 in opening deals, while the Nifty 50 index advanced 41.80 points, or 0.50%, to 8,359.65. IndusInd Bank and Sun Pharma were the top gainers.
The US Senate has passed a stimulus package worth $2 trillion to mitigate the economic damage likely to be caused by the coronavirus pandemic.
The Indian rupee opened marginally higher at 75.87 against the US dollar compared with Wednesday's close of 75.88.
JSW Steel has decided to scale down or suspend production at all its manufacturing locations to prevent the spread of coronavirus. NTPC, Cummins India, Blue Star, Yes Bank and LT Foods are the other stocks that may be under the spotlight.
Key indices in Asia were mixed, with Japan's Nikkei 225 index slumping 3.8%, while Kospi index in Korea gaining 0.9%. Hang Seng index in Hong Kong was down 0.4% in early deals. SGX Nifty, which indicates the movement for Indian equities, was largely unchanged at 8,367 points in the morning trade.
The Dow Jones Industrial Average rose 2.39% to end at 21,200.55 points, while the S&P 500 gained 1.15% to close Wednesday's session at 2,475.56. However, the Nasdaq Composite dropped 0.45% to 7,384.30, giving up its earlier gains. The S&P 500 remains down about 27% from its February record high, a loss of more than $7 trillion in stock market value.
Benchmark Wall Street indices rallied for a second straight session on Wednesday as the US Senate neared a vote on a $2 trillion package to support businesses and households devastated by the coronavirus pandemic. The White House and Senate struck a historic deal on a Bill worth $2 trillion to combat the economic damage caused by the rapidly-spreading coronavirus.