Sensex rallies near 1,000 points, Nifty holds 9,800; Tata Motors soars 20%7 min read . Updated: 30 Apr 2020, 03:35 PM IST
- Nifty Metal, Auto end firm. Nifty Bank up over 2%
- BSE MidCap, BSE SmallCap gain 1-1.5%
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Indian equity market surged for the fourth straight session and ended the week on a positive note, primarily driven by auto and metal stocks that gained due to hopes of improvement in demand as major world economies started resuming business activities and lifting restrictions imposed in the wake of the coronavirus pandemic. Heavyweight Reliance Industries also contributed to today's rally, closing 2.6% higher.
This week Sensex has gained nearly 2,400 points, with the index advancing 997.46 points, or 3.1%, to close at 33,717.62, while Nifty 50 settled 306.55 points, or 3.2%, higher at 9,859.90. Markets are shut on 1 May (Friday) due to Maharashtra Day.
Tata Motors was the best Nifty performer today, with the stock climbing nearly 20%, followed by UPL, ONGC and Vedanta.
The fashion retail company has appointed chief executive officer (CEO) Vishnuprasad M as managing director of the company, effective 30 April till 19 December, 2021, subject to the approval of the shareholders. The stock advanced 4% to ₹155.80 on the BSE.
VE Commercial Vehicles, an Eicher Motors and Volvo Group joint venture, has received required government permissions to restart manufacturing operations in Madhya Pradesh. The company can restart operations with 25-30% workforce only.
The Indian rupee ended 57 paise higher at 75.10 against the US dollar, compared with Wednesday's close of 75.67.
The pharmaceutical company's board has approved the sale of 2.3 crore equity shares, or 49% stake, of Rs10 each fully paid‐up, of Windlas Healthcare to Windlas Biotech. Shares of Cadila Healthcare were down a marginal 0.5% at ₹324.90 on the BSE.
The French and Spanish economies plunged into record contractions and German unemployment climbed more than expected amid virus shutdowns that are pushing Europe into its deepest recession of the postwar era. France shrank 5.8%, the most since 1949 and Spain suffered a 5.2% drop in GDP. The figures highlight the dramatic effect of government-ordered shutdowns as just two weeks of closures and restrictions were sufficient to snuff out growth for the entire quarter. (Bloomberg)
The company has approved the proposal to buyback up to 3.1 million equity shares at a maximum price of ₹700 per share, for an aggregate amount of up to ₹220 crore. The stock traded 6.2% higher at ₹414.00 on the BSE.
The Reserve Bank of India (RBI) has extended regulatory benefits to all banks under its special liquidity facility (SLF) for mutual funds, till further notice. "Based on requests received from banks, it has now been decided that the regulatory benefits announced under the SLF-MF scheme will be extended to all banks, irrespective of whether they avail funding from the Reserve Bank or deploy their own resources under the above-mentioned scheme," RBI said.
Tata Motors, Hindalco, Hero MotoCorp, HCL Technologies and Vedanta were the top gainers on Nifty 50, while Sun Pharmaceutical, Hindustan Uniliver, Asian Paints, Cipla and BPCL fell the most.
The steel major has approved the allotment of unsecured redeemable non-convertible debentures worth ₹1,000 crore on private placement basis. The stock climbed 4.7% to ₹295.85 on the BSE.
Gold demand in India declined 36% in the January-March quarter of this year to 101.9 tonne due to volatile prices, economic uncertainties and coronavirus-induced nationwide lockdown towards the end of the quarter, according to a report. (PTI)
Oil advanced for a second day on signs that fuel consumption has started recovering in the world’s biggest economies, while global production cuts also begin to offset the demand destruction caused by the coronavirus outbreak. West Intermediate Texas (WTI) for June delivery rose 10% to $16.56 a barrel on the New York Mercantile Exchange as of 7:39 a.m. in London after jumping 22% on Wednesday. (Bloomberg)
Reliance Industries will see its fiscal 2020 March quarter earnings take a hit, especially those of its petrochem and retail business, but the profitability of its telecom venture--Reliance Jio Infocomm--will likely be the least hurt. As the company announces Q4 results later today, Jio's average revenue per user (ARPU) impact over the past quarter will be keenly watched.
The engineering procurement and construction company has partially resumed operations/despatches at all five factories in the country. Shares of the company rose 3.9% to ₹194.05 on the BSE.
Former Reserve Bank of India (RBI) governor Raghuram Rajan, in a conversation with Congress' Rahul Gandhi, on Thursday, said India needs to open up its economy in a measured way but as quickly as possible in order to save jobs. In a video conference, Rajan told Gandhi that the country also needs to spend ₹65,000 crore to support the poor--hit the hardest by the covid-19 pandemic-- and suggested empowering local bodies was key to ensuring good governance.
Shares of the Mukesh Ambani-led conglomerate surged 3.2% to ₹1471.20 on the BSE ahead of the release of the company's March quarter earnings.
Shares of Motherson Sumi Systems jumped 10.6% to ₹90.00 on. the BSE after global research firm Morgan Stanley maintained its overweight call on the stock with a target at ₹103 per share.
The pharmaceutical company said it has received approval from the Indian drug regulator, Drug Controller General of India (DCGI), to conduct clinical trials on Favipiravir Antiviral tablets on covid-19 patients. Shares of the firm advanced 4.9% to ₹346.00 on the BSE.
The Indian rupee opened 51 paise higher at 75.16 against the US dollar compared with Wednesday's close of 75.67.
India equities rose for the fourth straight day, tracking the rally in global markets, where investors pinned their hopes to a potential covid-19 treatment. At home, auto, metal and bank stocks drove the bechmark Sensex and Nifty higher. Tata Motors was the top performer at open, rallying more than 10%. While Sensex gained 651.07 points, or 2%, to 33,371.23, the Nifty 50 index firmed up 185.45 points, or 1.9%, to ₹9,738.80.
The pharmaceutical major has received Establishment Inspection Report (EIR) from the US Food and Drug Administration (USFDA) for its Pithampur Unit-1 facility. The plant was inspected during 3-11 February and was concluded with two observations. Shares of the company had ended up 3% at ₹880.00 on the BSE Wednesday.
Reliance Industries will announce it earnings for the quarter-ended March today. Hindustan Unilever, Wipro, Tata Motors, M&M Financial Services and Bharti Airtel may also be in focus.
Oil prices continued their bull run on Thursday after US data showed improving demand and stockpiles rising less than expected, in a boost for markets ravaged by the coronavirus pandemic. The US benchmark West Texas Intermediate (WTI) rose about 12% to $16.89 a barrel in Asian trade. Brent crude, the international marker, was up more than 10% at $24.91.
Google parent Alphabet Inc jumped 8.9% after the company reported steady advertising sales and a 13% year-on-year revenue increase. Facebook Inc rose about 8%, whiles shares of both Microsoft Corp and Tesla Inc gained nearly 2% in after-market trading following their earnings reports. (Reuters)
The Dow Jones Industrial Average rose 532.31 points, or 2.21%, to 24,633.86, the S&P 500 gained 76.12 points, or 2.66%, to 2,939.51 and the Nasdaq Composite added 306.98 points, or 3.57%, to 8,914.71.
Key Wall Street stocks surged on Wednesday due to hopes of an effective covid-19 treatment, helping investors shrug off bleak GDP data and words of warning from the US Federal Reserve Chair Jerome Powell. Big tech companies provided the biggest lift to the S&P 500 and the Nasdaq, and pushed all three major US stock averages closer to their all-time highs reached in February. The US Fed left key interest rates near zero at the conclusion of its two-day monetary policy meeting, with Powell warning that the country's economy will drop at an "unprecedented rate" in the current quarter.