Bourses track Asian peers: Sensex rallies over 900 points, Nifty reclaims 9,000-mark; HDFC, Maruti among top gainers
After hitting a high of 30,847.10, the 30-share Sensex was trading 925.67 points or 3.10 per cent higher at 30,819.63.
The benchmark indices opened in green in the stock market today in line with broader Asia, as investors hoped that the coronavirus pandemic was nearing its peak and that governments would roll out more stimulus measures.
The Sensex soared over 900 points in opening trade on Thursday led by gains in financial, IT and FMCG stocks following rise global equities on hopes of the COVID-19 pandemic approaching its peak.
After hitting a high of 30,847.10, the 30-share BSE barometer was trading 925.67 points or 3.10 per cent higher at 30,819.63.
— CNBC-TV18 (@CNBCTV18Live) April 9, 2020
Similarly, the NSE Nifty was quoting 270.05 points, or 3.09 percent, up at 9,018.80.
HDFC was the top gainer in the Sensex pack, surging up to 5 percent, followed by Maruti, Bharti Airtel, Bajaj Finance, Tata Steel, Hero MotoCorp and ICICI Bank.
On the other hand, HUL was the sole laggard.
In the previous session, the BSE barometer closed 173.25 points or 0.58 percent lower at 29,893.96, and the Nifty settled 43.45 points, or 0.49 percent, down at 8,748.75.
Foreign institutional investors (FIIs) were net buyers in the capital market, as they bought equity shares worth Rs 1,943.41 crore on Wednesday, according to provisional exchange data.
Rupee opened 23 paise higher at 76.11 against US dollar.
— CNBC-TV18 (@CNBCTV18Live) April 9, 2020
According to experts, hopes of another financial stimulus hope before the end of the lockdown period buoyed investor sentiment in early session.
Further, slowing pace of fresh COVID-19 cases has also lent some momentum to global markets, they said, according to PTI.
MSCI’s broadest index of Asia-Pacific shares outside Japan was up 0.6 percent, following a strong Wall Street close
Brent crude futures, the global oil benchmark, rose 1.55 percent to $33.34 per barrel.
The death toll due to the novel coronavirus in India rose to 166 and the number of cases to 5,734, according to the Union Health Ministry.
Global tally of the infections has crossed 14.8 lakh, with over 88,000 deaths.
NSE gives more time to brokers for submission of reports
The National Stock Exchange (NSE) has relaxed compliance requirements for brokers to submit reports pertaining to client funding and net worth certificates in the wake of prevailing coronavirus pandemic.
However, the due date for submitting the quarterly report on incidence of cyber-attacks and threats will remain unchanged — 15 days after the end of the quarter, NSE said in a circular, according to a PTI report.
The exchange has given time till 30 April to brokers for submitting reports on client funding, artificial intelligence (AI) and machine learning (ML) applications and quarterly compliance certificate.
The due dates for submitting report on AI and ML applications and quarterly compliance certificate was April 15, while the same for client funding was April 7.
Further, NSE has extended time by one month, till 30 June, for submission of report on risk-based supervision, audit as well as net worth certificate for members for half year ending March, 2020. These reports were required to be submitted at the end of May.
Also, reports on system or cyber audit can now be submitted till 31 July. Earlier, it was required to be submitted by June 30.
Besides, the exchange has given relaxation of one month till 31 May for submitting compliance certificates on margin trading for half year ending March, 2020.
Asian shares up
Asian shares rose on Thursday on hopes the COVID-19 pandemic is nearing a peak and that governments would roll out more stimulus measures, while expectations of an oil production cut agreement bolstered crude prices.
MSCI’s broadest index of Asia-Pacific shares outside Japan was up 0.6 percent, following a strong Wall Street close, Reuters said.
Shares in China, where the novel coronavirus first emerged late last year, rose 0.54 percent. Australian shares were up 1.52 percent.
Oil prices extended gains on hopes major producers will cut output at a meeting later in the day in response to a collapse in global oil demand.
New York Governor Andrew Cuomo said the state’s efforts at social distancing were working in getting the virus under control in one of the biggest hot spots in the United States.
US President Donald Trump said he would like to reopen the US economy with a “big bang” but that the death toll from the coronavirus first needs to be heading down.
“There are signs that infections are peaking, which is leading to the change in market sentiment,” said Masayuki Kichikawa, chief macro strategist at Sumitomo Mitsui Asset Management Co in Tokyo.
“We still need to be very careful, because this is not purely an economic problem. It’s more like a natural disaster and, therefore, harder to predict.”
The S&P 500 gained 3.41 percent on Wednesday, helped by hopes the pandemic was nearing its peak. However, US stock futures gave up earlier gains to be down 0.27 percent.
The Trump administration has asked lawmakers for an additional $250 billion in aid for small US businesses.
--With inputs from agencies
While all sectoral indices ended in red, metal slid almost 5 percent. BSE midcap index shed over 1.5 percent while the BSE Smallcap index fell over 1 percent
BSE Midcap and Smallcap indices fell between 0.6 and 0.8 percent. India VIX ended marginally lower. Oil and gas, pharma and consumer durables fell over 2 percent.
BSE Midcap fell over 1 percent while BSE Smallcap declined almost 3 percent. India VIX slid to 22.41 levels. Metal slid almost 4 percent, while FMCG was the biggest gainer