Stock market LIVE Updates: Sensex up 570 points, Nifty opens above 7,500 level; RIL, Cipla, Tech Mahindra among major gainers
Stock market LIVE Updates: The equity benchmark indices maintained its afternoon rally and closed int he green for the straight second day on Wednesday amid hopes of financial stimulus package in the wake of coronavirus outbreak.
Sensex zoomed 1861.75 points or 6.98 percent to 28,535.78 while Nifty jumped 516.80 points or 6.62 percent to 8,317.85 at close on Wednesday.
Reliance Industries was the top gainer surging nearly 15 percent.
Kotak Mahindra, Maruti, HDFC Bank, HDFC, and Titan were the other major gainers in the Sensex pack.
Bull run on Dalal Street is going on as Sensex soared 2114.52 points or 7.93 percent to 28,788.55 while Nifty jumped 562.30 points or 7.21 percent to 8,363.35 at around 2.30 PM.
Reliance Industries surged over 21 percent while Kotak Mahindra Bank zoomed nearly 14 percent in the afternoon session.
Sensex zoomed 1635.37 points or 6.13 points to 28,309.40 while Nifty was up jumped 458.05 points 5.87 percent to 8,259.10 at around 1.30 PM.
The markets rally is due to the expectations of stimulus package from the government amid concerns over an economic crisis in the wake of coronavirus outbreak.
Axis Bank jumped nearly 15 percent while Reliance Industries surged over 10 percent in the afternoon trade. Other major gainers in the Sensex pack included Kotak Mahindra Bank, ICICI Bank, Maruti, HDFC, Ultra Cement, HDFC and Mahindra and Mahindra.
There is a possibility of a stimulus package from the government which the market is expecting, said Sumeet Bagadia Tehnical Head, Choice Broking, after the announcement of a 21-day lockout by Prime Minister Narendra Modi on Tuesday.
Another possibility, he said, was a rate cut from the Reserve Bank of India (RBI) after Finance Minister Nirmala Sitharaman announced several relief measures relating to statutory and regulatory compliance matters across sectors.
"This is why I presume there is a rally. Hence market are moving up. Whether Stocks, Nifty, all are being oversold. Any investment would be a value buy for stocks. Hence, markets can go up and get support. If, after the lockdown, there is a reduction in fresh coronavirus cases, that would be a positive sign for the market," he said.
Shares of Yes Bank dropped 14.41 percent on Wednesday afternoon even as ICRA upgraded its commercial papers and placed them on rating watch with developing implications.
ICRA said the ratings upgrade factors in removal of the moratorium from 18 March which was earlier imposed on Yes Bank Ltd (YBL) by the Central government, thereby restricting payments to its depositors and creditors.
The government has also approved the reconstruction scheme for the bank, based on which YBL has received equity of Rs 10,000 crore from State Bank of India (SBI) which is now holding 48.2 percent stake and other domestic financial institutions.
Apart from the equity infusion, YBL's board has also been reconstituted with a new Managing Director and CEO from SBI.
Sensex zoomed 1116.56 points or 4.19 percent to 27,790.59 while Nifty jumped 307 points or 3.94 percent to 8,108.05 at around 12.58 PM.
Axis Bank jumped over 10 percent while Reliance Industries surged over 9 percent in the afternoon trade.
Other top gainers in the Sensex pack included Axis Bank, HDFC, Bharti Airtel, Kotak Bank, Ultra Cement, HDFC Bank, HUL and Nestle India.
IndusInd Bank was the major loser followed by ITC, ONGC and L&T.
Sensex soared 829.73 points or 3.11 percent to 27,503.76 while Nifty jumped 235.10 points or 3.01 percent to 8,036.15 at around 12.45 PM.
Axis Bank and Reliance Industries surged over 8 percent in the afternoon trade. Other major gainers in the Sensex pack included Axis Bank, Kotak Bank, Nestle India, Ultra Cement and Bharti Airtel.
Crude oil prices on Wednesday rose 5.5 per cent to Rs 1,976 per barrel as participants widened their positions tracking a positive trend overseas.
On the Multi Commodity Exchange, crude oil for delivery in April traded higher by Rs 103, or 5.5 percent, to Rs 1,976 per barrel in 27,659 lots.
Crude oil for May delivery was up by Rs 105, or 5.04 percent, to Rs 2,187 per barrel with an open interest of 351 lots.
Sensex surged 545.15 points or 2.04 percent to 27,219.18 while Nifty jumped 153.95 points or 1.97 percent to 7,955 at around 12.30 PM.
Reliance Industries and Maruti surged over 8 percent in the afternoon trade. Other major gainers in the Sensex pack included Axis Bank, Kotak Bank, Nestle India, Ultra Cement and Bharti Airtel.
The Events and Entertainment Management Association has sent out an SOS signal to the government seeking urgent intervention as the industry that employs 60 million people has comes to a standstill following the national lockdown.
The association claims that of the 60 million staff, 10 million have been directly impacted, and their livelihood is at risk as all major national events are postponed or cancelled due to the COVID-19 pandemic.
Losses for the first two months are already over Rs 3,000 crore, the association said.
Sensex soared 371.49 points or 1.39 percent to 27,045.52 while Nifty also jumped 104.45 points or 1.34 percent to 7,905.50 at around 11.50 AM.
Maruti and Reliance Industries were the top gainers in the Sensex pack surging over 8 percent followed by Axis Bank, Kotak Bank, Nestle India, Ultra Cement and Bharti Airtel.
Staging a sharp recovery in the late morning trading, Sensex soared 270.22 points or 1.01 percent to 26,944.25 while Nifty was also 76.70 points or 0.98 percent at 7,877.75 at around 11.30 AM.
Reliance Industries and Maruti surged over 8 percent in the late morning trade. Axis Bank, Kotak Bank, Nestle India, Ultra Cement and Bharti Airtel were among the top gainers in the Sensex pack.
Sensex rose 136.55 points or 0.51 percent to 26,810.58 while Nifty was also up 51.70 points or 0.66 percent to 7,852.75 at 10.40 AM.
Benchmark indices erased most of the early gains with the broader Nifty was holding above 7,700-mark.
The Sensex fell 191.60 points ot 0.72 percent to 26,482.43 and the Nifty was down 49.40 points or 0.63 percent to 7,751.65 at 10 AM.
As many as 435 shares have advanced, 699 shares declined, and 63 shares are unchanged.
Sensex up 570 points, Nifty opens above 7,500 level; RIL, Cipla, Tech Mahindra among major gainers
Asian shares extended their rally on Wednesday in the wake of Wall Street’s big gains as US Congress appeared closer to passing a $2 trillion stimulus package to curb the coronavirus pandemic’s economic toll.
MSCI’s broadest index of Asia-Pacific shares outside Japan rose 1.3 percent with Australian shares rising 4.5 percent and South Korean shares gaining 4.0 percent. Japan’s Nikkei added 2.0 percent.
“Japanese shares have been bolstered by aggressive buying from the Bank of Japan and pension money this week. That has prompted hedge funds to cover their short positions,” said Norihiro Fujito, chief investment strategist at Mitsubishi UFJ Morgan Stanley Securities.
On Tuesday, MSCI’s gauge of stocks across the globe gained 8.39 percent, the largest single-day gain since the wild swings seen during the height of the global financial crisis in October 2008.
Investors look at computer screens showing stock information at a brokerage house in Shanghai, China. File Photo: Reuters
US stock futures were down 0.5 percent in early Asian trade.
Senior Democrats and Republicans in the divided US Congress said on Tuesday they were close to a deal on a $2 trillion stimulus package to limit the coronavirus pandemic’s economic toll. But it was unclear when they would be ready to vote on a bill.
Investor fears about a sharp economic downturn are easing after the US Federal Reserve’s offer of unlimited bond-buying and programs to buy corporate debt.
In the currency market, the dollar has slipped as a greenback liquidity crunch loosened slightly.
The euro traded at $1.0798 after four straight days of gains.
The dollar stayed firmer against the yen due to dollar demands at the March 31 end of the Japanese financial, trading at 111.33 yen, near a one-month high of 111.715 touched the previous day.
Gold soared almost 5 percent, its biggest gains since 2008, on Tuesday and last stood at $1,633, in part helped by concerns lockdowns in major producer South Africa could disrupt supply.
Still, the course of the market is still largely dependent on how much countries can slow the pandemic and how quickly they can lift various curbs on economic activity.
Confirmed cases are now topping 400,000 globally with New York City suffering another quick and brutal rise in the number of infections to around 15,000.
Oil prices steadied as hopes for US stimulus offset fears from falling global demand.
India, the world’s third largest oil consumer, ordered its 1.3 billion residents to stay home for three weeks, the latest big fuel user to announce restrictions on social movement, which have destroyed demand for gasoline and jet fuel worldwide.
The market remained pressured by a flood of supply after Saudi Arabia started a price war earlier this month, a move that dealt a crushing blow to markets already reeling from the epidemic.
US crude futures rose 1.8 percent to $24.45 per barrel.