Stock Markets LATEST Updates: Markets rebound, end in green; Infosys, Adani Ports, HUL among major gainers

Nirmala Sitharaman’s announcements ‘positive’

Vinay Pandit, Head Institutional Equities, IndiaNivesh said:  Relaxation on TDS and GST for all companies is a positive development for the market. It is effective funding at 0.75% per month which will aid cash flows and give breathing space to MSME, small cap and mid cap companies to manage their cash flows better.

                                         
Relaxation of board meetings by 60 days for next two quarters is effectively giving relaxation to corporates to gradually work towards audited results. However, instead of this, would have preferred to allow online / web based participation of directors for board meetings rather than requiring the physical presence for all board meetings, said Pandit.

‘Reliefs for taxpayer need of the hour’

Kapil Rana, Chairman and founder, HostBooks Limited says: " Relaxation of Aadhaar-PAN linkage is the need of the hour and it’s a good decision by Finance Minister Nirmala Sitharam amidst pandemic Covid-19.  These reliefs to the taxpayer by extending various deadlines especially to link AADHAAR-PAN from 31.03.2020 to 30.06.2020 will creates a positive bonding between taxpayer and government."

Extension of deadlines may not be enough if coronavirus cases continue

Abhishek Rastogi. Partner, Khaitan & Co, said, though extension of various deadlines and reduced interest in few cases both for the direct and indirect taxes is a very welcome move for industry as of now, it may not be enough in case the situation worsens in the days ahead.

“The government will have to proactively think about other measures as well so that appropriate timely benefit is passed on to businesses”, said Rastogi.

‘Tax-filing extension a relief in difficult circumstances’

Archit Gupta, Founder and CEO, ClearTax said the various filing extensions and relief in compliance is essential for businesses to tide over these difficult circumstances.

Businesses must also use this time to explore ways to become more and more tech focussed. They must now move compliance completely digitally, use cloud based services, and build strong controls and systems so teams can work digitally and remotely, Gupta said.

“The situation may not improve in the near future. Hopefully, the economic package in the works will help businesses recoup from fall in revenues, which is very much likely in the coming quarter”, Gupta said.

Customs clearance to operate 24×7 up to 30 June 30: Finance minister

Customs clearance will operate 24 x 7 upto june 30, 2020 to help exporters & importers: FM pic.twitter.com/PAcY5nWYPH

— CNBC-TV18 (@CNBCTV18Live) March 24, 2020

‘Extension of Vivad se Vishwas scheme welcome’

Daksha Baxi, Partner, Cyril Amarchand Mangaldas said the extension of date for availing of vivad se vishwas scheme without additional payment of 10 percent is a ‘welcome and opportune step’.

“This will make it possible for taxpayers to assess their litigation position better and take advantage of this scheme where appropriate. It would have helped if the dates for TDS payment and compliances were also postponed,” Baxi said.

Closely monitoring volatility in stock market, in contact with regulators: Sitharaman

Closely monitoring volatility in stock market, in contact with regulators three times a day: FM pic.twitter.com/IaJLXGN1hh

— CNBC-TV18 (@CNBCTV18Live) March 24, 2020

Waiver for minimum balance is only 3 months, reiterates FM

At moment it is only 3 months for minimum balance required for account holders.

Regarding monthly EMIs, the banks will give you details, says Sitharaman.

Nirmala Sitharaman’s announcements fail to cheer market

Sensex gave up the gains and lost about 700 points and was trading 529.28 points or 2.04 percent higher at 26,510.52 as Finance Minister Nirmala Sitharaman announced various relaxation measures for the industry.
 

The broader Nifty also lost about 200 points and was trading 142.15 points or 1.87 percent up at 7,752.40.

Ministry, SEBI, RBI monitoring market trading: FM

All the regulators, the RBI and the Ministry of FInance, are working together to monitor the developments and the volatility in the stock market.

SEBI has come up with some set of guidelines and has stated its position due to volatility so that there is no greater instability in the market.

We are in contact in the morning, afternoon and evening regarding the market.

No charge for next 3 months to withdraw cash from any ATM: Nirmala Sitharaman

Debit card holders who withdraw cash from any bank ATM can do it free of charge for next 3 months: @FinMinIndia pic.twitter.com/MCz4vJ6M1i

— CNBC-TV18 (@CNBCTV18Live) March 24, 2020

Economic package is being worked out: Nirmala Sitharaman

The Prime Minister is closely monitoring the stiuation.

There is a multi-layered composition of task force — a group of industry leaders forming a sub group,  a group of MPs, a group of academics, a group of MPs–several such sub-groups are giving us inputs.

Finance Ministry is working intensely with the various sub-groups. Economic package is being worked out. We will announce that soon.

We are making these announcements to ease the burden of tax-related issues.

At 8 PM today, the Prime Minister will address a press conference.

There is a comprehensive looking into is happening with regard to the economy.

Benchmark indices extend gains

Benchmark indices extended the gains and trading near the day’s high level after Finance Minister Nirmala Sitharaman announced the economic package will be announced sooner.

The Sensex is up 1,104.43 points or 4.25% at 27085.67, and the Nifty up 306.40 points or 4.03% at 7916.65. About 939 shares have advanced, 1167 shares declined, and 112 shares are unchanged.

Delay of up to 1 month in arrival of consignment for fisheries to be overlooked: Finance Minister

FM: Delay of upto 1 month in arrival of consignment for fisheries will be overlooked: FM pic.twitter.com/FoiasgkuWB

— CNBC-TV18 (@CNBCTV18Live) March 24, 2020

Digital trade transactions

Bank charges to be reduced for digital trade transactions for all trade finance consumers.

For all practical purpose, the principle to be adopted by commerce departments will be: Extension of timeline from proceedural, eligibility point of view but no extension or modification of scheme guidelines. 

Details to follow, says Sitharaman

Debit-card holders can withdraw money from any bank ATM free for 3 months, says Sitharaman

Debit card holders who withdraw cash from any bank ATM can do it free of charge for next 3 months

No minimum balance requirement fee for account holders.

Compliance-related to aquaculture

All SIPs for import of shrimp brute stock and other aqua culture inputs which were to expire on 1-March and 15 April 2020 are being extended for three months.

Delay up to one month of arrival of shipments to be condoned. It wont be considered as delay. “We shall overlook the delay,” said Sitharaman.

Rebooking of quarantine cubicle for cancelled consignment in aquatic quarantine faciilities in Chennai will be allowed without additional charges

Verification of documents and grants of NOC for quarantine will be relaxed from 7 days to 3 days.

Threshold of default under IBC to be raised to Rs 1 cr: Sitharaman

Threshold for default under IBC currently Rs 1 lakh. We are raising threshold of default to Rs 1 cr to prevent triggering of #IBC for MSMEs: Finance Minister #CoronavirusCrisis pic.twitter.com/KhFabrgPoc

— CNBC-TV18 (@CNBCTV18Live) March 24, 2020

IBC Section 7, 9, 10 may be relaxed

Threshold for default is Rs 1 lakh. From that existing threshold, it is being raised to Rs 1 crore to prevent triggering of insolvency cases against SMEs.

“We will watch the situation and if it improves, there is no worry. But if it continues to be like now, beyond 30 April, 2020, then we may consider suspending Section 7, Section 9 and Section 10 of the IBC for a period of six months.,” said Sitharaman.

GST returns, composition returns date extended till 30 June: Finance minister

Last date for filing March, April, May GST Returns & Composition Returns extended till June 30, 2020: Finance Minister #coronavirus pic.twitter.com/T8wQPOINth

— CNBC-TV18 (@CNBCTV18Live) March 24, 2020

Relaxation for company’s provisions

For newly incorporated companies, there had to make a declaration about the company. within six month. Now, there is an additional month of 6 months given to make the declaration.

If there is a company director in each company, who does not comply with the minimum residency in India which is 182 days at present, under Section 149 it was treated as a violation. It wont be treated as a 

This requirement is being allowed to be complied with by 30 June, 2020–deadline for requiring a 20 percent deposit reserve has been shifted to 30 June, 2020.

There is a requirement now for investing 15 percent of debentures maturing during a speicfic year in specified instrument before 30 April, 2020. It can now be done till 30 June, 2020

No additional 10% charge on Vivaad Se Vishwas scheme till 30 June: Sitharaman

No additional 10% charge on #VivaadSeVishwas scheme till June 30, 2020: FM #NirmalaSitharaman pic.twitter.com/bZAPrQsa4K

— CNBC-TV18 (@CNBCTV18Live) March 24, 2020

Relaxation of dates for Board meetings 

In respect of MCA 21 registry, there is a moratarioum issued from 1 April onward till 30 September 2020–there is no additional fees for late filing. 

There is a mandatory rule for holding board meetings. Now, there is a relaxation of a period of 60 days till the next two quarters.

Applicability of company’s orders 2020 shall be made applicable financial year 2020-21 instead of 2019-20. Company’s auditors orders which was to come into force in 2019-20 will be now effective from the year 2020-21.

For year 2019-20, independent directors of company have not been able to hold even one meeting it wont be seen as a violation

Aadhaar-PAN linking date to be extended to 30 June: Finance Minister

Vivaad Se Vishwas scheme extended to June 30, 2020: Finance Minister @nsitharaman #coronavirus pic.twitter.com/Da8oqQNoHF

— CNBC-TV18 (@CNBCTV18Live) March 24, 2020

Customs to work as an essential duty

During this period as at present when there is lockdown, we do not want to put any importer-exporter to be in difficulty. Custom clearance till 30 June 2020 will operate 24×7

Customs and central-excise announcement

Sabka Vishwas scheme had a last date of 31 March, 2020. Sabka Vishwas for settling disputes in indirect tax regime. That was concluded in January and then extended till 31 March, 2020. Now it is extended to 30 June, 2020. 

During this period, people who are paying will have no interest to be paid

No move to impose financial emergency, says govt 

Government says no move to impose financial emergency as was claimed by some reports#coronavirusindia pic.twitter.com/TfLVE57shT

— CNBC-TV18 (@CNBCTV18Live) March 24, 2020

GST-related relief announcements

Last date for filing March-April-May 2020 GST returns and also composition returns are extended to 30 June, 2002

In case of GST, because of earlier given staggering dates given which will be applicable.

Particularly, for companies which have less than Rs 5 cr turnover, no interest, no late fee and no penalty charged

For bigger companies, late fee and penalty will be levied and interest at reduced rate of 9 percent will be charged.

The date for opting for composition scheme is extended to 30 June, 2020

Extension for filings

Various other dates for notice filing is extended to 30 June 2020

Aadhaar PAN linking date extended to 30 June, 2020. Last date was earlier 31 March, 2020

Vivaad se Vishwaas scheme has been extended to 30 June, 2020. From now till 30 June, 2020, no 10 percent additional charge. Earlier 30 March, 2020, there was no additional charge. From 1 April, 2020 till June-end, there was additional 10 percent.

Income-tax related compliances 

Referring to the financial year 2018-19: the last date for Income Tax returns will be extended to 30 June, 2020

For delayed payments till 30 June for financial year 2018-19 interest rate is 9 percent.

No extension but on delayed deposit of TDS, reduced interest of 9 percent till 30 June 2020 against current 20 percent.

Economic package to be announced sooner rather than later: Nirmala Sitharaman

#Breaking | Economic package will be announced sooner rather than later: FM @nsitharaman #coronavirus pic.twitter.com/kHExCuSNgv

— CNBC-TV18 (@CNBCTV18Live) March 24, 2020

Ecomomic package to be announced soon: Nirmala Sitharaman

Finance Minister Nirmala Sitharaman said that an economic package will be announced soon. 

She also appealed to people to remain safe.

Finance Minister states the agenda

Compliance related to income tax matters, compliance and deadlines related to GST, customs and central excise-related; compliance and regulations under MCA; announcement on IBC-related matters; fisheries compliances; bank-related matters; commerce-related compliance

Finance Minister Nirmala Sitharaman speaks

The lockdown is done with intention of flattening the curve for coronovirus. I thank you all for joining us. Work is going on and we are very close to coming out with an economic package that will be announced sooner or later.

Finance Minister Nirmala Sitharaman’s press conference begins

Finance Minister Nirmala Sitharaman’s press conference begins.

Finance Minister Nirmala Sitharaman’s press conference begins

Finance Minister Nirmala Sitharaman’s press conference begins.

ANMI requests SEBI to shut down stock exchanges

Association of National Exchanges Members of India (ANMI) on 23 March  requested capital market regulator SEBI to shut down stock exchanges exchanges if state governments do not declare broking and depository operations as essential services.

Earlier, ANMI had requested SEBI to issue advisory to State Governments to include ‘stock broking and depository services’ as essential services and inform all state governments to issue necessary guidelines to that effect.

ANMI members and their staff are facing huge problems to reach their head office to operationalize their central server, back-office functions, risk management, and depository services to meet the requirements of their clients and compliance of Exchanges/ SEBI, said ANMI.

European indices open sharply higher, in-line with global peers

#CNBCTV18Market | European indices open sharply higher, in-line with global peers#CoronavirusOutbreak #CoronavirusPanemic pic.twitter.com/LzNZtBNoe0

— CNBC-TV18 (@CNBCTV18Live) March 24, 2020

Nifty above 7,900-level

#CNBCTV18Market | Market extends gains, #Nifty back above 7900, #Sensex above 27,000 pic.twitter.com/xN75qKMuqL

— CNBC-TV18 (@CNBCTV18Live) March 24, 2020

Sensex above 27,000-mark, Nifty regains 7,900-level

#CNBCTV18Market | Market extends gains, #Nifty back above 7900, #Sensex above 27,000 pic.twitter.com/xN75qKMuqL

— CNBC-TV18 (@CNBCTV18Live) March 24, 2020

Indices extend gains as Nirmala Sitharaman may announce fiscal package

Equity bench mark indices extended the gains in the afternoon trade after Union Finance Minister said that the government was preparing preparing an economic package to tide over the crisis created by coronavirus pandemic.

Sensex surged 1080.54 or 4.16 percent to 27,061.78 at around 1.30 PM while the broader Nifty also zoomed 299.55 points or 3.94% percent to 7,909.80.

HUL share price jumps 8% after acquiring VWash brand from Glenmark

The share price of FMCG major Hindustan Unilever Ltd (HUL) jumped by over 8 percent on Tuesday afternoon after the company signed an agreement with Glenmark Pharmaceuticals to acquire its intimate hygiene brand VWash.

“The deal includes the acquisition of intellectual property rights including trademarks, design and know-how related to the VWash brand,” HUL said in a statement.

The consideration has been split into two parts involving an upfront cash payment upon closing of the deal and a deferred consideration over the next three years, it said.

Sumant Kathpalia takes over as IndusInd Bank MD and CEO, stock tanks 30%

Private sector lender IndusInd Bank has said that newly-appointed managing director and chief executive officer Sumant Kathpalia will take charge from Tuesday for three years.

He will succeed Romesh Sobti whose tenure ended a day earlier.

Kathpalia is a career banker with over three decades of experience in large multi-national banks like Citibank, Bank of America and ABN AMRO, including his stint as head of consumer banking at IndusInd Bank.

Preparing economic package to overcome crisis: Nirmala Sitharaman

Union Finance Minister Nirmala Sitharaman has said that the government is preparing an economic package to tide over the crisis created by coronavirus pandemic. 

“We are readying an economic package to help us through the corona lockdown and will be announced soon,” Sitharaman said in a tweet.

Even as we are readying an economic package to help us through the Corona lockdown (on priority, to be announced soon) I will address the media at 2pm today, specifically on statutory and regulatory compliance matters. Via video conference. @FinMinIndia @PIB_India @ANI @PTI_News

— Nirmala Sitharaman (@nsitharaman) March 24, 2020

Sensex zooms over 800 points, Nifty above 7,800-mark in afternoon trade

Sensex zoomed 877.65 points or 3.38 percent to 26,858.89 while Nifty jumped 248.10 points or 3.26 percent to 7,858.35  in the afternoon trade on Tuesday.

Infosys rallied 10 percent after the US Securities and Exchanges Commission (SEC) gave a clean chit to the IT major in a whistleblower case.

Hero Cycles allocates Rs 100-cr contingency fund to mitigate impact of COVID-19

With the COVID-19 outbreak expected to unleash a long-term economic consequences, Hero Cycles on Tuesday said it is setting aside Rs 100 crore as a contingency fund to address and mitigate its impact on partners and the community at large.

The contingency fund will be put to use as and when required to mitigate the impact of Covid-19 situation on employees, suppliers, customers and communities across India, it said in a statement.

Finance Minister Nirmala Sitharaman to address media at 2 pm today

Finance Minister @nsitharaman will address the media at 2 pm today, specifically on statutory and regulatory compliance matters pic.twitter.com/CZ25NNoVtJ

— CNBC-TV18 (@CNBCTV18Live) March 24, 2020

Experts urge Indian firms to avoid layoffs, pay cuts for faster recovery

With the coronavirus pandemic threatening a sharp economic slowdown, experts are suggesting companies to adopt a humane approach in rationalising their expenses without going for across-the-board pay cuts or freezing of hikes to ensure a faster recovery from the slump.

While contract employees in many sectors, especially those in the manufacturing space, are already losing their daily wages due to a lockdown of plants and various other commercial establishments, several companies are said to be planning pay cuts or at least freezing of hikes due from the next month.

However, experts are of the view that it is the time for India Inc to send across a long-lasting message and it is their duty to provide a sense of security to their workforce by retaining their existing staff members and that can be achieved as any fresh hiring is anyway unlikely to happen at the time.

IMF warns coronavirus recession could be worse than 2009 financial crisis

The world economy is facing “severe” economic damage from the coronavirus pandemic that could be even more costly than in 2009 and will require an unprecedented response, International Monetary Fund (IMF) chief Kristalina Georgieva said on Monday.

In comments to finance ministers from the Group of 20 nations, Georgieva called on advanced economies to provide more support to low-income countries, and the IMF stands “ready to deploy all our $1 trillion lending capacity.”

As much of the world faces mass shutdowns, Georgieva warned the outlook for global growth in 2020 “is negative — a recession at least as bad as during the global financial crisis or worse.”

Narendra Modi asks finance minister, NITI Aayog to work out economic relief plan: Report

Govt sources say PM asks @FinMinIndia , @NITIAayog to work out economic relief plan. Economic relief likely for daily wagers, corporates & employees pic.twitter.com/sUfbFU842c

— CNBC-TV18 (@CNBCTV18Live) March 24, 2020

States requested to exempt stock market entities from purview of lockdown

Cabinet Secretary Rajiv Gauba has written to the state secretaries, asking them to keep stock markets and essential staff related to them in exempt category and they should be allowed to commute smoothly.

Stock markets are critical for the economy and as such its various constituents are important financial market institutions, he said in a letter to the state secretaries.

Cabinet Secretary requests states to exempt Stock Market entities from the purview of the lockdown pic.twitter.com/6gW7Jvs5gB

— CNBC-TV18 (@CNBCTV18Live) March 24, 2020

IndusInd Bank turns positive, gains 45% from lows

#CNBCTV18Market | IndusInd Bank turns positive, gains 45% from lows pic.twitter.com/wzxkcVAVfs

— CNBC-TV18 (@CNBCTV18Live) March 24, 2020

Surveys show coronavirus pandemic savaging global economy

Evidence of the devastation wreaked on the global economy by the coronavirus pandemic mounted on Tuesday as activity surveys for March from Australia and Japan showed record falls, with surveys in Europe and the United States expected to be just as dire.

Purchasing Managers’ Index (PMI) surveys from Japan showed the services sector shrinking at its fastest pace on record this month and factory activity contracting at its quickest in a decade.

In Australia, the CBA Services PMI fell to a record low of 39.8 as restaurants, cafes and tourism were hit hard by travel bans and cancellations of events and concerts.

Oil prices climb as US ramps up economic support measures

Oil prices rose on Tuesday on hopes that the United States will reach a deal soon on a $2 trillion coronavirus aid package which could blunt the economic impact of the outbreak and in turn support oil demand.

Brent crude oil futures for May delivery rose by 62 cents, or 2.3 percent, to $27.65 a barrel while West Texas Intermediate (WTI) crude futures gained 76 cents, or 3.3 percent, to $24.12. Both price benchmarks had risen over $1 earlier before pulling back slightly.

COVID-19 a global economic tsunami, millions of job losses likely: Moody’s

Coronavirus pandemic has created a worldwide economic tsunami and the global economy is engulfed in a serious downturn, according to Moody’s Analytics.

The virus has caused significant parts of the Asian and now European and US economies to all but shut down, it said. 

“More financial pain is quickly coming as layoffs mount, businesses curtail investment and retirement nest eggs evaporate,” said Mark Zandi, Chief Economist at Moody’s Analytics.

Sensex gains more than 1,000 points from lows

#CNBCTV18Market | Sensex gains more than 1,000 points from lows pic.twitter.com/eXIW2k0BQG

— CNBC-TV18 (@CNBCTV18Live) March 24, 2020

Infosys gets clean chit from SEC in whistleblower case

The US Securities and Exchanges Commission (SEC) has given clean chit to IT major Infosys in the whistleblower case.

“The Company received notification from the SEC that the SEC has concluded its investigation and the company does not anticipate any further action by the SEC on this matter,” Infosys said in a filing to the BSE on Tuesday.

Market stages major recovery, Nifty up more than 200 points from lows

#CNBCTV8Market | Market stages major recovery, #Nifty up more than 200 points from lows pic.twitter.com/VHgAOn20Yq

— CNBC-TV18 (@CNBCTV18Live) March 24, 2020

Sensex soars over 500 points, Nifty above 7,700-mark

Sensex soared 562.07 points or 2.16 percent to 26,543.31 while the broader Nifty jumped 140.95 points or 1.85 percent to 7,751.20 at around 11.30 AM.

Infosys top gainer at 6.65%

Infosys is the top gainer in the Sensex pack at 6.65 percent. 

Other gainers included HUL, Tech Mahindra, Sun Pharma, Asian Paints, Reliance Industries, TCS, ONGC, HCL Tech and NTPC.

Nifty touches new low

Nifty has touched a new low and sustained below the previous support level which suggest weakness in the counter, says Ajay Kejriwal, (President), Choice Broking..

On an hourly chart, the price has shifted below the Hourly Moving Average which signifies southward movement in coming trading session.

Based on the above technical structure, we are expecting a downside movement up to the level of 7400 with the resistance 8000, said Choice Broking in its morning report

IndusInd slips to 8-year low

#CNBCTV18Market | IndusInd Bank slips to an 8-year low pic.twitter.com/Xj00GDWnIo

— CNBC-TV18 (@CNBCTV18Live) March 24, 2020

Govt asks banks to provide liquidity support to corporates

The government has asked all state-owned lenders to extend emergency credit lines to corporate borrowers, three government and banking sources said, as it rushes to tackle the fallout from the coronavirus outbreak that has grounded business across the globe, Reuters said.

Banks have been asked to make available an additional 10 percent in funds over and above sanctioned working capital loans, but not exceeding 2 billion rupees ($26.33 million) per loan account as part of the emergency measures, a senior government official, who did not want to be named, said.

State Bank of India (SBI), India’s largest lender, has already rolled out this emergency credit line and the other state-owned lenders are also expected to follow suit shortly, industry officials said.

HUL stocks surge 6%

#CNBCTV18Market | HUL 6% higher after company announces acquisition of 'VWash' from Glenmark pic.twitter.com/C7TMLPbxVq

— CNBC-TV18 (@CNBCTV18Live) March 24, 2020

Fed’s big move could help US Treasury liquidity

The Federal Reserve’s unparalleled steps to directly backstop the US economy and its willingness to purchase vast sums of US government debt, mortgage-backed securities and even corporate bonds could help boost depleted liquidity in the $17-trillion Treasury market.

But the disastrous impact of the runaway coronavirus on financial markets will continue to impair price-making in Treasuries even if the Fed buys the entire US debt market, analysts said, as bond investors fret about a steep economic downturn that is sure to come.   

Liquidity in Treasuries has thinned in recent weeks, leading to sharp price movements. The Fed began stepping in with a rate cut in early March, followed by increasingly drastic measures to bolster market conditions.

Asian stocks rally

Asian stocks rallied on Tuesday as the US Federal Reserve’s sweeping pledge to spend whatever it took to stabilise the financial system eased debt market pressures, even if it could not offset the immediate economic hit of the coronavirus.

While Wall Street seemed unimpressed, investors in Asia were encouraged enough to lift E-Mini futures for the S&P 500 ESc1 by 1.9 percent and Japan’s Nikkei .N225 by 4.9 percent.

MSCI’s broadest index of Asia-Pacific shares outside Japan .added 1.2 percent, though that followed a drop of almost 6% on Monday. South Korea and Australia also recouped a little of their recent losses.

In its latest drastic step, the Fed offered to buy unlimited amounts of assets to steady markets and expanded its mandate to corporate and muni bonds.

Fed to help stock markets

Fed pledges help to steady financial system

Shares were set to follow Asian peers higher on Tuesday after their worst single-day fall in history, as sentiment improved after the US Federal Reserve pledged to spend as much as needed to steady the financial system.

The Fed said on Monday it will back purchases of corporate bonds, backstop direct loans to companies and “soon” will roll out a program to get credit to small and medium-sized business. It also said it will expand its asset purchases by as much as needed to stabilize financial markets.

Sensex,Nifty erase most of its early gains

Benchmark indices erased most of its early gains but trading higher with Nifty above 7700.

The Sensex is up 369.34 points or 1.42 percent at 26350.58, and the Nifty up 108.40 points or 1.42 percent at 7718.65. About 559 shares have advanced, 696 shares declined, and 62 shares are unchanged.

Sensex, Nifty gives up initial gains

#CNBCTV18Market | Indices on Dalal Street give up gains seen in the initial minutes of trade, #Nifty Bank & Midcap index in the red now pic.twitter.com/kHA2HZWbfr

— CNBC-TV18 (@CNBCTV18Live) March 24, 2020

Rupee appreciates

#Rupee opens mildly higher against US dollar pic.twitter.com/X2EhAjSrNk

— CNBC-TV18 (@CNBCTV18Live) March 24, 2020

Sensex, Nifty open positive; Vedanta, Cipla among major gainers

Benchmark indices opened in positive territory on March 24 with Sensex added more than 1000 points.

At 09:17 hrs IST, the Sensex is up 1,212.60 points or 4.67 percent at 27193.84, and the Nifty up 353.85 points or 4.65 percent at 7964.10.

Bajaj Finserv, Vedanta, Cipla, HUL, Bajaj Finance, Adani Port, Adani Ports and RIL are among major gainers.

Markets open: Indices 

#CNBCTV18Market | Indian market begins Tuesday trade with major gains. #Nifty above 8000, #Sensex up 1,400 points pic.twitter.com/3ji7zQZWeQ

— CNBC-TV18 (@CNBCTV18Live) March 24, 2020