Sensex, Nifty Updates: Benchmarks Sensex and Nifty closed majorly bullish on Tuesday, in line with global peers despite concerns over rising coronavirus cases in the country. Investors worldwide banked upon hopes of slowing coronavirus deaths after Italy, Spain and even US witnessed slowing of new virus cases on Tuesday. Closing near day's high, BSE 30-share index Sensex closed 2,476 points higher at 30,067 and 50-share barometer NSE Nifty ended 708 points higher at 8,792.
Indices witnessed biggest intraday rise ever on Tuesday, with Sensex climbing 1,555 points to the day's high of 30,157 and Nifty rising 664 points to 10,234.75. Market indices have recorded the best trading day in percentage terms since May 2009 and in absolute terms and posted the biggest single-day gains ever in today's tarde.
In India, coronavirus cases continued to rise despite a complete lockdown. India is consecutively reporting biggest single-day jumps in new COVID-19 cases since last Monday. As of Tuesday, the number of infected cases in India has increased to 4,421, with 325 recovered cases. The death toll from coronavirus in India has risen to 115.
Here's a look at the updates of the market action on BSE and NSE today:
3: 45 PM
Benchmarks Sensex and Nifty closed majorly bullish on Tuesday, in line with global peers despite concerns over rising coronavirus cases in the country. Investors worldwide banked upon hopes of slowing coronavirus deaths after Italy, Spain and even US witnessed slowing of new virus cases on Tuesday. Closing near day's high, BSE 30-share index Sensex closed 2,476 points higher at 30,007 and 50-share barometer NSE Nifty ended 708 points higher at 8,792.
Indices witness biggest intraday rise in over 10 yrs
3: 30 PM
Indices witnessed biggest intraday rise ever on Tuesday, with Sensex climbing 1,555 points to the day's high of 30,157.65 and Nifty rising 664 points to 10,234.75. Market indices have recorded the best trading day in percentage terms since May 2009 and in absolute terms, the stock market has posted the biggest single-day gains ever in today's tarde.
Rupee ends near day's high
Rupee ended near day's high on Tuesday and closed 59 paise stronger at 75.63 compared to previous close of 76.22 per dollar.
Coronavirus toll in India
2: 40 PM
As of Tuesday, the number of infected cases in India has increased to 4,421, with 325 recovered cases. The death toll from coronavirus in India has risen to 115.
All sectors in green
All the sector-based indices were bullish on Tuesday, with banking stocks gaining over 10%, followed by 7% rise in financilas, IT, FMCG, pharma and metal. Realty index was up 6%. Media and PSU bank were trading 4% and 2% higher, respectively.
European indices open in green
2: 15 PM
Market rose today, in line with global peers, as Italy, Spain and even US witnessed slowing of coronavirus cases on Tuesday. European indices also opened higher by the afternoon session. Where Germany's DAX was trading 4.2% higher on Tuesday, France's CAC was up 3.7% followed by 3% gain on London's FTSE.
In the meanwhile, SGX Nifty also gained 5.7% higher by the afternoon session.
Top gainers today
IndusInd Bank (17%), Axis Bank (9%) and M&M (12%) were the top Sensex gainers. On Nifty, the same set of stocks were the top gainers rising up to 18%.
Of 50 Sensex stocks, 48 were trading in the green. Bajaj Finance (2.87%) and Bajaj FinServ (1.59%) were the only losers on index.
Indices at day's high
1: 45 PM
Sensex and Nifty were trading near day's high on Tuesday, rising 7.5% on back of rally in global markets as Italy, Spain and US witnessed slowing of coronavirus cases. BSE 30-share index Sensex traded 2,012 points higher at 29,603 and 50-share barometer NSE Nifty traded 581 points higher at 8,665.
JSPL climbs 20%, top gainer on Nifty metal
1: 30 PM
The share price of Jindal Steel & Power was the top gainer on Nifty Metal, rising almost 20% intraday following reports that the company promoters are repaying Rs 350 crore worth of loans for release of 10 crore shares.
Nifty's performance by MOFL
1: 15 PM
As the Coronavirus (COVID-19) pandemic spread across the world, the Nifty nosedived 23% in Mar'20 to close at 8,598 (-26% YoY), the worst since Oct'08, said Motilal Oswal in its daily market report.
Further, in FY20, mid-caps were down 36% as against the Nifty's decline of 26%. The intensity of the decline was severe with the Nifty correcting approx 40% (at its panic bottom) in Mar'20.
Metals (-50%), Autos (-43%), PSU Banks (-42%), Capital Goods (-41%) and Real Estate (-35%) were the biggest losers.
India Vix at 51.19
NSE VIX, a gauge of market volatility, fell 7.45% to 51.18 in early trade today against its previous close of 55.30. On March 24, this year, the index rose to its all-time high of 86.63.
Market at day's high
12: 45 PM
Benchmarks Sensex and Nifty traded on a bullish note on Tuesday, backed by positive global cues as investors worldwide banked upon hopes of slowing coronavirus deaths.
Trading at day's high, BSE 30-share index Sensex traded 1,780 points higher at 29,371 and 50-share barometer NSE Nifty traded 510 points higher at 8,593.
Sensex and Nifty outlook
12: 30 PM
Investors gained Rs 5.11 lakh crore at 11:32 am as Sensex and Nifty rallied over 5% compared to their previous close.
However, Sensex is still down 29.55% or 12,188 points since the beginning of this year. Similarly, Nifty has lost 29.81% or 3,627 points during the same period as coronavirus crisis roiled global markets since February this year.
NSE Nifty outlook by Geojit financial
On Friday, we had marked 8080 as a potential point for bullish reversal. The day-long selling having ended at 8083.80 on Friday, the stage is now set for a vertical rise, but less of it would be visible initially today due to the gapped-up opening that is expected. So, the play today would be about capturing the first dip, and avoid being caught in a bull trap. Initial moves may aim 8660, followed by a consolidation that does not allow slippage beyond 8440. Expect upsides to gather pace once above 8660 projecting a modest upside objective of 9600 and an optimistic objective of 10450. Tentativeness at 9054 or 8440 would be signs of bull trap.
Gold crosses 45K mark on MCX
Gold price gained 3% on Tuesday on expectation of global stimulus measures to counter economic impact from coronavirus outbreak. MCX Gold was trading 1,400 points or 3% higher at 45,185 mark.
S&P Ratings downgrades Tata Motors to 'B'
11: 45 AM
S&P Ratings downgraded Tata Motors' rating to B from B+, citing weaker-than-expected credit metrics owing to the disruptions and economic impact from the coronavirus pandemic.
The rating agency, however, changed Tata Motors outlook to 'stable' from 'negative'.
"The impact of COVID-19 on the global automotive market will make a large dent in the recent good progress that JLR''s management has made in steering the business back to profitability and improving credit metrics. In turn, this would delay the improvement we had expected in Tata Motors'' credit profile," S&P said in a statement.
Market at day's high
11: 15 AM
Trading at day's high, BSE 30-share index Sensex traded 1,400 points higher at 29,009 and 50-share barometer NSE Nifty traded 399 points higher at 8,482.
Global market by Geojit Financial
Asian markets are trading higher with Nikkei up over 2% as pandemic seems to be slowing down and as Japan's Premier announced that stimulus package with total $357 bln.
U.S. markets closed higher on Monday led by rally in tech stocks as death toll in countries considered corona hotspots showed signs of slowing down. U.S. is bracing for more difficult times.
European markets closed higher on Monday as corona hotspot countries like Italy showed signs of death toll slowing down. Stocks like G4S, GVC Holdings, Rolls-Royce gained significantly.
Market near day's high
10: 45 AM
Reversing back from losses, BSE 30-share index Sensex traded 1,100 points higher at 28,645 and 50-share barometer NSE Nifty traded 327 points higher at 8,412. Only 2 out of 30 scrips on Sensex and 4 out 50 stocks on Nifty were trading in red.
M-Cap rises by 4 lakh cr
10: 40 AM
Investors gained over Rs 4 lakh crore in early trade today as Sensex rallied on higher global markets buoyed by the slowing of coronavirus cases across the world. Market capitalisation on BSE rose to Rs 112.72 crore in early trade compared to the previous session's market cap of Rs 108.67 crore .
That led the market cap to rise by Rs 4.05 crore
Top gainers in Sensex
10: 30 AM
IndusInd Bank was the top gainer in the Sensex pack, surging up to 15 per cent, followed by Mahindra and Mahindra, HCL Tech, ICICI Bank, Axis Bank and Infosys. On the other hand, Bajaj Finance was the sole loser.
Brent crude at 33.93
10: 25 AM
Brent crude futures, the global oil benchmark, rose 2.66 per cent to USD 33.93 per barrel on fresh hopes an OPEC-led meeting this week will reach an agreement to reduce oversupply and shore up the market. Earlier in the day, oil prices resumed their decline on doubts about a potential Saudi-Russian pact to cut output.
Rupee rises to 75.92
10: 20 AM
Rupee opens 21 paise higher at 75.92 against US dollar.
IndusInd Bank climbs 20%
10: 10 AM
IndusInd Bank shares climbed 15% intraday to Rs 360.2 on BSE, after the lender declared advance and decline for the month of March. Lender's net advances jumped 13% to Rs 2,09,914 crore as of March 31. This was against Rs 2,07,413 crore as of December 31 and Rs 1,86,393 crore a year ago.
Lender's deposits rose 3.8% y-o-y to Rs 2,16,713 crore from Rs 1,94,868 crore. The deposit although, declined by 6.7% on quarterly basis. The filing further added that banks' CASA (Current and Savings Account ratio) declined by 2.5% yearly & 10.8% quarterly.
Tata Motors climbs over 5%
9: 55 AM
Tata Motors share price hit an intraday high of Rs 69, rising 5.67% on BSE, despite the auto major's sales volume declining 30.9% at 17,175 units as against 24,862 units (YoY).
As per the filing submitted to the exchanges, Total Jaguar UK sales were down by 41.4% to 4,794 units compared to 8,182 units and Total Land Rover UK sales fell by 25.8% to 12,381 units as against 16,680 units, on a yearly basis.
Real GDP could decline 12.2% YoY in 1QFY21 in 21-days lockdown: MOFL
9: 40 AM
"The adverse effects on several sectors are already visible as most companies have shut their plants and wherever possible are allowing employees to work from home (WFH). Our calculations suggest that only 30-40% of the economy is currently operational at different intensities," said Motilal Oswal in its report and added that, "With 14 days of complete lockdown in Apr'20 and assuming that things normalize from mid-May'20, real GDP could decline 12.2% YoY in 1QFY21".
JSW Steel climbs 5%
9: 35 AM
JSW Steel shares were trading 5% higher on Tuesday after the steel maker said it is making all preparations to recommence operations at all locations on lifting of lockdown in the next few days.
Earlier on March 25, the company had announced to stock exchanges that company has taken the decision to scale down/ suspend production.
As per the filing submitted to the exchanges, JSW steel has 4 blast furnaces and 2 corex in Karnataka Ballari, 1 Blast Furnace in Maharashtra Dolvi & one under construction whereas 2 Blast furnaces in TN Salem and one in Monnet.
In the meanwhile, JSW Steels Q4 crude steel production slipped 5% to 4 mt from 4.2 mt. It's FY20 crude steel production slips 4% to 16.1 mt as against 16.7 mt, on a yearly basis.
All sectors in green
9: 25 AM
All the sector-based indices were bullish on Tuesday, with banking and financials gaining over 5%, followed by 4.5% rise in realty, 4% rise in IT, 3.5% in FMCG, pharma and metal. Media and OSU bank were trading 2% higher.
9: 20 AM
Benchmarks Sensex and Nifty have opened 4.5% higher on Tuesday's trade, backed by positive global key indices, as investors worldwide banked upon hopes of slowing coronavirus deaths. Reversing back from losses, BSE 30-share index Sensex opened 1,200 points higher at 28,816 and 50-share barometer NSE Nifty started 380 points higher at 8,464.
Money market timings revised
9: 15 AMMoney market will remain open between 10 am to 2 pm from today onwards, till April 17 as per RBI guidelines.
9: 05 AM
Benchmarks Sensex and Nifty have pre-opened 4% higher on Tuesday's trade, backed by positive global key indices, as invetors worldwide banked upon hopes of slowing coronavirus deaths. SGX Nifty traded 150 points higher at 8,479 level, indicating a positive start in domestic grounds today. BSE30-share index Sensex pre-opened 1,300 points higher at 28,898 and 50-share barometer NSE Nifty started 362 points higher at 8,446.
Global markets in green
8: 50 AM
US stocks closed higher on hopes of slowing coronavirus deaths. The Dow Jones Industrial Average rose 7.73%, the S&P 500 gained 175.03 points, 7.03% and the Nasdaq Composite added 7.33% on Monday's trade. Wall Street rallied on account of fall in death toll from country biggest virus hotspot-New York. The gains marked the biggest daily percentage rise for each index since March 24.
On the contrary, US Futures (Dow Jones) traded at 22,403, down 85 pts or 0.38%.
Asian counterparts tracked rally from US and gained on signs of a slowdown in coronavirus-related death. All the indices in Asia were gaining over 1% on Tuesday morning. MSCI's broadest index of Asia-Pacific shares outside Japan closed 2.77% higher.
SGX Nifty traded at 8,477.25, up 368.25 points or 4.54%.
Equity investors kicked off the week encouraged by the slowing death toll from the virus across major European nations, including France and Italy. Where FTSE gained 3%, CAC was up 4% and DAX ended 5% higher.
GDP estimate cuts by brokerages
8: 40 AM
Morgan Stanley estimated FY21 GDP growth will decelerate to a 29-year low of 2.2%. Morgan Stanley has also cut FY21 Sensex growth forecast to 7% from 10%. Further Ratings Agency Fitch has also cut India's GDP growth forecast for FY20 to 4.9% & 2% for FY21.
Stocks to watch today on April 7
8: 35 AM
HDFC Bank, Lupin, Kotak Mahindra Bank, IndusInd Bank, Sobha, DCB Bank, MOIL, NMDC, Force Motors, Dhampur Sugar Mills, Bharat Gears, Axis Bank, ICICI Bank among others are the top stocks to watch out for in Tuesday's trading session
FII/ DII action on Friday
8: 30 AM
On a net basis, FIIs sold equities worth Rs 1,960 crore & DIIs bought Rs 226 crore in equities in Friday's trade.
8: 25 AMIndia's March services PMI stood at 49.3 compared to 57.5 registered last month. India's composite PMI came in at 50.6 as compared to 57.6 last month
8: 20 AM
Benchmarks Sensex and Nifty are likely to open on a positive note on Tuesday, backed by strong global cues. SGX Nifty traded 150 points higher at 8,479 level, indicating a positive start in domestic grounds today. Globally indices turned green as investors turned optimistic over prospects of more government stimulus and tightened lockdowns across the world to combat the virus spread.
Indian Rupee on Friday
8: 15 AM
In currency market, the Indian rupee ended flat at 75.62 per dollar on Friday against Monday's closing of 75.61.
Global toll of Coronavirus
8: 15 AM
Globally, there are over 13.4 lakh confirmed cases and 0.74 lakh deaths from the coronavirus outbreak. Of these, over 2.78 lakh have recovered.
8: 10 AM
In India, coronavirus cases continued to rise despite a complete lockdown. India is consecutively reporting biggest single-day jumps in new COVID-19 cases since last Monday. As of Tuesday, the number of infected cases in India has increased to 4,000 mark, with 375 recovered cases. The death toll from coronavirus in India has risen to 136.
8: 05 AM
Expressing views on Friday's market trend, Nair, Head of Research at Geojit Financial Services said, "The week saw the benchmark indices closing down by 7%, on a weekly basis. The global market trend was driven by the spread of COVID-19 cases and the steep increase in the number of infections and the deaths."
8: 00 AM
On Friday, Benchmark indices Sensex and Nifty closed on a bearish note, as market sentiments were weak amid the tightened lockdowns across the country to combat the virus spread. Extending decline for the second straight session, the 30-share index BSE Sensex fell 674 points lower to close at 27,590 and 50-share barometer NSE Nifty fell 170 points to end at 8,083. Overall 20 out of 30 on Sensex and 30 out of 50 stocks on Nifty were trading in red territory today.
On Monday, markets were shut on account of Mahavir Jayanti today. Both BSE and National Stock Exchange were shut.