Sensex, Nifty Updates: Benchmark indices Sensex and Nifty closed near day's high on Tuesday, as market sentiments were buoyed on positive global cues. Sensex ended 1,028 points higher at 29,468 and Nifty closed 316 points to trade at 8,597. Overall 25 out of 30 stocks on Sensex and 40 out of 50 scrips on Nifty closed in green territoy today. After falling over 23% in a month period, BSE and NSE barometer Sensex and Nifty have gained 10% and 9% in a week's session.
Global markets turned green on prospects of more government stimulus and lockdowns to combat the virus spread. Market experts said that in a global-equities-led recovery, domestic investors are value-buying during each dip in index heavyweights like Reliance Industries, HDFC twins and Infosys.
Globally, there are over 8 lakh confirmed cases and 37,852 deaths from the coronavirus outbreak. Of these, over 1.65 lakh have recovered globally. In India, coronavirus cases continued to rise despite a complete lockdown to cross 1,100-mark yesterday. India reported the biggest single-day spike in new COVID-19 cases at 200 today. As of Tuesday, the number of infected cases in India has increased to 1,300, with 102 recovered cases. The death toll from coronavirus in India has risen to 38.
In the previous session, the 30-share BSE barometer ended 1,375.27 points or 4.61% lower at 28,440.32, and the broader Nifty fell 379.15 points, or 4.38%, to close at 8,281.10.
Here's a look at the updates of the market action on BSE and NSE today:
Market at close
3: 40 PM
Benchmark indices Sensex and Nifty closed near day's high on Tuesday, as market sentiments were buoyed on positive global cues. Sensex ended 1,028 points higher at 29,468 and Nifty closed 316 points to trade at 8,597. Overall 25 out of 30 stocks on Sensex and 40 out of 50 scrips on Nifty closed in green territoy today. After falling over 23% in a month period, BSE and NSE barometer Sensex and Nifty have gained 10% and 9% in a week's session.
MS on Coronavirus impact
3: 30 PM
-Lockdown measure to impact growth across sectors
-Output likely to contract in quarter ended June
-More needed to be done on fiscal front
-Path of recovery is heavily contingent on the path that Covid-19 takes.
-Expect some normalization in economic activity from Q3'20
-MSCI India EPS Growth Relative to MSCI ACWI
CLSA on property/realty
3: 20 PM
-India office space market has high exposure to US & Europe
-Stable cash flows offer a hedge against volatility
-Despite slowdown in 2008-09, office demand came back stronger
-Leading annuity players offer favourable risk-reward
-Maintain BUY on Prestige, DLF & Phonies Mills
All sectors in green
3: 15 PM
In terms of sectors, Nifty FMCG was leading with 5.7% gains, followed by 5.2% rise in meatls stocks, 3.9% rise in pharma, 3.5% in IT, 3.4% in financials. Banking and realty indices gained in th range of 2%.
India Vix negative today
3: 05 PM
India VIX, the intraday volatility index dropped 11% or8 points lower to 63.89 today
ITC at day's high
3: 00 PM
ITC share price was trading at day's high, rising to Rs 171.2 (7.34%). Today the company announced that its newly commissioned state of the art Perfume manufacturing Facility in Himachal Pradesh has commenced production of Savlon sanitisers
Dow Jones Futures erase gains
2: 55 PM
Dow Jones Futures trimmed early gains, although traded 197 points higher on Monday's afternoon session to 22,363.
JP Morgan on Banks
2: 45 PM
JP Morgan has cut target price and EPS estimates across the board, yet suggesting that HDFC Bank, Kotak Mahindra and ICICI look good despite the cuts.
"We model in significantly lower growth across the sector (0-14%) and factor in COVID-19 dislocation lasting till June and a return to normalcy only in F22," said JP morgan in its report.
The investment case for Indian financials at this point looks weak given dislocations and second order impact on growth and AQ. Within the sector, we believe HDFCB/ KMB/ ICICI offer safety with strong funding base and minimal AQ risk, it added.
It kept PNB, YES Bank and RBL Bank 'underweight', while suggested 'overweight' rating for HDFC Bank, ICICI Bank, Kotak Mahindra Bank and SBI. It gave 'Neutral' rating to Axis Bank, IndusInd Bank, Bandhan Bank and Bank of Baroda.
Share Khan on Consumer Goods
2: 35 PM
As per Sharekhan report by BNP Paribas, Consumer staples companies will face a limited impact of the Coronavirus outbreak as compared to companies manufacturing discretionary/non-essential products.
Rising demand for personal hygiene products (sanitisers, soaps, hand wash and home care products) and panic buying of essentials such as pulses, detergents, biscuits, packaged foods and dishwashing products would boost sales for consumer staple companies in Q4FY2020, the report added further.
The report as of March 30,2020 suggests that Colgate Palmolive and Tata Consumer Poducts contribute nearly 75-80% in essential commodities section.
In rating section, the research firm has recommended 'buy' for stocks like Britannia, GPCL, HUL, ITC, Jyothi Labs and Marico. It has rated Colgate, TCPL and Dabur India as 'posiive' and suggested 'hold' for Emami, Zydus Wellness and GSK Consumers.
CLSA on Pharma
2: 20 PM
The brokerage firm has revised Cipla's rating from sell to buy and increased to Rs 480 from Rs 409. It also upgraded Lupin from sell to Outperform and revised TP from Rs 600 to Rs 660.
It further maintained buy call on Sun Pharma, Glenmark, Cadila, Aurrobindo and Abbott India. It also increased target for Cadila from Rs 330 to Rs 350, while kept target unchanged for ABott India, while reducing target prices for other buy calls.
CLSA kept outperfom rating for Torrent Pharma and Dr. Reddy, although reduced their target prices.
CLSA on NBFCs
2: 10 PM
CLSA in its recent report on NBFCs has revised ratings of Bajaj Finance, Piramal Enterprises and Aavas Financiers to buy from sell, while reducing their respective target price.
Further, CLSA also kept its rating at buy for firm like Edelweisis Financials, HDFC, L&T Finance Holdings, LIC Housing, M&M Financials and Shriram Transport, while reducing their respective target prices.
The brokergae firm kept its rating unchanged for HDFC Asset Management at Nuetral and maintained sell raring for ICICI Securities, while reducing their respective target prices.
Sensex, Nifty climb nearly 10% in a week
1: 55 PM
After falling over 23% in a month period, BSE and NSE barometer Sensex and Nifty have gained 10% and 9% in a week's session.
Coronavirus data on Monday
1: 50 PM
India on Monday reported the biggest single-day spike in new COVID-19 cases. It reported 227 new cases taking the total tally to 1,385. Out of this, 101 have been cured and discharged from hospitals. The death tally stood at 32 till March 30 morning, according to Health Ministry data.
Year to date freefall in indices
1: 45 PM
Sensex, Nifty, BSE Small cap as well as Mid Cap have fallen over 31% since the start of the year 2020. Compared to India's benchmarks, Bovespa Index has lead gains by 35% fall.
London's FTSE and Germany's DAX has fallen 26%, followed by 23% drop in Straits Times Index (STI) in Singapore Exchange, 21.7% fall in Dow Jones on Wall Street and 18% fall in Japan's Nikkei.
In domestic sector wise performers, Healthcare sector lead gains in year-to-date period, falling 12%, followed by 37% drop in Oil and Gas and 39% fall in PSU. Meanwhile, Auto index on BSE lead losses iwth 42% drop followed by Realty and Bankex on BSE at 41% loss since the beginning of year.
Lockdown to shave off 74% of the real GDP, says HDFC report
1: 30 PM
HDBC Bank, in its latest treasury report, has said the 21-day country-wide lockdown will shave off 74 per cent of the real GDP (Goods and Domestic product) or Rs 10 lakh crore, and that the April-June growth will contract 3 per cent. The contraction in economic growth will also spill over to the next quarter, thus keeping the growth weak but in positive quadrant, it said.
The HDFC Bank report claims the lockdown's initial impact on manufacturing activity is expected to be somewhat lower as 1/3 of net value added in manufacturing comes from the production of essential items such as food, beverages, petroleum and coke, pharma and medicinal products. It added the drag on manufacturing growth may linger on beyond the first half of the next fiscal year.
Rupee at day's high
1: 20 PM
Indian Rupee, the local currency traded at day's high by the afternoon session, after rising 34 paise higher to trade at 75.39 per US dollar.
Gold outlook in near term to be positve, says Hareesh V
1: 15 PM
Commenting on Gold's outlook, Hareesh V, Head of Commodity, at Geojit Financial Services said,"Monetary and fiscal stimulus measures taken by various central banks to protect from the possible economic fallout may lift gold's safe haven demand. Increased anxiety on risky asset prompted investors to seek shelter in safe haven like gold. Meanwhile, a strong dollar and moderate physical activities due to government tightened lockdowns likely to limit major buying interest in the commodity."
On Spot Gold's near term technical outlook, he further added," Prices likely to continue with mild positive bias as long as $1585 hold the downside. Meanwhile, intraday resistance is seen at $1635 which needs to be cleared to trigger further sharp rallies. A close below $1445 is a signal of major liquidation pressure."
MFIs to charge average base rate at 8.76% to borrowers, says RBI
1: 10 PM
RBI announced today that applicable average base rate to be charged by micro-finance companies (MFIs) to their borrowers for quarter beginning April 1 will be 8.76%.
European indices open in green
12: 55 PM
European markets traded with gains of over 2% in the first hour of session today. Where FTSE gained 1.84%, CAC rose over 2%, with FTSE MIB Italy and DAX rising 2.5% each.
Sensex climbs 1,000 points higher
12: 50 PM
Benchmarks indices Sensex and Nifty gained further by the afternoon session on Tuesday, as market sentiments were buoyed on positive global cues. Sensex traded 1,000 points higher at 29,475 and Nifty rose 306 points to trade at 8,587. Global markets turned green on prospects of more government stimulus and lockdowns to combat the virus spread.
Asian indices continue in green territory
12: 40 PM
In Asian counterparts, barring Nikkie that fell marginally by the afternoon session, all the other key indices traded in green territory, with SGX Nifty gaining the most.
Indices climb higher
12: 30 PM
Benchmarks indices Sensex and Nifty further gained by the afternoon session on Tuesday, as market sentiments were buoyed on positive global cues. Sensex traded 900 points higher at 29,344 and Nifty rose 290 points to trade at 8,520.
Lupin climbs 5%
Share price of Lupin rose 5% intraday on Tuesday's early session after rating firm Morgan Stanley rasied its target price to Rs 948 per share and initiated an overweight call on the stock.
Following the target price upgarde, shares of Lupin opened with a gain of 5.16% and later touched an intraday high of Rs 589.8, rising 5.3% on BSE today.
SEBI asks CRAs not to consider any delay in payment of loan amount as default
11: 40 AM
Markets regulator Sebi on Monday asked credit rating agencies not to consider as default any delay in payment of interest or principal loan amount arisen solely due to the nationwide lockdown conditions.
The move follows a three-month moratorium on payment permitted by the Reserve Bank of India to mitigate the burden of debt servicing due to disruptions caused by the coronavirus pandemic and to ensure continuity of viable businesses.
Oil marketing companies surge
11: 30 AM
BPCL, ONGC, GAIL and HPCL wer among the top gainer on NSE Nifty after Credit Suisse upgrades all the stocks.
Mid cap stocks surge in trade
11: 15 AMWhere Piramal Enterprises grew 7.4%, Amara Raja Batteries was trading 7% higher, followed by 6.11% rise in PTC and 2.21% gain in Muthoot Finance.
SEBI relaxes norms for FPIs
10: 55 AM
Relaxing compliance requirement for foreign portfolio investors (FPIs), markets regulator Sebi on Monday allowed scanned copies of documents for renewing registration in the wake of coronavirus pandemic.
In light of the recent event pursuant to the COVID-19, a need has been felt for temporary relaxations with respect to compliance requirements for FPIs, it added.
The relaxation has been given till June 30, as per the circular.
MS buys 4 stocks on bulk
10: 45 AM
As per data available with exchanges showed Morgan Stanley bought 4 small-cap stocks through bulk deals on NSE and BSE on March 30. The four stocks included Kalyani Investments Nalwa sons investment, Summit securities and Rajapalayam mills.
10: 35 AM
Benchmarks indices Sensex and Nifty traded on a positive note on Tuesday, with Reliance & HDFC being the top contributors on positive global cues. Sensex traded 700 points higher at 29,130 and Nifty rose 218 points to trade at 8,499.
IndusInd Bank drops 20%
10: 25 AM
IndusInd Bank share price fell 20% lower to hit lower circuit today and was the only Nifty stock to open in the red after the lender said it has seen a withdrawal of 10-11% of its deposits, wholesale and retail deposits.
FII/DII action on Monday
10: 15 AM
Foreign institutional investors (FIIs) turned net sellers in the capital market, as they offloaded equity shares worth Rs 4,363.61 crore on Monday, according to provisional exchange data. In the meanwhile, domestic investors bought Rs 3,550.33 crore worth equities.
Value-buying in index heavyweights
10: 05 AM
Market experts said that in a global-equities-led recovery, domestic investors are value-buying during each dip in index heavyweights like Reliance Industries, HDFC twins and Infosys.
Rupee erases early gains
10: 00 AM
Indian rupee appreciated by 8 paise to 75.51 against the US dollar in early trade on Tuesday tracking positive opening in domestic equities.
Top gainers and losers today
9: 55 AM
Tata Steel, HDFC, Axis Bank, M&M, Reliance Industries, ONGC, ITC, HCL Tech and Titan rallied up to 3 per cent.
On the other hand, IndusInd Bank plunged up to 15 per cent. Bajaj Finance, Bajaj Auto and Maruti were also among the laggards.
9: 50 AM
Brent Crude was trading at $23.45 per barrel, up 3.03%. Later the global oil benchmark, erased gains and traded 2.16% higher at USD 26.99 per barrel.
Indices erase gains
9: 40 AM
Domestic benchmarks Sensex and Nifty erased early gains, however traded on a positive note on Tuesday, with Reliance & HDFC being the top contributors, amid positive global cues. BSE 30-share barometer Sensex traded 350 points higher at 28,787 and NSE 50-share index Nifty rose 109 points to trade at 8,390.
Why are global indices in green territory
9: 30 AM
Asian counterparts rose on Monday following the manufacturing data from China, showing signs of pick up in factory activity. China's March official manufacturing PMI stood at 52 as compared to 35.7 & its official services PMI stood at 52.3 as against 29.6 (month-on-month basis)
US stocks rose yesterday, led in part by healthcare stocks and closed higher, amid the lock down extension, with all three major indices S&P, Nasdaq and Dow Jones ending 3% higher. US Futures (Dow Jones) on Monday also rose to 22,295, up 700 points, led by an 8% surge in Johnson & Johnson which rallied after announcing a vaccine candidate for coronavirus.
9: 20 AM
Domestic indices opened on a positive note today, backed by strong global cues. 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. BSE 30-share barometer Sensex traded 800 points higher at 29,294 and NSE 50-share index Nifty rose 245 points to trade at 8,529.
Rupee opens 13 paise higher
9: 10 AM
Rupee opens 13 paise stronger at 75.52 per US dollar as compared to the previous close of 75.65 on Monday.
9: 00 AM
Benchmarks Sensex and Nifty pre-opened on a positive note on Tuesday, backed by strong global cues. BSE 30-share barometer Sensex traded 500 points higher and NSE 50-share index Nifty strated at 8,450.
8: 45 AM
Globally, there are over 8 lakh confirmed cases and 37,852 deaths from the coronavirus outbreak. Of these, over 1.65 lakh have recovered globally.
In India, coronavirus cases continued to rise despite a complete lockdown to cross 1,100-mark yesterday. India reported the biggest single-day spike in new COVID-19 cases at 200 today. As of Tuesday, the number of infected cases in India has increased to 1,300, with 102 recovered cases. The death toll from coronavirus in India has risen to 38.
Global indices sink except China's
8: 30 AM
Key indices such as Sensex, Dow Jones, DAX and CAC have lost 26.1%, 22.7%, 27.3% and 26.7%, respectively since the first case of coronavirus was reported in China. On the other hand, Chinese bourse Shanghai Composite has lost merely 4.1% to 2,772 on March27 compared to 2,891 on November 15 last year.
Exchanges notify on settlement of trades
8: 25 AM
As notified by the exchange circular trades placed on Monday, 30th March 2020 will be settled on Friday, 3rd April 2020. Trades placed on Tuesday, 31st March & Wednesday, 1st April will be settled on Tuesday, 7th April 2020.
Stocks to watch today on March 31
8: 20 AM
NMDC, JSW Energy, Suzlon, Dhampur Sugar Mills, Coromandel Intenational, Maharshtra Scooters, Piramal Enterprises, Gujarat Gas, HeidelbergCement, Jubilant Industries and Federal Bank are the top stocks to watch out for in Tuesday's trading session.
Global markets turn positive
8: 15 AM
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. SGX Nifty traded 185 points higher at 8,447 level, indicating a positive start in domestic grounds today.
Benchmarks Sensex and Nifty are likely to open on a positive note on Tuesday, backed by strong global cues.
Closing on Monday
Extending decline for the second straight session, Sensex and Nifty ended at day's low on Monday, tracking weak cues from overseas. BSE 30-share barometer Sensex ended 1,375 points lower at 28,440 and NSE 50-share index Nifty fell 379 points to close at 8,281.
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