MARKET WRAP: Sensex settles 606 pts higher; metals, financial stocks jump

All that happened in the markets today

4:01 PM

Market closing comment :: Sahaj Agrawal, Head of Research- Derivatives at Kotak Securities

Market continues to remain in medium term uptrend. Nifty is expected to test 9,900-10,000 levels in the next few weeks. Broader participation is increasing which is a positive sign and reinforces the positivity. On the down side, trend support is seen only at 8,900. We expect the broader markets to remain positive over the next few weeks. Traders can consider buying on dips; Banking and Metals expected to provide further momentum while Pharma and FMCG expected to witness profit booking

3:45 PM

Market closing comment :: Vinod Nair, Head of Research at Geojit Financial Services

Nifty closed above the 9,500-mark and almost all sectoral indices traded positive, except for the defensives, FMCG and Pharma. Expectations of lockdown measures easing and company specific news about restarting operations gave support to the markets. The volatile crude oil prices were also up because of a lesser than forecasted increase in US oil inventories. Tomorrow we have the results of index heavyweights Reliance and HUL

3:42 PM

Sectoral trends on NSE at Close | Metals, financials gain; FMCGs dip

3:41 PM

Sensex Heatmap at Close | HDFC, HCL Tech settle as top gainers

3:39 PM

CLOSING BELL

>> The S&P BSE Sensex settled the day at 32,720.16 level, advancing 605.64 points or 1.89 per cent

>> The NSE's NIfty50, meanwhile, topped 9,500-mark to close at 9,553.35 level, up 172.45 points or 1.84 per cent 

 

3:32 PM

NEWS ALERT | Banks borrow Rs 2,000 cr via the Special Liquidity facility announced for MFs: RBI

(as reported by CNBC-TV18)

3:25 PM

BUZZING STOCK | HCL Tech trades at day's high

3:16 PM

Heatmap: Top gainers and losers on the BSE Sensex at this hour

3:10 PM

MARKET CHECK | Top 5 losers on the BSE at this hour

2:55 PM

Ruchi Soya m-cap crosses Rs 10,000 crore

Ruchi Soya Industries has entered the list of top 200 most-valued companies by market capitalisation (market-cap) following a sharp run-up in its share price. At 01:45 pm, the company's m-cap stood at Rs 11,559 crore on the BSE. Ruchi Soya Industries is at number 185 position in the overall m-cap ranking. The company stood ahead of Dalmia Bharat, GMR Infrastructure, Polycab India, Crisil, Cummins India, IDFC First Bank, ICICI Securities and Tata Communications, which have market-capitalisation of Rs 10,000 crore. READ MORE

2:49 PM

Nifty Metal index, up 4 per cent, lead sectoral gainer

2:34 PM

Tech Mahindra Q4 preview: What analysts expect; key things to watch out for

When information technology (IT) major Tech Mahindra announces its results for the March quarter (Q4FY20) on Thursday (April 30), among key developments to watch out for will be its update on the execution of large deals it won in the past four-five months, and a timeline of progress on its 5G rollout in the midst of the Covid-19 crisis. READ MORE

2:25 PM

Covid-19 fallout: UBS pegs FY21 India growth at -0.4%, a four decade low

Weaker-than-expected economic activity due to the nation-wide lockdown due to the coronavirus pandemic and a looming global recession is likely to hit Indian economy hard with UBS expecting real GDP to contract to -0.4 per cent in financial year 2020-21 (FY21). The global research and brokerage house has been trimming its expectations gradually and had earlier forecast a growth of 2.5 per cent. READ MORE

2:14 PM

MARKET CHECK

2:07 PM

US Federal Reserve likely to renew vow to use all tools to support economy

The Federal Reserve, which has pumped trillions of dollars in emergency funding into the US financial markets to stem the damage from the coronavirus pandemic, is expected to reiterate on Wednesday its promise to do whatever it takes to support the world's largest economy. The US central bank may also signal how long, and by what benchmark, it plans to leave interest rates near zero after the recovery begins from what many economists forecast will be the sharpest downturn in recorded US history. READ MORE  

2:07 PM

Rupee closing

Rupee ends higher at 75.67/$ vs Tuesday's closing of 76.18 against the US dollar

1:55 PM

Deepak Nitrite rallies 10% on heavy volumes, inches toward record high

In the past one week, the stock has surged 17 per cent after Deepak Phenolics, a wholly-owned subsidiary of the company, commenced commercial production of Isopropyl Alcohol (‘IPA’) at its manufacturing facility situated at Dahej, Gujarat effective April 21, 2020.

 

This facility has the manufacturing capacity of 30,000 MT of IPA annually. IPA product is a solvent and majorly used by pharma companies and is also used for manufacturing sanitizer. READ MORE

1:48 PM

Earnings Alert | Hexaware Technologies Q4 nos

>> Consolidated net profit at Rs 174.9 crore

>> Consolidated revenue at Rs 1541.8 crore

1:37 PM

MARKET CHECK | Top 5 gainers on the BSE at this hour

1:23 PM

European indices open mixed

(Source: Reuters)

1:16 PM

Promoter, PE stake may go up in private banks; IndusInd, HDFC Bank to gain

Lenders are staring at unexpected asset quality losses due to the slowdown in economic activity after the countrywide lockdown. This would impact the capital adequacy of banks adversely. “Promoters may increase their stake up to 26 per cent from the current levels. For private banks not backed by promoters, a single-entity PE may be allowed to pick 15 per cent in the bank,” said a source. READ MORE

1:02 PM

Franklin crisis: Hindsight is 20-20, but key manager could have done better

One industry veteran remembered how an earlier fund that Santosh Kamath managed with another fund house faced a sudden lumpy redemption. The underlying scheme had exposure to an airline, which has since run into financial trouble, but was robust at the time. But a large liquidation could cause problems, it was felt. READ MORE

12:53 PM

MARKET ALERT :: Nifty tops 9,500-mark for the first time since March 16

12:50 PM

Stocks that hit 52-week low in an otherwise firm market

COMPANY	PRICE(rs)	52 WK LOW	CHG(%)
CHALET HOTELS	146.45	144.00	-0.07
GODREJ INDS.	261.60	257.20	0.71
MAHINDRA LIFE.	185.50	179.95	-0.03
QUESS CORP	204.95	199.00	1.74

12:46 PM

US Federal Reserve likely to renew vow to use all tools to support economy

The US central bank may also signal how long, and by what benchmark, it plans to leave interest rates near zero after the recovery begins from what many economists forecast will be the sharpest downturn in recorded US history. READ MORE

12:36 PM

Life after Covid-19: How the Indian automotive sector can be future-ready

The return of daily life and manufacturing activity to near normalcy in China and South Korea, along with extended lockdown in India, gives hope for a U-shaped economic recovery. Our analysis indicates that the Indian automotive sector will start to see recovery in the third quarter of FY21. We expect the industry demand to be down 15-25 per cent in FY21. With such degrowth, OEMs, dealers and suppliers with strong cash reserves and better access to capital will be better positioned to sail through. READ MORE

12:26 PM

Diversified model, US outlook to help Dr Reddy's stock trade better

Dr Reddy’s Laboratories stock has gained more than 50 per cent from its March lows and is trading close to its four-year highs. Investor confidence in the drugmaker’s prospects not only stems from expectations of strong growth in India, but also from improving prospects in the US operations. READ MORE

12:16 PM

Despite rebound, airline stocks to underperform; investors advised caution

Aviation stocks - SpiceJet and InterGlobe Aviation (IndiGo) - have rebounded by 7-23 per cent since their lows in March. The gains came on the back of a market rally, expectations of a relief package by the government, falling crude oil prices and renegotiation of lease rentals. Investors, however, should be cautious given a weak outlook for FY21 and higher fixed cost structure of the airline industry. READ MORE

12:07 PM

Rupee at day's high

(Source: Bloomberg)

12:02 PM

HDFC twins top contributors to Sensex's gain today