Barometers come off day's high; Nifty gives up 10,000

The market pared gains in mid-afternoon trade as selling emerged at higher levels. At 14:25 IST, the barometer index, the S&P BSE Sensex, was up 1053.09 points or 3.21% at 33,831.23. The Nifty 50 index jumped 317.1 points or 3.31% at 9,907.25.

The S&P BSE Mid-Cap index was up 1.09% while the S&P BSE Small-Cap index underperformed and traded 0.17% higher. The market breadth once again turned negative. On the BSE, 1082 shares rose and 1209 shares fell. A total of 159 shares were unchanged. In Nifty 50 index, breadth was positive with 38 stocks advancing and 12 stocks declining.

Union ministers Nirmala Sitharaman, Piyush Goyal and Prakash Javadekar will reportedly hold a press conference at 15:00 IST on Friday.

Numbers to Track:

In the foreign exchange market, the partially convertible rupee edged higher at 73.93 compared with its previous closing of 74.28.

The yield on 10-year benchmark federal paper rose to 6.313% at 14:28 IST compared with 6.236% in the previous trading session.

In the commodities market, Brent crude for May 2020 settlement was up $1.14 to $34.36 a barrel. The contract fell 7.18% to settle at $33.22 a barrel in Thursday's trading session.

MCX Gold futures for 3 April 2020 settlement fell 0.93% to Rs 41,814.

Stocks in Spotlight:

Alkem Laboratories in a regulatory filing announced that US FDA has issued an Establishment Inspection Report (EIR) for the Company's manufacturing facility located at Baddi. The inspection which was carried out from 17 February 2020 to 21 February 2020 now stands closed. Shares of Alkem Laboratories were trading 2.58% higher at Rs 2448.

The National Stock Exchange on Thursday notified that Bandhan Bank will replace Yes Bank in Nifty Bank index. The Nifty Bank index has a total of 12 stocks. NSE further said that ITC will replace Yes Bank in Nifty 50 Value 20 index.

Shares of Yes Bank were trading 2.7% higher while Bandhan Bank was trading 0.84% lower at Rs 332.

Bharat Petroleum Corporation declared an interim dividend of Rs 16.50 per equity share with a record date of 24 March 2020. Shares of BPCL were trading 9.58% higher at Rs 378.20.

Coal India announced that it will pay an interim dividend of Rs 12 per share with a record date of 20 March 2020. Shares of Coal India were trading 0.03% lower at Rs 155.20.

Pharma major Cipla climbed 8.95%. The board approved a payment of interim dividend of Rs 3 per share and one-time special dividend of Re 1 per share.

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