Barometers hit day's high; India VIX slides to 51.10

Key barometers extended gains and scaled fresh intraday high in early afternoon trade. The Nifty reclaimed 9000 mark. The trading was volatile due to expiry of weekly index options on NSE. Global shares rallied on hopes that governments will roll out more stimulus measures to support their economies.

At 12:24 IST, the barometer index, the S&P BSE Sensex, was up 953.72 points or 3.19% at 30,847.68. The Nifty 50 index was up 286.7 points or 3.28% at 9035.45.

The broader market outperformed the benchmark index. The S&P BSE Mid-Cap index was up 3.48% while the S&P BSE Small-Cap index was up 2.87%.

The market breadth, indicating the overall health of the market, was strong. On the BSE, 1702 shares rose and 431 shares fell. A total of 159 shares were unchanged. In Nifty 50 index, 45 stocks advanced while 5 stocks declined.

Derivatives:

The NSE's India VIX, a gauge of market's expectation of volatility over the near term, fell 2.17% to 51.1075. The Nifty April 2020 futures were trading at 9,045.55, a discount of 2.8 points compared with the spot at 9,048.35.

On the options front, the Nifty option chain for 30 April 2020 expiry showed maximum call open interest (OI) of 16.97 lakh contracts at the 10,000 strike price. Maximum put OI of 24.66 lakh contracts was seen at 8,000 strike price.

Buzzing Index:

The Nifty Auto index jumped 7.57% to 5,425.60, outperforming other sectoral indices on NSE. The index extended its winning run to third consecutive trading session. The index has gained 20.1% in last three trading session from its previous closing low of 4517.75 hit on 3 April 2020.

Hero MotoCorp (up 10%), Tata Motors (up 9.91%), Motherson Sumi (up 9.88%), Bajaj Auto (up 9.23%), Maruti Suzuki (up 8.69%), M&M (up 7.67%), Apollo Tyre (up 6.65%), Bharat Forge (up 6.37%), Bosch (up 5.89%), TVS Motor Company (up 4.06%), MRF (up 3.63%), Eicher Motors (up 3.47%), Ashok Leyland (up 3.31%), Exide Inds (up 3.18%) and Amara Raja Batteries (up 1.35%) were top gainers in Nifty Auto index.

Stocks in Spotlight:

Kolte-Patil Developers spurted 7.36% to Rs 126.15 after the company announced strategic land monetization in Pune for Rs 91 crore. The company through its subsidiary Kolte-Patil I-Ven Townships (Pune) (KPIT), entered into an agreement with Planet Smart City, a UK-based real estate developer, for strategic land monetization of a portion of Sector R10 in KPDL's township project Life Republic in Pune for Rs 91 crore. This portion of land measuring 5.42 acres in Sector R10 has a residential development potential of 7.6 lakh square feet in terms of saleable area

Cadila Healthcare rose 1.74% to Rs 356.05. Zydus Cadila has received final approval from the United States Food & Drug Administration (USFDA) to market Imatinib Mesylate tablets (100 mg and 400 mg). This medication is used to treat certain types of leukemia (blood cancer), bone marrow disorders, skin cancer and tumors of the stomach and digestive system. The drug will be manufactured at the its formulation manufacturing facility at the SEZ, in Ahmedabad, Gujarat. The press filing was released during trading hours today, 9 April 2020.

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