Bulls take charge of D-Street; Nifty scales 9800 mark

Key barometer indices spurted in morning trade. At 10:27 IST, the barometer index, the S&P BSE Sensex, was up 993.40 points or 3.04% at 33,713.56. The Nifty 50 index was up 291.85 points or 3.05% at 9,845.20.

Buying was broad-based with auto stocks at the fore. The Nifty scaled 9,800 mark and traded above its 50-day simple moving average placed at 9835.24.

Asian stocks jumped following developments overnight regarding the use of Gilead Sciences' antiviral drug remdesivir as a potential new treatment for Covid-19 patients. Sentiment across Asia also improved after China said manufacturing activity in the country expanded slightly in April.

In the broader market, the S&P BSE Mid-Cap index and the S&P BSE Small-Cap index were up 1.85% each. Both these indices trailed the Sensex.

There were more buyers than sellers. On the BSE, 1376 shares rose and 473 shares fell. A total of 103 shares were unchanged. In Nifty 50 index, 47 stocks advanced while 3 stocks declined.

Buzzing Index:

The Nifty Auto index jumped 5.24% to 5,834.25. The index is up 8.5% in four trading session.

Tata Motors (up 12.03%), Ashok Leyland (up 9.91%), Hero MotoCorp (up 7.69%), Mahindra & Mahindra (up 4.86%), Bajaj Auto (up 4.6%), Maruti Suzuki India (up 4.28%), Escorts (up 3.26%), SML Isuzu (up 3.11%) and TVS Motor Company (up 2.63%) gained.

Q4 Results Today:

Reliance Industries (up 1.49%), Hindustan Unilever (down 0.13%), Tech Mahindra (up 3.31%), ABB Power Products (down 0.07%), Aditya Birla Money (up 2.8%), Laurus Labs (up 2.26%) and Security and Intelligence Services (up 2.27%) are some of the companies that will announce their quarterly result today, 30 April 2020.

Stocks in Spotlight:

Polycab India was locked in an upper circuit of 5% at Rs 724.8 after the company said that the board of directors have scheduled a meeting on 2 May 2020 to consider and approve convening of board meeting to consider and approve the proposal for investment / acquisition of shares.

Lupin gained 1.62% to Rs 868.1 after the drug major said its Pithampur Unit-1 facility received EIR from the US drug regulator for its Pithampur Unit-1, India facility. The inspection for the facility was conductedby the USFDA between 3rd and 11th February 2020 and concluded with two observations.

Punjab & Sind Bank scheduled a board meeting on 5 May 2020 to consider raising equity capital up to an amount of Rs 500 crore through QIP route in one or more tranches within the next 12 months. The announcement was made after market hours yesterday, 29 April 2020. Shares of Punjab & Sind Bank were trading 2.08% higher at Rs 15.21.

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