Bulls take charge on D-Street; India VIX slumps to 51 mark

Key domestic benchmarks marches ahead in early afternoon trade. Sentiment was firm amid positive global cues, buoyed by tentative signs the coronavirus crisis may be leveling off in New York and receding in Europe.

At 12:24 IST, the barometer index, the S&P BSE Sensex, was up 1644.52 points or 5.96% at 29,235.47. The Nifty 50 index was up 476.1 points or 5.89% at 8,559.90.

In the broader market, the S&P BSE Mid-Cap index was up 3.58% while the S&P BSE Small-Cap index was jumped 3.12%.

The market breadth was strong. On the BSE, 1629 shares rose and 474 shares fell. A total of 176 shares were unchanged. In Nifty 50 index, 48 stocks advanced while 2 stocks declined.

Derivatives:

The NSE's India VIX, a gauge of market's expectation of volatility over the near term, slipped 7.44% to 51.185. The Nifty April 2020 futures were trading at 8,568.30, a premium of 44.5 points compared with the spot at 8,523.80.

On the options front, the Nifty option chain for 30 April 2020 expiry showed maximum call open interest (OI) of 15.64 lakh contracts at the 9,000 strike price. Maximum put OI of 21.53 lakh contracts was seen at 8,000 strike price.

Stocks in Spotlight:

Cadila Healthcare in a regulatory filing said that Zydus Cadila has received a final approval from the USFDA to market Perphenazine Tablets USP. Perphenazine Tablets are indicated for the treatment of schizophrenia and for the control of severe nausea and vomiting in adults. The drug will be manufactured at the group's formulation manufacturing facility at Baddi. Shares of Cadila Healthcare were up 11.62% at Rs 307.

Shares of Bajaj Finance were down 4.83% at Rs 2100. Bajaj Finance on Monday (6 April 2020) reported a 22% sequential fall in new loans booked during Q4 March 2020 to 6 million due to the national lockdown. New loans booked during Q4 March 2020 was 6.0 million (MM) as compared to 5.8 MM in Q4 March 2019 and 7.7 MM in Q3 December 2019. The company lost about 1 MM accounts on account of nationwide lock down. On a year-on-year basis, the growth under new loans booked slowed down to 3% in Q4 March 2020 compared to a growth of 53% during Q4 March 2019.

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