Indices bounce back; breadth positive

The main stock indices bounced back in mid-afternoon trade. At 14:29 IST, the barometer index, the S&P BSE Sensex, was up 417.57 points or 1.39% at 30,364.34. The Nifty 50 index was up 146.95 points or 1.70% at 8,788.40.

In the broader market, the S&P BSE Mid-Cap index rose 0.79% while the S&P BSE Small-Cap index added 0.65%.

Buyers outpaced the sellers. On the BSE, 1145 shares rose and 1071 shares fell. A total of 142 shares were unchanged. In Nifty 50 index, 35 stocks advanced while 15 stocks declined.

Buzzing Index:

The Nifty Metal index rose 1.51% to 1,566.25, rising for fifth straight day. The index has added 4.66% in five trading sessions.

Among the index constituents, Hindustan Zinc (up 5.94%), NMDC (up 5.51%), Hindustan Copper (up 3.47%), Jindal Steel & Power (up 1.01%) and JSW Steel (up 0.87%) advanced.

National Aluminium Company (down 2.75%), Hindalco Industries (down 2.59%), Vedanta (down 2.2%), Tata Steel (down 1.28%) and Steel Authority of India (down 1.15%) declined.

Stocks in Spotlight:

Piramal Enterprises surged 4.90% to Rs 859.30 after CARE Ratings affirmed CARE AA (outlook stable) credit rating for the additional non-convertible debentures issuance of up to Rs 1,000 crore by the company.

Phoenix Mills slipped 0.38% to Rs 573.20. The credit rating agency CRISIL placed its rating on the long-term bank facilities of Phoenix Mills on 'Rating Watch with Negative Implications'. CRISIL said the rating downgrade is on the back of measures taken by various state governments towards containment of COVID-19 which includes temporary closure of non-critical establishments, inter-state transportation etc. The measures also include advisory against travel and visiting areas of mass gatherings. These measures including mandatory closure of its retail assets could lead to delay in the collection of lease rentals from tenants, for the affected months. A sustained long period of closures can result in significant deterioration in credit profile of the company. On the other hand, a faster reversal to normalcy may contain the extent of deterioration likely in credit quality of the company. That said, the ability of the business to revert back to operational stability and any relief measures given by the government will be key rating sensitivity factors.

Sanghvi Movers tumbled 4.94% to Rs 50.95. The company informed that ICRA had retained the long-term rating at [ICRA]A- and short-term rating at [ICRA]A2+. The outlook on the long-term rating has been revised to 'negative' from 'stable'.

Numbers to Track:

In the foreign exchange market, the partially convertible rupee edged lower to 75.28 compared with its previous closing of 75.16.

The yield on 10-year benchmark federal paper fell to 6.130% at 14:26 IST compared with 6.225% in the previous trading session.

In the commodities market, Brent crude for May 2020 settlement was down 27 cents to $26.07 a barrel. The contract fell 3.83% or $1.05 to settle at $26.34 a barrel in Wednesday's trading session.

MCX Gold futures for 3 April 2020 settlement fell 0.19% to Rs 43461.

Powered by Capital Market - Live News