Indices trade with mild gains; breadth strong

Key indices are trading with mild gains amid volatility in early trade. At 9:20 IST, the barometer index, the S&P BSE Sensex, was up 39.05 points or 0.12% at 31,418.60. The Nifty 50 index was up 24.65 points or 0.27% at 9,211.95.

The S&P BSE Mid-Cap index was up 1.24%. The S&P BSE Small-Cap index was up 1.2%.

Market is likely to remain volatile in the near term due to reaction to March 2020 quarterly corporate earnings, trends in the number of coronavirus cases, crude oil prices, currency movements and global events.

The market breadth, indicating the overall health of the market, was strong. On the BSE, 856 shares rose and 282 shares fell. A total of 41 shares were unchanged.

Stocks in news:

Piramal Enterprises rose 2.46%. Piramal Enterprises said that CARE Ratings has re-affirmed credit rating for Long Term Non-Convertible Debentures to CARE AA; Stable and Commercial Paper to CARE A1+.

TVS Motor Company rose 0.6%. The board of directors of TVS Motor Company will meet on 28 April 2020 for considering the issuance of listed, rated, unsecured, redeemable, non-convertible debentures on a private placement basis.

KNR Constructions jumped 7.79%. KNR Constructions said that the company's SPVs has re-commenced the collection of user fee (toll) on all the NHAI projects.

Welspun Corp gained 1.08%. Welspun Corp said that the company has partially resumed production from pipe facilities at Jamunia, Near Bhopal (Madhya Pradesh), with full compliance to the safety conditions of operation, as stipulated in the administrative permission received w.r.t. COVID-19.

Tanla Solutions was locked in 5% upper circuit at Rs 66.40. Tanla Solutions' board approved buyback of equity shares at Rs 81 per equity share, payable in cash, for an aggregate amount not exceeding Rs 154 crore. The board of directors also noted the intention of the promoters and members of the promoter group of the company of not participating in the proposed buyback.

Global Markets:

Overseas, Asian stocks are trading higher following an overnight rebound in oil prices that recouped some recent losses.

In economic data, the coronavirus pandemic pushed South Korea's economy into its biggest contraction since 2008 in the first quarter. Gross domestic product decreased by a seasonally adjusted 1.4% in the first quarter from three months earlier, the central bank said on Thursday, reversing 1.3% growth in the fourth quarter.

In US, Wall Street surged on Wednesday as oil prices recovered and Congress looked on course to approve nearly $500 billion more in aid to help small businesses ride out the coronavirus crisis.

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