Market hovers in range; European shares advance

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The benchmark indices hovered near the day's high in afternoon trade. The Nifty ascended towards 8600 mark. At 13:27 IST, the barometer index, the S&P BSE Sensex, was up 889.80 points or 3.13% at 29,330.12. The Nifty 50 index was up 281.20 points 3.40% at 8,562.30.

Buying was broad based. The S&P BSE Mid-Cap index was up 1.90% while the S&P BSE Small-Cap index added 1.96%.

The market breadth was strong. On the BSE, 1374 shares rose and 711 shares fell. A total of 167 shares were unchanged. In Nifty 50 index, 45 stocks advanced while 5 stocks declined.

Stocks in Spotlight:

BPCL (up 11.52%), Gail (India) (up 7.62%), Hindalco Industries (up 6.64%), Wipro (up 6.27%) and HCL Technologies (up 6.15%) advanced.

Maruti Suzuki India (down 2.44%), Bajaj Finserv (down 2.17%), Eicher Motors (down 0.10%) and Bajaj Finance (down 0.02%) declined.

IndusInd Bank crashed 13.40% to Rs 356.40. The bank in a conference call hosted yesterday informed that it has seen a withdrawal of 10-11% of its deposits, largely led by a state government. Wholesale and retail deposits too saw a decline. The lender said it has replaced the outflows via various means such as long duration refinance/forex borrowings swapped to the Indian Rupee. The lender also said that the moratorium granted by the RBI should help its portfolio in various segments.

Reliance Industries (RIL) advanced 5.48% to Rs 1,088.10. The company said its board will meet on 2 April 2020 to consider raising funds by issuing listed, secured/unsecured, redeemable non-convertible debentures (NCDs) on private placement basis in one or more tranches/series.

Global Markets:

European shares were trading higher while most Asian stocks advanced on Tuesday as China's official manufacturing Purchasing Managers' Index (PMI) for March came in better than expected.

China's official manufacturing PMI bounced to 52 in March, up from a record-low 35.7 in February.

In US, stocks surged on Monday, rebounding from a deep rout triggered by the coronavirus pandemic. The rebound was led by an 8% pop in Johnson & Johnson after it announced a vaccine candidate for the coronavirus.

US President Donald Trump extended the timeline for social distancing guidelines to April 30, which many believe will reduce economic damage in the long run.

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