Market opens on a positive note

Stocks opened on a positive note on select buying in index stocks. At 9:22 IST, the barometer index, the S&P BSE Sensex, was up 234.36 points or 0.82% at 28,770.14. The Nifty 50 index was up 42.35 points or 0.51% at 8,360.20.

The S&P BSE Mid-Cap index was up 0.46%. The S&P BSE Small-Cap index was up 0.82%.

The market breadth, indicating the overall health of the market, was positive. On the BSE, 240 shares rose and 79 shares fell. A total of 22 shares were unchanged.

Trading could be volatile as traders roll over positions in the F&O segment from the near month March series to April series. The March 2020 F&O contracts expire today, 26 March 2020.

Stocks in news:

NTPC rose 0.44%. NTPC informed that second Unit of 660 MW of Khargone Super Thermal Power Project has been added to Installed Capacity of NTPC on successful completion of trial operation. With this, the total installed capacity of Khargone Super Thermal Power Project, NTPC and NTPC group has become 1320 MW, 50355 MW and 58816 MW respectively.

Delta Corp hit 5% upper circuit. Delta Corp said that a meeting of the board of directors of the company will be held on 28 March, 2020 to consider the proposal for buy]back of fully paid]up equity shares of face value of Re 1 each of the company.

JSW Steel fell 2.39%. JSW Steel said the company has taken the decision to scale down / suspend production to support the cause of containment of the pandemic COVID-19.

Blue Star was up 0.48%. Blue Star said the company has temporarily suspended its operations at its various offices and manufacturing plants. Most of the office based staff are working from home and are available over their mobile phones and e-mail.

Zensar Technologies gained 3.97%. Zensar Technologies said that Guidewire Software, Inc. announced that Zensar Technologies has been promoted to a PartnerConnect Consulting Advantage partner.

Cummins was down 1.13%. Cummins India said the company has decided to temporarily close its offices and factories operations across India effective from 23 March 2020 till 15 April 2020 due to COVID-19.

Global Markets:

Overseas, most Asian markets were trading lower on Thursday as investors await the passage and details of a $2 trillion stimulus package in the United States to combat the economic fallout from the coronavirus.

In US, stocks on Wednesday finished well off their highs and the Nasdaq turned negative in the final minutes of trade, as the passage of a $2 trillion economic rescue package appeared to hit a snag.

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