Nifty reclaims 9000; India VIX cools 5%

The main market indices extended gains and hit fresh intraday high in early afternoon trade. The Nifty 50 index scaled the decisive 9000 mark. At 12:24 IST, the barometer index, the S&P BSE Sensex, was up 291.01 points or 0.96% at 30,670.82.. The Nifty 50 index was up 86.15 points or 0.97% at 9,011.15.

The broader market rallied. The S&P BSE Mid-Cap index was up 1.3% while the S&P BSE Small-Cap index was up 1.23%.

The market breadth was strong. On the BSE, 1368 shares rose and 701 shares fell. A total of 137 shares were unchanged. In Nifty 50 index, 36 stocks advanced while 14 stocks declined.

Sentiment was supported by the media reports that the government is working on a fiscal package and is closely studying the impact of Covid-19 on various industries. According to reports, the government is conducting a detailed sectoral analysis on the impact of Covid-19 and an announcement should be made soon.

Buzzing Index:

The Nifty Bank index gained 0.69% to 19,189.45, snapping its two days losing streak. The index lost 4.3% in last past trading sessions.

Bandhan Bank (up 5.46%), ICICI Bank (up 2.95%), IDFC First Bank (up 1.77%), SBI (up 1.67%), IndusInd Bank (up 1.49%), Bank of Baroda (up 1.12%), Federal Bank (up 0.85%), RBL Bank (up 0.5%), PNB (up 0.48%), HDFC Bank (up 0.39%) and Axis Bank (up 0.17%) were top gainers in Nifty Bank index.

Derivatives:

The NSE's India VIX, a gauge of market's expectation of volatility over the near term, declined 5.05% to 47.22. The Nifty April 2020 futures were trading at 9,018.30, a premium of 37.80 points compared with the spot at 8,980.50.

On the options front, the Nifty option chain for 30 April 2020 expiry showed maximum call open interest (OI) of 17 lakh contracts at the 10,000 strike price. Maximum put OI of 24.84 lakh contracts was seen at 8,000 strike price.

Stocks in Spotlight:

Bajaj Consumer Care rose 2.22% to Rs 143 after the company said it has launched a hand sanitizer brand. Bajaj Consumer Care on Wednesday said it has launched "Bajaj Nomarks Hand Sanitizer" which contains natural ingredients and helps to fight germs in this pandemic time.

JSW Energy (JSWEL) rose 2.22% to Rs 41.50 after Brickwork Ratings (BWR) reaffirmed its ratings of 'BWR A1+' on commercial papers (CP) of the company worth Rs 950 crore. The ratings agency said that the rating reaffirmation continues to factor in the strength of the promoter group, long-term experience of the company in the power sector, long-term power purchase agreements (PPA) for ~81% of the company's consolidated total power generation capacity, and a fair debt/equity and debt/Ebitda ratio.

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