Sensex, Nifty rally in early trade

Indian stocks opened sharply higher on last trading day ahead of a long weekend on buying demand in index pivotals. Stock markets will remain closed on Friday, 10 April 2020 on account of Good Friday.

At 9:28 IST, the barometer index, the S&P BSE Sensex, was up 684.58 points or 2.29% at 30,578.54. The Nifty 50 index was up 197.60 points or 2.26% at 8,946.35. Asian stocks were mixed.

The S&P BSE Mid-Cap index was up 2.4%. The S&P BSE Small-Cap index was up 2.18%.

The market breadth, indicating the overall health of the market, was strong. On the BSE, 1137 shares rose and 159 shares fell. A total of 50 shares were unchanged.

Stocks in news:

Titan Company rose 1%. Titan Company in its quarterly update for Q4 March 2020 said that consequent to the serious disruptions in operations in March, revenue growth for the quarter and consequently for the year has been impacted severely. The company is working out its strategy to manage this crisis with particular focus on ensuring adequate liquidity is available till normalcy returns.

Pharma major Cipla hit 10% upper circuit at Rs 564.30. In an exchange filing made before market hours today, Cipla said that it has received final approval for its abbreviated new drug application (ANDA) for Albuterol Sulfate Inhalation Aerosol 90mcg (base)/actuation, from the United States Food and Drug Administration (US FDA).

Marico rose 0.66%. Marico said that in the India business, early signs of improvement across categories seen until early March were more than offset by disruptions in the last 12 days, due to lockdowns in some states culminating into a first-ever national lockdown, to contain the outbreak of COVID-19. During the impacted period, the Company could register sales largely in the Edible Oils and Foods portfolio. Overall, the India business posted a low single-digit volume decline in the quarter, with very skewed high growth in the Saffola portfolio.

IDBI Bank gained 4.79%. IDBI Bank said that the Board of Directors, at its meeting held on Wednesday, 8 April 2020, has approved in principle the proposal to sell IDBI Bank's stake in IDBI Federal Life Insurance Company (IFLI) to the extent of 23-27%.

NLC India advanced 4.36%. NLC India informed that the mining operations of Neyveli Mines has resumed from Wednesday, 8 April 2020.

Global Markets:

Overseas, Asian shares were mixed on Thursday as investors mulled the spread of the coronavirus and when economies will be able to ramp up again.

In US, stocks jumped on Wednesday on hopeful signs about the coronavirus outbreak in the United States was close to a peak, with health insurers getting an additional lift from Bernie Sanders' decision to suspend his presidential campaign.

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