Sensex, Nifty rally in early trade

Domestic stocks opened on a strong note as trading resumed after a local holiday. Buying demand in index pivotals pushed key indices higher. At 9:23 IST, the barometer index, the S&P BSE Sensex, was up 535.56 points or 1.75% at 31,225.58. The Nifty 50 index was up 179.85 points or 2% at 9,173.70.

The S&P BSE Mid-Cap index was up 1.52%. The S&P BSE Small-Cap index was up 1.49%.

The market breadth, indicating the overall health of the market, was strong. On the BSE, 962 shares rose and 241 shares fell. A total of 66 shares were unchanged.

Indian stock markets were shut on Tuesday, 14 April 2020, on account of Dr. Baba Saheb Ambedkar Jayanti.

Prime Minister Narendra Modi addressed the nation on 14 April 2020, the last day of the 21-day nationwide lockdown imposed due to the coronavirus. To stop the spread of Coronavirus in India, we will have to extend the lockdown till 3rd May, Modi said.

On the macro front, the consumer Price Index-based (CPI) inflation eased in March, at 5.91%, on the back of further reduction in rate of food inflation, the official data showed on Tuesday. The CPI inflation was at 6.58% in February. In January, it had touched a 68-month high of 7.59%.

Stocks in news:

Wipro rose 1.11%. Wipro is slated to announce its Q4 numbers today, 15 April 2020.

Dr. Reddy's Laboratories gained 2.9%. Dr. Reddy's Laboratories, along with its subsidiaries today announced the launch of authorized generic version of NitroDur (nitroglycerin) Transdermal Infusion System. The combined market for all Nitrogylcerin Transdermal Patch products had U.S. sales of approximately $14.7 million MAT for the most recent twelve months ending in January 2020 according to IQVIA Health.

Separately, Dr. Reddy's Laboratories along with its subsidiaries announced the launch of Amphetamine Sulfate Tablets USP, a therapeutic equivalent generic version of Evekeo (amphetamine sulfate) Tablets approved by the U.S. Food and Drug Administration (USFDA). Amphetamine Sulfate Tablets, USP is a Schedule II drug.

Mahindra & Mahindra rose 1.85%. Mahindra & Mahindra Financial Services advanced 4.54%. Ind-Ra said it continues to take a consolidated view of M&M and its subsidiaries while arriving at the ratings, after excluding its financial services subsidiary, Mahindra & Mahindra Financial Services (MMFSL; 'IND AAA'/Stable), because of moderate strategic, operational and legal linkages among them.

Hero MotoCorp rose 1.17%. Hero MotoCorp said that in view of the directives issued by the Central Government relating to the extension of the countrywide lockdown until May 3rd, and the need to keep maintaining social distancing, operations at our manufacturing facilities in India will continue to remain suspended till further notice.

HCL Technologies rose 2.35%. HCL Technologies announced the general availability (GA) of HCL Domino Volt, a new low-code capability built on the HCL Domino platform. HCL Technologies said that this release continues HCL's commitment to transform over 10 million enterprise-grade apps powering business for more than 15,000 customers. Domino Volt is powered by Domino. Domino has always been a leader in application development, business transformation, and automation.

Biocon gained 1.96%. Biocon and Mylan N.V. on 14 April 2020 announced the launch of Fulphila, a biosimilar to Neulasta (pegfilgrastim), in Australia. Fulphila is approved by the therapeutic goods administration for the treatment of cancer patients following chemotherapy, to decrease the duration of severe neutropenia and so reduce the incidence of infections, as manifested by febrile neutropenia.

Global Markets:

Overseas, Asian shares were trading mixed as warnings of the worst global recession since the 1930s underlined the economic damage already done even as some countries tried to re-open for business.

In US, stocks jumped on Tuesday as optimism that the Trump administration could move to ease lockdowns from the coronavirus outbreak overshadowed worrying earnings reports from JPMorgan and Wells Fargo.

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