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MARKET: Sensex posts biggest 1-day gain in percentage terms, ends at 28,536

All that happened in markets today

Brokers trade at their computer terminals at a stock brokerage firm in Mumbai

Benchmark indices zoomed up to 7 per cent on Wednesday to post their biggest one-day gain in terms of percentage as investor sentiment got a boost by gains in global markets amid reports that the US officials have reached a deal on a $2 trillion package to fight economic fallout from coronavirus (Covid-19) pandemic. Further, hopes of domestic stimulus also helped improve sentiment.

The S&P BSE Sensex rallied 1,862 points or 7 per cent to settle at 28,536 levels. Reliance Industries (RIL) emerged as the top performer on the index wth the gain of 14.65 per cent. In the intra-day session, the stock zoomed 20 per cent on reports that US tech giant Facebook is looking to buy a multiillion-dollar stake in Reliance Jio. India's fastest-growing network, Jio, has over 370 million subscribers. READ MORE

Other major contributors to the index's gain were HDFC Bank, HDFC, ICICI Bank, and Maruti. On the downside, four stocks - IndusInd Bank, ONGC, ITC, and Bajaj Auto ended in the red.

On the NSE, the frontline index Nifty ended at 8,298 levels, up 497 points or 6.37 per cent with 38 out of 50 constituents advancing and 11 declining and 1 remaining unchanged. On the sectoral front, Nifty Bank jumped around 8.5 per cent to 18,549 levels. India VIX declined around 8 per cent to 76.96 levels.

In the broader market, the S&P BSE MidCap index gained over 3.5 per cent to end at 10,212 levels while the S&P BSE SmallCap index rallied around 3 per cent to 9,129.58 levels.

World markets

A rebound in world stocks reached a lofty 11 per cent on Wednesday and commodities made gains too, as coronavirus-battered markets leapt on news of a $2 trillion U.S. fiscal stimulus package.

Europe's main markets in London, Frankfurt and Paris all opened 4 per cent-5 per cent higher after the Nikkei in Tokyo had risen almost 7 per cent following some historic moves on Wall Street the previous day.

The Dow Jones Industrial Average had soared over 11 per cent in its biggest one-day percentage gain since 1933 and the S&P 500 scored a 9.4 per cent jump - its tenth best day on record out of 24,067 trading sessions since daily data started in 1927.

The U.S. stimulus deal, billed as a $2 trillion package, is expected to include $500 billion in direct payments to people and $500 billion in liquidity assistance.

US President Donald Trump had also pressed his case for a re-opening of the US economy by mid-April, though that had met immediate scepticism given the rise of infections in the United States is now among the highest in the world.

(With Reuters inputs)

4:21 PM

MARKET COMMENT | Vinod Nair, Head of Research at Geojit Financial Services

The markets rallied after the nationwide lockdown was announced, mainly driven by the Financials. Global markets have been trading in the green, driven by expectations of stimulus measures to support the respective economies and not because of any change in ground realities. A much more stable rally can happen only after any news regarding the virus containment comes in.

3:52 PM

Sectoral gainers and losers on the NSE

3:50 PM

MARKET AT CLOSE | Top gainers and losers on the S&P BSE Sensex

3:45 PM

CLOSING BELL

The S&P BSE Sensex gained 1,862 points or 7 per cent to end at 28,536 while NSE's Nifty50 ended at 8,298, up 497 points or over 6 per cent.

3:43 PM

ALERT :: Moody's downgrades Delhi Airport's ratings

Moody's Investors Service has today downgraded Delhi International Airport Limited's (DIAL) corporate family rating (CFR) and senior secured ratings to Ba3 from Ba2. At the same time, Moody's has downgraded DIAL's Baseline Credit Assessment (BCA) to ba3 from ba2. The ratings have also been placed on review for further downgrade.

The outlook has been changed to rating under review from stable. The rating action reflects the worsening coronavirus outbreak and the increasingly stringent travel restrictions imposed both in India and globally, including ongoing measures introduced by the Government of India (Baa2 negative) .

3:26 PM

MARKET UPDATE | NIIT Tech up 25%, rebounds 30% from day's low

3:20 PM

NEWS ALERT | Cabinet approves extending tax rebate on garment exports beyond April 1

3:15 PM

NEWS ALERT | Cabinet approves Rs 1,340 crore funding for regional rural banks

3:04 PM

MARKET UPDATE:: Maruti Suzuki, HDFC Bank from Sensex locked in 10% upper circuit

3:01 PM

MARKET UPDATE:: 341 stocks locked in lower circuit in an otherwise firm market

-- Of these, 19 stocks are from BSE A group stocks. The list include KRBL, Future Retail, Indiabulls Real Estate, Future Consumer, Edelweiss Financial Services, DHFL, Lakshmi Vilas Bank

2:55 PM

NEWS ALERT :: Heath Min approves manufacturing of ethanol-based sanitizer till June 30, 2020

2:54 PM

Covid-19 rate cuts to tug most Asian bond yields even lower: Poll

Nearly two-thirds of the 12 fixed income strategists polled by Reuters between March 17-24 who answered an additional question said that trend was unlikely to continue much longer, as the recent rise in yields was just a knee-jerk reaction to the massive amount of fiscal stimulus dead ahead. READ MORE

2:53 PM