MARKET WRAP: Sensex surges 1,266 pts, Nifty ends at 9,112; auto stocks jump
All that happened in the markets today.
 "Brokers trade at their computer terminals at a stock brokerage firm in Mumbai (")
Brokers trade at their computer terminals at a stock brokerage firm in Mumbai (
The domestic equity market ended with over 4 per cent gains on Thursday, in line with global peers that gained on hopes that the coronavirus pandemic was nearing its peak globally. That apart, hopes of more stimulus measures by the government also kept the investor sentiment upbeat.
The S&P BSE Sensex jumped 1,266 points or 4.23 per cent to settle at 31,160 amid heavy buying in index heavyweights such as HDFC, HDFC Bank, ICICI Bank, Reliance Industries (RIL), and Maruti. NSE's Nifty reclaimed the crucial 9,000 levels to end at 9,112, up 363 points or 4 per cent.
On a weekly basis, both Sensex and Nifty added around 13 per cent.
In the broader market, the S&P BSE MidCap index ended over 3.63 per cent higher at 11,374 and the S&P BSE SmallCap index added over 3 per cent to 10,294.
On the sectoral front, all the indices on the NSE ended in the green with the Nifty Auto index jumping over 10.5 per cent to 5,569 levels. Volatility index India VIX declined over 5 per cent to 49.56 levels. READ MORE
Buzzing stocks
Among individual stocks, Sun Pharma regained the market-capitalisation of Rs 1 trillion after a sharp rally in its stock price. The stock ended at Rs 455.20 on the BSE, up over 4 per cent. READ MORE
Shares of Cipla jumped 16 per cent at Rs 595, also its 52-week high on the BSE after the drug firm received United States Food and Drug Administration's (USFDA) nod for the first generic Proventil HFA (albuterol sulfate) metered dose inhaler, used for conditions such as asthma. It ended at Rs 579.50, up 13 per cent. READ MORE
On a weekly basis, both Sensex and Nifty added around 13 per cent.
In the broader market, the S&P BSE MidCap index ended over 3.63 per cent higher at 11,374 and the S&P BSE SmallCap index added over 3 per cent to 10,294.
On the sectoral front, all the indices on the NSE ended in the green with the Nifty Auto index jumping over 10.5 per cent to 5,569 levels. Volatility index India VIX declined over 5 per cent to 49.56 levels. READ MORE
Buzzing stocks
Among individual stocks, Sun Pharma regained the market-capitalisation of Rs 1 trillion after a sharp rally in its stock price. The stock ended at Rs 455.20 on the BSE, up over 4 per cent. READ MORE
Shares of Cipla jumped 16 per cent at Rs 595, also its 52-week high on the BSE after the drug firm received United States Food and Drug Administration's (USFDA) nod for the first generic Proventil HFA (albuterol sulfate) metered dose inhaler, used for conditions such as asthma. It ended at Rs 579.50, up 13 per cent. READ MORE
Markets will remain closed tomorrow on account of Good Friday.
Global Markets
Global Markets
Global shares rose on Thursday on hopes the Covid-19 pandemic was nearing a peak and that governments would roll out more stimulus to support their economies, while expectations of a deal to cut oil production bolstered crude prices.
European stock markets gained for a fourth straight day. The pan-European STOXX 600 index was up 1.7 per cent, with battered travel and leisure stocks, autos, and mining companies leading early gains.
MSCI’s All-Country World Index, which tracks shares across 49 countries, was up 0.5 per cent to its highest since March 12.
US stock futures were up 1 per cent after bouncing in and out of positive territory in Asia.
Shares in China, where the novel coronavirus first emerged late last year, rose 0.42 per cent. Australian shares were up 2.54 per cent.
In commodities, oil prices rose on expectations the world’s largest oil producers would agree to cut production at a meeting later in the day as the industry grapples with a coronavirus-driven collapse in global oil demand.
(With inputs from Reuters)
4:06 PM
MARKET COMMENT | Vinod Nair, Head of Research at Geojit Financial Services
Indian markets in sync with Global markets were up again today on expectations of infections peaking out and for more stimulus measures to be announced. This uptrend seems to be a short term bear market rally and may not be sustainable. In India, there is speculation that the package may help worst affected sectors and MSMEs may get some relief in the package to be announced.
4:06 PM
SECTOR WATCH | Here's how sectoral indices on NSE performed today
4:05 PM
MARKET AT CLOSE | Top gainers and losers on the S&P BSE Sensex
3:41 PM
CLOSING BELL
The S&P BSE Sensex rallied 1,266 points or 4.23 per cent to close at 31,160 while NSE's Nifty50 ended at 9,103, up 354 points or 4 per cent.
3:28 PM
NEWS ALERT | CRISIL reaffirmed its ratings on the debt programmes and bank facilities of M&M; stock surges 20%
3:27 PM
MARKET CHECK
3:26 PM
MARKET COMMENT :: Sanjeev Zarbade, VP PCG Research, Kotak Securities
The Sensex is poised to close this holiday shortened week with a strong uptick as global markets bounced back on initial signs of peaking out of Covid-19 infections in major hotspots like Italy and the US. While the trajectory of Covid-19 infections in India is now getting steeper, it is hoped that the effect of lockdown will start to show positive results in the coming days.
With the exception of the FMCG sector, valuations have become reasonable for most sectors. Investors should accumulate stocks with strong balance sheets, market leadership and good management quality. Such stocks can deliver good returns when economic conditions normalise
With the exception of the FMCG sector, valuations have become reasonable for most sectors. Investors should accumulate stocks with strong balance sheets, market leadership and good management quality. Such stocks can deliver good returns when economic conditions normalise
3:20 PM
BUZZING STOCK | Titan Co jumps 10%
3:10 PM
MARKET UPDATE | Midcap index gains around 4%
3:02 PM
ALERT :: MARKETS TO REMAIN SHUT TOMORROW ON ACCOUNT OF GOOD FRIDAY
Topics : Coronavirus Markets MARKET WRAP
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First Published: Apr 09 2020 | 7:27 AM IST