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Sensex up 637 pts on govt's Rs 20-trn stimulus boost; awaits finer details

All that happened in the markets today

Stock brokers react to the movement share prices on BSE Sensex in Mumbai on January 23. Photo: Kamlesh Pednekar

Stock brokers react to the movement share prices on BSE Sensex in Mumbai. Photo: Kamlesh Pednekar

Benchmark indices were off day's highs but still managed to close around 2 per cent higher on Wednesday ahead of the Finance Minister Nirmala Sitharaman's press conference at 4 pm today on the details of the Rs 20 trillion economic package announced by the Prime Minister Narendra Modi last evening.

The S&P BSE Sensex rallied 637 points or 2 per cent to settle at 32,009. of 30 constituents of the index, 26 ended in the green and rest four in the red. Axis Bank (up 7 per cent) ended as the biggest gainer on the index while Nestle India (down over 5 per cent) emerged as the top loser.

NSE's Nifty advanced 187 points or 2 per cent to 9,383.55 levels.

Sectorally, banking stocks rallied the most. The Nifty PSU Bank index jumped over 6 per cent to 1,238.05 while Nifty Bank climbed over 4 per cent to 19,635.

Pharma stocks, on the other hand, ended in the red. Nifty Pharma slipped over 1 per cent to 9,148.

Results corner

Auto major Maruti Suzuki on Wednesday reported 27.7 per cent year-on-year fall in consolidated profit at Rs 1,322.3 crore for the March quarter of FY20 (Q4FY20) while revenue dipped 15.2 per cent to Rs 18,207.7 crore. The company had posted revenue of Rs 21,473.1 crore and profit of Rs 1,830.8 crore in the corresponding quarter of last year. The stock ended at nearly 2 per cent higher at Rs 5,035 apiece on the BSE. READ MORE

Global markets

Global stocks and oil prices fell on Wednesday as fears about a second wave of coronavirus infections gripped financial markets. MSCI’s index of global shares was down 0.3 per cent. The pan-European STOXX 600 index slipped 1.6 per cent. Banks acted as the drag after a number of negative updates.

MSCI’s broadest index of Asia-Pacific shares outside Japan erased an early decline and rose 0.3 per cent. US stock futures, the S&P 500 e-minis, reversed earlier gains to fall 0.2 per cent.

In oil market, oil prices fell as potential OPEC+ plans to deepen supply cuts were overshadowed by demand concerns exacerbated by a possible second wave of coronavirus infections as countries ease lockdowns.

Brent crude LCOc1 dropped 56 cents, or 1.9 per cent, to $29.42 a barrel till the time of writing of this report, having risen 1.2 per cent on Tuesday. West Texas Intermediate crude futures fell 23 cents, or 0.9 per cent, to $25.55 after gaining 6.8 per cent in the previous session.

(With inputs from Reuters)

4:03 PM

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

After the stimulus package announced yesterday which accounts for around 10% of GDP, markets shot up by around 3% before paring some gains by the end of trade. The details are awaited regarding the math and allocation of the announced package and how much will be the fresh stimulus. If the details match the headline announcements, then this would significantly help allay fears surrounding the economy and businesses and its recovery path. Globally markets were weak fearing resurgence in virus infections and conflicting opinions regarding opening up of economies, while number of new infections continued to be a worry in India

3:48 PM

SECTOR WATCH | Here's how sectoral indices on NSE performed today

3:45 PM

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

3:36 PM

CLOSING BELL

The S&P BSE Sensex rallied 637 points or 2 per cent to settle at 32,009 while NSE's Nifty50 ended at 9,383.55, up 187 points or 2 per cent.

3:25 PM

BUZZING STOCK | Axis Bank top Sensex gainer; zooms 7%

3:12 PM

Maruti Suzuki posts 28% YoY fall in Q4 profit at Rs 1,322 crore

Auto major Maruti Suzuki on Wednesday reported 27.7 per cent year-on-year fall in consolidated profit at Rs 1,322.3 crore for the March quarter of FY20 (Q4FY20) while revenue dipped 15.2 per cent to Rs 21,473.1 crore. READ MORE

Maruti Suzuki’s S-Presso

3:06 PM