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Benchmarks advance as FM briefs media

Capital Market 

The market spurted in mid-afternoon trade as finance minister Nirmala Sitharaman addressed the media in Delhi. At 14:28 IST, the barometer index, the S&P BSE Sensex, was up 1259.68 points or 4.85% at 27,240.92. The Nifty 50 index rose 329.45 points or 4.33% at 7,939.70.

Finance minister Nirmala Sitharaman said "work is going on and we are very close to coming up with an economic package that will be announced sooner rather than later."

The last date for the income tax return for the financial year 18-19 is extended to 30 June 2020. For delayed payments interest rate has been reduced from 12% to 9%, the finance minister said. Aadhar-PAN linking date and Vivad Se Vishwas Scheme is postponed from April 1 to June 30, no additional 10% payment. The last date for March, April, May 2020 GST returns and Composition returns extended to 30 June 2020.

In the broader market, the S&P BSE Mid-Cap index was up 2.89% while the S&P BSE Small-Cap index was up 0.96%.

The market breadth was negative. On the BSE, 964 shares rose and 1214 shares fell. A total of 156 shares were unchanged.

In Nifty 50 index, the breadth was positive with 41 stocks advancing and 8 stocks declining. 1 stock remained unchanged.

Numbers to Track:

In the foreign exchange market, the partially convertible rupee edged lower to 76.22 compared with its previous closing of 76.20.

The yield on 10-year benchmark federal paper fell to 6.344% at 14:24 IST compared with 6.389% in the previous trading session.

In the commodities market, Brent crude for May 2020 settlement was up 76 cents to $27.79 a barrel. The contract rose 0.19% or 5 cents to settle at $27.03 a barrel in Wednesday's trading session.

MCX Gold futures for 3 April 2020 settlement rose 0.30% to Rs 41,287.

Buzzing Index:

The Nifty Realty index slipped 1.09% to 172.20, sliding for the second day. The index has fallen 12.32% in two sessions.

Among the sector constituents, Anant Raj (down 8.81%), Brigade Enterprises (down 5.23%), Parsvnath Developers (down 5%), D B Realty (down 4.91%), Housing Development and Infrastructure (HDIL) (down 4.9%), Indiabulls Real Estate (down 4.9%), Unitech (down 4.79%), Mahindra Lifespace Developers (down 4.59%), Peninsula Land (down 3.89%), Sunteck Realty (down 3.1%), Phoenix Mills (down 2.57%), Sobha (down 2.35%), DLF (down 1.94%), Godrej Properties (down 0.79%) and Oberoi Realty (down 0.74%) declined.

Stocks in Spotlight:

IRCTC fell 5% to Rs 858.50, extending its losing streak to seventh consecutive session. The stock hit a lower circuit of 5% for seventh consecutive session. The outbreak of COVID-19 has made travellers reconsider going on vacation in this middle of a global pandemic, putting pressure on travel and tourism industry. The stock has tumbled 30% in seven trading sessions from its previous closing high of Rs 1228.05 hit on 13 March 2020. To curb the coronavirus outbreak, Railway Minister, Piyush Goyal, on 22 March 2020 announced that all passenger train services on Indian Railways including premium trains, mail/express trains, Konkan Railway, etc will be cancelled till 31 March 2020.

Dr Reddy's Laboratories rose 4.28% to Rs 2,884.15 after the company said its board will meet on 27 March 2020 to consider raising funds through issuance of commercial papers.

Yes Bank tumbled 9.56% to Rs 35.95. The bank's board will consider raising funds by issue of equity shares/depository receipts/convertible bonds/debentures/warrants/any other equity linked securities, through permissible modes including but not limited to a qualified institutions placement, rights issue, further public offer, etc., subject to such approvals, as may be required under applicable laws.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, March 24 2020. 14:29 IST