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Market surges in early trade on firm global stocks

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Local stocks saw a gap-up opening following upbeat global cues. At 9:21 IST, the barometer index, the S&P BSE Sensex, was up 408.10 points or 1.36% at 30,437.08. The Nifty 50 index was up 122.50 points or 1.39% at 8,945.75.

The S&P BSE Mid-Cap index was up 1.46%. The S&P BSE Small-Cap index was up 0.66%.

The market breadth, indicating the overall health of the market, was strong. On the BSE, 733 shares rose and 272 shares fell. A total of 51 shares were unchanged.

Stocks in news:

Bharti Airtel gained 4.86%. On a consolidated basis, Bharti Airtel reported net loss of Rs 5,237 crore in Q4 March 2020 as compared with net profit of Rs 107.20 crore in Q4 March 2019. Total income rose 5.2% to Rs 23,913.60 crore in Q4 March 2020 over Q4 March 2019.

Consolidated EBITDA rose 51.7% to Rs 10,326 crore in Q4 March 2020 over Q4 March 2019. Consolidated EBIT increased by 172.1% to Rs 3,246 crore. The consolidated net loss before exceptional items was Rs 471 crore in Q4 March 2020.

Bajaj Finance rose 0.32%. Bajaj Finance declares its Q4 result today, 19 May 2020.

Glaxosmithkline Pharmaceuticals rose 1.55%. The company's consolidated net profit fell 5.95% to Rs 138.07 crore on 2.5% fall in total income to Rs 802.89 crore in Q4 March 2020 over Q4 March 2019.

Astrazeneca Pharma India lost 5.21% after net profit fell 2.44% to Rs 9.58 crore on 1% rise in total income to Rs 198.28 crore in Q4 March 2020 over Q4 March 2019.

Tata Consumer Products (TCPL) rose 1.02%. TCPL announced yesterday that it will acquire PepsiCo's stake in NourishCo Beverages, a 50:50 JV between the two companies. This move is consistent with Tata Consumer's focus on widening its portfolio in the Food and Beverages space.

Global Markets:

Overseas, Asian stocks were trading higher on Tuesday as hopes rise on a potential coronavirus vaccine after a positive development from a Moderna trial.

Moderna reported positive phase one results for a potential coronavirus vaccine. The company said that after two doses all 45 trial participants had developed coronavirus antibodies.

Chinese President Xi Jinping also said Monday that his country will provide $2 billion over two years to help other countries combat the impact of the coronavirus pandemic.

In US, stocks booked sharp gains Monday, on optimism that the American economy might be percolating again, while the medical community works toward a potential COVID-19 vaccine.

Stock-market bulls also gained confidence following remarks by the U.S. central bank chief Powell on Sunday and Monday that the Fed would continue to support the economy and financial markets through the viral outbreak.

Back home, the market slumped on Monday amid broad-based selling pressure, with banks stocks losing the most. Unimpressive economic stimulus, rising cases of Covid-19 in India and extension of nationwide lockdown dented investors sentiment. The barometer S&P BSE Sensex tumbled 1,068.75 points or 3.44% at 30,028.98. The Nifty 50 index lost 313.60 points or 3.43% at 8,823.25.

Foreign portfolio investors (FPIs) sold shares worth Rs 2,512.82 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 152.42 crore in the Indian equity market on 18 May, provisional data showed.

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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, May 19 2020. 09:25 IST