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Market trades sharply higher on positive Asian cues

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Local market opened sharply higher in line with Asian markets. At 9:21 IST, the barometer index, the S&P BSE Sensex, was up 1219.24 9oints or 4.69% at 27,200.82. The Nifty 50 index was up 344.60 points or 4.53% at 7,954.85.

The S&P BSE Mid-Cap index was up 3.56%. The S&P BSE Small-Cap index was up 2.42%. Both these indices under preformed the BSE Sensex.

The market breadth, indicating the overall health of the market, was positive. On the BSE, 244 shares rose and 72 shares fell. A total of 27 shares were unchanged.

Stocks in news:

Dr. Reddy's Laboratories jumped 6.65%. Dr. Reddy's Laboratories said that a meeting of the board of directors of the company will be held on 27 March 2020 to consider and approve raising of funds by issuance of commercial paper.

Reliance Industries surged 6.88%. Reliance Industries (RIL) said it has responded to its call-of-duty to be at the service of the nation 24x7 in collective fight against Covid-19. RIL has already initiated a multi-pronged prevention, mitigation, and ongoing support strategy that is comprehensive, sustainable, and resilient. This approach can be ramped up further to scale as required by the nation. RIL has deployed the combined strengths of Reliance Foundation, Reliance Retail, Jio, Reliance Life Sciences, Reliance Industries, and all the 6,00,000 members of the Reliance Family on this action plan against COVID-19.

Yes Bank rose 2.29%. Yes Bank said that the meeting of the board of directors of YES Bank will be held on 26 March 2020, to consider raising funds.

Century Enka crashed 8.01%. Century Enka informed that the company, considering the gravity of COVID-19 and the directions issued by local authorities and also in compliance with the directives and advisory of state and central government, the company has decided to temporarily shut down its plant operation at Pune Site. The company would continue to run its critical operations at Pune site for safety of process, people and equipment as permitted under the Government directives. Operations at Bharuch Site are also being scaled down and shall be brought down to 50% capacity.

Bajaj Electricals fell 0.07%. Bajaj Electricals (BEL) rights issue of equity shares opened on 18 February 2020 and closed on 3 March 2020. The Issue saw participation from most of its existing large institutional investors, as well as retail investors. The Rs 349.94 crore rights issue offered an opportunity to all its existing shareholders to participate in the capital raise, with the promoters committing to take up their rights entitlement. Pursuant to the rights issue, the company has allotted 11287956 equity shares on rights basis at a price of Rs 310 per share on 13 March 2020.

Global Markets:

Overseas, Asian markets were trading sharply higher after the US Federal Reserve launched unlimited bond buying and other fresh steps and the US Congress appeared closer to a deal on a massive stimulus package to boost the world's largest economy hammered by the coronavirus.

In US, stocks booked sharp losses on Monday as the rapidly rising number of coronavirus cases across the nation overshadowed the Federal Reserve's pledge to buy unlimited bonds and bolster emergency lending facilities to support the flow of credit into the economy.

The central bank's unscheduled announcement comes as investors remain unhappy with a lack of government action to address the fallout from the COVID-19 pandemic.

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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. 09:23 IST