Closing Bell

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09-Apr-2020   16:02 Hrs IST Bulls make comeback on Dalal Street; Nifty reclaims 9,100 mark <p align="justify">Thursday turned out to be a fabulous day of trade for Indian equity benchmarks with frontline gauges recapturing their crucial 9,100 (Nifty) and 31,150 (Sensex) levels, tracking a rise in the global markets&nbsp;on hopes the coronavirus pandemic is nearing a peak and that governments would roll out more stimulus measures. Key indices commenced the session with a gap-up opening as traders took encouragement with a private report stating that a second stimulus package India is poised to announce in coming days will be worth around Rs 1 lakh crore ($13 billion) and focus on help for small and medium businesses weathering the coronavirus outbreak. The mood remained upbeat as the Ministry of Corporate Affairs issued a slew of measures to facilitate the functioning of companies as they grapple with the ongoing nationwide lockdown due to the coronavirus pandemic. </p><p align="justify">Key indices continued their rally mood to reach at fresh intraday high points in last leg of trade, taking support from Commerce and Industry Minister Piyush Goyal assured that the ministry will make efforts for release of 'urgent and important' export orders which are stuck for some reasons. He said the ministry is working aggressively to revitalize exports, and looking for export opportunities to expand. Investors paid no heed towards UN report stating that India's GDP growth for the current fiscal is expected to slow down to 4.8 per cent, warning that the COVID-19 pandemic is expected to result in significant adverse economic impacts globally. Investors also awaited the Index of Industrial Production (IIP) data to be out later in the day. </p><p align="justify">On the global front, Asian markets ended mostly higher on Thursday, while European markets were trading mostly in green, on hopes the coronavirus pandemic was close to peaking, with investors attention also focused on a meeting of the bloc's finance ministers to discuss an economic rescue package. Back home, some stocks related to cement sector ended lower with India Ratings and Research stating that the domestic cement industry is likely to face yet another decline in demand in FY21 after posting negative growth last fiscal. It expects a washout in April 2020 due to the ongoing lockdown, followed by demand decline of around 40 percent in May. However, it expects a gradual recovery thereafter.&nbsp; </p><p align="justify">Finally, the BSE Sensex gained 1265.66 points or 4.23% to 31,159.62, while the CNX Nifty was up by 363.15 points or 4.15% to 9,111.90.&nbsp;&nbsp;&nbsp;&nbsp; </p><p align="justify">The BSE Sensex touched high and low of 31,225.20 and 30,420.22, respectively and there were 26 stocks advancing against 4 stocks declining on the index. <br>The broader indices ended in green; the BSE Mid cap index rose 3.63%, while Small cap index was up by 3.15%.</p><p align="justify">The gaining sectoral indices on the BSE were Auto up by 10.26%, Consumer Durables up by 7.10%, Consumer Discretionary up by 6.04%, Finance up by 5.79%, Telecom up by 5.72%, Bankex up by 5.56%. </p><p align="justify">The top gainers on the Sensex were Mahindra &amp; Mahindra up by 16.74%, Maruti Suzuki up by 13.16%, Titan Company up by 11.12%, Hero MotoCorp up by 9.65% and Bajaj Finance up by 9.32%. On the flip side, Hindustan Unilever down by 3.49%, Tech Mahindra down by 2.42%, Indusind Bank down by 0.83% and Nestle down by 0.11% were the top losers.&nbsp; </p><p align="justify">Meanwhile, in order to meet the expenses in dealing with COVID-19 pandemic, the Finance Ministry has allowed all states to borrow a cumulative Rs 3.20 lakh crore from market between April-December. The move comes amid states demand for higher funds from the Centre.&nbsp; In a letter to the RBI, the ministry said that the Centre has decided to permit states to raise open market borrowing on the basis of 50 percent the Net Borrowing Ceiling fixed for the year 2020-21 for financing the states' annual plan for the fiscal.</p><p align="justify">The letter said RBI is requested to make necessary arrangement in consultation with state government to raise the open market borrowing. It also said that further consent for raising open market borrowing during April-December will be processed after receiving complete information from states.</p><p align="justify">As per the letter, 28 states have been allowed to borrow a cumulative Rs 3,20,481 crore from markets on an ad-hoc basis for the first nine months of the current fiscal. Accordingly, West Bengal can borrow Rs 20,362 crore, Maharashtra (Rs 46,182 crore), Uttar Pradesh (Rs 29,108 crore), Karnataka (Rs 27,054 crore), Gujarat (Rs 26,112 crore) and Rajasthan (Rs 16,387 crore).</p><p align="justify">The CNX Nifty traded in a range of 9,128.35 and 8,904.55 and there were 43 stocks advancing against 7 stocks declining on the index.</p><p align="justify">The top gainers on Nifty were Mahindra &amp; Mahindra up by 17.49%, Maruti Suzuki up by 13.38%, Cipla up by 13.12%, Titan Company up by 11.29% and Tata Motors up by 10.21%. On the flip side, Hindustan Unilever down by 3.34%, Dr. Reddys Lab down by 2.16%,Tech Mahindra down by 2.13%, Indusind Bank down by 1.16% and Nestle India down by 0.34% were the top losers.</p><p align="justify">European markets were trading mostly in green; UK's FTSE 100 increased 27.50 points or 0.48% to 5,705.23 and Germany's DAX rose 83.82 points or 0.81% to 10,416.71, while France's CAC was down by 10.46 points or 0.24% to 4,432.29.&nbsp; </p><p align="justify">Asian markets ended mostly higher on Thursday on expectations that governments would roll out more stimulus measures amid optimism that corona virus infections around the world are nearing a peak. Oil prices are rising ahead of a meeting of major global oil producers on expectations that they will agree production cuts to counter the slump in demand caused by corona virus lockdowns. Chinese shares ended up as Wuhan, the Chinese city where the outbreak was first recorded late last year, returned to normalcy following the easing of lockdown restrictions in the city. Though, Japanese shares finished marginally lower on worries about the impact of the corona virus pandemic on corporate Japan's earnings. Japan recorded 503 new corona virus infections on Wednesday, its biggest daily increase since the outbreak.</p><div align="justify"><table width="100%" border="1" cellspacing="1" cellpadding="1"><tbody><tr><td><p align="justify"><strong>Asian</strong> <strong>Indices</strong></p></td><td><p align="justify"><strong>Last Trade&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </strong></p></td><td><p align="justify"><strong>Change in Points</strong></p></td><td><p align="justify"><strong>Change in %</strong></p></td></tr><tr><td><p align="justify">Shanghai Composite</p></td><td><div>2,825.90</div></td><td><div>10.53</div></td><td><div>0.37</div></td></tr><tr><td><p align="justify">Hang Seng</p></td><td><div>24,300.33</div></td><td><div>329.96</div></td><td><div>1.38</div></td></tr><tr><td><p align="justify">Jakarta Composite</p></td><td><div>4,649.08</div></td><td><div>22.38</div></td><td><div>0.48</div></td></tr><tr><td><p align="justify">KLSE Composite</p></td><td><p align="justify">1,369.76</p></td><td><p align="justify">8.37</p></td><td><p align="justify">0.61</p></td></tr><tr><td><p align="justify">Nikkei 225</p></td><td><div>19,345.77</div></td><td><div>-7.47</div></td><td><div>-0.04</div></td></tr><tr><td><p align="justify">Straits Times</p></td><td><div>2,571.32</div></td><td><div>31.88</div></td><td><div>1.26</div></td></tr><tr><td><p align="justify">KOSPI&nbsp;Composite</p></td><td><div>1,836.21</div></td><td><div>29.07</div></td><td><div>1.61</div></td></tr><tr><td><p align="justify">Taiwan Weighted</p></td><td><div>10,119.43</div></td><td><div>-18.04</div></td><td><div>-0.18</div></td></tr></tbody></table></div><p align="justify"><br><br></p>
08-Apr-2020   16:23 Hrs IST Markets end lower on late hour sell-off <p align="justify">In a volatile trading session, Indian equity benchmarks traded with a positive bias for most part of the day but selling activity which took place during late hour of trade mainly forced the markets to cut all of their gains and ended Wednesday's session in red terrain amid weakness in global equities.&nbsp;Key indices started off with marginal losses, as traders remained on sidelines as the central government mulls over lockdown extension beyond April 14 amid the spread of coronavirus. The total number of confirmed Covid-19 cases in India stand at 4,789 as the country entered the fifteenth day of a 21-day countrywide lockdown to curb the spread of the deadly disease. Around 124 people have died due to the disease. </p><p align="justify">But, markets rebounded from the opening losses and surged at day's high in late morning deals, as traders turned optimistic with Niti Aayog member Ramesh Chand's statement that the government has taken several measures to safeguard farmers from any adverse impact of the ongoing lockdown, and the farm sector is expected to report a growth of little more than 3 per cent in the just-ended financial year. Adding some relief, the Small Industries Development Bank of India (SIDBI) said it will provide emergency working capital of up to Rs 1 crore to small and medium enterprises against their confirmed government orders. Though, key indices failed to hold gains and slid lower in the last hour of trading, as ratings agency ICRA predicted that India's economy is likely to witness a sharp contraction of 4.5 per cent during Q4FY2020 and is expected to post a GDP growth of just 2 percent in FY2021.</p><p align="justify">On the global front, Asian markets ended mostly lower on Wednesday, as investors tempered their optimism about the coronavirus while death tolls were still mounting across the globe. European markets were trading in red as the coronavirus death toll rose in some of the worst-hit parts of the continent, while the euro zone's finance ministers failed to agree on an economic rescue package. Back home, majority of Realty stocks ended lower amid reports that the real estate sector is saddled with huge unsold inventory worth Rs 3.7 lakh crore. Sugar stocks were also in watch amid private report that sugar mills have urged government-owned oil marketing companies (OMCs) to float the third tender for ethanol procurement because of the expectations of excess production of the green fuel on additional quantity of cane being crushed this season. </p><p align="justify">Finally, the BSE Sensex lost 173.25 points or 0.58% to 29,893.96, while the CNX Nifty was down by 43.45 points or 0.49% to 8,748.75.&nbsp;&nbsp;&nbsp; </p><p align="justify">The BSE Sensex touched high and low of 31,227.97 and 29,602.94, respectively and there were 15 stocks advancing against 15 stocks declining on the index. </p><p align="justify">The broader indices ended in green; the BSE Mid cap index rose 1.90%, while Small cap index was up by 1.86%.</p><p align="justify">The top gaining sectoral indices on the BSE were Healthcare up by 3.85%, Auto up by 1.94%, Utilities up by 1.80%, Power up by 1.59%, Industrials up by 1.52% while, Realty down by 1.62%, Consumer Durables down by 1.46%, IT down by 1.44%, TECK down by 1.35%, Telecom down by 0.95% were the losing indices on BSE.</p><p align="justify">The top gainers on the Sensex were Sun Pharma up by 4.69%, NTPC up by 4.41%, Indusind Bank up by 3.83%, Bajaj Finance up by 3.54% and Maruti Suzuki up by 3.25%. On the flip side, TCS down by 3.91%, Titan Company down by 3.47%, ICICI Bank down by 2.18%, SBI down by 1.85% and Bharti Airtel down by 1.80% were the top losers.</p><p align="justify">Meanwhile, ICRA Ratings has cut India's Gross Domestic Product (GDP) forecast amid the Covid-19 crisis and expects the economy to grow at just 2% in the current financial year (FY21). It mentioned that the nationwide lockdown announced to contain the coronavirus outbreak has impacted industries and their operations have come to a standstill.</p><p align="justify">It further said that the Indian economy may witness a sharp contraction of 4.5% (de-growth) during Q4 FY20. It stated the concerns due to Covid-19 have morphed from the impact of imports from China on domestic supply chains, into a domestic and external demand shock, with social distancing and lockdowns leading to production shutdowns and job losses in some sectors.</p><p align="justify">Besides, the rating agency's vice president and sector head (corporate ratings) Shamsher Dewan said ‘amid uncertainty as to when the situation will normalize, we expect a sharp downturn in various indicators of the manufacturing and services sectors from March 2020 onwards.' This primarily includes the discretionary activities like travel, tourism and hospitality; labour intensive sectors like construction, transport and manufacturing of non-essential items; exports; and supporting sectors like electricity.</p><p align="justify">The CNX Nifty traded in a range of 9,131.70 and 8,653.90 and there were 24 stocks advancing against 26 stocks declining on the index.</p><p align="justify">The top gainers on Nifty were Vedanta up by 5.47%, Sun Pharma up by 4.83%, Cipla up by 4.61%, NTPC up by 4.60% and Bharti Infratel up by 4.26%. On the flip side, Shree Cement down by 3.81%, TCS down by 3.79%, Titan Company down by 3.74%, Hindalco down by 2.69% and ICICI Bank down by 2.59% were the top losers. </p><p align="justify">European markets were trading in red; UK's FTSE 100 decreased 112.30 points or 1.97% to 5,592.15, France's CAC decreased 100.39 points or 2.26% to 4,337.88 and Germany's DAX decreased 148.09 points or 1.43% to 10,208.61.</p><p align="justify">Asian markets ended mostly lower on Wednesday amid uncertainty over the corona virus outbreak, while the oil market continued to fluctuate ahead of a crucial producers' meeting. Meanwhile, investors also tracking overnight losses at Wall Street following Corona virus deaths hit one-day records in New York and New Jersey and on reports that US President Donald Trump attacked the World Health Organization for its handling of the corona virus outbreak and its criticisms of his policy. Chinese shares ended lower on concerns over a second wave of corona virus infections in mainland China, even as the country lifted restrictions on movement on people in the central city of Wuhan. However, Japanese shares ended higher as the declaration of a long-awaited emergency triggered short-covering in shares of railway and department store operators.</p><div align="justify"><table width="100%" border="1" cellspacing="1" cellpadding="1"><tbody><tr><td><p align="justify"><strong>Asian</strong> <strong>Indices</strong></p></td><td><p align="justify"><strong>Last Trade&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </strong></p></td><td><p align="justify"><strong>Change in Points</strong></p></td><td><p align="justify"><strong>Change in %</strong></p></td></tr><tr><td><p align="justify">Shanghai Composite</p></td><td><div>2,815.37</div></td><td><div>-5.39</div></td><td><div>-0.19</div></td></tr><tr><td><p align="justify">Hang Seng</p></td><td><div>23,970.37</div></td><td><div>-282.92</div></td><td><div>-1.17</div></td></tr><tr><td><p align="justify">Jakarta Composite</p></td><td><div>4,626.70</div></td><td><div>-151.94</div></td><td><div>-3.18</div></td></tr><tr><td><p align="justify">KLSE Composite</p></td><td><p align="justify">1,361.39</p></td><td><p align="justify">-8.53</p></td><td><p align="justify">-0.62</p></td></tr><tr><td><p align="justify">Nikkei 225</p></td><td><div>19,353.24</div></td><td><div>403.06</div></td><td><div>2.13</div></td></tr><tr><td><p align="justify">Straits Times</p></td><td><div>2,539.44</div></td><td><div>-32.45</div></td><td><div>-1.26</div></td></tr><tr><td><p align="justify">KOSPI&nbsp;Composite</p></td><td><div>1,807.14</div></td><td><div>-16.46</div></td><td><div>-0.90</div></td></tr><tr><td><p align="justify">Taiwan Weighted</p></td><td><div>10,137.47</div></td><td><div>141.08</div></td><td><div>1.41</div></td></tr></tbody></table></div><p align="justify"><br></p><p align="justify"><br></p>
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