Domestic equity indices extended its rally in the last hour of the trading session of Wednesday led by buying pressure in financials, Bank Nifty, and pharma stocks. HDFC twins, Reliance Industries and L&T among top contributors to the Sensex gain. All the sectoral indices ended higher, with Nifty Pharma jumping over 4% followed by the auto, energy, Financial, and Bank Nifty.
Indian share market opened higher and remained in positive territory throughout the session on Wednesday. During the last hour of the session, BSE Sensex hit the day’s high of 30,878.31 and ended at 30,818. Benchmark indices rose sharply in the afternoon session, tracking mixed cues from global markets, backed by buying pressure in banking, financials, and pharma stocks. Quarterly results that were expected, include Ultratech Cement, Bajaj Auto, Dr. Reddys Laboratories, Jubilant FoodWorks, Ajanta Pharma, JK Lakshmi Cement, Strides Pharma Science. Tata Steel BSL, Mahindra Logistics, Birlasoft, Chennai Petroleum Corporation, GHCL, Supreme Petrochem, Matrimony.Com, NACL Industries will announce its Q4FY20 numbers on 20th May 2020.
Equity benchmark indices gained momentum in the afternoon of Wednesday, trade with the Nifty50 was above 9,000. The Sensex ended 2% or 622 points higher at 30,818 and the NSE index too closed with gains of 2.1% or 187 points at 9,066 levels. About 1,074 shares have advanced, 655 shares declined, and 388 shares are unchanged. Dr. Reddy’s Labs and HDFC surged 6%, M&M, GAIL and BPCL were among major gainers on the Nifty, while losers were Bharti Infratel, IndusInd Bank, Hero MotoCorp, Vedanta and Bharti Airtel.
Vishal Wagh, Research Head, Bonanza portfolio says that once things get back to normal from June, stocks like IRCTC, PVR, and INOX can see some bounceback. Dr. Reddy’s mobilized because of being superior to anticipated numbers, the stock energized around 6% in the afternoon.
Union Cabinet today approved the proposal of the Ministry of Finance to launch a new Special Liquidity Scheme worth Rs 30,000 crore for Non-Banking Financial Companies(NBFCs) and Housing Finance Companies(HFCs) to improve their liquidity position. This was announced as part of the first tranche of the ₹21 lakh crore comprehensive economic package.
“The government would survey the requirement for additional monetary measures as the circumstance advances” says Finance Minister Nirmala Sitharaman.
The rupee ended 14 paise lower at 75.80 against the US dollar as headwinds because of US-China exchange tiff and stresses throughout the second rush of coronavirus contamination burdened financial specialist conclusion.
