Share Market Update: Sensex ends 1,410 points higher, Nifty at 8,641; IndusInd Bank, Sun Pharma, Infosys top gainers

Sensex, Nifty LIVE Updates: BSE and NSE benchmarks Sensex and Nifty extended gains for the third consecutive session on Thursday and ended near day's high, backed by buying in heavy index heavyweights. BSE 30-share barometer Sensex ended 1,410 points higher at 29,946 and NSE 50-share index Nifty closed at 8,641, rising 323 points. Government has also announced series of measures to help poor through this lockdown. The rally was also in line with global peers, as markets cheered on US Senate passing $2 trillion coronavirus relief package to help the already slowing economy.

IndusInd Bank, Axis Bank, Bajaj Auto, ICICI Bank, HDFC and Bajaj Finance were among the top gainers in the Sensex pack. On the other hand, ITC, Maruti and ONGC were the top losers.

The bullish trend was in line with global peers, as markets cheered on US Senate passing $2 trillion coronavirus relief package. In major events, Prime Minister Narendra Modi, along with leaders of G20 nations, will hold a virtual summit via video conferencing today, to work out a global plan to contain the highly contagious outbreak. Globally, Covid-19 infection cases have risen drastically, hurting major economies and disrupting supply chains. Since early March, authorities worldwide have stepped up efforts to fight the pandemic and announced financial stimulus.

Globally, there are over 4.7 lakh confirmed cases and 21,283 deaths from the coronavirus outbreak. Of these, over 1.1 lakh have recovered globally. The number of infected cases in India has increased to 606, with 43 recovered cases. The death toll from coronavirus in India has risen to 12 till Wednesday.

Here's a look at the updates of the market action on BSE and NSE today:

Closing bell

3:45 PM

BSE and NSE benchmarks Sensex and Nifty extended gains for the third consecutive session on Thursday and ended near day's high, backed by buying in heavy index heavyweights. BSE 30-share barometer Sensex ended 1,410 points higher at 29,946 and NSE 50-share index Nifty closed at 8,641, rising 323 points. Government has also announced series of measures to help poor through this lockdown. The rally was also in line with global peers, as markets cheered on US Senate passing $2 trillion coronavirus relief package to help the already slowing economy.

Expert opinion on today's announcements

3: 30 PM

Commenting on relief measures announced today, Santosh Meena, Senior Analyst, TradingBellssaid,"FM comes out with some announcements in terms of relief package which was majorly attributed to poor people and farmers who are facing major problems during lockdown but there was no major thing which can boost market sentiments while the market has already rallied significantly in last 2-3 days in anticipation of some kind of announcements."

On Nifty's near term outlook, he further added,"There are some signs that we have made a probable bottom around 7500 level as the market has discounted almost worst-case scenario but volatility will continue in tandem will global markets where the trend in coronavirus cases globally and locally will dictate the further direction of the market. Technically 8900-9000 will act as an immediate supply zone; above this nifty can head towards 9500-10000 zone. In the downside 8100- 8000 has become an immediate and strong support area."

Nifty down 30% from Jan highs

3: 10 PM

The Nifty has climbed 9% in the last two sessions as global sentiment improved as governments considered stimulus plans, but the blue-chip index is still down some 30% since the start of this year.

Indian stocks rise for third day as US Senate passes $2 trillion coronavirus stimulus

Market expert opinion on FM's announcements today

3: 00 PM

Commenting on the announcement made by FM today, S Ranganathan, Head of Research at LKP Securities said,"The Rs1.7lakh crore package announced today prevents any possible retrenchment of workers as GOI is contributing the full 24% to the PF authorities and by stepping in with foodgrains prevents any kind of hoarding by middlemen. The DBT route ensures that the amount quickly reaches the people who need it the most."

Nifty's technical outlook

2: 45 PM

As per Geojit  market report, the mean reversion move to 8400 that we suggested yesterday nearly materialized. The move towards 9000 is now in play, and the challenge points for the day would be 8746 on the upside and 8170 on the downside

MCX, ICEX to curtail trading hours to 5 pm from March 30-April 14

2: 40 PM

India's commodity markets namely the Multi Commodity Exchange and the Indian Commodity Exchange (ICEX) have announced in a press release today that in wake of coronavirus lockdown the trading hours will be reduced to 8 hours from March 30, until April 14. Currently, trading on the commodity market is done from 9 am to 11 pm.  The new timings kick in from March 30.

Expert opinion on Govet relief

2: 35 PM

Commenting over the economic relief packages announced by FM Sitharaman, V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services said, "Comprehensive package for the poor and vulnerable. The focus is " nobody should go hungry. " No announcements for stimulating the economy. Perhaps later. This is a package for lockdown impacted segments. Regarding relief to MSMEs etc the FM said " we will look into it. " So industry specific measures likely to be announced in the next package. The govt is prioritising. This can go a long way in implementing the lockdown. A deficiency is that the states who have to implement lots of measures have not been given any significant transfer."

Highlights of announcements by FM

2: 15 PM

-States to be asked to utilize Central Governemnt Fund for welfare of construction workers to provide assistance & support to these workers, against economic disruption. This will benefit 3.5 crore workers registered with the fund, which has about Rs 31,000 crore.

-District Mineral Fund will be used for medical screening & medical testing at district level.

-Self Help Groups will get collateral free loan of upto 20 lakhs, which was earlier Rs 10 Lakh.

- BPL Families Women who got free cylinder under Ujjwala Scheme earlier will now get free cylinders for 3 months.

- Rs 1000 additional will be given to widows, Divyangs & old people

-To amend EPF norms to allow up to 75% non-refundable advances

-To pay full EPF contribution of cos with up to 100 employees for 3 months.

Why is market off highs

2: 10 PM

With market to stay focused on fiscal action from the government, finance packages promised by the Finance Minister today lacked market confidence boosting factors. As per market experts, investors are anticipating coordinated actions from RBI and the government to support businesses with relief package.

Market pare gains

2: 05 PM

BSE and NSE benchmarks Sensex and Nifty pared gains from day's high and traded 2.72% higher on Thursday's afternoon session. Market sentiments were pessimistic as the relief measures announced by FM Sitharaman failed to meet analyst estimates. The relief package for the poor people forms 1.22% of India's Jan'20 GDP. BSE 30-share barometer Sensex traded 719 points higher at 29,153 and NSE 50-share index Nifty was at 8,503, rising 185 points.

Highlights of announcements by FM

1:55PM

-Rs 2,000 to be transferred to immediately in first week of April to farmers

-Women Jan Dhan account holders will receive Rs 500 in their accounts so that they can take care of their households

FM announces Rs 1.70 lakh crore for urban and rural poor

1:35 PM

At today's press conference, Finance Minister Nirmala Sitharaman said," A package is ready for the poor who need immediate help like migrant workers and urban and rural poor. No one will go hungry. The package is worth Rs 1.7 lakh crore."

Today's package will address those who need immediate help, she added.

There will be Rs 50 lakh insurance per health care worker as a medical insurance cover for them for three months, she said.

She further added that 80 crore poor people will get 5 kg wheat or rice and 1 kg of preferred pulses for free, every month for the next three months.

IndusInd Bank rises 45%

1:10 PM

IndusInd Bank share price rose the most on Sensex, Nifty today as market continued its bull run for the third consecutive session buoyed by gains in global markets and expectations of a stimulus package at home. Share price of IndusInd Bank zoomed 45% to Rs 436.7 compared to the previous close of Rs 301.20 on BSE.

IndusInd Bank share price rises 45%, top gainer on Sensex, Nifty

India ahead of other countries in stepping up efforts to combact COVID-19

1:00 PM

Nationwide effort to stem the coronavirus has been quite strong, suggest analysts. The Indian governement has placed travel restrictions relatively early and imposed lockdown-like restrictions much earlier than in many countries, which helped in containing the momemtum of the virus spread. Motilal Oswal in its report suggested,"Although India was affected relatively late compared to some othercountries, the government has been quick to implement a nation-wide lock-down for three weeks."

30-40% of the economy is currently operational, says MOFL

12: 55 PM

As per Motilal Oswal calculations, only 30-40% of the economy is currently operational at different intensities. A sensitivity analysis of the adverse impact of lockdown suggests that a single day of complete lockdown could shave off 14-19bp/55-75bp fro mannual/quarterly growth, the broker company said.

Commodity and Currency market

12: 45 PM

On commodity market, April gold futures on MCX traded 605 or 1.5% lower at Rs 41,615, against the previous close of Rs 42,217. Brent crude futures, the global oil benchmark, fell 0.51% or 0.14 cents to USD 27.25 per barrel. In currency market, Rupee opened at 75.88 and later rose 13 paise higher to trade at  75.80 per dollar.

Market Update

12: 15 PM

BSE and NSE benchmarks continued the rally and climbed over 5% each by the Thursday's afternoon trading session, baked by buying in heavy index heavyweights. Futher market sentiments strengthened as investors awaited announcements of financial packages by FM Sitharaman, in a press conference scheduled to be held at 1pm today. Sensex traded 1,500 points higher at 29,892 and NSE 50-share index Nifty was at 8,720, rising 402 points.

Indices continued trending as per global cues in past three trading sessions. Markets turned overseas to green terriroty as authorities worldwide have stepped up efforts to fight the pandemic and announced financial stimulus. On Wednesday, indices extended gains for the second consecutive session and closed 7% higher. Sensex ended 1,861 points higher at 28,535, and Nifty gained 496 points higher to 8,297 mark.

RBI increases variable repo rate auction amount

12:00 PM

Reserve Bank of India (RBI) increased March 26 variable repo rate auction amount to Rs 50,000 crore from Rs 25,000 crore.

Alert

11: 45 AM

Finance Minister Nirmala Sitharaman will be briefing media at 1pm today.

Top gainers and losers today

11: 40 AM

IndusInd Bank, Axis Bank, Bajaj Auto, ICICI Bank, HDFC and Bajaj Finance werea among the top gainers in the Sensex pack. On the other hand, ITC, Maruti and ONGC were the top losers.

YES bank down 9% today

11: 35 AM

Shares of YES bank were trading almost 9% lower on BSE at Rs 27 today. In erecnt updates, Yes Bank has said tthe company board will consider a proposal to raise funds via equity and bonds, at its meeting today.

"The meeting of the board of directors of Yes Bank is scheduled for Thursday, March 26, 2020, at Mumbai to consider, amongst other agenda items, a proposal for raising funds by issue of equity shares/ depository receipts/convertible bonds/debentures/warrants/ any other equity-linked securities, through permissible modes," the bank said.

The fund raising plan will also include a qualified institutions placement, rights issue, and further public offer, among others, subject to such approvals, the bank added.

11: 15 AM

Indian government is expecetd to announce economic stimulus package of more than Rs 1.5 lakh crore ($19.6 billion) to fight the economic downturn caused due to coronavirus led lock down.Stimulus plan, which could be announced by the end of the week, could be as large as Rs 2.3 lakh crore, but final numbers were still in discussion.

Oil price falls today

11:00 AM

Brent crude futures, the global oil benchmark, fell 0.51 per cent to USD 27.25 per barrel.

Rupee gains to 75.80 per dollar

10: 45 AM

At the interbank foreign exchange the rupee opened at 75.90, then gained further ground and touched a high of 75.81 against the US dollar, registering a rise of 13 paise over its previous close.

On Tuesday, rupee had gained 26 paise to settled at 75.94 against the US dollar after Finance Minister Nirmala Sitharaman said the government is working on an economic package to deal with the coronavirus crisis.

Market Update

10:35 AM

Extending gains for the third consecutive session, benchmarks Sensex and Nifty rose over 5% on Thursday, amid heavy buying registered in index heavyweights. The rally was in line with global peers, as markets cheered on US Senate passing $2 trillion coronavirus relief package. BSE 30-share barometer Sensex traded 1,200 points higher at 29,782 and NSE 50-share index Nifty was at 8,645, rising 336 points.

ANMI appeals for share markets to be closed till lock down to SEBI

10:05 AM

Association of National Stock Exchanges Members of India ANMI, has submitted a letter to the market regulator SEBI and appealed to allow a systematic closure of offices till the nationwide lock down.

The association that represents nearly 900 brokerages, said that it has received various concerns over from members regarding their safety. As per the letter, many members have expressed their opinion for the markets to be closed in a systematic manner, giving due notice to the investors.

"ANMI members and their staff are facing huge problems to reach their head office to operationalize their central server, back office functions, risk management and depository services to meet the requirements of their clients and compliance of exchanges/Sebi," ANMI said.

Coronavirus lockdown: Brokers' body ANMI seeks closure of markets

Rupee opens at 75.87

9: 50 AM

Indian Rupee, the domestic currency opened little changed on Thursday at 75.87 compared to Tuesday's close of 75.88 per dollar.

Why markets rising today

9: 40 AM

After a volatile start, domestic indices gained 2.5% higher within few minutes of the opening bell on Thursday, tracking bullish trend overseas as markets cheered on US Senate passing $2 trillion coronavirus relief package.

Extending gains for the third straight day, BSE 30-share barometer Sensex traded 701 points higher at 29,280 and NSE 50-share index Nifty was at 8,485, rising 167 points.

In domestic cues, Prime Minister Narendra Modi, along with leaders of G20 nations, will hold a virtual summit via video conferencing today, to work out a global plan to contain the highly contagious outbreak.

Asian markets turn green

9: 30 AM

Asian counterparts changed trend and turned positive after US Senate passed $2 trillion coronavirus relief package and investors digested the text of the US stimulus bill. The Bill now heads to the House, which will push to pass it Friday by voice vote as most representatives are out of Washington.  Following this, SGX Nifty traded 1.5% or 150 points higher at 8,469. While, Strait Times, Nikkei traded in red, all the other indices rose marginally in the range of 0.50%-1%.

FII/ DII action on Wednesday

9: 25 AM

On a net basis, foreign institutional investors sold equities worth Rs 1,893 crore on Wednesday, data available with stock exchanges showed. Meanwhile, domestic investors bought equity shares worth Rs 734 crore yesterday.

Opening bell

9:15 AM

Extending gains for the third consecutive session, equity indices Sensex and Nifty opened on a bullish note in Thursday's trading session as investors awaited the for the economic packages amid rising number of COVID-19 cases. BSE 30-share barometer Sensex has opened 201 points higher at 28,787 and NSE 50-share index Nifty started at 8,438, up 120 points.

Market at pre-open

9: 05 AM

At pre-open session of Thursday, Sensex has climbed 750 points higher to 29,200 and Nifty has risen 516 to 8,317 mark

FMCG fear manpower shortages

8: 55 AM

Fast-moving consumer goods (FMCG) companies such as Nestle, HUL, P&G, Godrej Consumer, Dabur and Jyothy Laboratories have either cut down or suspended production after Centre's lockdown order. Many of them have notified stock exchanges that while they would continue to produce handwash, sanitisers and essential food items, several of their manufacturing units would be shut down.

At a time when there is a huge surge in demand for essentials and humungous supply-chain issues, won't a slowdown in production lead to further disruption in supplies? FMCG experts say that most companies have 30-60 days of finished goods inventory.

COVID-19 Lockdown: Nestle, HUL, Dabur fear short manpower may stall factories

Lock down to cause 'collapse' of India's GDP: Brokerages

8: 50 AM

With 21 days of complete lockdown in India, many brokerages have said country's April-June GDP may drop to negative 5 percent year-on-year or even more. The lockdown may be extended if infections continue to rise, experts have suggested.

Covid-19 impact: Barclays cuts India's GDP target to 2.5%, fiscal deficit to 5% of GDP

21-day lockdown Care Ratings predicts Rs 7.2 lakh crore impact on economy

SGX Nifty trades muted

8: 40 AM

SGX Nifty also traded 35 points lower at 8,277 mark, indicating a flat-to-negative bias start at the domestic grounds. 

Virus outbreak in India

8: 35 AM

The number of infected cases in India has increased to 657, with 602 active cases & 43 recovered cases. The death toll from coronavirus in India has risen to 12 till Wednesday. To work out a global plan to contain the highly contagious outbreak, Prime Minister Narendra Modi, along with leaders of G20 nations, will hold a virtual summit via video conferencing today.

Global indices trade muted

8: 30 AM

Overseas, indices traded muted and pulled back slightly following a historic rally in the previous session, as investors turned jittery over the rising number of infected cases and awaited economic packages from their respective governments and policymakers.

In Asia, indices trade mixed, with Japan's Nikkei falling 2.2% to trade at day's low. MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.3%.

On Wall Street, Dow Jones Industrial Average rose 2.4% and the S&P 500 1.2%, while the Nasdaq Composite dropped half a percent.

The bill includes a $500 billion fund to help hard-hit industries and a comparable amount for payments up to $3,000 to millions of U.S. families. In US, investors awaited the passage and details of a $2 trillion stimulus package in the United States to combat the economic fallout from the coronavirus.

Asian stock markets make cautious start ahead of US coronavirus stimulus

Outbreak impact worldwide

8: 25 AM

Indian indices have been the top laggards amongst the key global indices, since the average peak achieved in February 2020. Since then, Brazil index has fallen 40%, followed by India, where the decline stands at 36%. Compared to this, other key indices average decline stands around 31-28% from peak.

Stocks to watch today on March 26

8: 20 AM

Shopper Stop, NTPC, Delta Corp, Future Lifestyle Fashions, Indiabulls Housing, Arman Financial, Ramco Industries, Ballarpur Industries, CG Power and Industrial Solutions among others are the top stocks to watch out for in Thursday's trading session

Stocks in news: Shopper Stop, NTPC, Delta Corp, Indiabulls Housing and more

Coronavirus update

8: 15 AM

Globally, Covid-19 infection cases have risen drastically outside China, hurting major economies and disrupting supply chains. Since early March, authorities worldwide have stepped up efforts to fight the pandemic and announced several financial stimuli. There are over 4.7 lakh confirmed cases and 21,283 deaths from the coronavirus outbreak. Of these, over 1.1 lakh have recovered globally.

Coronavirus Live Updates: Global number inches closer to 5 lakh, death toll crosses 21,000

Wednesday's Closing Bell

8:00 AM

Equity indices Sensex and Nifty ended on a bullish note on Wednesday, tracking bullish trend from global key indices as authorities world over stepped up efforts to fight the pandemic. Sensex ended 1,861 points higher at 28,535, and Nifty gained 496 points higher to 8,297 mark.

Sensex logs biggest session gain since 2009; What triggered the bull run on D-Street today