Traders’ Diary: Long build-up in Torrent Pharma, HUL, Cadila Healthcare
Sensex on Tuesday went past the key 30,000-level by surging over 2,476 points, the biggest single-day gains in absolute terms, amid a broad-based rally in global equities.
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Dow Jones gains on signs of coronavirus slowdown
Wall Street rose on Tuesday as early signs of a slowdown in coronavirus cases in U.S. hot spots raised hopes that sweeping lockdown measures to contain the outbreak were working. The S&P 500 was set for its biggest two-day gain in nearly two weeks, building on a 7% jump on Monday, as the governors of New York, New Jersey and Louisiana pointed to tentative signs of a plateauing in the pandemic.
Nifty is now a stone's throw away from the resistance zone between 8,900 and 9,000 levels, where the index stumbled a couple of times in the recent past. These levels need to be monitored closely. Unless the index takes out these hurdles on a closing basis, it can resume the bigger downtrend
- Gaurav Ratnaparkhi, Sharekhan
Nifty saw a breakout above its Inverted Head & Shoulders formation on the daily line chart, which is an encouraging sign. Moreover, Nifty closed above its 13-day EMA at 8,657, which acted as a resistance point in its recent rise towards the 9,038 level. Hence, sustaining above 8,360 holds key
- Mazhar Mohammad, Chartviewindia.in
Considering the overall chart structure and strong market breadth, we may see further bounce in Nifty towards 9,000 and then 9,300 levels. But a sustainable move above its key resistance in the 9,000-9,300 zone would be a challenge for the bulls. On the flip side, the immediate support is now inching higher to 8,555 level and then the 8,400-8,350 zone
Nifty formed a bullish candle on the daily chart on Tuesday. The index now has strong resistance near the 9,000 level, and if it manages to surpass and sustain above this zone, then we may see some change in momentum from negative to neutral. Below 9,000, the index may once again see pressure towards immediate support at 8,550-8,400
- Rohit Singre, Senior Technical Analyst, LKP Securities
Aided by news that infections were peaking in some of the worst affected countries around the world, Indian market witnessed a relief rally. Investors are also awaiting an ease in lockdown procedures. In a holiday-shortened week, any news regarding peaking infections will be bought into. Defensives such as pharma and FMCG, which has witnessed least disruption will be favoured
- Vinod Nair, Head of Research, Geojit Financial Services
Market is largely being driven by developments on the coronavirus front. A sustainable recovery would happen only when the cases start to recede in India and lockdown is eased gradually. We expect the next few sessions to remain volatile. Meanwhile, investors must opt for value buying in select pockets such as FMCG, pharma and consumer durables to build a long-term portfolio. Nifty has the next critical hurdle at 9,000
- Ajit Mishra, VP - Research, Religare Broking
India VIX declines fourth-day in a row; down 40% from 52-week high
CLOSING BELL: Sensex surges 2,476 pts, posts biggest point-wise single-day gain; Nifty reclaims 8,750; IndusInd, Axis jump up to 25%
All Sensex stocks ended in the green with IndusInd Bank as the top gainer, followed by Axis Bank and M&M. The advance-decline ratio on BSE was 3:1.
BREAKING: Sensex reclaims Mt. 30K, jumps nearly 2,500 points; Nifty above 8,700. All index stocks trading in the green.
All telecom stocks trading in the green in today's trade. Bharti Airtel surges 10%, Vodafone Idea 3%.
Price as on 07 Apr, 2020 03:00 PM, Click on company names for their live prices.
Rupee bias still remains downwards, considering weak sentiment and that the impact of the virus will be felt in the coming quarters. For now, the rupee bulls can contend with the fact that the unit hasn’t breached the crucial 76.25 level. Broadly, the rupee is likely to trade in the 75.40-76.25 band in the near term. If the 76.25 mark is breached, the unit can depreciate towards 77.50
- Sugandha Sachdeva, VP-Metals, Energy & Currency Research, Religare Broking
Massive recovery: Nifty Bank on track for best performance since 2009.
Indications of an ease in lockdown restrictions and a rally in global equity markets pumped the stock market bulls in Tuesday's session. A sharp recovery in commodity futures also reflected improved sentiments.
Banking stocks lead the rally. All stocks in the 30-pack Sensex except Bajaj Finance trading in the green. This is how the index is performing
Breaking: Sensex jumps over 2,000 points, Nifty above 8,650. Here are the volume toppers in the 30-pack Sensex
Production at SAIL, Tata Steel plants down by 50%, amid lockdown : Sources
S&P BSE REALTY gains over 6%. Godrej Properties surges 16%, Sobha 10%. Here is how the index is performing.
S&P BSE Energy rallies nearly 8%. Here are the top 10 performing stocks in the index
Price as on 07 Apr, 2020 01:14 PM, Click on company names for their live prices.
This is how the big banks are trading in today's session. IndusInd Bank and Axis Bank biggest gainers, up 18% and 15% respectively.
Price as on 07 Apr, 2020 12:56 PM, Click on company names for their live prices.
European markets open firm
Sensex surges nearly 1,700 points, Nifty above 8,550. This is how the Sensex traded in the morning session.
Here are the top 10 gainers in early afternoon session
Price as on 07 Apr, 2020 12:20 PM, Click on company names for their live prices.
This is how the aviation stocks are faring.
Price as on 07 Apr, 2020 12:11 PM, Click on company names for their live prices.
Keep enough emergency cash, then invest in stocks: Ekansh Mittal on trading in times of lockdown
Investor wealth jumps Rs 4.65 lakh crore as markets recover
Investor demand for safe havens amid ongoing fears of the global health crisis have lifted the demand of the commodity. However, a strong dollar and moderate physical demand may limit major gains in the counter
- Hareesh V, Head Commodity research at Geojit Financial Services
S&P BSE Healthcare biggest sectoral gainer, up nearly 8%. Here are the top performing stocks
Multi-notch sovereign ratings downgrade likely in 2020: Fitch
Fitch Ratings on Tuesday said multi-notch downgrades of sovereign ratings are likely during 2020 due to the coronavirus outbreak and sharp fall in oil prices. Developed market sovereigns and those in Latin America have experienced the most multi-notch downgrades. For developed markets, 12 sovereigns have had 26 multi-notch downgrades, mostly clustered around the global financial crisis in 2008-2009 and the ensuing eurozone crisis (2011-12), it said in a statement.
Tourism and Hospitality stocks mixed. EIH, IRCTC gain 5% each. Chalet Hotels plunges 16%, Lemon Tree 9%
Price as on 07 Apr, 2020 11:04 AM, Click on company names for their live prices.
Here are the top five scrips contributing to the market rally in today's trade.
S&P BSE Information Technology, S&P BSE Healthcare and S&P BSE REALTY lead rally, up over 5% each.
HDFC Bank rallies 8% as deposits grow 24%
HDFC Bank climbed nearly 8 per cent in Tuesday’s trade after the private lender has said its advances aggregated to Rs 9.93 lakh crore as of March 31, marking a growth of about 21 per cent as compared to Rs 8.19 lakh crore a year ago and Rs 9.36 lakh crore on December 31, 2019.
IndusInd Bank soars 20% as deposits, advances jump in challenging times
Shares of IndusInd Bank jumped 20 per cent in Tuesday's trade after the lender said its net advances jumped 13 per cent to Rs 2,09,914 crore as of March 31. The bank had net advances of Rs 2,07,413 crore as of December 31 and Rs 1,86,393 crore a year ago. The stock soared 20 per cent to hit a high of Rs 375.90 on BSE.
Gold and silver leaped higher on Tuesday amid investor rush to safe haven assets as the coronavirus cases rose over 4,000 in India, making riskier assets like equities less lucrative. With businesses shut in several cities in India amid rising threat of coronavirus, there is a clear risk-off environment in the market. Gold futures were up 3.44 per cent or Rs 1,504 to Rs 45,226 per 10 grams at around 9.15 am. It scaled an all-time high of Rs 45,724 at the open.
Rupee to open at 10 am from today onwards till April 17
OPENING BELL: Sensex gains 1,250 points, Nifty tops 8,400; IndusInd Bank rallies 10%, ICICI Bank 9%
Singapore trading sets stage for positive start
Nifty futures on the Singapore Exchange traded 22.25 points or 0.26 per cent higher at 8,484, indicating a positive start for Dalal Street.
Tech view: Nifty forms Bearish Belt Hold
Last week was the seventh straight week when the index ended up with a bearish candle on the weekly chart. Analysts said the near-term trend remains negative, with the immediate support seen at the 8,000 level. The immediate resistance is seen at the 8,350 level.
Oil prices gain in early trade
Oil rose on Tuesday amid hopes that the world’s biggest producers of crude will agree to curtail production as the coronavirus pandemic ravages the global economy, even as analysts cautioned the cuts may do little to boost demand. Brent crude was up by 73 cents, or 2.2 per cent, at $33.78 a barrel after falling more than 3 per cent on Monday.
US stocks surge 7% in overnight trade
US stocks rocketed higher on Monday, with each of the major indexes rallying at least 7 per cent, after a fall in the daily death toll in New York. The Dow Jones Industrial Average index rose 1,627.46 points, or 7.73 per cent, to 22,679.99, the S&P500 index gained 175.03 points, or 7.03 per cent, to 2,663.68 and the Nasdaq Composite index added 540.16 points, or 7.33 per cent, to 7,913.24.
India to attract $1.3 billion in passive flows
The Indian equity market is likely to attract $1.3 billion in passive flows as the country has moved into a new regime in which the FPI limit has been increased to the sector foreign limit, said Morgan Stanley in a note.
FIIs sell Rs 1,961 crore worth of stocks
Net-net, foreign portfolio investors (FPIs) were sellers of domestic stocks to the tune of Rs 1,960.97 crore on Friday, data available with NSE suggested. DIIs were net buyers to the tune of Rs 226 crore, data suggests.
Sensex, Nifty last week
Last week was disappointing for the domestic equity market. NSE barometer Nifty fell 6.66 per cent for the week to 8,083 while 30-share pack Sensex was down 7.46 per cent to 27,590.
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