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Indian equity markets staged a strong rally in the second half of trade to post their best one-day gain since 2009.
The S&P BSE Sensex ended with gains of 7 percent, the most in a single day since May 2009 at 28,535. 27 out of the 30 stocks of the index ended with gains.
The NSE Nifty 50 index too saw its best single-day jump since 2009, ending 6.62 percent higher at 8,317. 38 out of the 50 stocks on the index ended with gains. This is also the first time in seven weeks that the index has posted two successive days of gains.
All sectoral indices ended the day with gains, led by the Nifty Bank, which witnessed its biggest one-day gain since September 2013.
Market breadth was in favour of the advances with 1,063 stocks ending with gains while 703 stocks ended with losses.
The lender snapped a seven-day losing streak and is now trading 7.5 percent higher at Rs 325.70 on the National Stock Exchange.
Nifty Bank: March 26 Expiry
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Shares of the cement maker are down for the third-straight day. The stock has fallen 20 percent during this period.
The company has decided to suspend operations at its plants till March 31 to combat the Coronavirus outbreak.
The stock currently trades at Rs 911 on the National Stock Exchange, down 4 percent. These are the lowest levels seen since September 2010.
30 out of the 43 analysts tracking the stock have a 'buy' recommendation on the stock, according to Bloomberg data. It was recently upgraded to ‘Add’ by IIFL securities and ‘Buy’ by Kotak Securities.
The return potential for ACC as per Bloomberg is now 84.8 percent.
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The stock currently trades 5.5 percent lower at Rs 76.30, the lowest since March 30, 2016.
Defensive Plays: HUL, Avenue Supermarts, Nestle, Dr Reddy's and Bharti Airtel are the five stocks highlighted by the brokerage house which can act as a defensive bet. Infosys too forms part of the list.
Dividend Yield Plays: ITC, Power Grid and NTPC are the stocks recommended by HSBC among those offering higher dividend yield and better revenue resilience.
Impacted Winning Businesses: The stocks recommended by HSBC in this category are Reliance Industries, Bajaj Finance, Titan, ICICI Bank, HDFC Bank and ICICI Prudential.
Nifty Bank: March 26 Expiry
Shares of the petrochemical conglomerate gained as much as 9.61 percent to Rs 1,034 on the National Stock Exchange.
The Financial times reported that Facebook is in talks with the company to buy a multi-billion dollar stake in Reliance Jio. However, talks stalled due to the Coronavirus outbreak and the subsequent travel bans.
The stock trades higher for the second straight day and is the top point contributor to the Nifty upside.
11.6 crore shares of the company have changed hands in a pre-market block at Rs 949 per share on the Bombay Stock Exchange, as per Bloomberg data. Buyers and sellers of the trade were not immediately known.
Coronavirus Lockdown: Keeping Stock Markets Functioning
Currency derivatives market on the National Stock Exchange will remain closed today on account of Gudi Padva. Bond markets too will remain closed.
Find out all that you need to know going into today’s trading session and the companies impacted due to the Covid-19 outbreak HERE!
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