Indian Indices Extend Rally; Sensex Zooms 1,550 Points

Tue, 7 Apr 12:30 pm

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Share markets in India are presently trading on a strong note. Benchmark indices extended gains, tracking global cues amid signs of slowdown in coronavirus-related deaths.

Investors turned optimistic over prospects of falling fatality numbers due to the tightened lockdowns and random screening by governments across the world to combat the virus spread.

The BSE Sensex is trading up by 1,539 points, up 5.6%, while the NSE Nifty is trading up by 443 points.

The BSE Mid Cap index is trading up by 3.4%, while the BSE Small Cap index is trading up by 3%.

Shares of IndusInd Bank and Axis Bank gained over 12%, while HUL, HCL Technologies, and Sun Pharma surged over 8%.

On the sectoral front, gains are largely seen in the banking sector, telecom sector, and IT sector.

Gold prices are currently trading up by 3.4% at Rs 45,185.

The rupee is currently trading at 75.82 against the US$.

Speaking of the current stock market scenario, stock markets around the world witnessed one of the most painful correction phases in the month of March 2020.

Indian stock markets too mirrored the trend. In the month of March 2020, the Sensex fell as much as 23%.

It is not the month where the market has fallen the most. That honor goes to October 2008 where markets tanked 23.9%, beating the 23.1% the market lost last month by a whisker.

However, March 2020 wins hands down in wealth destruction.

Wealth destruction of Rs 4.4 lakh crores back in 2008 pales in comparison to the Rs 14.6 lakh crores worth of wealth destroyed on the Sensex in the last month alone.

March 2020 the Second Worst Month in History

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In news from the pharma sector, shares of Piramal Enterprises surged as much as 7% today amid media reports that American private equity giants TPG Capital and KKR & Co. Inc. may acquire around 20% stake in Piramal Group's proposed pharmaceutical entity.

TPG Capital and KKR & Co. Inc. have emerged as the front runners to invest Rs 35-40 billion for acquiring a 20% stake in Piramal Group's proposed pharmaceutical entity that would combine the group's pharma businesses.

Reports state that, the company's pharma businesses will be demerged and combined into a new entity, 20% of which will be owned by one of the two private equity players cited above, while at least 25% will be owned by the public and the remainder will remain with the promoters.

Piramal Group owns four pharma businesses controlled by Piramal Enterprises. The businesses include Piramal Pharma Solutions, Piramal Critical Care, Piramal Consumer Products, and PhytoMedicine.

Piramal Enterprises share price is presently trading down by 1.7%.

In other news, the government has decided to lift a partial ban on hydroxychloroquine after US President Donald Trump requested Prime Minister Narendra Modi to export the drug to aid America's fight against the deadly COVID-19 disease.

President Trump had called Prime Minister Modi, requesting him to supply the anti-malaria drug hydroxychloroquine that is being used to treat COVID-19 patients and as prophylactic by the frontline healthcare workers deployed in the fight against the coronavirus pandemic.

The Modi government had imposed a ban on export of the drug since the coronavirus outbreak hit India.

On Monday, the Donald Trump administration provided US$ 2.9 million in aid to India to help fight against the deadly disease.

Moving on to news from the banking sector, HDFC Bank share price is in focus today.

On Friday, the private lender said its advances grew 21%, while its deposits rose 24% as of 31 March 2020 compared with corresponding period of the previous year.

The bank's advances aggregated to approximately Rs 9,930 billion as of 31 March 2020, a rise of 21.19% against Rs 8,194 billion as of 31 March 2019.

The bank's deposits aggregated to Rs 11,465 billion as of 31 March 2020, a rise of 24.20% compared with Rs 9,231 billion as of 31 March 2019.

During the quarter ended 31 March 2020, the bank purchased loans aggregating Rs 5,479 billion through the direct assignment route under the home loan arrangement with Housing Development Finance Corporation (HDFC).

Speaking of the banking sector, in an article titled Indian Banking Sector Amid the Corona Crash - 10 Points to Know, we dive deeper and look at what's happening in the Indian banking sector.

To know what's moving the Indian stock markets today, check out the most recent share market updates here.

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

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INDICESBSE (Rs 0 to 1)BSE (Rs 1 to 2)BSE (Rs 2 to 4)BSE (Rs 4 to 10)BSE (Rs 10 to 20)BSE (Above Rs 20)BSE - AllBSE-30BSE-100BSE-200BSE-500BSE AutoBSE BankexBSE Capital GoodsBSE Consumer DurablesBSE FMCGBSE HealthcareBSE ITBSE MetalBSE Oil & GasBSE PSUBSE TeckBSE RealtyBSE PowerBSE A GroupBSE B GroupBSE Mid-CapBSE Small-CapBSE Basic MaterialsBSE Consumer DiscretionaryBSE IndustrialsBSE UtilitiesBSE Sensex 50BSE Sensex Next 50BSE Bharat 22BSE 150 MidCapBSE 250 SmallCapBSE 250 LargeMidCapBSE 400 MidSmallCapBSE AllCapBSE LargeCapBSE SmallCap SelectBSE 100 LargeCap TMCBSE InfraBSE ManufacturingBSE CPSEBSE Private BankBSE Diversified FinancialsBSE MomentumBSE Low VolatilityBSE QualityBSE Enhanced ValueBSE Divident StabilityS&P BSE IPOBSE SMEIPOBSE 100 ESGBSE CarbonexBSE GreenexNSE (Rs 0 to 10)NSE (Rs 10 to 20)NSE (Above Rs 20)NSE - AllNSE-50NSE ITNSE Nifty Midcap 50NSE JR. NiftyNSE Bank NiftyNIFTY Next 50NIFTY 100NIFTY 200NIFTY 500NIFTY MidCap 100NIFTY SmallCap 250NIFTY SmallCap 50NIFTY SmallCap 100NIFTY LargeMidCap 250NIFTY MidSmallCap 400NIFTY AutoNIFTY Consumer DurablesNIFTY FinanceNIFTY FMCGNIFTY MediaNIFTY MetalNIFTY PharmaNIFTY Private BankNIFTY PSU BankNIFTY RealtyNIFTY Oil & GasNIFTY SME EmergeNIFTY CommoditiesNIFTY CPSENIFTY EnergyNIFTY India ConsumptionNIFTY InfraNIFTY MNCNIFTY PSENIFTY Serv SectorNIFTY100 Liquid 15NIFTY Midcap Liquid 15NIFTY Midcap 150 Quality 50NIFTY50 Equal WeightNIFTY100 Equal WeightNIFTY100 Low Volatility 30NIFTY100 Alpha 30NIFTY Alpha 50NIFTY Dividend Opportunities 50NIFTY High Beta 50NIFTY Low Volatility 50NIFTY200 Quality 30NIFTY 500 Value 50NIFTY 100 Quality 30SECTORSAgricultureAirlinesAluminiumAsset Management CompaniesAutomobilesAuto AncillariesBanks (Private)Banks (PSU)BankingCementChemicalsDefenceDiagnosticsDronesEngineeringElectric VehicleElectric Vehicle BatteryEnergy SourcesESGEthanolFertilizersFintechFMCGFoodGreen HydrogenHotelsInfrastructureInsuranceInvestment and FinanceInvITIT (Large)IT (Others)LogisticsMediaMetalMiningIndia's Big Tech StocksIndian PharmaMNC PharmaPSUPaintPaperPlasticPowerRating AgenciesReal EstateREITsRenewable EnergyRetailingSemiconductorShippingSteelSugarSupply ChainTelecomTextilesTravel Support Services

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