Sensex Above 30,000 Level, Gold Hits Record High, and Top Cues in Focus Today

Wed, 8 Apr Pre-Open

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Indian share markets ended on a strong note yesterday.

The BSE Sensex and NSE Nifty rose over 8.5% yesterday, posting their biggest single-day gain since May 18, 2009, as indications of an ease in lockdown restrictions and a rally in global equity markets pumped investors.

Reportedly, authorities are studying a proposal to partially lift restrictions in low-risk states and districts.

Sentiment also got a boost after reports suggested that India may attract US$ 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.

At the closing bell yesterday, the BSE Sensex stood higher by 2,476 points (up 9%) and the NSE Nifty closed higher by 708 points (up 8.8%).

The BSE Mid Cap index ended up by 5.4%, while the BSE Small Cap index ended up by 4.1%.

On the sectoral front, gains were largely seen in the banking sector, energy sector and automobile sector.

While stock markets witnessed gains yesterday, it was one of the most painful correction phases for global stock markets 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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Top Stocks in Focus Today

From the FMCG sector, Britannia Industries share price will be in focus today as the company said it has partnered with on-demand e-commerce platform Dunzo for home delivery of all its products.

From the pharma sector, market participants will be tracking Piramal Enterprises share price 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.

Gold Prices Surge Rs 2,000 per 10 Gram

Gold prices in India surged as much as Rs 2,000 per 10 gram yesterday, hitting a new high of Rs 45,724 per 10 gram in futures market.

Tracking gold, silver prices also leaped higher amid investor rush to safe haven assets as the coronavirus cases rose over 4,000 in India, making equities less lucrative.

In global markets, spot gold rates were down 0.2% at US$ 1,657.67 per ounce after rising to a four-week high earlier yesterday. Prices had jumped nearly 3% on Monday.

Note that gold prices have been supported by strong inflows into ETFs. The holdings of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, rose 0.54% to 984.26 tonnes on Monday.

Meanwhile, India's gold imports plunged more than 73% year-on-year in March to their lowest in 6-1/2 years as record domestic prices and a lockdown to curb the outbreak squeezed retail demand.

The quantitative easing by central banks and stimulus measures by governments have also helped gold price.

The Federal Reserve on Monday announced a program to boost lending to small-businesses, while Japan pledged to roll out an unprecedented economic stimulus package.

To know more about gold, you can check one of Vijay Bhambwani's recent articles here: Is the Price of Gold About to Go Higher?

India's Services Sector Activity Contracts in March

India's services sector activity contracted during March as the COVID-19 pandemic dented demand, particularly in overseas markets, while public health measures aimed at stemming the outbreak curtailed discretionary spending.

The IHS Markit India Services Business Activity Index was at 49.3 in March, down from February's 85-month high of 57.5, as the new coronavirus pandemic pulled the service sector into contraction.

The headline figure fell by over 8 points, undoing the strong gains in growth momentum seen throughout 2019.

In PMI parlance, a print above 50 means expansion, while a score below that denotes contraction.

The survey further noted that there were widespread reports of new business receipts struggling due to the COVID-19 outbreak, deterring discretionary spending.

Meanwhile, the Composite PMI Output Index that maps both the manufacturing and services sector fell to 50.6 in March, down 7 points from February's 57.6 to signal a sharp slowdown in private sector output growth and bringing an abrupt end to the recent strong upward-moving expansion trend.

HDFC Bank Rallies as Deposits Grow in March

Moving on to news from the banking sector, HDFC Bank share price will be in focus today as the private lender's 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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