The government's focus on providing a stimulus mainly through credit guarantee schemes has protected it from raising the fiscal deficit, since these loans wouldn't materially impact its fiscal burden this year. While this would help businesses stay afloat, an absence of cash stimulus for households would keep demand down. An early reopening, if its on the cards this month, may contribute to the economy recovering.
Reliance Capital CFO Vaibhav Kabra has stepped down.
Finance Minister Nirmala Sitharaman has announced collateral-free loans worth Rs 3 lakh crore for approximately 45 lakh MSMEs with turnover up to Rs 100 crore, as part of the Rs 20 lakh crore stimulus package the government has announced.
The Indian government has also announced a Rs 45,000 crore liquidity infusion through a Partial Credit Guarantee Scheme 2.0 for NBFCs.
Markets rode the stimulus announcement to end higher today. Nifty 50 closed at 9383.25 (186.7, 2.0%) , BSE Sensex closed at 32008.61 (637.5, 2.0%) while the broader Nifty 500 closed at 7668.25 (147.4, 2.0%)
Market breadth is highly positive. Of the 1614 stocks traded today, 1188 were in the positive territory and 363 were negative.
Apollo Tricoat Promoters have acquired 5.85% of additional shares in the firm through an SAST transaction. This is the second large purchase of shares in the company this week.
Kotak Mahindra Bank has reported a 4.24% decline in consolidated net profit YoY for the March quarter. The bank has reported Covid-19-related general provisions of Rs 650 crore for the quarter, higher than that required by RBI to manage virus related disruptions in payments.
Biotech firm Syngene International has announced Q4 results showing 17% YoY revenue growth and 20.1% net profit growth YoY.
Finance Minister Nirmala Sitharaman will be addressing a press conference at 4 pm today, is expected to give greater detail on the planned economic stimulus.
Cipla and Jubilant Life are up on signing agreements with Gilead to distribute Remdesivir, a drug that has seen promising results for treatment of COVID19. The USFDA granted Emergency Use Authorization (EUA) for remdesivir to treat Covid-19, despite questions being raised on limited trial data to prove safety and efficacy of Remdesivir.
Markets are up today morning, as investors react to Prime Minister Modi's relief package announcement yesterday. Nifty 50 was trading at 9418.10 (221.6, 2.4%) , BSE Sensex was trading at 32185.90 (814.8, 2.6%) while the broader Nifty 500 was trading at 7686.05 (165.2, 2.2%). Market breadth is surging up. Of the 1447 stocks traded today, 1174 showed gains, and 213 showed losses.
Riding High:
Largecap and midcap gainers today include Bharat Heavy Electricals Ltd. (27.00, 25.58%), Indiabulls Housing Finance Ltd. (136.30, 14.54%) and REC Ltd. (101.00, 12.91%).
Downers:
Largecap and midcap losers today include Nestle India Ltd. (16550.00, -5.22%), Sun TV Network Ltd. (391.40, -4.14%) and Alkem Laboratories Ltd. (2490.50, -3.38%).
Crowd Puller Stocks
53 stocks in BSE 500 are trading on high volumes today.
Top high volume gainers on BSE included Bharat Heavy Electricals Ltd. (27.00, 25.58%), Indiabulls Housing Finance Ltd. (136.30, 14.54%) and REC Ltd. (101.00, 12.91%).
Top high volume losers on BSE were Hathway Cable & Datacom Ltd. (26.60, -2.03%), Kajaria Ceramics Ltd. (320.50, -1.41%) and Somany Ceramics Ltd. (93.50, -1.37%).
Johnson Controls-Hitachi Air Conditioning India Ltd. (2254.95, 1.52%) was trading at 23.5 times of weekly average. TeamLease Services Ltd. (1498.00, -0.60%) and PNC Infratech Ltd. (110.00, 3.53%) were trading with volumes 17.0 and 10.9 times weekly average respectively on BSE at the time of posting this article.
BSE 500: highs, lows and moving averages
1 stock overperformed with 52 week highs, while 1 stock hit their 52 week lows.
Stock touching their year highs included - Bharti Airtel Ltd. (554.50, -0.96%).
Stock making new 52 weeks lows included - Kajaria Ceramics Ltd. (320.50, -1.41%).
14 stocks climbed above their 200 day SMA including JK Cement Ltd. (1143.00, 8.28%) and Indian Energy Exchange Ltd. (155.25, 7.44%). 2 stocks slipped below their 200 SMA including La Opala RG Ltd. (167.40, -3.10%) and AIA Engineering Ltd. (1670.00, 1.10%).