Markets rose in today's trading after governments and central banks in Europe and the US announced measures to contain economic damage from the pandemic. Nifty 50 closed at 8744.35 (480.9, 5.8%) , BSE Sensex closed at 29915.96 (1627.7, 5.8%) while the broader Nifty 500 closed at 7158.90 (351.7, 5.2%) Market breadth is in the green. Of the 1661 stocks traded today, 1015 showed gains, and 573 showed losses.
In a call between PVR Management and Bank of America analysts, the company said it has cut costs including salaries and fixed expenses during the period of shutdown, to limit the balance sheet impact.
IFGL Refractories says that "business is as usual even at Company's operating subsidiaries in China, UK and USA." The company is noting potential impact in Germany "based on review being undertaken by the Board of our German subsidiary, operations may be truncated from next week."
Apollo Tyres management, including the Chairman and Managing Director, Onkar S Kanwar and the Vice Chairman & MD, Neeraj Kanwar have announced that they are taking a 25% reduction in their salary, while the Senior Management has taken a voluntary reduction in their salary by 15%. The auto and auto ancillary sector have been hard hit by the coronavirus pandemic. Apollo Tyres called this period "a tough and testing time".
Motilal Oswal is a buy on Motherson Sumi and Tech Mahindra.
Promoters running to the exits?: Ashok Leyland dropped today after the company said that it is purchasing back shares (7% stake) from existing private equity investor Everstone and 12% stake from promoter entities.
Intellect Design rose in share price after winning a deal with what the company said was "Middle East's second largest bank". Based on recent rankings, this could be UAE's First Abu Dhabi Bank.
Some economies have been less heavily hit by the coronavirus. One example is Germany, with an extremely low death rate, with 13,979 coronavirus infections but only 42 deaths (0.3% death rate).
Markets have rebounded sharply today as investors react to the European and US governments stepping in with economic boosts and aggressive spending to breathe life back into industry.
V Vaidyanathan, the MD and CEO of IDFC First Bank has sold 2.75 crore shares of the company on 19th March 2020 for approximately Rs. 58 crores to close an ESOP loan.
Markets opened volatile in early trading. Nifty 50 was trading at 8284.20 (20.8, 0.3%) , BSE Sensex was trading at 27959.96 (-328.3, -1.2%) while the broader Nifty 500 was trading at 6834.05 (26.9, 0.4%). Market breadth is in the green. Of the 1421 stocks traded today, 872 were gainers and 469 were losers.
Riding High:
Largecap and midcap gainers today include Bharti Infratel Ltd. (152.10, 22.61%), Jubilant Foodworks Ltd. (1499.00, 22.10%) and Oil And Natural Gas Corporation Ltd. (71.50, 17.12%).
Downers:
Largecap and midcap losers today include Piramal Enterprises Ltd. (682.95, -12.13%), Quess Corp Ltd. (246.95, -9.99%) and Ashok Leyland Ltd. (44.00, -8.43%).
Crowd Puller Stocks
20 stocks in BSE 500 are trading on high volumes today.
Top high volume gainers on BSE included Cadila Healthcare Ltd. (285.20, 16.01%), Ipca Laboratories Ltd. (1365.00, 7.64%) and Deepak Fertilisers & Petrochemicals Corporation Ltd. (79.05, 7.19%).
Top high volume losers on BSE were Quess Corp Ltd. (246.95, -9.99%), GE T&D; India Ltd. (72.70, -8.55%) and Heritage Foods Ltd. (185.00, -7.29%).
Indiabulls Real Estate Ltd. (44.05, -4.96%) was trading at 235.3 times of weekly average. Thermax Ltd. (730.00, 5.72%) and Reliance Power Ltd. (1.20, 0.00%) were trading with volumes 12.9 and 6.7 times weekly average respectively on BSE at the time of posting this article.
BSE 500: highs, lows and moving averages
85 stocks tanked below their 52 week lows.
Stocks making new 52 weeks lows included - AIA Engineering Ltd. (1368.85, -3.63%) and Amara Raja Batteries Ltd. (449.00, -0.51%).
29 stocks climbed above their 200 day SMA including Jubilant Foodworks Ltd. (1499.00, 22.10%) and Escorts Ltd. (680.00, 18.55%). 5 stocks slipped below their 200 SMA including Mas Financial Services Ltd. (567.00, -9.76%) and Shilpa Medicare Ltd. (293.20, -3.31%).
