Indian equity markets began the truncated weak on a resounding note, staging their biggest one-day gain since 2009. The NIFTY gained 8.7 percent to end at 8792.
All the 50 constituents of the index ended in the green, including BAJFINANCE and BAJAJFINSV which traded with losses until the final hour of trade. 21 stocks ended with gains of 10 percent and above.
Among sectoral indices, all of them ended with gains led by the NIFTYBANK (up 10.5%) and NIFTYPHARMA (up by 10.2%). NIFTY FMCG, IT, and METAL gained over 8 percent. NIFTY AUTO index too ended 9.6% percent higher. 1516 stocks ended the day with gains while 329 ended the day with losses.
Buy on a dip towards 8700 with a stop just below 8640.
Sell on a rally towards 9000 with a stop just above 9060.
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With just eight days left for the 21-day lockdown to be lifted, JSW Steel has said it’s making all preparations to recommence operations at all locations. The company decided to scale down or suspend production on March 25. Currently, JSW Steel has four blast furnaces and two Corex in Karnataka’s Ballari; one blast furnace in Dolvi, Maharashtra; and two blast furnaces in Salem, Tamil Nadu. Notably, the government is yet to take the final decision on lifting or extending the current lockdown.
French energy firm Total SA on Tuesday said it has invested Rs 3,707 crore to set up 50:50 joint venture with Adani Green Energy Ltd (AGEL) through its step-down subsidiary. The JV houses 2.148 GW operating solar projects across 11 states in India, the company said in a statement. The portfolio includes the Restricted Group 1 & 2 projects, which had recently raised USD 862.5 million from the international bond markets, the statement said.
Budget carrier SpiceJet has said it will be operating five in-cabin cargo flights on Tuesday, using a passenger aircraft, to transport vital supplies to various parts of the country amid the lockdown. Since March 27, various air operators, including Air India and its subsidiary Alliance Air have been operating cargo flights, using the belly space of the passenger plane, under Lifeline Udan initiative of the Central government, which is aimed at transportation of medical cargo and essential supplies across India at the time of the COVID-19.
Source: Economic Times, Moneycontrol ,Business Today, Business Standard, Bloomberg Quint
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