A surprise expansion in China's manufacturing activity in March lifted investor sentiment on Tuesday, thus leading to around 4 per cent rally in the benchmark indices. China’s official Purchasing Managers’ Index (PMI) rose to 52 in March from a collapse to a record low of 35.7 in February.
The S&P BSE Sensex gained 1,028 points or 3.62 per cent to settle at 29,468.49 on the last day of the financial year 2019-20 (FY20). Of 30 constituents, 26 advanced and 4 declined. FMCG major ITC (up around 8 per cent) emerged as the top gainer of the index. RIL (up around 8 per cent), ONGC (up 7.64 per cent), and Tata Steel (up over 6 per cent) were the other major gainers.
NSE's Nifty ended at 8,598, up 317 points or 3.82 per cent.
Oil and gas stocks gained big during the day on sharp decline in the crude oil prices. The S&P BSE Oil & Gas index rallied around 9 per cent to 10,021 levels. BPCL, HPCL, and GAIL were up in the range of 15-8 per cent. READ MORE
FMCG and metal stocks too made decent advances. While the S&P BSE Metal index jumped over 5 per cent to 5,713 levels, the S&P BSE FMCG index added around 6 per cent to 10,255 levels. Among individual stocks, Nestle India rallied 5 per cent to Rs 16,425 in intra-day trade. The stock ended at Rs 16,289, up around 4 per cent.
Hindustan Unilever (HUL) hit its fresh 52-week high of Rs 2,311.85 in the intra-day session before settling at 2,298, up over 5 per cent. READ MORE
On the other hand, IndusInd Bank tanked around 15 per cent to Rs 351 apiece on the BSE. READ MORE
Volatility index India VIX slipped over 10 per cent to 64.49 levels.
In the broader market, the Nifty MidCap 100 index gained over 2 per cent to 11,704 and the Nifty SmallCap index rose over 3 per cent to 3,595 levels.
Global Markets
Asian shares were set to close out a calamitous quarter by eking out a small rally on Tuesday as factory data from China held out the hope of a revival in activity, even as much of the rest of the world shut down. China’s official manufacturing purchasing managers’ index (PMI) bounced to 52.0 in March, up from a record-low 35.7 in February and topping forecasts of 45.0.
MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.94 per cent but that still left it down 22 per cent for the quarter, its worst performance since 2008. Shanghai blue chips rose 0.4% and South Korea 1.87%. Japan’s Nikkei eased 1%, to be down 20% since the start of the year.
E-Mini futures for the S&P 500 were flat, EUROSTOXX 50 futures rose 0.7 per cent while FTSE futures fell 0.25 per cent.
In commodity market, oil recovered ground on Tuesday after US President Donald Trump and Russian President Vladimir Putin agreed to talks to stabilize energy markets, with benchmarks climbing off 18-year lows hit as the coronavirus outbreak cut fuel demand worldwide.
(With inputs from Reuters)
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04:07 PM
MARKET COMMENT | Vinod Nair, Head of Research at Geojit Financial Services
"Mirroring positive global market, Indian markets also reacted positively on the last day of the financial year. Almost all sectoral indices were up & volatility index was also down by 10%. Chinese economic data, Industrial production numbers improved and helped the global momentum, especially in Metals, Pharma and FMCG. FII selling also slowed down over the last 2 days, although that may not be sustainable. The performance of global market will be the key driver for Indian market in the near-term".
03:55 PM
Sectoral gainers and losers on the NSE
03:50 PM
MARKET AT CLOSE | Top gainers and losers on the S&P BSE Sensex
03:40 PM
CLOSING BELL
The S&P BSE Sensex rallied 1,028 points or 3.62 per cent to end at 29,468.49 while NSE's Nifty50 ended at 8,598, up 317 points or 3.82 per cent. 29,468.49
03:25 PM
BROKERAGE VIEW:: ICICI Securities on VST Tillers Tractors
The VST Tillers & Tractors stock witnessed a sharp re-rating tracking the weak P&L performance and consequent deterioration of return ratios in the recent past. Return ratios for VST have corrected from consistent 20%+ RoCE levels seen till FY18 to 11.5% in FY19. With limited margin improvement guidance, we foresee return ratios remaining below 10%, which is below our comfortable range. VST is a net cash positive company (cash & investments on books at ~ Rs 150 crore) but its incremental spend on new product development catering to the >15 hp crowded tractor space erodes our margin of safety on the stock. We assign a HOLD rating to VST, valuing the company at Rs 660 i.e. 12.5x P/E on FY22E numbers. We will wait for an improvement in financials before any meaningful change in our stance.
03:18 PM
MARKET CHECK
03:09 PM
SpiceJet announces 10-30% cut in March salary for all employees
Budget carrier SpiceJet has decided to cut 10-30 per cent salary of all its employees in March, with Chairman Ajay Singh opting for highest 30 per cent trimming in compensation, the airline said in an e-mail communication to the staff on Tuesday. "SpiceJet management has decided to implement a pay cut between 10-30 per cent in March across our employee base. Our Chairman and Managing Director (Ajay singh), in fact, has opted for the highest cut of 30 per cent in compensation," the airline said in the communication. READ MORE
03:03 PM
MARKET UPPDATE:: Broader indices underpeform benchmarks
03:02 PM
Maruti Suzuki India chairman on challenges, price hike after BS-VI shift
Amid the nationwide lockdown to check the Covid-19 spread, India will quietly transition to BS-VI, the most stringent emission standard for the automobile industry anywhere in the world. R C Bhargava, chairman of Maurti Suzuki India, speaks to Arindam Majumder about the learning, challenges, and scope of a price hike in a bruised economy. READ INTERVIEW HERE
02:56 PM
Heatmap: S&P BSE Sensex at this hour
The S&P BSE Sensex gained 1,028 points or 3.62 per cent to settle at 29,468.49 on the last day of the financial year 2019-20 (FY20). Of 30 constituents, 26 advanced and 4 declined. FMCG major ITC (up around 8 per cent) emerged as the top gainer of the index. RIL (up around 8 per cent), ONGC (up 7.64 per cent), and Tata Steel (up over 6 per cent) were the other major gainers.
NSE's Nifty ended at 8,598, up 317 points or 3.82 per cent.
Oil and gas stocks gained big during the day on sharp decline in the crude oil prices. The S&P BSE Oil & Gas index rallied around 9 per cent to 10,021 levels. BPCL, HPCL, and GAIL were up in the range of 15-8 per cent. READ MORE
FMCG and metal stocks too made decent advances. While the S&P BSE Metal index jumped over 5 per cent to 5,713 levels, the S&P BSE FMCG index added around 6 per cent to 10,255 levels. Among individual stocks, Nestle India rallied 5 per cent to Rs 16,425 in intra-day trade. The stock ended at Rs 16,289, up around 4 per cent.
Hindustan Unilever (HUL) hit its fresh 52-week high of Rs 2,311.85 in the intra-day session before settling at 2,298, up over 5 per cent. READ MORE
On the other hand, IndusInd Bank tanked around 15 per cent to Rs 351 apiece on the BSE. READ MORE
Volatility index India VIX slipped over 10 per cent to 64.49 levels.
In the broader market, the Nifty MidCap 100 index gained over 2 per cent to 11,704 and the Nifty SmallCap index rose over 3 per cent to 3,595 levels.
Global Markets
Asian shares were set to close out a calamitous quarter by eking out a small rally on Tuesday as factory data from China held out the hope of a revival in activity, even as much of the rest of the world shut down. China’s official manufacturing purchasing managers’ index (PMI) bounced to 52.0 in March, up from a record-low 35.7 in February and topping forecasts of 45.0.
MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.94 per cent but that still left it down 22 per cent for the quarter, its worst performance since 2008. Shanghai blue chips rose 0.4% and South Korea 1.87%. Japan’s Nikkei eased 1%, to be down 20% since the start of the year.
E-Mini futures for the S&P 500 were flat, EUROSTOXX 50 futures rose 0.7 per cent while FTSE futures fell 0.25 per cent.
In commodity market, oil recovered ground on Tuesday after US President Donald Trump and Russian President Vladimir Putin agreed to talks to stabilize energy markets, with benchmarks climbing off 18-year lows hit as the coronavirus outbreak cut fuel demand worldwide.
(With inputs from Reuters)
CATCH ALL THE LIVE UPDATES
Auto Refresh
04:07 PM
MARKET COMMENT | Vinod Nair, Head of Research at Geojit Financial Services
"Mirroring positive global market, Indian markets also reacted positively on the last day of the financial year. Almost all sectoral indices were up & volatility index was also down by 10%. Chinese economic data, Industrial production numbers improved and helped the global momentum, especially in Metals, Pharma and FMCG. FII selling also slowed down over the last 2 days, although that may not be sustainable. The performance of global market will be the key driver for Indian market in the near-term".
03:55 PM
Sectoral gainers and losers on the NSE
03:50 PM
MARKET AT CLOSE | Top gainers and losers on the S&P BSE Sensex
03:40 PM
CLOSING BELL
The S&P BSE Sensex rallied 1,028 points or 3.62 per cent to end at 29,468.49 while NSE's Nifty50 ended at 8,598, up 317 points or 3.82 per cent. 29,468.49
03:25 PM
BROKERAGE VIEW:: ICICI Securities on VST Tillers Tractors
The VST Tillers & Tractors stock witnessed a sharp re-rating tracking the weak P&L performance and consequent deterioration of return ratios in the recent past. Return ratios for VST have corrected from consistent 20%+ RoCE levels seen till FY18 to 11.5% in FY19. With limited margin improvement guidance, we foresee return ratios remaining below 10%, which is below our comfortable range. VST is a net cash positive company (cash & investments on books at ~ Rs 150 crore) but its incremental spend on new product development catering to the >15 hp crowded tractor space erodes our margin of safety on the stock. We assign a HOLD rating to VST, valuing the company at Rs 660 i.e. 12.5x P/E on FY22E numbers. We will wait for an improvement in financials before any meaningful change in our stance.
03:18 PM
MARKET CHECK
03:09 PM
SpiceJet announces 10-30% cut in March salary for all employees
Budget carrier SpiceJet has decided to cut 10-30 per cent salary of all its employees in March, with Chairman Ajay Singh opting for highest 30 per cent trimming in compensation, the airline said in an e-mail communication to the staff on Tuesday. "SpiceJet management has decided to implement a pay cut between 10-30 per cent in March across our employee base. Our Chairman and Managing Director (Ajay singh), in fact, has opted for the highest cut of 30 per cent in compensation," the airline said in the communication. READ MORE
03:03 PM
MARKET UPPDATE:: Broader indices underpeform benchmarks
03:02 PM
Maruti Suzuki India chairman on challenges, price hike after BS-VI shift
Amid the nationwide lockdown to check the Covid-19 spread, India will quietly transition to BS-VI, the most stringent emission standard for the automobile industry anywhere in the world. R C Bhargava, chairman of Maurti Suzuki India, speaks to Arindam Majumder about the learning, challenges, and scope of a price hike in a bruised economy. READ INTERVIEW HERE
02:56 PM
Heatmap: S&P BSE Sensex at this hour
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