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Sensex Zooms 2,476 Points; Banking, Energy and Automobile Stocks Rally
Tue, 7 Apr Closing | Monish Vora, TM Team

Indian share markets continued to trade in the green during closing hours and ended their day on a strong note.

The BSE Sensex and NSE Nifty rose over 8.5% today, 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, 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 the day up by 4.1%.

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

Asian stock markets finished on a positive note as of the most recent closing prices. The Hang Seng was up 2.1% and the Shanghai Composite stood higher by 2%.

European shares, too, rallied for the second straight day. Equity investors in Europe were encouraged by the slowing death toll from the virus across major European nations, including France and Italy.

The rupee was trading at 75.53 to the US$ at the time of writing.

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Speaking of Indian share markets, in the article titled How Corona Crash Hit Indian Financial Markets in March 2020 - 6 Charts, we dive deeper and look at how Indian financial markets performed in March 2020.

Also, speaking of the current stock market scenario, stock markets around the world witnessed one of the most painful correction phases 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%.

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In news from the commodities space, gold prices in India surged as much as Rs 2,000 per 10 gram today, 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 in the session. Prices had jumped nearly 3% in the previous session.

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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.

Speaking of gold, you will be surprised to know that the safe haven has outperformed equities over a 15-year period.

Have a look at the chart below:

An equal amount of Rs 100 invested in both gold and Sensex in 2004 would have generated higher returns in gold by a wide margin.

Your total investment in gold and Sensex would be valued at Rs 687 and Rs 410, respectively.

So, investors in gold are happier than investors in Sensex or equities at this moment.

Moving on to news from the FMCG sector, shares of Britannia Industries surged over 10% today after the company said it has partnered with on-demand e-commerce platform Dunzo for home delivery of all its products.

Customers can avail Britannia products through the Dunzo app in under an hour of ordering from the Britannia Essentials store.

Britannia's essentials products such as biscuits, cakes, rusk, croissants, milkshakes, wafers, ghee and dairy whitener will be sourced by Dunzo from its distribution centers.

Britannia share price ended the day up by 10.2%.

In other news, Hindustan Unilever (HUL) share price was also in focus today. Stock of the company hit a new high of Rs 2,463 today.

Last week, HUL had announced the completion of GSK Consumer merger process, post securing necessary regulatory approvals.

HUL has fixed April 17, 2020 as the record date for determining the shareholders of GSK Consumer to receive the shares of the company.

The merger will be on a basis of an exchange ratio of 4.39 HUL shares for each GSK Consumer share.

HUL's shares will be allotted to all GSK Consumer shareholders from end of April to early May.

HUL also announced that it has acquired the Horlicks brand rights for the India market from Horlicks (a GSK-owned entity) for Rs 30.5 billion.

In the past two weeks, shares of HUL have rallied about 24% after the company on March 23, announced the acquisition of female intimate hygiene wash brand VWash from Glenmark Pharma.

HUL share price ended the day up by 13.5%.

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!

Read the latest Market Commentary


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Stock Market Updates

PRESTIGE ESTATES Surges by 7%; BSE REALTY Index Up 4.3% (Today's Market)

Jun 2, 2020 03:33 PM

PRESTIGE ESTATES share price has surged by 7% and its current market price is Rs 167. The BSE REALTY is up by 4.3%. The top gainers in the BSE REALTY Index are PRESTIGE ESTATES (up 6.5%) and GODREJ PROPERTIES (up 7.2%).

PIRAMAL ENTERPRISES Surges by 6%; BSE HEALTHCARE Index Up 0.7% (Today's Market)

Jun 2, 2020 03:33 PM

PIRAMAL ENTERPRISES share price has surged by 6% and its current market price is Rs 1,194. The BSE HEALTHCARE is up by 0.7%. The top gainers in the BSE HEALTHCARE Index are PIRAMAL ENTERPRISES (up 5.5%) and ALKEM LABORATORIES (up 5.2%). The top losers are ALEMBIC PHARMA (down 0.1%) and NARAYANA HRUDAYALAYA LTD (down 0.3%).

BAJAJ ELECTRICALS Surges by 11%; BSE CONSUMER DURABLES Index Up 1.9% (Today's Market)

Jun 2, 2020 03:31 PM

BAJAJ ELECTRICALS share price has surged by 11% and its current market price is Rs 418. The BSE CONSUMER DURABLES is up by 1.9%. The top gainers in the BSE CONSUMER DURABLES Index is BAJAJ ELECTRICALS (up 10.8%). The top losers are TTK PRESTIGE and SYMPHONY (down 0.3%).

BLUE STAR Surges by 5%; BSE CAPITAL GOODS Index Up 1.2% (Today's Market)

Jun 2, 2020 03:31 PM

BLUE STAR share price has surged by 5% and its current market price is Rs 544. The BSE CAPITAL GOODS is up by 1.2%. The top gainers in the BSE CAPITAL GOODS Index is BLUE STAR (up 5.0%). The top losers are HONEYWELL AUTOMATION (down 0.1%) and BHEL (down 0.2%).

JSW ENERGY Surges by 10%; BSE POWER Index Up 1.4% (Today's Market)

Jun 2, 2020 03:15 PM

JSW ENERGY share price has surged by 10% and its current market price is Rs 45. The BSE POWER is up by 1.4%. The top gainers in the BSE POWER Index is JSW ENERGY (up 10.1%). The top losers are BHEL (down 0.2%) and NTPC (down 1.2%).

Sensex Trades in Green; Bajaj Finance & Sun Pharma Top Gainers (Today's Market)

Jun 2, 2020 12:30 pm

The BSE Sensex is trading up by 229 points, while the NSE Nifty is trading up by 71 points.

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