Sensex vaults even as FPIs keep selling
RIL soars on buzz that Facebook may take stake in Reliance Jio
Amid the coronavirus outbreak, the government has banned export of anti-malarial drug hydroxycloroquine with immediate effect to ensure sufficient availability of the medicine in the domestic market. Indian Council of Medical Research director general Balram Bhargava had on Monday recommended the use of hydroxychloroquine for treating healthcare workers handling suspected coronavirus cases.
Yes Bank will need additional Rs
9,000-Rs 13,000 crore in the next one-two years, Icra said. "As the regulatory norms require banks to maintain a CCB (capital conservation buffer) of 2.5 per cent as on March 31, 2020, Icra expects additional capital requirements of nearly Rs
9,000-Rs 13,000 crore over the next 1-2 years," the ratings firm said. It said the bank may see deposit withdrawals for which liquidity support is needed.
Market benchmarks Sensex gained over 1850 points and Nifty-50 gained over 500 points on Wednesday, recovering most of the losses earlier this week despite a nationwide 21-day lockdown announced by Prime Minister Narendra Modi.
Domestic equities rallied on hopes of a stimulus package sooner than later and reliefs related to tax compliance announced by the finance minister by extending the deadlines, besides gains in global markets on US leaders finalising a $2 trillion stimulus package to boost the US economy.
With the lockdown in force, the number of coronavirus cases in the country has now crossed 600 while the global number was still rising fast at 4,40,318, along with deaths of over 19,750.
The Sensex gained 6.98 per cent, or 1861.75 points, closing at 28535.78 while the Nifty-50 closed 6.62 per cent up at 8317.85, with a gain of 516.80 points.
Index heavyweight Reliance Industries gained 14.65 per cent, closing at Rs 1,081.25 on the BSE and contributed maximum to the gains in
(9.44 per cent), Axis Bank
(7.83 per cent) and ICICI Bank (6.93 per cent).
Gainers among other index heavyweights included Maruti (12.23 per cent), Larsen & Toubro
(8.22 per cent), and Bharti Airtel (6.36 per cent).
All the sectors ended in the green, with the Nifty Bank being the biggest gainer at 8.03 per cent.
However, market sentiments remained fragile with foreign portfolio investors selling equities worth Rs 1,893.36 crore while domestic institutions were net buyers by just Rs 737.98 crore.
Gaurav Dua, senior VP and head-capital market strategy & investments, Sharekhan by BNP Paribas, said, "Indian market surged ahead today building on the gains posted yesterday. Indian market got a boost from the positive global cues. The clearing of huge
$2 trillion stimulus by political leaders in US have turned the sentiments positive globally. In India, the decision to take aggressive step to fight coronavirus has also been welcomed by the markets. Wednesday's sharp uptick shows that any sense of stability can lead to sudden turnaround in the direction of markets."