Dr Reddy's, Cipla, Aurobindo Pharma and Lupin gained 9-10 per cent each on the NSE
Domestic stock markets maintained their momentum in afternoon trades amid strength in Asian markets and firm opening across the European markets. The S&P BSE Sensex index rose to an intra-day high of 29,441.19 at the strongest level in early afternoon deals, and the broader NSE Nifty benchmark climbed to as high as 8,616.2. Gains across sectors - led by banking, information technology and automobile shares - pushed the markets higher.
At 1:05 pm, the BSE Sensex was at 29,323, stronger by 1,743 points or 6.3 per cent and the Nifty was at 8,590, up 508 points or 6.3 per cent. The pharma index was the top sectoral gainer of the day. The index soared by 10.2 per cent after the government lifted export restrictions on 24 drugs, which were imposed last month due to the virus. The NSE Nifty Bank Index and Nifty private bank index also zoomed by around 8 per cent each.
Equities elsewhere in Asia moved higher in an attempt at another day of gains, encouraged by the slowing death toll from the virus across major European nations, including France and Italy. Hang Seng, Nikkei, Straits Times, Taiwan and SET indices had added between 2 per cent and 6 per cent each in noon trades. The European indices, including the CAC, FTSE and DAX, had also opened higher between 2 per cent and 4 per cent each.
On Monday, Japanese Prime Minister Shinzo Abe pledged to roll out an unprecedented economic stimulus, equal to 20 per cent of economic output, as his government vowed to take "all steps" to battle deepening fallout from the coronavirus.
Meanwhile, in a reprieve for the market participants, the Nifty VIX shed 7.1 per cent to 51, which is an indication of decline in immediate-term volatility in the markets. Analysts say volatility cannot be ruled out as investors assess the impact of the coronavirus pandemic on global economy. India entered the fourteenth day of a 21-day countrywide lockdown to curb the spread of the deadly Covid-19 disease.
In the Nifty basket of 50 stocks, 48 traded higher. IndusInd Bank was the top gainer on the NSE, zooming by 16 per cent to Rs 366. Axis Bank, Dr Reddy's, Cipla and M&M gained between 10 per cent and 14 per cent each to count among the other significant index gainers. Bajaj Financial Services and Baja Finance were the only stocks to trade in the red, with losses of 2 per cent and 4 per cent each. In the pharma space, Dr Reddy's, Cipla, Aurobindo Pharma and Lupin gained 9-10 per cent each on the NSE
This is a truncated week; the markets were shut on Monday for Mahavir Jayanti, and will be closed on April 10 for Good Friday, leaving only three trading days this week.
