Mumbai: Benchmark equity indices extended their winning streak to the third day in a row, rising nearly 3 per cent, buoyed by the gains in Asian peers and ahead of the expiry of April futures and options contracts.
With a few economies easing the coronavirus-induced lockdown, investors back home now await a roadmap of easing of lockdown in India.
Key facts
Global markets were mixed. Asian shares climbed to a near two-month peak as investors took heart from easing coronavirus lockdowns in some parts of the world, better-than-expected corporate earnings and a welcome rebound in oil prices, Reuters reported. On the other hand, European shares struggled to maintain early gains as a slide in defensive stocks countered upbeat forecasts from German automakers and sensor specialist AMS as well as a bounce in oil prices.
MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.7 per cent. The pan-European STOXX 600 rose as much as 0.3 per cent but turned flat later.
Key market statistics
Market breadth favoured the bulls with gainers outpacing losers in the ratio of 1.4:1 on the BSE.
India VIX or the volatility index eased for the sixth session in a row, falling 4.31 per cent to 33.83.
Smaller stocks underperformed benchmark with BSE mid and smallcap indices rising 1 per cent and 1.04 per cent, respectively.
BSE Metal index was the top sectoral gainer as it advanced 3.92 per cent. Steel Authority of India and Hindalco rose 9.85 per cent and 6.94 per cent, respectively.
BSE Finance index followed next with a 3.19 per cent rise. HDFC and City Union Bank were the top gainers as they added 8.39 per cent and 8.17 per cent, respectively.
A total of 23 Sensex stocks closed in the green, with financials contributing the most to gains. Mortgage lender HDFC was the biggest contributor with a 7.07 per cent jump. Private lenders HDFC Bank and ICICI Bank rose 4.87 per cent and 2.93 per cent, respectively.
Axis Bank, which declared a March quarter loss on Tuesday, dropped 3.67 per cent and was the worst Sensex performer.
What are the experts saying
What to watch out for?
The quarterly corporate earnings report cards of HUL and Reliance Industries will provide cues on the early impact of Covid-19, and an overview of what lies ahead.
The market awaits the announcement of the second round of stimulus measures to boost the ailing economy in light of the lockdown.
The roadmap on lifting or extension of the lockdown is keenly awaited.
