Key indices saw a strong gap-up opening on positive global cues. Benchmark indices extended their three-day upmove today. At 9:26 IST, the barometer index, the S&P BSE Sensex, was up 802.56 points or 2.45% at 33,522.72. The Nifty 50 index was up 225.40 points or 2.36% at 9,778.75.
The S&P BSE Mid-Cap index was up 1.54%. The S&P BSE Small-Cap index was up 1.59%.
The market breadth, indicating the overall health of the market, was positive. On the BSE, 1029 shares rose and 239 shares fell. A total of 61 shares were unchanged.
Stocks in news:
Reliance Industries rose 1.46% ahead of its quarterly results today, 30 April 2020.
Wipro rose 2.02%. Wipro and Nutanix yesterday announced the launch of Wipro's Digital Database Services (DDS) powered by Nutanix Era and Nutanix HCI software. This offering will enable enterprises to efficiently manage databases, optimizing time and effort of IT teams.
AU Small Finance Bank gained 4.42%. AU Small Finance Bank said that the meeting of the board of directors of the company is scheduled on 2 May 2020 to consider and approve proposal for raising of funds by issue of equity shares through private placement, Qualified Institutions Placement (QIP) or preferential allotment or through a combination thereof or any other alternative mode, as may be considered appropriate.
TD Power Systems advanced 5.32%. TD Power Systems said it has partially resumed its operations in view of various directives issued by the Central Government/ State Governments on the exemptions from lockdown.
Polycab India surged 4.3%. Polycab India said that the meeting of the board of directors of the company is scheduled on 2 May 2020 to consider and approve convening of board meeting to consider and approve the proposal for investment / acquisition of shares.
Global Markets:
Overseas, Asian equity markets are trading higher on Thursday following positive developments overnight on a potential new treatment for Covid-19. Markets in Hong Kong and South Korea are closed on Thursday for a holiday.
Gilead Sciences said Wednesday preliminary results of a coronavirus drug trial showed at least 50% of patients treated with a five-day dosage of remdesivir improved and more than half were discharged from the hospital within two weeks.
On the economic data front, China said manufacturing activity in the country expanded slightly in April. The official manufacturing Purchasing Managers' Index for April came in at 50.8, as compared to 52 in March.
In US, stocks surged on Wednesday as hopes for an effective COVID-19 treatment prompted a broad rally and helped investors shrug off words of warning from US Federal Reserve Chair Jerome Powell.
Meanwhile, Federal Reserve policymakers on Wednesday left interest rates near zero and repeated a vow to do what it takes to shore up the economy, saying the ongoing coronavirus pandemic will weigh heavily on the near-term outlook and poses considerable risks for the medium term.
On the economic data front, the Commerce Department says the gross domestic product, the total output of goods and services, posted a quarterly drop for the first time in six years. The US economy shrank at a 4.8% annual rate last quarter as the coronavirus pandemic shut down much of the country.
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