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Benchmarks extend gains; Nifty above 8300
25-Mar-20   14:31 Hrs IST
The Sensex and the Nifty further extended gains and hit fresh intraday high in mid-afternoon trade. Global stock markets surged after US policymakers reportedly cleared a $2 trillion stimulus package to fight against fast-spreading coronavirus. The Nifty was trading above the 8,300 mark.

At 13:30 IST, the barometer index, the S&P BSE Sensex, surged 2061.15 points or 7.73% at 28,735.18. The Nifty 50 index advanced 559.45 points or 7.17% at 8,360.50.

The rally was wide spread. The S&P BSE Mid-Cap index was up 3.25% while the S&P BSE Small-Cap index was up 2.62%.

The market breadth was positive. On the BSE, 1152 shares rose and 944 shares fell. A total of 150 shares were unchanged. In Nifty 50 index, the breadth was positive with 44 stocks advancing and 6 stocks declining.

Buzzing Index:

The Nifty Private Bank index surged 7.83% to 9,759.35. Kotak Mahindra Bank (up 13.9%), Axis Bank (up 9.14%), HDFC Bank (up 8.25%), ICICI Bank (up 6.98%), RBL Bank (up 4.13%) and Federal Bank (up 3.7%) advanced.

IndusInd Bank (down 2.83%), City Union Bank (down 2.33%) and Bandhan Bank (down 0.93%) declined.

Stocks in Spotlight:

Inox Leisure surged 4.33% to Rs 256.60. CRISIL has placed its ratings on the bank facilities of INOX Leisure (ILL) on 'rating watch with negative implications'. The rating action follows the closure of movie theatres across India by orders of state governments to contain the spread of Novel Coronavirus (Covid-19). While the present closure is valid until March 31, 2020, it could be extended if the pandemic worsens. Prolonged closure may significantly impact credit profiles of the film exhibition industry, including ILL.

Indiabulls Housing Finance surged 4.11% to Rs 93.55. The rating committee of CRISIL has reaffirmed the long-term rating of Indiabulls Housing Finance Limited to “CRISIL AA”. Rating outlook has been revised to negative. The shortterm rating has been reaffirmed at “CRISIL A1+”. CRISIL noted strong liquidity position, healthy profitability and comfortable asset quality in retail segments, sizeable presence in the retail mortgage finance segment, strong capitalisation, with healthy cover for asset-side risks as reasons for reaffirmation of ratings. Revision of outlook was on account of the current uncertainty in the macro-environment due to fallout from Novel Coronavirus [Covid-19] situation and associated challenges that could continue to pose challenges to the company in raising funds from a diverse set of investors, and company's asset quality may get affected.

Torrent Pharmaceutical declined 2.30% to Rs 1777.35. The drug maker said it has fully repaid secured redeemable non-convertible debentures (NCDs) of Rs 240 crore on 24 March 2020.

AU Small Finance Bank tumbled 6.93% to Rs 490, extending its losing run to third consecutive session. The stock has lost 25% in last three trading sessions from its previous closing high of Rs 650 hit on 20 March 2020.

Numbers to Track:

In the commodities market, Brent crude for May 2020 settlement was up 31 cents to $27.46 a barrel. The contract rose 0.44% or 12 cents to settle at $27.03 a barrel in Wednesday's trading session.

MCX Gold futures for 3 April 2020 settlement rose 1.72% to Rs 42,090.

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