Market update – Pharma, Metal and Auto stocks lifted Nifty by 3%
· Nifty climbed up 3% to above 9000 mark lead by pharma, metal, Auto and banking stocks amid hopes that the Centre may announce more measures to boost the economy shaken by coronavirus. Sentiment has been boosted on account of smart rally in the global market on hope of reduce corna virus cases globally. Moreover, FIIs were strong net buyers of nearly Rs2000cr yesterday.
· The government is likely to unveil a second stimulus package in coming days to focus on help for small and medium businesses weathering the coronavirus outbreak. The second package could be focused largely on MSMEs,” a senior government official.
· Asian shares too rose on hopes that the COVID-19 pandemic is nearing a peak and roll out of more stimulus measures, while expectations of an oil production cut agreement bolstered crude prices.
· IOL Chemical gained 17%. Trading volume was 404,048 shares, five times the 20-day average of 87,943 shares for this time of day.
· Ajanta Pharma gained 15%. Trading volume was 20,486 shares, six times the 20-day average of 3,200 shares for this time of day. Company gets USFDA nod for Parkinson's disease tablet.
· Cipla surged 14% amid hefty volume of 65 lakh shares traded on NSE. - The company got the final approval for its Abbreviated New Drug Application (ANDA) for Albuterol Sulfate Inhalation Aerosol 90 mcg from the U.S. FDA. The drug is used in the treatment of acute episodes of bronchospasm or prevention of asthmatic symptoms.
· Titian bounced back into positive while the company says in its fourth quarter business update warned of a revenue decline in the fourth quarter due to Covid-19 and the measures taken to curb the same. Jewellery sales, which comprise 80 percent of the consolidated revenue fell 5 percent during the quarter due to sales lost in March. Watches division grew 1 percent while Eyewear segment declined 20 percent.
· Media news that the Infosys may get clean chit from SEBI following a detailed probe into whistleblower allegations
· Abnormal volumes – Cipla, Au Small Finance, LIC Housing, L&T Finance
