Market update – Nifty recovers partially … Cement stocks in limelight
· Nifty declined 1% and Bank Nifty recovered partially from the intra-day low after the RBI says its minutes of meeting that the substantial rate cut, along with several other regulatory and liquidity augmenting measures being announced as a part of developmental and regulatory policies today, convey the resolve of the Reserve Bank to deal with the macroeconomic fallout of Covid-19 preemptively. RBI says Space for policy action has opened up in view of the disinflationary effects of deceleration in demand under the impact of Covid-19. Market hope that the government may lift partial lockdown in the selective industry and agriculture sectors. Beaten down cement stocks are witnessing bargain hunting. Pharma, Metal and FMCG stocks gained.
· Indoco Remedies - Company has informed the stock exchanges that the first shipment of 11.70 lakh Paracetamol tablets to the U.K. was airlifted from the Goa airport on April 12.
· ITI is locked in an upper circuit of 20 percent after it informed the exchanges that it will team up with the Defence Research and Development Organisation (DRDO) to manufacture portable ventilators to combat the Covid-19 outbreak.
· Gulf Oil gained 18% intra-day. The company has set April 23 as the record date for the dividend payout.
· Asian stock markets are trading mixed. Shares in China are higher today as the Shanghai Composite gains 0.4%, while the Nikkei 225 is trading down by 1.5%. US Future slipped 1%
· JK Cement gained 13%. Trading volume was 72,146 shares, 54% above the 20-day average of 46,895 shares for this time of day
· Abnormal volumes – UltraTech and ACC
