Mid-Session: Markets up as FM is expected to announce fiscal package
24/03/2020 12:55

Domestic bourses were trading higher during the noon trading session amid volatility as fear of coronavirus continues to spook investors.

Prime Minister Narendra Modi will address the nation at 8 PM on Tuesday on the coronavirus outbreak. "Will address the nation at 8 PM today, 24th March 2020, on vital aspects relating to the menace of COVID-19," Modi tweeted.

He had addressed the nation on efforts to combat the virus on March 19.

Further Via video conference FM said that Even as we are readying an economic package to help us through the Corona lockdown (on priority, to be announced soon) I will address the media at 2pm today, specifically on statutory and regulatory compliance matters. Among individual stocks, Infosys share price rallied 10 percent intraday on March 24 after the US Securities and Exchanges Commission (SEC) gave a clean chit to the Indian company in the whistleblower case. In a statement, Infosys said, “The company received notification from the SEC that the SEC has concluded its investigation and the company does not anticipate any further action by the SEC on this matter.”

At 12:45 hours, the 30-share benchmark index was trading at 26777.72 up by 796.48 points or by 3.07 % and then NSE Nifty was at 7854.3 up by 244.05 points or by 3.21 %. Sensex touched intraday high of 27462.87 and intraday low of 25638.9 The NSE Nifty touched intraday high of 8036.95 and intraday low of 7511.1

The top gainers of the BSE Sensex pack were Bajaj Finance Ltd. (Rs. 2490.85,+10.00%), Hindustan Unilever Ltd. (Rs. 2026.00,+8.19%), Infosys Ltd. (Rs. 568.55,+7.95%), Sun Pharmaceutical Industries Ltd. (Rs. 342.90,+5.83%), Nestle India Ltd. (Rs. 13640.95,+5.46%), among others.

The top losers of the BSE Sensex pack were ITC Ltd. (Rs. 150.00,-2.85%), Larsen & Toubro Ltd. (Rs. 710.00,-1.89%), Axis Bank Ltd. (Rs. 306.75,-0.52%), Mahindra & Mahindra Ltd. (Rs. 293.00,-0.24%), Power Grid Corporation of India Ltd. (Rs. 152.50,-0.20%), among others. Among the sectors, TECk index was at 5892.91 up by 247.26 points or by 4.38%. MindTree Ltd. (Rs. 794.30,+8.44%), Infosys Ltd. (Rs. 568.55,+7.95%), PVR Ltd. (Rs. 1291.50,+7.04%), Oracle Financial Services Software Ltd. (Rs. 1673.10,+5.66%), Sterlite Technologies Ltd. (Rs. 66.90,+5.44%),.

Realty index was at 1320.9 down by -27.35 points or by -2.03%. Godrej Industries Ltd. (Rs. 530.60,-6.83%), Sunteck Realty Ltd. (Rs. 171.35,-5.98%), Indiabulls Real Estate Ltd. (Rs. 40.75,-4.90%), Housing Development & Infrastructure Ltd. (Rs. 1.36,-4.90%), Mahindra Lifespace Developers Ltd. (Rs. 200.45,-4.14%),.

The Market breadth, indicating the overall strength of the market, was weak. On BSE out of total shares traded 2318 , shares advanced were 893 while 1270 shares declined and 155 were unchanged.