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In a move that baffled even seasoned investors on Dalal Street, the benchmark equity indices hit the lower circuit limits to force a trading halt only to rebound sharply and close with smart gains on Friday.
The HDFC twins, ICICI Bank and some of the PSU bank stocks were on the forefront of the rally.
SBI and Tata Steel jumped more than 13 per cent, while HDFC closed 10 per cent higher.
BSE flagship Sensex gained 1,325 points to 34,103 while its NSE counterpart Nifty ended the day at 9,955, up 365 points.
Global and domestic markets took a breather for the moment in hopes of further measures from central banks and governments.
However, downside risk to the Indian market remained in the near term given uncertainty across the globe and the high reading of the fear gauge, India Vix.
“In the near term, we expect volatility to remain high.
Maintain a cautious stance,” said Ajit Mishra, VP - Research, Religare Broking.
Here is a lowdown of the movers and shakers of Friday’s session on Dalal Street:Volatility goes through the roofIndia VIX, the measure of volatility in the market, soared 24.43 per cent to 51.22 level.
This showed traders expect a volatile week going forward.
Media index sole loserNifty Media Index was the only sectoral index on NSE and closed in the red.
The index fell 0.58 per cent to 1,296 dragged by Dish TV, Network18, Zee Entertainment and Zee Media.
Nifty PSU Bank index rose 11.73 per cent to emerge biggest gainer.
Nifty Metal, Nifty Pharma and Nifty Private Bank indices were among other major gainers.
HDFC twins drive SensexHDFC was the biggest contributor to Friday’s rally, adding 316 points while its sister concern HDFC Bank added nearly 200 points.
ICICI Bank and Reliance Industries chipped in with more than 100 points each, together adding 378 points.
Best-ever recoveryBSE benchmark Sensex logged the biggest-ever recovery in history, surging over 4,700 points from its day’s low.
Nifty staged a rebound of 1,468 points.
Vasanth Kamath, Co-Founder and CEO, Smallcase Technologies, said a swing from -10% to +5% in benchmarks is unheard of, which clearly shows investors are still forming their views on the impact of coronavirus.
Airline stocks nosediveShares of airlines were battered in trading as India suspended all tourist visas, which could potentially hurt top lines.
SpiceJet was down 9.99 per cent to Rs 43.70 while its rival IndiGo fell 0.76 per cent at 1,010.75.
Defunct carrier Jet Airways dropped 4.75 per cent to Rs 18.05.
No show at PVR box officeShares of PVR cracked 5.12 per cent to Rs 1,288.85 as multiple states ordered temporary shutdown of multiplexes due to coronavirus outbreak.
Following the announcement, film producers have also postponed film releases.
Telecom firms get reliefVodafone Idea surged over 34.05 per cent to Rs 5.63 while Airtel jumped 5.54 per cent to Rs 490.70 amid reports that the Union Cabinet has approved a proposal for a relief package that will help operators reeling under the adjusted gross revenue (AGR) crisis.
YES Bank shares add 2%Shares of Yes Bank rose 2 per cent to Rs 25.55 after State Bank of India (SBI) said it would infuse Rs 7,250 crore into the crippled private sector lender.
First trading halt in 12 yearsThe domestic stock market witnessed a halt in trading for the first time in more than 12 years after the equity benchmarks hit lower circuit limits amid panic selling.
BSE and NSE stopped trading for 45 minutes starting from little past 9.20 am.
Indian Oil declares dividendState-owned Indian Oil Corp (IOC) declared an interim dividend of Rs 4.25 per share, which will give the government Rs 2,060 crore.
Shares of the company jumped 5.07 per cent following the news.
Federal Bank up 9%Shares of Federal Bank jumped 9.27 per cent to Rs 68.95 after the clarifies that its asset quality is healthy and the capital adequacy is much above the regulatory requirement.
24 stocks flash ‘sell’ signalsAs many as 24 shares on BSE crossed above the signal line on MACD indicator giving ‘sell’ signals.
They include Future Enterprises, Godrej Consumer, Asian Paints, King Infra, Pidilite Industries, Simplex Castings, Intense Technologies and Indiabulls Ventures, among others.
