Indian shares surged over 3.5 percent on Tuesday, tracking broader Asian peers, mainly led by gains in financials, FMCG, and metal space. The sentiment was upbeat after factory data from China gave investors hope of a rebound in activity, despite a spike in coronavirus cases back home. The Sensex ended 1,028 points higher at 29,468 on the last trading day of the current financial year, while the Nifty rose 317 points to settle at 8,598. However, the benchmarks posted their worst yearly performance since 2009, battered by sluggish economic growth and the fallout from the coronavirus pandemic. For FY20, the Sensex and Nifty slumped 24 percent and 26 percent, respectively. 

On the Nifty50 index, BPCL, Britannia, GAIL, ONGC, and UPL were the top gainers, while IndusInd Bank, Eicher Motors, Cipla, Zee, and Bajaj Finserv led the losses. Broader markets also rose for the day with Nifty Midcap and Nifty Smallcap indices up 2.2 percent and 3 percent, respectively. All sectors were also positive for the day. Nifty Energy surged 7 percent as crude oil fell to multi-year lows. Nifty FMCG and Nifty Metal followed, rising over 5 percent each. Meanwhile, Nifty Fin Services added 3 percent, Nifty IT advanced 3.6 percent, and Nifty Bank was up 1.9 percent.

DHFL resolution delayed amid COVID-19 lockdown

Suitors for troubled mortgage lender Dewan Housing Finance Limited (DHFL) may miss the April 16 deadline to submit binding bids for the company amid the 21-day national lockdown imposed to prevent the spread of COVID-19 outbreak, banks aware of the discussions told CNBC-TV18. The committee of creditors, therefore, is deliberating on extending the deadline to submit bids at least by 21 days to May 7 for now, two banking executives told CNBC-TV18 and may extend it further if the lockdown related disruptions continue. Click here to read

Kotak Equities upgrades two battery makers to 'buy'

Kotak Institutional Equities believes steep correction in the stock prices does not factor in steady nature of automotive replacement demand. It further added, "Amara Raja and Exide Industries are well-placed to recover some part of its lost revenues as replacement demand will likely come back post the lockdown. The brokerage upgrades Amara Raja and Exide to 'buy' but slashes the price target. For Amara, it cut the target price to Rs 650 (from Rs 780 earlier) while in case of Exide, it downgraded the TP to Rs 165 (from Rs 180 earlier). 

The situation caused by coronavirus globally could take as long as 12 months to come under control as that is the estimated time which would be required to develop a vaccine, said Pramod Gubbi, co-founder, Marcellus Investment Managers. “Rather than looking at whether it is two months or four months, our sense is you can clearly say six months from now or perhaps 12 months from now, we would be looking at a coronavirus situation where it is broadly under control, perhaps getting closer to a vaccine for COVID-19 -- potentially a cure and hence we should clearly in our minds think that this is not a doom’s day scenario, things (in the stock market) can come back," said Gubbi in an interview with CNBC-TV18.

"I have made repeated offers to pay 100 percent of the amount borrowed by KFA to the Banks. Neither are Banks willing to take money and neither is the ED willing to release their attachments which they did at the behest of the Banks. I wish the FM would listen in this time of crisis," Mallya said in a series of tweets.

Shares of Suzlon advanced nearly 5 percent in Tuesday’s trade after the company on Monday said an SBI-led consortium of lenders has approved a debt resolution plan. At present, the total debt of the company from the lenders stands at around Rs 12,900 crore. “State Bank of India, the lead bank of the consortium of lenders, has, vide its e-mail dated March 29, 2020, conveyed that the resolution plan of the company and its certain identified subsidiaries... was put to vote by the consortium of the lenders and which has since been approved by 100 per cent of lenders by value, and 100 per cent of lenders by numbers," the company said in a regulatory filing to the BSE.

Nifty Metal index jumps 4% after positive factory data in China; Vedanta and Hindalco remain top gainers

China's official manufacturing purchasing managers' index (PMI) bounced to 52 in March, up from a record-low 35.7 in February and topping forecasts of 45.0. Along with PMI, the country also saw its service sector activity expanding, with official non-manufacturing PMI coming in at 52.3  from 29.6 in February, reported Reuters.

JUST IN: Bharti Enterprises commits Rs 100 crore to support India's battle against COVID-19

When the Federation of Automobile Dealers Associations of India (FADA) approached the Supreme Court of India seeking permission to allow automobile dealers to sell soon-to-be obsolete BSIV vehicles beyond March 31, the expectation was the court will throw them a lifeline. The FADA had petitioned the court on March 17 and the case was heard on March 27. In the ten intervening days, the country saw the imposition of a nationwide lockdown, to add to already dwindling footfalls into auto showrooms amid the outbreak of COVID-19 in the country. READ MORE

Shares of IndusInd Bank were locked at the lower circuit of 20 percent on Tuesday on worries over the bank’s falling deposit base and asset quality amid the nationwide lockdown due to the rapid spread of COVID-19. The stock plunged 20 percent to hit day’s lowest at Rs 329.25 on the BSE. IndusInd Bank shares have fallen about 82 percent from a 52-week high of Rs 1,822.15 per share. In its investors’ presentation, the bank said that its deposits fell by 10-11 percent after a state withdrew funds. Around 75 percent of the deposit lost was on the government side while the balance was on the corporate side. The bank’s retail deposits have been stable, it said.

India may slash or even cancel its planned borrowings from the market for April amid a nationwide lockdown prompted by the coronavirus outbreak, two finance ministry sources told Reuters. The travel curbs have disrupted routine bond market trading and volumes and prompted primary dealers, who underwrite the bond issuances, to seek finance ministry intervention.

Indian shares opened in the green on Tuesday, following gains in Asian peers, as China factory data showed the hope of a rebound in activity. Gains, however, may be capped as most other countries continued to witness lockdown to contain the virus.  At 9:18 am, the BSE Sensex was trading 563 points higher at 29,003, while the Nifty50 was ruling 178 points higher at 8,459. JSW Steel, HDFC, Bajaj Finserv, Tata Steel, and Bajaj Finance were the top gainers on the Nifty50 index, while IndusInd Bank was the only loser. 

All indices were also in the green at opening with Nifty Meta and Nifty Fin Services rising themost, up 2.8 percent. Meanwhile, Nifty Auto and Nifty Bank added around 2 percent each. Nifty FMCG and Nifty IT were also up aroung 1.8 percent.