Markets Stage Sharpest One-Day Recovery; Nifty Reclaims 10000 Levels

Stock markets after another erosion of 10% on benchmark indices in early trade on March 13, 2020 hit a lower circuit and trading was halted for 45 minutes. But soon after as US futures recovered all their overnight losses and traded in the green, there was seen immense recovery in Indian markets, indeed the biggest intra-day recovery ever.

There was however seen a pull back towards the close of the session from the day's hit, despite this Nifty managed to scale to 10000, while Sensex gained 1325 points or 4.04% to 34103.48.

Nifty Bank remained the biggest contributor to the sharp recovery posted on the indices and surged up to 7%. The gains in the index were primarily led by stocks including SBI, HDFC Bank, ICICI Bank, Bank of Baroda among others.

Other Nifty gainers include Tata Steel (up 15%), SBI (up 14%), HDFC (up 10%), BPCL (up 9%) and Sun Pharma (up 8%).

Telecom shares too traded in the positive territory after the Centre grants relief
Cisil has assigned its 'GVC Level 1' rating to Bharti Airtel. The rating indicates that the company's capability with respect to corporate governance, and value creation for all its stakeholders, is the 'highest'.

IOC has declared a dividend of Rs. 4.25 per equity share that translated into 42.5% for the financial year 2019-20. The stock is up as much as 5% at Rs. 91.75 per share on the BSE.

Top losers on the Nifty have been however UPL, Zee Entertainment, Hero Motocorp, Asian Paints among others.

Meanwhile, European markets opened on a positive note after their biggest ever fall with FTSE up almost 2% while writing the report.

Also, rupee recovered from its all-time low of 74.50 per dollar hit earlier during the day and trades at 73.92.

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