BSE opens over 700 points higher; Tata Steel, HDFC among top gainers
The Bombay Stock Exchange (BSE) surged 725 points to 33,954.66 while Nifty surged 201.10 points to 10,014.80 on Tuesday after the stock benchmarks crashed over 1.6% the previous day, amidst fears of second wave of Coronavirus.
The prime gainers included Tata Steel that reported a 5% gain followed by IndusInd Bank, Bajaj Finance and ICICI Bank that were up by 4% each. HDFC Bank, Infosys, Kotak Bank and SBI were the top gainers, while Tech Mahindra and Axis bank were the top losers.
However, Pfizer reported a decline of 5.90% in the net profit at Rs 103.01 crore in the fourth quarter that ended on March 31 (Q4FY20). This was in contrast to the net profit (Rs 109.47 crore) reported for the same period in the last fiscal.
Also, Tata Motors reported a consolidated net loss of Rs 9,863.73 crore in the Q4FY20 which led to a dip in shares by 4% (Rs 96.30).
Similarly, HCL Infosystems was down by 5% after it reported a loss of Rs 70.94 crore for March 2020 quarter from Rs 43.90 crore for March 2019 quarter. The company’s revenue from operations also decreased to Rs 227.71 crore in January-March 2020 quarter from last year’s Rs 875.60.
Apart from these, about 22 other companies – including Hindustan Petroleum Corporation Limited (HPCL), National Mineral Development Corporation, (NMDC) and Ipca Labs - are scheduled to report their March quarter earnings today.
Also, the Indian rupee opened 16 paise higher at 75.87 per dollar on Tuesday in contrast to Monday’s close of 76.03. Similarly, the June gold contracts traded higher by 0.25% at Rs 47,145 per 10 gram while the July futures for silver traded 0.5% higher at Rs 47,655 per kg.