Sensex Zooms 1,000 Points; Hero MotoCorp & Bajaj Auto Surge Over 9%

Share markets in India are presently trading on a strong note. Benchmark indices extended gains, amid hopes that the Centre may announce more measures to boost the economy.

Investors turned optimistic after reports stated that the government is likely to unveil a second stimulus package in the coming days to focus on help for small and medium businesses.

The BSE Sensex is trading up by 1,035 points, up 3.5%, while the NSE Nifty is trading up by 297 points.

The BSE Mid Cap index is trading up by 3.5%, while the BSE Small Cap index is trading up by 2.9%.

Shares of Hero MotoCorp and Bajaj Auto gained over 8%, while M&M, Sun Pharma, and Maruti Suzuki surged over 6%.

On the sectoral front, gains are largely seen in the automobile sector, healthcare sector, and finance sector.

Gold prices are currently trading up by 0.3% at Rs 45,078.

The rupee is currently trading at 76.43 against the US$.

In news from the retail sector, shares of Titan climbed over 4% today after the company said its revenue for the jewellery division declined 5% in March due to lost sales as a fallout from the Covid-19 outbreak.

Revenue growth for January and February was around 16.5%.

The company announced this in its Q4 March 2020 business update after market hours on Wednesday.

The company further added that diamond studded activation in the March quarter did well and wedding jewellery sales continued to be good till the disruption.

The Watches & Wearables division grew at 1% despite significant loss of sales in the month of March.

The company said E-Commerce was the fastest growing channel for both Q4 and FY20. Retail sales in large format stores also grew well aided by Valentine activation sales and new product introductions.

In Eye Wear segment, the company reported a 20% decline in revenue for the quarter ending 31 March 2020 due to decline in trade channel.

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Disclosure: Equitymaster Agora Research Private Limited (Research Analyst) bearing Registration No. INH000000537 (hereinafter referred as 'Equitymaster') is an independent equity research ...

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