Nifty, Sensex may rally further – Tuesday closing report
We had mentioned in Monday’s closing report that recovery in the Nifty, Sensex would depend on the US market trend. The major indices rallied today, as markets all over the world rallied strongly, with US premarket futures remaining limit up (5%). On the NSE, there were 799 advances, 987 declines and 324 unchanged. The trends of the major indices in the course of Tuesday’s trading are given in the table below:
 
 
In a major relief for small and medium enterprises, the central government has raised the threshold for default under the IBC to Rs 1 crore from the current Rs 1 lakh. Addressing the media through videoconferencing on Tuesday, Union Finance Minister Nirmala Sitharaman said that the decision has been taken to prevent triggering of insolvency proceedings against MSMEs.
 
The Finance Ministry announced the extension of the deadline for filing returns of goods and services tax (GST) for March, April and May 2020 till June 30.
 
IndusInd Bank has appointed Sumant Kathpalia as the Managing Director and CEO with effect from Tuesday for a period of three years.
 
Arman Financial Services wholly-owned subsidiary "Namra Finance Ltd" which manages the microfinance business of the group borrowed Rs. 25 crores from MUDRA at a 6.4% rate of interest, on 17th March, 2020 (tenure: 2 years). The firm also raised external commercial borrowing (ECB) of Rs. 41.3 crores, from IIV Mikrofinanzfonds, Germany at a 12.0% rate of interest (inclusive of hedging cost), on 16th March, 2020. This loan is fully hedged, and has tenure of 3 years with a bullet repayment structure.
 
Sterlite Technologies has announced buyback of maximum 96,66,666 shares at a price not exceeding Rs150 per share for an aggregate amount of Rs145 crore.
 
Gujarat Narmada Valley Fertilizers & Chemicals had earlier announced regarding temporary TDI production suspension and advancement of shutdown of TDI-II Plant at Dahej. The TDI-II Plant has now resumed its normal production after completion of scheduled maintenance.
 
The top gainers and top losers of the major indices are given in the table below:
 
 
The closing values of the major Asian indices are given in the table below:
 
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    Nifty, Sensex recovery will depend on the US market trend – Monday closing report
    We had mentioned in last week’s closing report that Nifty, Sensex were still under the attack of bears. The major indices posted its worst ever decline in a single day.
     
    On the NSE, there were 129 advances, 1,703 declines and 292 unchanged. The trends of the major indices in the course of Monday’s trading are given in the table below:
     
     
     
    Key Indian equity indices traded deep in the red on late Monday afternoon with the S&P BSE Sensex plunging around 4,000 points. In the early hours, trade had halted for 45 minutes, as both BSE Sensex and the Nifty50 hit the 10% lower circuit.
     
    Market regulator SEBI has relaxed compliance regulations for listed entities which have listed their non-convertible debentures (NCD), commercial papers (CP), non-convertible redeemable preference shares (NCRPS) and municipal debt securities.
     
    Asian Paints will shut operations in all its manufacturing units and sales locations in the next 24 hours in view of the corona virus crisis and lockdown announced in several states.
     
    Toyota's India joint venture halted production of cars at its Bidadi plant near here over the coronavirus outbreak and consequent lockdown till March 31, the comnpany said on Sunday.
     
    Honda Motorcycle & Scooter India on Sunday announced temporarily shutdown of operations across all its four manufacturing plants with immediate effect till further notice.
     
    Mangalam Drugs and Organics is gearing up production of HCQS and CQP APIs to meet the demand in case these APIs are approved for treatment of patients affected by Coronavirus Disease (COVID-19) by regulatory authorities. The company is engaged in the business of manufacturing of various APIs for anti-malaria, anti-retrovirals etc, including Hydroxrychloroquine Sulphate (HCQS) and Chloroquine Phosphate (CQP) APIs.
     
    3M India will close down its Ranjangaon and Ahmedabad plants from Monday (March 23, 2020) to Wednesday (March 25, 2020). However, respirators and sanitizers lines in the Ranjangaon plant will operate as they are classified as essential commodities. Their Bangalore plant which was in operation today (March 23, 2020)in first shift, will be closed from second shift today till Saturday March 28, 2020 until further directions.
     
    UltraTech Cement has suspended its operations at various locations and are taking various precautionary measures to protect employees and workmen. 
     
    The top gainers and top losers of the major indices are given in the table below:
     
     
    The closing values of the major Asian indices are given in the table below:
     
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    Weekly Moneylife Indices & Sector Trends
    INDIAN MARKET TRENDS
    From 13th March to 19th March, ML Micro-cap Index fell 13%. ML Mega-cap Index and ML Small-cap Index fell 15% and 16%, respectively. The NIFTY and the Sensex and ML Large-cap Index fell 17% each. ML Mid-cap Index fell 18%.
     
     
    FUND FLOWS
    Foreigners: Foreign institutional investors were net sellers of equities during the period (Rs17,562.90...
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