Business

IndusInd Bank was the top gainer in the Sensex pack, advancing around 4 per cent, followed by HDFC Bank, Bajaj Finance, Tech Mahindra, SBI, Axis Bank, ITC and Tech Mahindra.

Most of the markets abroad have not been able to make such a 'remarkable' comeback, he said, adding imports are still far behind.

Rating agency Crisil in a recent report said bank credit growth is likely to nosedive to a multi-decadal low of 0-1 per cent in 2020-21 as economic activity is sharply impacted by the pandemic.

After soaring 600 points during the session, the 30-share index settled 429.25 points, or 1.21 per cent, higher at 35,843.70.

While an early shortage of dollars in March from the pandemic's first shock pushed the Fed to open currency swap lines with major central banks, international funding strains have eased significantly since.

However, the price of a 19-kg commercial LPG cylinder has been reduced by Rs 4 from Rs 1,139.50 to Rs 1,135.50 in Delhi while in Kolkata, Mumbai and Chennai its price has been increased.

The Pharmaceuticals Export Promotion Council has said it is flooded with distress calls from its member companies over acute disruption in manufacturing of products during the past few days due to non-clearance of imported raw materials at various ports.

India's top oil and gas producer reported a Rs 3,098 crore loss in the January-March quarter as compared to a profit of Rs 4,240 crore in the same period a year back.

They also warned that banks will start reporting higher non-performing assets (NPAs) after September, once the six-month moratorium on loan repayment ends.

While Axis Bank's asset quality is superior to the Indian banking sector average, its level of non-performing assets will likely remain high compared to international peers, it noted.

The scheme is the biggest fiscal component of the Rs 20-lakh crore Aatmanirbhar Bharat Abhiyan package announced by Finance Minister Nirmala Sitharaman last month.

The Central Bureau of Investigation (CBI) had registered the case on March 7 against 12 accused persons, including Yes Bank founder Rana Kapoor, his wife Bindu and daughter Roshini.

Infosys was the top loser in the Sensex pack, shedding around 3 per cent, followed by HDFC Bank, Axis Bank, IndusInd Bank, Asian Paints, ICICI Bank and HDFC.

Global stocks were 0.3% lower and have been moving sideways in recent weeks after rising more than 40% from March lows on hopes the worst of the pandemic was over.

About 35 per cent of credit ratings on Indian corporates have either a negative outlook or are on "CreditWatch" with negative implications, S&P Global ratings said in a statement.

Prices rose a day after Trump wrote in a tweet late Monday that the trade agreement was "fully intact". Markets had been unsettled by surprise comments from White House trade adviser Peter Navarro who said the hard-won deal with China was "over".