Stock market updates: Volatility ran high in the domestic markets on Tuesday as investors tracked mixed signals from global peers and avoided taking aggressive bets in equities amid upward move in bond yields, yet again.
European shares paused on Tuesday as investors sought to guess the bond market's next move, while weak German retail sales were a stark reminder of continued Covid-19 fallout on the region's biggest economy. Moreover, falls in Asian stockmarkets, after a senior Chinese official expressed wariness about the risk of asset bubbles in foreign markets, and a drop in oil prices also weighed on sentiment.
The pan-European STOXX 600 share index edged 0.2 per cent higher, with Paris down, while Frankfurt and London eked out slim gains. In Asia, Chinese blue-chips slipped 1.3 per cent while Hong Kong's Hang Seng Index lost 1.2 per cent. MSCI’s broadest index of Asia-Pacific shares outside Japan slipped 0.33 per cent and Japan's Nikkei was down 0.8 per cent.
Against this backdrop, benchmark indices witnessed wild swings during the session today. The headline S&P BSE Sensex traded in a range of 600 points and hit an intra-day high and low of 50,425 and 49,807, respectively. At close, the index was quoting at 50,297 levels, up 447 points or 0.9 per cent.
M&M zoomed nearly 5 per cent and settled the session as the top gainer on the Sensex, followed by NTPC, Bajaj Auto, Tech M, Infosys, TCS, and Maruti Suzuki, all up in the range of 3 per cent to 4 per cent. On the downside, ONGC, HDFC, PowerGrid, Dr Reddy's Labs, and SBI were the only losers, down 0.2 per cent to 3 per cent.
Meanwhile, on the NSE, the Nifty50 settled above the 14,900-mark, at 14,919 levels. The index was up 157 points or 1.07 per cent from Monday's close.
Broader markets outperformed the benchmark indices today, highlighting underlying strength in the market. The S&P BSE MidCap and SmallCap indices ended 1.55 per cent and 1.6 per cent higher, respectively.
On the sectoral front, only the Nifty PSU Bank index closed in the red for second straight day, down 0.04 per cent. On the higher side, the Nifty Auto and IT indices closed over 3 per cent higher each, while the Nifty Pharma, Realty, Private Bank, and FMCG indices ended up between 0.7 per cent and 1.5 per cent.
MARKET CLOSING COMMENT :: Shrikant Chouhan, Executive VP, Equity Technical Research at Kotak Securities
The market has formed a continuation formation followed by the formation of the Harami pattern which it had formed on Monday. This indicates bullishness for the market. The Nifty/Sensex closed between the bearish gap, which it had left between 15065-14919 / 50250-50991 last Friday. The market breadth was also encouraging as along with IT and FMCG we saw bullish activity in financials. Based on the daily chart the Nifty/Sensex is heading for the minimum target of 15065/50750. On the other side, 14830/50100 and 14750/49800 would be major supports. The focus should be on Technology and FMCG stocks.”
TECH VIEW :: Nagaraj Shetti, Technical Research Analyst, HDFC Securities
After showing a sustainable upside bounce on Monday, Nifty continued its upside momentum on Tuesday and closed the day with handsome gains of 157 points. After opening on a positive note, nifty made an attempt to move up in the early part of the session. Intraday profit booking has triggered in the early mid part of the session and Nifty showed intraday weakness from the highs. Later on the market sustained the gains and more upside was seen towards the end. The opening upside gap has been filled completely during intraday dip.
A small positive candle was formed with minor upper and lower shadow. Technically, this pattern could be considered as a comeback of bulls from the lows. Further upside from here is expected to result in a reversal of recent down trend of the market.
Nifty is now placed at the verge of moving above and filling the opening downside (26 Feb) and upside (25 Feb) gaps- type of island reversal. Hence, the area of 14920-15065 is expected to be a crucial resistance zone for the market for short term and a sustainable move above 15100 is likely to reverse the trend meaningfully.
Nifty on the weekly chart has taken the support of 10 week EMA around 14350 levels and started to bounce up. Previously, this weekly short term moving average has offered good support for few occasions in past and the market flared up. Presently Nifty is showing sustainable upside bounce, which is likely to bring hopes for bulls for more upside.
Conclusion: The short term trend of Nifty continues to be positive and bulls seems gaining strength in the present upside bounce. The crucial overhead resistance to be watched around 15065 and a decisive move above this gap area could open chances of new highs for the market.
MARKET CLOSING COMMENT :: Deepak Jasani, Head of Research, HDFC Securities
Indian benchmark equity indices ended higher for the second straight day, after recovering from selloff seen in the morning. At close the NSE Nifty 50 index gained another 1.07% to end at 14,919.
Nifty has entered the downgap area of 14919-15065 raising hopes of further upmove. Advance decline ratio also rose in line with the uppishness in the Nifty. 14782 on the downside is a crucial level to defend.
After a positive opening leading to a highly volatile trading session that saw an intraday high followed by an intraday low, the benchmark index recovered from its day’s loss and closed near to a high at 14919 with a gain of 150 points. Sectoral wise NIFTY Auto, NIFTY IT and NIFTY FMCG were the top performer sectors while NIFTY PSU was lagging amongst other sectors. Technically, the benchmark index has taken the support of its 50 Days Moving Average which shows a bounce back movement and based on which we can see a good move in it. Moreover, the Nifty has been trading in an Upward Rising Channel formation since the last many days which is a continuation formation and suggests an upside movement in the index. At present level, Nifty has a strong support at 14750 while upside resistance comes at 15070-15180.
Markets extended rebound and gained over a percent amid excessive volatility. The benchmark started the day on a strong note, tracking firm global cues however profit-taking in the index majors, mainly from the banking pack, capped the upside as the session progressed. However, renewed buying in select heavyweights in the last hour helped the index to close around the day’s high. Consequently, Nifty settled above 14,900 levels; up by 1.1%. The broader market indices, midcap and smallcap, continued their outperformance and ended with strong gains of 1.6% each. On the sector front, all the indices ended in positive with IT and Auto leading the pack.
Markets are mirroring global indices and we expect this trend to continue in the coming sessions. Nifty is likely to fill the open gap but the performance of the banking index would be critical. We feel it’s prudent to continue with a stock-specific trading approach in the present market scenario while keeping a check on leveraged positions.
TECH VIEW :: Rohit Singre, senior technical analyst at LKP Securities
Index again opened a day with gap & hold its bullish stream for second consecutive day and activated the bullish harami candle pattern which formed in yesterday session hinting we may see some more upside if index managed to save 14500 zone in the near term. On the immediate basis, index has support near 14800-followed by 14750 zone any dip near said levels will be again buying opportunity and resistance is coming near 15k mark
MARKET CLOSING COMMENT :: Vinod Nair, Head of Research at Geojit Financial Services
Indian market witnessed a positive opening backed by a strong US market due to steady treasury bond yields, but market pared its gains as Asian peers traded weak. A quick recovery was seen towards the end of the session as investors hurried to buy on dips showing huge confidence & liquidity in the market. An improved outlook post-February auto sales numbers resulted in continued buying in auto stocks with IT sector also being a major contributor in the rally
MARKET CLOSING COMMENT :: S Ranganathan, Head of Research at LKP Securities
Markets exhibited buoyancy today despite its share of volatility in Tuesday's afternoon trade. IT stocks and Auto stocks led the rally while the broader market saw keen interest in Paper stocks on rising product prices
INDIA VIX ALERT
The volatility index ended 7.8 per cent lower at 23.6 levels.
SECOR WATCH :: Fresh breakout in IT stocks take index higher
SECOR WATCH :: Auto stocks rally for 2nd day
Stocks that lifted Sensex today
Sectoral trends on NSE at Close
Sensex Heatmap at Close
The headline S&P BSE Sensex traded in a range of 600 points and hit an intra-day high and low of 50,425 and 49,807, respectively. At close, the index was quoting at 50,297 levels, up 447 points or 0.9 per cent.
Meanwhile, on the NSE, the Nifty50 settled above the 14,900-mark, at 14,919 levels. The index was up 157 points or 1.07 per cent from Monday's close.
NEWS ALERT :: Jagran Prakashan board approves share buyback up to Rs 118 crore
Auto stocks trade sharply higher
Sensex Heatmap at this hour
Is MTAR Tech IPO worth subscribing? All you wanted to know
The initial public offering (IPO) by MTAR Technologies, a precision engineering company, is set to hit the primary market on Wednesday, March 3. The company that manufactures critical and differentiated engineered products, primarily serves customers in the nuclear, space and defence, and clean energy sectors. The company looks to raise up to Rs 596.41 crore via a combination of fresh issue of shares worth Rs 123.51 crore and an offer for sale of Rs 472.90 crore. READ MORE
SECTOR WATCH:: Paper stocks rally as China producers hike prices
-- China buys nearly 33 per cent of world's paper pulp
'Premature and unrealistic' to think Covid will end soon, says WHO official
A senior World Health Organization official said Monday it was premature and unrealistic to think the pandemic might be stopped by the end of the year, but that the recent arrival of effective vaccines could at least help dramatically reduce hospitalisations and death.
The world's singular focus right now should be to keep transmission of COVID-19 as low as possible, said Dr. Michael Ryan, director of WHO's emergencies program. READ MORE
Bharti Airtel acquires 355.45 MHz spectrum for Rs 18,699 crore
"This gives Airtel the most formidable spectrum holdings in the country. Airtel has now secured pan India foot print of Sub GHz spectrum that will help improve its deep indoor and in building coverage in every urban town," the company said.
Airtel said the spectrum acquired through the latest auction will also help improve its coverage in villages by offering the superior experience to an additional 90 million customers in India. READ MORE
NEWS ALERT :: Started talks to gauge interest from potential buyers for PSBs: FinMin Officials
>> Inputs from corporates to help select 2 target PSU banks for sale
(Source: TV Flash)
> GMS, Kotak Fund said to also express interest in Reliance Naval
Auto sales stay in the fast lane in February, but industry cautious
India’s largest carmaker, Maruti Suzuki, on Monday reported a 9.9 per cent year-on-year (YoY) growth in domestic wholesale to 147,483 units in February. The automaker also replenished inventory at dealerships after improved sales during the December quarter (Q3). Its factory dispatches improved sequentially as well from the 142,604 units recorded in January.
Mahindra & Mahindra (M&M) on Monday reported an 11.38 per cent decline in total sales at 28,777 units in February. M&M had sold 32,476 units last year. Passenger vehicle sales increased 41 per cent to 15,391 units last month, as compared with 10,938 units a year ago. READ MORE
Amid employee concerns, Ant says will find solution for unsellable shares
Ant Group Co. told employees it would eventually go public and promised to help those who need to monetize their shares sooner, seeking to boost morale four months after Chinese regulators torpedoed the fintech giant’s blockbuster listing. A “short-term liquidity solution” for employees will take effect in April, Ant Chairman Eric Jing said in a recent posting on the company’s internal website, according to people familiar with the matter. READ MORE
NEWS ALERT :: Kirloskar Ferrous declares interim dividend of Rs 2 per share
>> The Board of Directors of the Company at its meeting held today has declared an Interim Dividend of Rs 2 per equity share for the financial year 2020- 2021.
>> The Record Date has been fixed as Saturday, 13 March 2021 for ascertaining the list of members entitled to the dividend.
>> Interim Dividend will be paid on or before 26 March 2021 through various modes of payment such as Direct Credit, NEFT, RTGS, NECS, Dividend Warrants or Demand Drafts.
Cayman Islands' grey list tag may hurt FPI investments into India
The Cayman Islands, one of India’s richest routes for foreign investments, has been put on the grey list of countries/regions for increased monitoring by the Financial Action Task Force (FATF), an inter-governmental body that sets anti-money laundering standards. The British overseas territory is among the 15 most preferred routes for foreign portfolio investments in India, with total assets under custody worth Rs 70,000-90,000 crore. It is also the third-most preferred source of foreign direct investments into India, based on the data for the first half of FY21. READ MORE
Tata Motors clocks highest-ever PV sales in 9 years in Feb 2021; stk up 5%
Shares of Tata Motors were trading at their highest level since May 2018, up 5 per cent to Rs 344.45 on the BSE, on Tuesday after the company's sales growth in the month of February outperformed sector peers across domestic commercial vehicle (CV) & passenger vehicle (PV) segments. The Tata group company reported a strong 54 per cent year-on-year (YoY) growth in domestic sales at 58,473 units in the month of February 2021. It retained the positive momentum in passenger vehicle (PV) segment and reported 119 per cent year-on-year (YoY) jumped at 27,225 units. READ MORE
Stocks that hit 52-week high on BSE today in an otherwise volatile market
The desk is part of Goldman's activities within the fast-growing digital assets sector, which also includes projects involving blockchain technology and central bank digital currencies, the person said.
As part of this work, the bank is also exploring the potential for a bitcoin exchange traded fund and has issued a request for information to explore digital asset custody, the source said. READ MORE
BUZZING STOCK:: Subex Ltd rallies 10% after announcing O-RAN alliance for open radio access networks
Shipping Corporation, BPCL, NFL: Trading strategies for news-driven stocks
Firm global cues and steady recovery in the economic situation back home comforted bulls at the bourses on Tuesday. Domestic equity markets were ruling higher for second straight day, but were facing resistance at top levels. At 11:40 AM, the benchmark S&P BSE Sensex was hovering just above the 50,000-mark, having topped 50,400 levels in the intra-day deals. READ MORE
RailTel Corporation rises for third day; stock up 85% over issue price
Shares of RailTel Corporation of India surged for the third straight day on Tuesday to hit a fresh 52-week high on the BSE amid strong investor interest on the counter. The shares of the firm which got listed on Friday, have zoomed nearly 85 per cent over its issue price of Rs 94. The scrip jumped 19 per cent over its previous close to hit an intra-day high, also its 52-week high, of Rs 173.50 on the BSE. At 11.40 am, the stock was trading 16 per cent up at Rs 168.60 while the BSE barometer Sensex was up 0.41 per cent at 50,054 around the same time. READ MORE
This Ashish Kacholia-owned stock has more than doubled in a month
Paushak shares, on Tuesday, were locked in 10 per cent upper circuit at a fresh record high of Rs 8,067 on the BSE. The stock has now zoomed 32 per cent in the past two trading days. In the last month, the company engaged in specialty chemicals business has seen its market value more-than-doubled, up 101 per cent. In comparison, the S&P BSE Sensex gained 0.79 per cent during the period. READ MORE
Fall from intra-day high in BSE500 stocks in today's session
Hurun Global Rich List 2021: World adds 8 billionaires a week in 2020
“Billionaires have added in the past year the equivalent of the gross domestic product (GDP) of Germany to take their wealth to the equivalent of China. They added $3.5 trillion to take their total wealth to $14.7 trillion, a huge concentration of economic power,” the report said.
The Hurun Global Rich List 2021 ranked 3228 billionaires from 2,402 companies and 68 countries. The wealth calculations are a snapshot of January 15, 2021. READ MORE
MARKET UPDATE:: Nifty Bank index pares gains, turns negative
Dividend payout hope post Numaligarh Refinery deal drives BPCL stock
Investors of Bharat Petroleum Corportion (BPCL) were handsomely rewarded on Tuesday as market participants rushed to the counter on hopes of special dividend payout. Shares of the state-owned refinery hit fresh 52-week high of Rs 482.4 apiece, up 6 per cent on the BSE, as its Board approved to offload the firm's holding in the Numaligarh Refinery unit for Rs 9,878 crore ($1.3 billion) as part of BPCL's privatization process. READ MORE
Mutual fund penetration in India among lowest, shows Jefferies report
The domestic mutual funds industry has come a long way with current assets under management (AUM) topping Rs 30 trillion. However, global brokerage firm Jefferies believes it still has tremendous growth potential as it has barely scratched the surface when it comes to AUM growth. An analysis done by Jefferies shows India’s MF AUM as a percentage of GDP at 12 per cent is among the lowest and a fraction of global average of 63 per cent. Smaller emerging market peers, such as Brazil (ratio of 68 per cent) and South Africa (48 per cent), boast of better penetration. READ MORE
BSE PSU index hits 16-month high, surges 27% since Budget
The S&P BSE PSU index hit an intra-day high of 7,292, its highest level since November 2019. In the month of February, the PSU index had posted its biggest monthly gain in nearly seven years. The index rallied 22.5 per cent in February 2021, recording its biggest monthly rally since May 2014, when it zoomed 24.05 per cent. READ MORE
Shipping Corp surges 19% as govt gets multiple bids for privatisation
Shares of privatisation bound Shipping Corporation of India (SCI) surged over 19 per cent in intra-day trade on Tuesday to hit a fresh 52-week high of Rs 123.55 on the BSE after Department of Investment and Public Asset Management (DIPAM) Secretary Tuhin Kanta Pandey said the government has received multiple bids for the company. READ MORE
Hero MotoCorp rises 2%, nears 52-week high as February sales improve
Shares of Hero MotoCorp, on Tuesday, rose 2.2 per cent to Rs 3,423.50 on the BSE after the two-wheeler maker reported a 1.45 per cent increase in total sales at 5.05 lakh units in February. The company had sold 4.98 lakh units in the same month of the previous year, Hero MotoCorp said in a statement. Total motorcycle sales stood at 4.63 lakh units last month as against 4.79 lakh units in February 2020, down 3.25 per cent. READ MORE
Cipla gets USFDA nod for migraine drug
Drug major Cipla on Tuesday said it has received final approval from the United States Food and Drug Administration (USFDA) for Sumatriptan Nasal Spray, indicated for the treatment of migraine attacks. The newly approved product is a generic therapeutic equivalent version of GlaxoSmithKline's Imitrex Nasal Spray.
(Text Source: PTI)
MARKET VIEW | V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services
In the brief fight between equity bulls and bond bears, it appears that equity bulls have won, at least in the first round. The US 10-year yield has stabilised at around 1.4 percent emboldening the equity bulls to come back with force pushing the US benchmark indices sharply higher on Monday. Equity bulls in India are likely to take cue from this positive global backdrop. Adding to the global positivity, there are many domestic positive economic news like Rs 1.3 lakh crore GST collections in Feb, Rs 77000 cr from the first day of spectrum auction, declining crude prices and reasonably good news from auto sales in Feb. In brief, advantage bulls!
Sebi plans change in norms to trim promoters' sway on independent directors
The market regulator suggested a “dual approval” process for the appointment and removal of independent directors. At present, an independent director can be appointed or removed by way of an ordinary resolution, where all shareholders, including promoters, are allowed to cast their vote. Going ahead, majority of the minority shareholders would also need to give approval. If either of the two approvals fails, the resolution to appoint or remove the independent director would get defeated. READ MORE
SBI Cards and Payment gains 3% as Credit Suisse initiates coverage
>> Large growth runway and strong profitability justify valuations Initiating coverage with OUTPERFORM,Target price (Rs): 1,250
MARKET CHECK :: Nifty tops 14,900
MARKET CHECK :: Sensex trades near's day high
Hero MotoCorp up 1.5% on solid growth in Feb exports
>> The two-wheeler maker, on Monday, reported a 1.45 per cent increase in total sales at 5,05,467 units in February. The company had sold 4,98,242 units in the same month of the previous year.
Quess Corp rallies 2%
>> The company announced the separation of roles of its Chairman and Managing Director. Suraj Moraje, currently Group CEO and Executive Director, will be elevated to Group CEO and Managing Director from April 1, while Ajit Isaac, currently Executive Chairman and MD, will continue in the role of Executive Chairman.
Tata Motors trades flat
>> The state government of Delhi has temporarily suspended incentives offered on Tata Motors’ electric sport utility vehicle, Nexon, on alleged charges by a customer that the vehicle does not have the capacity to cover as many kilometers claimed by the company in a single charge.
IRCTC gains 2% after firm decides to terminate all mobile catrring contracts
>> The Madras High Court has directed the company to terminate all existing contracts of mobile catering involving scope of work of providing cooked food to passengers prepared from base kitchens as per the existing terms and conditions.
Shipping Corporation of India soars over 14%
>> The government has received multiple bids for privatisation of Shipping Corporation of India, Department of Investment and Public Asset Management Secretary Tuhin Kanta Pandey said on Monday.
BPCL advances 4% on Numaligarh refinery deal
>> Bharat Petroleum Corporation Ltd (BPCL) said it will exit Numaligarh refinery in Assam by selling its entire stake to a consortium of Oil India Ltd and Engineers India Ltd for Rs 9,876 crore.
Sectoral trends on NSE :: Metal stocks slip in a strong market
Sensex Heatmap :: ONGC, PowerGrid slip on profit-booking
Top gainers and losers on S&P BSE Sensex at Pre-open
Markets at Pre-open
Markets at Pre-open
BROKERAGE VIEW :: MOFSL on BPCL
CMP: Rs 455 | TP: Rs 520 | Reco: Buy
- BPCL’s board has approved the divestment of its entire 61.65% stake in Numaligarh Refinery (NRL) for INR98.76b to a consortium of Oil India, Engineers India and the Government of Assam (which has the first right of refusal) (press release). Oil India/ Government of Assam currently holds 26%/12.35% stake.
- Last week, BPCL finalized commercial terms for acquiring Oman Oil’s ~36.62% stake in Bina refinery for ~INR24b. Post completion of the transaction, it will hold 100% stake in BORL (press release).
- On an EV-to-EBITDA basis, the company has signed the NRL/BORL deal at 7.8x/7.4x FY20 EBITDA. On completion of the aforementioned two deals, the company would have incremental cash of INR74.8b
- We value the company at 2.1x FY23E book to arrive at our TP of INR520. Ascribing the aforementioned deal value of 7.5x EV-to-EBITDA to its Refining business, our SoTP suggests a standalone business value of INR400/share (at 8x FY23E EBITDA for the Marketing and Pipeline business), with additional value of investments of INR200/share. Thus, our SoTP derived valuation for BPCL stands at INR600/share. We reiterate our optimism on the divestment process going through given the earnest efforts of the management. Our SoTP valuation implies an FY23E book value of 2.4x (i.e. 15% premium to FY15-18 post reform period). Reiterate Buy.
BROKERAGE VIEW :: MOFSL on SBI Cards
CMP: Rs 1,098 | TP: Rs 1,200 | Reco: Neutral
- SBI Cards and Payments Services Ltd (SBICARD) has strengthened its position as the second largest card player in the country - with market share of ~19% in o/s cards and ~20% in overall spends. The company has an o/s card base of ~11.5m and has doubled its card base over the past three years at an average incremental market share of 23%.
- SBICARD has access to parent SBIN's vast network of ~22k branches and customer base of ~450m, along with strong open market sourcing capabilities. Thus, it remains well-placed to capitalize on growth opportunities in a highly underpenetrated market.
- The company has delivered average RoA/RoE of ~5%/29.5% over FY18-20. While COVID-19 has disrupted the growth trajectory, recovery has been fairly sharp, with retail spends surpassing pre-COVID levels.
- We estimate a loan book / earnings CAGR of 27%/47% over FY21-23E, while margins are likely to remain broadly stable. We estimate credit cost to moderate gradually, and expect the company to report healthy return ratios with RoA/RoE of 6.6%/28.4% in FY23. We initiate coverage with a Neutral rating and TP of INR 1,200 (43x FY23E EPS).
Top stocks to watch today
BPCL, OIL, Engineers India: Bharat Petroleum Corporation Ltd (BPCL) said it will exit Numaligarh refinery in Assam by selling its entire stake to a consortium of Oil India Ltd and Engineers India Ltd for Rs 9,876 crore.
Quess Corp: The company announced the separation of roles of its Chairman and Managing Director. Suraj Moraje, currently Group CEO and Executive Director, will be elevated to Group CEO and Managing Director from April 1, while Ajit Isaac, currently Executive Chairman and MD, will continue in the role of Executive Chairman. READ MORE
Oil extends losses on worry over possible supply increase from OPEC
>> Oil prices fell more than 1% on Tuesday, extending losses that began last week, as investors unwound long positions on concern that OPEC may agree to increase global supply in a meeting this week and Chinese demand may be slipping.
>> Brent crude dropped 78 cents, or 1.2%, to $62.91 a barrel, after losing 1.1% the previous day. U.S. West Texas Intermediate (WTI) crude slid 74 cents, or 1.2%, to $59.90 a barrel, having lost 1.4% on Monday.
SGX Nifty Update
>> At 8:35 am, the index was trading 23 points higher at 14,816 levels.
Asian market check
Asian shares were also largely higher on. Korea's Kospi surged 1.7 per cent in early deals, Australian shares jumped 0.4% in early trade, while Japan’s Nikkei slipped 0.2 per cent.
Wall Street alert
In the overnight session, Wall Street indices jumped as bond markets calmed after a month-long selloff, while another Covid-19 vaccine getting U.S. approval and fiscal stimulus also bolstered expectations of a swift economic recovery.
The Dow Jones Industrial Average surged 1.95% and Nasdaq Composite jumped 3.01%. The S&P 500 gained 2.38% and posted its strongest one-day gain since June.
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