A morning walk down Dalal Street | Create short positions on breach of 11,840 on a closing basis

Global stocks rallied after the United States shelved plans to impose tariffs on Mexico. This also led to a smart gap-up opening on Indian markets. Additionally, the tweaks in NPA norms by the Reserve Bank of India aided positive sentiment.

In terms of sectors, the S&P BSE IT index rose 1.78 percent, followed by the S&P BSE FMCG index which was up 1.1 percent, and the S&P BSE Capital Goods index closed 0.74 percent higher.

Broader markets underperformed benchmark indices. The S&P BSE Smallcap index fell 0.49 percent while the S&P BSE Midcap index rose 0.1 percent.

More than 200 stocks on the BSE hit their 52-week low on the BSE including Quess Corp, ENIL, Hindustan Zinc, Yes Bank, Jet Airways, Reliance Capital, Cox & Kings, MRPL, Aban Offshore, etc.

Some good news -- a Crisil report highlighted that the system-wide non-performing assets stock has declined massively to 9.3 percent in March 2019, much faster than the Reserve Bank's estimate and steeply down from 11.5 percent the year before.