MARKETS: Sensex slumps 2,919 pts, Nifty at 33-mth low in biggest 1-day fall

Topics Markets | Coronavirus | MARKET WRAP

A broker reacts while trading at his computer terminal at a stock brokerage firm in Mumbai (pic: Reuters)
Indian equity markets went on a free-fall on Thursday as investors pressed and held the 'sell' button after the World Health Organisation declared the novel coronavirus outbreak a "pandemic" and the United States suspended travel from Europe. The carnage on the Dalal Street today eroded investor wealth worth Rs 10.9 trillion. Overall, the Indian headline indices Sensex and Nifty both slipped over 9 per cent each in intra-day and posted their biggest one-day fall in absolute terms. READ MORE

The S&P BSE Sensex which ended the session 2,919 points lower at two-year low level of 32,778 dropped as low as 32,493.10. Index-heavyweights HDFC Bank (down 9%), Reliance Industries, and HDFC (down over 7%) contributed the most to the Sensex's fall. Besides, State Bank of India, Axis Bank, ITC, and ONGC all slid over 13 per cent each.

The broader Nifty50 index opened below the psychological level of 10,000 for the first time since March 26, 2018 and slid as low as 9,508 levels. The index closed the day at 32-month low level of 9,633, down 825 points, or 7.89 per cent. The index has now entered bear market after falling over 20 per cent from the recent high. All the Nifty sectoral indices hit their 52-week lows during the session. Nifty PSU Bank index, down over 13 per cent, bled the most.

The volitality index, India VIX, surged 35 per cent to hit a 12-year high of 42.32 levels.

In the broader market, the S&P BSE MidCap index slumped over 1,100 points intra-day, ending the session 7.7 per cent lower at 12,380.36 while the Nifty Smallcap index slipped over 9 per cent 

GLOBAL MARKETS

Global stocks plunged into a bear market and oil slumped on Thursday after US President Donald Trump banned travel from Europe to stem the coronavirus, threatening more disruption to the world economy.

European shares plummeted to their lowest in almost four years, with the benchmark STOXX 600 index falling 4.9 per cent in early deals.

In Asia, Japan's Nikkei crumbled 4.4 per cent to a trough last seen almost three years ago while MSCI's broadest index of Asia-Pacific shares outside Japan fell 4.7 per cent. Australian shares plunged 7.4 per cent to the lowest level in more than three years while Seoul's Kospi fell 4.8 per cent to 4-1/2-year lows with massive selling prompting a brief trade halt.

(With inputs from Reuters)


4:21 PM IST Amid heightened uncertainty and rising fears of a greater than expected impact on global growth than we currently estimate, the Reserve Bank of India is increasingly staring at an unexpected conflict with its official mandate of keeping CPI inflation around 4% with a 2% band: growth risks have risen dramatically, while CPI inflation remains outside its target band. However, given the evolving macroeconomic situation and deteriorating global backdrop, we believe risks of an intermeeting cut of 25-40bp have increased materially. Even if the RBI does not make an intermeeting move, we see them cutting by at least 65bp by June, with risks biased towards more easing than this

4:19 PM IST Coronavirus has created uncertainty and panic across globe. Next meaningful support on the downside for the Nifty50 is is placed between 8,900-9,100 levels. So far, important support levels have been breached easily on gap downs. Investors should refrain from catching the falling knife. Support: 9,400-9,100 & Resistance: 9,850-10,000   

4:17 PM IST The “pandemic” oil demand growth scenario shows a very deep contraction, particularly in the first half of the year. March and April demand would be brutally curtailed, even more so than February, as we would have most of the regions in the world being under the virus siege, at the same time.  We assume this global pandemic to be over by August of this year. At a product level, gasoline and jet fuel would suffer the most, as they are the fuels of discretionary travel, which gets cut both by people’s fears and governments once the outbreak occurs. Global trade would be severely impacted and therefore fuel oil would also suffer. Gasoil/diesel on the other hand should be more resilient -- Claudio Galimberti, head of demand, refining and agriculture analytics, S&P Global Platts

4:09 PM IST While markets may well go down further, investing when terrified is one of the hardest things to do. It is through this terror that one must think rationally and look to buy great businesses which are unleveraged, which are stellar capital allocators with the highest governance standards and which will not just survive but come out stronger over the next 5 to 10 years and thus potentially provide outsized returns to the intrepid investor.

4:07 PM IST In the last 10 years, markets have not been as volatile as has been in the last 10 days. There have been a number of factors at play over the last week or so. Coronavirus (COVID-19), unprecedented fall in crude oil prices and the YES Bank reconstruction proposal have all contributed to the fall. READ MORE   Aditya Khemani, Motilal Oswal AMC

4:05 PM IST Recession fears increased after WHO declared coronavirus a pandemic which forced investors to sell off risky assets. Fresh travel bans across nations is contributing to the fears that economic impact will be much larger than earlier estimates. RBI is expected to cut interest rate and announce additional liquidity before the scheduled meeting which is due next month

3:54 PM IST

3:49 PM IST >> Stock has fallen 51% in four days after the company said Yes Bank owes Rs 662 crore via AT-1 bonds 

3:41 PM IST Shares of Avenue Supermarts, the parent company of supermarket chain D-Mart, state owned travel support services firm Indian Railway Catering and Tourism Corporation and the country’s low cost airline SpiceJet among total 516 stocks that frozen lower circuit on the BSE on Thursday with no buyers were seen in these counters

3:39 PM IST

3:37 PM IST

3:37 PM IST While the number of reported COVID-19 cases in India is still modest (50 confirmed cases), we believe the fear and uncertainty over its impact could worsen near-term consumer sentiment and hence domestic demand. The impact on production due to shortages of inputs (in a few sectors including electronics, pharma, automobiles) or reduced external demand (on slowing global growth) would also have a bearing on India's growth outlook. This together with weak credit impulse domestically could constrain growth notably over the next two quarters. In our base case, we expect India's real GDP growth to slip further to 4-4.5% YoY in the March and June 2020 quarters from the 4.7% YoY growth in the December 2019 quarter Switzerland's national flag flies under the logo of Swiss bank UBS in Zurich

LIVE UPDATES

COMMENT :: Barclays on RBI rate cut possibility

Amid heightened uncertainty and rising fears of a greater than expected impact on global growth than we currently estimate, the Reserve Bank of India is increasingly staring at an unexpected conflict with its official mandate of keeping CPI inflation around 4% with a 2% band: growth risks have risen dramatically, while CPI inflation remains outside its target band.

However, given the evolving macroeconomic situation and deteriorating global backdrop, we believe risks of an intermeeting cut of 25-40bp have increased materially. Even if the RBI does not make an intermeeting move, we see them cutting by at least 65bp by June, with risks biased towards more easing than this

MARKET TECHNICALS :: Manav Chopra, CMT, Head Research - Equity, Indiabulls Securities

Coronavirus has created uncertainty and panic across globe. Next meaningful support on the downside for the Nifty50 is is placed between 8,900-9,100 levels. So far, important support levels have been breached easily on gap downs. Investors should refrain from catching the falling knife.

Support: 9,400-9,100 & Resistance: 9,850-10,000   

COMMENT :: S&P Global Platts on oil

The “pandemic” oil demand growth scenario shows a very deep contraction, particularly in the first half of the year. March and April demand would be brutally curtailed, even more so than February, as we would have most of the regions in the world being under the virus siege, at the same time.  We assume this global pandemic to be over by August of this year.

At a product level, gasoline and jet fuel would suffer the most, as they are the fuels of discretionary travel, which gets cut both by people’s fears and governments once the outbreak occurs. Global trade would be severely impacted and therefore fuel oil would also suffer. Gasoil/diesel on the other hand should be more resilient

-- Claudio Galimberti, head of demand, refining and agriculture analytics, S&P Global Platts

MARKET COMMENT | Siddharth Mehta, Founder & CIO, Bay Capital

While markets may well go down further, investing when terrified is one of the hardest things to do. It is through this terror that one must think rationally and look to buy great businesses which are unleveraged, which are stellar capital allocators with the highest governance standards and which will not just survive but come out stronger over the next 5 to 10 years and thus potentially provide outsized returns to the intrepid investor.

Don't stay on the sidelines; time to buy now as per risk appetite

In the last 10 years, markets have not been as volatile as has been in the last 10 days. There have been a number of factors at play over the last week or so. Coronavirus (COVID-19), unprecedented fall in crude oil prices and the YES Bank reconstruction proposal have all contributed to the fall. READ MORE  

Aditya Khemani, Motilal Oswal AMC


MARKET COMMENT | Vinod Nair, Head of Research at Geojit Financial Services

Recession fears increased after WHO declared coronavirus a pandemic which forced investors to sell off risky assets. Fresh travel bans across nations is contributing to the fears that economic impact will be much larger than earlier estimates. RBI is expected to cut interest rate and announce additional liquidity before the scheduled meeting which is due next month

MARKET ALERT :: BSE lose m-cap of Rs 10.9 trillion

STOCK ALERT | Indiabulls Housing Finance tanked 29% today

>> Stock has fallen 51% in four days after the company said Yes Bank owes Rs 662 crore via AT-1 bonds 


STOCK ALERT | Avenue Supermarts, IRCTC, SpiceJet hit lower circuits today

Shares of Avenue Supermarts, the parent company of supermarket chain D-Mart, state owned travel support services firm Indian Railway Catering and Tourism Corporation and the country’s low cost airline SpiceJet among total 516 stocks that frozen lower circuit on the BSE on Thursday with no buyers were seen in these counters

NEWS ALERT | SBI approves purchase of 725 cr shares of YES Bank: BSE filing


Sectoral trends at NSE at close; Nifty PSB index worst performer


MARKET COMMENT :: UBS

While the number of reported COVID-19 cases in India is still modest (50 confirmed cases), we believe the fear and uncertainty over its impact could worsen near-term consumer sentiment and hence domestic demand. The impact on production due to shortages of inputs (in a few sectors including electronics, pharma, automobiles) or reduced external demand (on slowing global growth) would also have a bearing on India's growth outlook. This together with weak credit impulse domestically could constrain growth notably over the next two quarters. In our base case, we expect India's real GDP growth to slip further to 4-4.5% YoY in the March and June 2020 quarters from the 4.7% YoY growth in the December 2019 quarter

Switzerland's national flag flies under the logo of Swiss bank UBS in Zurich

Bloodbath on D-Street; SBI top drag on Sensex, plunges 13%


Closing Bell | Indices post biggest one-day fall in absolute terms

>> The S&P BSE Sensex closed at 32,778.14 level, down 2,919.26 points or 8,18 per cent

>> NSE's Nifty50 settled 868.25 points, or 8.30 per cent lower, at 9,590.15.

NEWS ALERT | Telcos asked to make payment on the basis of self-assessment: DoT to Rajya Sabha

>> DoT to carry out re-assessment later

(As reported by CNBC TV18)

Market check | Indices stage minor recovery


RBI may come to the rescue of bleeding markets with liquidity-boost

The market has been expecting an off-cycle interest rate cut by the Reserve Bank of India but the source said no such step is being mulled at this point in time. Another official confirmed this.
 
"The RBI will look to push more liquidity in the market and ease repayment issues to sectors that have been disrupted by supply chains being broken down," Reuters reported quoting sources. READ MORE

MARKET COMMENT:: Siddharth Mehta, Founder & CIO, Bay Capital

Amidst all the panic, we don’t know what the future holds for the market or the world in the very near term – HOWEVER, we do think that, as of what we know today , it is unlikely to change the way we live or change the way businesses are operated or valued in the long term. Therefore even as India goes through this period with the overhang of a very weak economy, we are convinced that there are high quality businesses out there for whom competition has reduced over the last few years and will further reduce, whose market shares have increased and they will continue to gain as there is a shift to quality, whose distribution networks have become stronger and for whom tax rates have become significantly lower.
 
While markets may well go down further, investing when terrified is one of the hardest things to do. It is through this terror that one must think rationally and look to buy great businesses which are unleveraged, which are stellar capital allocators with the highest governance standards and which will not just survive but come out stronger over the next 5 to 10 years and thus potentially provide outsized returns to the intrepid investor.

FPIs pull out Rs 32,777 cr from markets in 12 days as risk-off intensifies

Outflow from the Indian capital market could pick up pace if foreign institutional investors (FIIs) continue to remain in a risk-off phase given the coronavirus (Covid-19) pandemic that has tightened its grip over most economies, say analysts. Adopting a cautious approach amid the worldwide outbreak of the new coronavirus (Covid-19), foreign portfolio investors (FPI) have already pulled out a net Rs 32,777 crore ($4.5 billion) from the Indian capital markets in the past twelve trading days. READ MORE

HDFC Bank slides 10%


India VIX surges 35%


Sector Watch | Nifty PSU Bank index sinks over 13%, hits record low


SBI cracks over 13%


Sector Watch | Nifty Bank index crashes over 10%


MARKET ALERT :: India Volatility Index at record high


Market check | Nifty tests 9,550


Heatmap: S&P BSE Sensex


MARKET UPDATE:: Sensex at day's low, crashes 3,100 pts


ITC extends losses, down over 12% now


Colgate-Palmolive trades higher in a weak market


HDFC twins, RIL top drags on Sensex


Global Markets check

Financial markets reeled on Thursday as stocks dived and oil slumped after US President Donald Trump took the dramatic step of banning travel from Europe to reduce the impact of the coronavirus, threatening more disruptions to trade and the world economy.

Trump announced on Wednesday the United States will suspend all travel from Europe, except from the United Kingdom, to the United States for 30 days starting on Friday. However, Trump said trade will not be affected by the restrictions. He also announced some other steps, including instructing the Treasury Department to defer tax payments for entities hit by the virus.

US S&P 500 futures plummeted as much as 4.9 per cent and last traded down 3.6 per cent, a day after the S&P 500 lost 4.89 per cent, putting the index firmly in a bear market territory, defined as a 20 per cent fall from a recent top. Euro Stoxx 50 futures plunged 8.3 per cent to their lowest levels since mid-2016. 

In Asia, MSCI’s broadest index of Asia-Pacific shares outside Japan fell 3.2 per cent and touched its lowest level since early 2019, while Japan’s Nikkei crumbled 5.3 per cent.

(Reuters)


How to ascertain a stock or the market is close to bottoming out?

Stock markets around the globe have had a painful start to 2020. Already slowing growth on account of trade wars were jolted by the sudden spread of coronavirus that further dented economic growth. The start bas been the worst since 2011. On a year-to-date basis, the benchmark Nifty is down around 14 per cent. Last time, it had dropped more during the period under consideration was in 2011, when the European debt crisis had dampened global investor sentiment. The index is down nearly 10 per cent from its record high of 12,352 on January 17. READ MORE
 

Moratorium on YES Bank could impact most corporates briefly: India-Ratings

"India Ratings and Research (Ind-Ra) has carried out a first-cut assessment of the impact of the recently imposed moratorium on Yes Bank's...withdrawals till April 3, 2020. The disruption could be transitory for most corporates exposed to the bank, given the administrator's statement of resuming the full operational status by next week," the rating agency said. READ MORE

Rupee near day's high


Rupee can slip 3% more; rate cut, regulatory intervention needed

The mayhem and bloodbath in domestic assets continues on as Coronavirus (COVID-19) spreads. The World Health Organisation (WHO) has declared the health scare a pandemic. There is extreme panic and risk aversion at this point in global markets. The US President Trump has restricted all travel from Europe for the next 30 days saying many Coronavirus cases in the US were seeded from Europe. India has suspended all tourist visas till April 15, 2020. We might now see more stringent travel and trade restrictions globally. READ MORE

NEWS ALERT | Further market offering for Govt divestment unlikely in FY20: sources to CNBC TV18

>> Market situation very challenging

Investor worries over corporate credit heat up as coronavirus spreads

"The problem for this cycle in corporate credit risk is that's where you had the greatest excess - where you had the biggest build-up in leverage, the biggest deterioration in underwriting standards," said Troy Gayeski, co-chief investment officer of SkyBridge, an alternative investments firm. "When you have a growth shock like we are clearly having, then the more vulnerable areas of the economy have less ability to manage their balance sheets." READ MORE

A new bull-market will be born later this year: Goldman Sachs

“The current bull market ranks as the longest in history. It started on March 9, 2009 at 677 and just celebrated its 11th anniversary. A new bull-market will likely be born later this year,” wrote David J. Kostin, chief US equity strategist at Goldman Sachs in a recent co-authored report. READ MORE

MARKET CHECK:: Sensex off day's low


Coronavirus Update | Total confirmed cases at 73: Govt


BSE m-cap at lowest since June 2017; investors lose Rs 33-trn in a month

The total market capitalisation of companies listed on the Bombay Stock Exchange (BSE) hit an over 32-month low on Thursday as the benchmark indices crashed over 7 per cent after the World Health Organization (WHO) declared the worldwide outbreak of the new coronavirus as pandemic. Investors had lost a whopping nearly Rs 11 trillion in the stock markets till 11:10 am today. READ MORE

Reliance buys an extra 2 mn bbls of Saudi oil for April loading: Report

Reliance Industries Ltd, operator of the world's biggest refining complex, has bought 2 million barrels of additional Saudi oil in a very large crude carrier for loading in April, trade sources said on Thursday. READ MORE

Tata Steel, ONGC: Stocks that have suffered the most in the market meltdown

Carnage has hit global markets ever since concerns over the fast-spreading virus hobbled supply chains, and investors tried to evaluate the economic-impact of the contagious disease. The Dow Jones Industrial Average on Wednesday tumbled 5.86 per cent, bringing its loss from its February 12 high to 20.30 per cent. READ MORE

Top BSE500 losers today

COMPANY PRICE(rs) CHG(%)
MOTHERSON SUMI 69.50 -22.65
PRESTIGE ESTATES 225.25 -20.00
LEMON TREE HOTEL 36.80 -20.00
GLENMARK PHARMA. 207.20 -19.95
ADANI GAS 95.85 -19.92
» More on Top Losers

MARKET COMMENT :: Chris Wood of Jefferies

The best hope for the virus remains that it is seasonal, like the flu, in which case the markets are facing probably only two more months of panic selling. If it proves to be more than seasonal, then GREED & fear is being far too complacent. But even on the former more sanguine assumption, the base case is also more panic selling because the evidence to date points, unfortunately, to the fact that Western democracies are not equipped to deal with this sort of thing and, in this context, two months is a long time for panic to spread.

(Source: Wood's weekly note to investors, GREED & fear)

Chris Wood

Mayhem on D-Street wipes off investor wealth worth over Rs 8 trillion

Investor wealth worth over Rs 8 trillion was wiped off in early trade on Thursday as equity markets crashed amid global equity selloff after World Health Organization termed the coronavirus outbreak a pandemic. The carnage on Dalal Street eroded investor wealth worth Rs 8,56,689.62 crore, taking the total m-cap to Rs 1,28,56,869.10 crore on the BSE at 1030 hours. The m-cap of BSE-listed companies stood at Rs 1,37,13,558.72 crore at the end of trading on Wednesday. READ MORE

SECTOR WATCH:: Nifty PSU Bank index tanks over 10%


Nifty can hit 9,200 mark if selling intensifies. 33,400 crucial for Sensex

S&P BSE SENSEX: The support of 33,400 seems to be the deciding level for a major bearish trend. Till this level is held, one can expect sharp recovery that can revive the positive sentiment. For a trend to reverse completely, the Sensex needs to close with strong volumes above 33,400 mark. On the other hand, if 33,400 gets breached, then the scenario may see massive selling pressure driving the index towards 31,000 levels. READ MORE

Nifty slips below 9,800


217 BSE500 stocks hit 52-week lows, 115 tank over 50% from 1-yr highs

The Indian equity markets continued their downward trend on Thursday with almost half of the stocks from the S&P BSE500 index hitting their 52-week lows on the BSE after the World Health Organization (WHO) declared the worldwide outbreak of the new coronavirus as "pandemic". As many as 217 stocks from the BSE500 index, including 14 stocks from the benchmark S&P Sensex, hit their respective 52-week lows today. READ MORE

MARKET UPDATE:: Sensex falls further, down 1,900 pts now


MARKET CHECK | RIL slides around 6%


Oil dips 6% after Trump announces travel ban on Europe

Oil prices plunged about six per cent Thursday after US President Donald Trump announced a 30-day ban on all travel from Europe to the United States over the coronavirus pandemic. West Texas Intermediate slipped 6.2 per cent to $31 a barrel while Brent crude was off 5.8 per cent at under $34 a barrel. Both contracts extended heavy losses from a day earlier, which came after Saudi Arabia and Gulf partner the UAE stepped up a price war by vowing to pump millions more barrels of crude. READ MORE

MARKET UPDATE:: Indices extend fall, Nifty below 9,900


Rupee tumbles 70 paise against US dollar, hits 17-month low

The rupee on Thursday nosedived a whopping 64 paise against the US dollar after World Health Organisation (WHO) declared the deadly Coronavirus (Covid-19) pandemic. The currency hit a low of 74.28 against Wednesday's close of 73.64. However, later it trimmed some losses to trade at 74.12. The number of cases in over 100 countries around the world has risen to more than 124,000, with over 4,500 deaths, including a jump in fatalities in Iran and Italy in particular, according to an AFP tally. READ MORE

Contribution to S&P BSE Sensex's fall today


India VIX jumps 10%


Paint stocks tumble

COMPANY NAME LATEST HIGH LOW CHG
(rs)
CHG(%)
BERGER PAINTS 479.00 485.80 473.00 -23.40 -4.66
ASIAN PAINTS 1856.55 1873.90 1849.10 -26.10 -1.39
KANSAI NEROLAC 451.35 460.00 449.60 -23.40 -4.93
AKZO NOBEL 2383.25 2417.55 2360.00 -93.20 -3.76
SHALIMAR PAINTS 73.60 76.10 73.55 -5.30 -6.72
 

Media stocks crack; Inox Leisure tanks 13%


Market Breadth Weakens

>> 1 stock advances on the NSE for 20 stocks that decline

MARKET SELL-OFF | Nifty MidCap 100 index hits 38-month low


Broader Market Check | S&P BSE MidCap index down over 5%


IndusInd Bank slumps 6%


IndiGo tanks 10% as Co says COVID-19 to hit earnings


SpiceJet crashes 15%


MARKET CHECK | Tata Motors hits 52-week low


MARKET CHECK | RIL sinks over 7%


MARKET SELL-OFF | Sensex slips below 34K to 17-mth low

- Nifty hits the lowest level since October 2017

Sectoral trends at NSE during Opening trade | Nifty Bank slips over 1,400 pts


MARKET CHECK | YES Bank slips over 11%


Sensex heatmap


Opening Bell | Nifty below 10,000-mark


First Trade


Rupee Opening Alert

Rupee opens weaker at 74.25/$ vs Wednesday's close of 73.63 against the US dollar

Top gainers and losers on S&P BSE Sensex during Pre-open


Market at Pre-open


Market at Pre-open


BROKERAGE RADAR :: AXIS CAPITAL ON RIL

Maintain BUY; Target at Rs 1830/share
 
>> Steady cash from cyclical businesses to continue
 
>> Headwinds to cyclical businesses priced in
 
>> IMO yet to benefit GRM
 
>> Petchem margin bottoming out

BROKERAGE RADAR :: CREDIT SUISSE ON CIPLA

Upgrage to Outperform from Neutral; Target price: Rs 560/share
 
>> Higher growth trajectory in India & South Africa to drive re-rating
 
>> India growth and margins could expand
 
>> Structural changes in South Africa could accelerate growth.
 
>> See Multiple re-rating triggers.

BROKERAGE RADAR :: JP MORGAN ON SBI

Maintain Overweight , Target at Rs 350/share
 
>> Slow macro & Yes Bank deal weigh on stock performance
 
>> SBI’s has seen sharp de-rating over last 2 weeks
 
>> SBI relatively insulated from mid corporate asset quality issues
 
>> Subsidiaries valuation provide floor on valuations

BROKERAGE RADAR :: CLSA ON VODAFONE IDEA

Upgrade to Buy from Sell: Target Price: Rs 12/share
 
>> Favourable risk-reward for Vodafone Idea
 
>> Ebitda will triple led by tariff hikes
 
>> Co is growing focus on top circles/markets

MARKET OUTLOOK | CapitalVia Global Research Limited

Nifty halted its two-day losing streak, and ended flat on Wednesday. It opened with a gap down of 114 points on 11th March but soon recovered and filled the gap. The index tried to cross the level of 10,500 and tried to sustain it but failed. For the coming sessions, 10,550 will act as the resistance levels and 10,300 will be the major support level. If Nifty doesn’t sustain this level, it may slip to 10,000 which is next support level. Bank Nifty closed above 26,400 and if this level is broken we can see Bank Nifty come up to 24,200.

BROKERAGE RADAR :: CLSA ON TATA COMM

Maintain BUY; Target Price: Rs 515/share
 
>> Enterprise data business gaining significance
 
>> Data business will drive PAT to double by FY22
 
>> Enterprise data services leading growth
 

Today's picks: ONGC to Tata Motors, hot stocks to watch

ONGC
 
Current: Rs 71.7
 
Target: Rs 74
 
Keep a stop at Rs 70.5 and go long. Add to the position between Rs 73 and Rs 73.75. Book profits at Rs 74. READ MORE

Top stock picks by CapitalVia Global Research: Buy HDFC Bank, UPL

Market traded higher; Nifty facing stiff resistance at 10,500
 
Market traded with positive sentiments but failed to hold 10,500 on a closing basis. With mixed global markets, Indian markets managed to close on a flat note. Global markets traded higher as Bank of England slashed rates by half a per cent. Nifty closed at 10,548.40, adding 6.90 points. Media and private bank stocks traded with positive sentiments whereas public sector banks and realty stocks traded in the red. Nifty Bank closed at 26,487.80, adding 25.20 points from the previous day’s closing. READ MORE

Dow enters bear market territory

Wall Street stocks plunged on Wednesday, with the Dow  confirming a bear market for the first time since the financial crisis after the World Health Organization called the coronavirus outbreak a pandemic.
 
All three major US stock averages ended the session sharply lower, with the benchmark S&P 500 and Nasdaq composite index  both about 19% below their Feb. 19 record closing highs. READ MORE

Bulk deals on NSE as on Wednesday

Bulk deals on BSE as on Wednesday

FII/FPI & DII trading activity on NSE, BSE and MSEI


Rupee Check

Source: Bloomberg


Oil Check

>> Oil prices extended losses hit by renewed weakness in the stock market and as Saudi Arabia and the United Arab Emirates announced plans to escalate the burgeoning price war.

>> At 8:23 am, Brent Crude futures were at $34 per barrel-mark, down 5%

Domestic markets likely to see gap-down opening

>> At 8:18 am, SGX Nifty was at 10,000-mark, down 415 points

Asian mkts plummet after Trump bans travel from Europe to contain coronavirus blow

Source: Reuters

Dow Jones enter bear market

Source: Reuters


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