Share Market LIVE: In the biggest intra-day recovery during the coronavirus pandemic, equity market indices Sensex and Nifty gained over 5,000 points from day's low and closed 4% higher by Friday's closing bell. Amid high buying in the index heavyweights, BSE Sensex ended 1,325 points higher at 34,103 and Nifty closed 433 points higher at 10,023. Earlier, within minutes of te opening bell today, Indian bourses halted trading for 45 minutes after both the benchmark indices Sensex and Nifty hit their 10% lower circuit limits.
Weak sentiment on Dalal Street improved marginally after market regulator Securities and Exchange Board of India (SEBI) issued a statement saying that it has a robust risk management framework in place which automatically gets triggered in response to movements in the indices. The market regulator added that it is further prepared to take suitable actions as may be required.
Here's a look at the updates of the market action on BSE and NSE today:
Expert opinion on market's trend today
Commenting on market's trend, Vinod Nair, Head of Research at Geojit Financial Services said,"Sharp recovery in global markets on hopes that US is considering economic stimulus helped domestic market to bounce back from losses with index heavyweights contributing to gains. Increase in recovery rates of virus-infected apart from those in Italy has been considered positive. If there any further fresh coronavirus cases over the weekend the market could turn volatile."
Expert Opinion on Gold's trend today
4: 00 PM
Commeting on gold's bearish session, Navneet Damani, VP-Commodities Research, Motilal Oswal Financial Services said," Gold prices fell further and were on track to post their biggest weekly drop in nearly seven years, as a rout in global equities forced investors to cover margin calls. A significant sell-off in equities would place further pressure on gold as investors would liquidate positions to meet margin calls. Panic has forced market to liquidate and sit on cash hence giving support to dollar. There is a lot of panic in the market and even safe haven assets are getting ditched to cover losses in the wipeout. Broader trend on Comex could be $1,570-1,610 and on domestic front prices could hover in the range of Rs 41,300- Rs 42,200."
Expert Opinion on the equity market trend
3: 59 PM
Commenting on the volaitity in the markets today, Sanjeev Zarbade, VP PCG Research, Kotak Securities said," This week will go down in history as one of the worst weeks for global markets. Consider this, the US market had declined 18% in just the first four days of trading. Sensex closed 9% lower for the week but not before being locked at the lower circuit on Friday. Markets have been battered by the potential economic impact on account of various preventive travel measures by major countries. ONGC, IndusInd Bank and State Bank of India were among the major losers in the BSE-30 Index. FPIs sold equities worth US$2.3 bn over the past five trading sessions while DIIs bought US$1.8 bn worth of equities in the same period.
3: 55 PM
In the biggest intra-day recovery during the coronavirus pandemic, equity market indices Sensex and Nifty gained over 5,000 points from day's low and closed 4% higher by Friday's closing bell. Amid high buying in the index heavyweights, BSE Sensex ended 1,325 points higher at 34,103 and Nifty closed 433 points higher at 10,023.
Market gains momentum
3: 30 PM
Equity market gained momemtum by the last hour of session on Friday, with both indices rising 4.4% each, in the biggest intra-day recovery during the coronavirus pandemic. After recovering from multi-year low. BSE Sensex traded 1,320 points higher at 34,104 and Nifty traded 433 points higher at 10,023.
Biggest recovery today
3: 15 PM
In the biggest intra day recovery ever in term of points, Sensex gained 5,431 points from its intra day low of 29,388 in afternoon trade today. Nifty too zoomed 1,604 points from day's low of 8,555.
Top gainers and losers
3: 00 PM
Sun Pharma, Tata Steel, HDFC, Titan, NTPC, Ultra Tech Cement were among the top losers in Sensex pack on Friday's session. Nestle India, Tech Mahindra, IndusInd Bank, Asian Paints, TCS, Bajaj Auto were among the major gainers of the 30-share index pack. Overall 26 out of 30 stocks were trading in green.
On NSE, Sun Pharma, YES Bank, HDFC, NTPC, Titan were among the major gainers on NSE Nifty, while UPL Ltd, IndusInd Bank, Nestle India, Adani Ports and Tech Mahindra were top laggards in the 50-share index.Overall 39 out of 50 stocks were trading in green.
Market erases initial gains
2: 40 PM
Equity market indces erased initial gains and traded 2.2% higher by the last hour of Friday's session. BSE Sensex traded 725 points higher at 33,589 and Nifty traded 213 points higher at 9,803.
Policymakers ramp up support amid coronavirus fears
2: 36 PM
Governments and central banks readied more emergency measures to tackle the economic impacts of the coronavirus on Friday as Asian markets suffered their worst weekly crashes since the 2008 financial crisis. The outbreak has disrupted industry, travel, entertainment and sports worldwide, and prompted airlines to appeal for urgent aid from their governments.
2: 35 PM
The Indian rupee staged a recovery in the afternoon session on Friday, trading 36 paise higher against the US dollar, after the Reserve Bank stepped in to maintain sufficient liquidity in the panick-stricken currency market. But, the domestic unit recovered sharply to trade at 73.92, up 36 paise against the US dollar, buoyed by measures by the central bank to arrest the rupee free-fall.
Seeing the heavy rush for the US dollar among participants, the RBI announced liquidity measures such as buy-sell swap of USD 2 billion to increase dollar availability with banks and ease pressure on the rupee.
Brent crude update
2: 33 PM
The global crude oil benchmark Brent Futures fell 0.87 per cent to trade at USD 32.93 per barrel. Oil prices swung more than six per cent on Friday, but were still on track for their biggest weekly loss in more than a decade owing to a price war and the spreading coronavirus pandemic.
2: 32 PM
In the current month so far, FPIs have pulled out a whopping Rs 33,163 crore (USD 4.46 billion) from Indian capital markets.
Market loses gains
Reversing trend from multi-year lows, indices staged a unprecedented recovery and climbed over 2.5%, amid buying registered in pharma, financials and banking stocks. BSE Sensex traded 890 points higher at 33,694 and Nifty traded 255 points higher at 9,849.
Dollar gains against most currencies
1: 20 PM
The dollar stood tall on Friday as investors scrambled for the world's most liquid currency amid deepening panic about the coronavirus while the euro nursed losses after the European Central Bank disappointed by not cutting rates. The greenback held gains against most currencies after a blowout in swap spreads showed investors are facing a shortage of dollars as equity markets plunged on fears about the economic impact of the flu-like virus.
Rupee at 73.88
2: 17 PM
The local currency Rupee declined nearly half percent to Rs 73.88 after it has touched an intra-day high of Rs 74.45.
Jet Airways' CoC to seek 2 months extension for bids
Jet Airways share price were trading 5% lower, locked at the lower circuit on Friday, after the company's Committee of Creditors (CoC) on March 12 decided to approach the National Company Law Tribunal (NCLT) to seek two months extension of deadline for submission of bids, which expired on Tuesday.
Asian stocks trade volatile
Asian stocks traded mixed amid a mild recovery in global equities, backed by a positive opening of Equropean markets. Nikkie index of Japan fell the most, down 1,100 points, followed by 200 points decline in Hang Seng and Taiwan. In the meanwhile, Shanghai Composite, Strait Times and Kospi index were tradign marginally lower on Friday.
Gold turns green
Spot Gold rose 0.1% to $1,577 an ounce on international grounds on Friday.
European indices open mixed, turn green later
European indices recovered from multi-year lows hit yesterday. FTSE index on London Stock Exchange gained 3.09% to 5,399, CAC index, benchmark for French stock market was rising 2.75% at 4,155 and DAX indexv for 30 German companeies gained 2.3% to 9,374 today.
India VIX recovers
1: 46 PM
India VIX, that measures volatility of the domestic bourses recovered from day's high recorded in the early session and traded 18.96% or 7.81 points higher at 48.97. Earlier, India VIX traded at its highest, up at 56.74, rising 37.86% or 15.58 points.
Global market scenario
1: 45 PM
In global indices, SGX nifty has recovered to turn green and traded 516 points higher 9,995,indicating positive trend for Nifty. In terms of Wall Street contracts, Dow Futures has recovered over 1,500 points, while S&P Futures was up over 7% from the day's low.
Cinema halls stocks in focus
1: 35 PM
After 3 states declaring closure of movie threaters, in a move to combat with the spreading virus, shaers of cinema halls firms such as Inox Leisure and Pvr Ltd were trading
Inox Leisure recovered from 19.09% fall in the eraly session to trade 5% higher. On the other hans, PVR stock, that fell 14.9% lower intraday, recovered to trade5% lower by the afternoon session.
Market gains further moemtum
1: 20 PM
Reversing trend from multi-year lows, indices climbed over 4.5% each, with Sensex climbing 1,550 points to 34,311 and Nifty trading 424 points higher at 10,015.
Sun Pharma top gainer
1: 15 PM
Share price of pharmaceutical major Sun Pharmaceutical Industries rose over 13% to the day's high of Rs 402, after the company announced that its board will consider the buyback of company's shares next week. More promoters could announce buybacks to reinforce confidence among shareholders and protect their market caps during the panic selling.
Opinion on market crash today
1: 11 PM
ASK Wealth Advisors in its research report on the Perspectives and Investment strategies of the Corona Crash said," The rather sharp correction have taken valuations back to levels prevailing during May 2017. Should the disease take beyond a couple of quarters to contain, the economic impact could be substantial.
The report further added," the Indian market, though not an outlier, has reacted rather sharply compared to China where the disease seems to have been brought under control and its equity market stand out oddly as the most resilient compared to most major markets."
As per the report, the research firm observes nearly 40% of the economy from the supply side and closer to 90% of the economy from the demand side to be affected by it with a potential of a 100 bps slowdown in GDP growth. This, along with material change in CPI inflation outlook on the back of crash in oil and food prices, have increased the policy space for rate cuts by RBI. We expect RBI to effect out of turn rate cuts of 50-100 bps, the research firm added later.
Market climbs over 4%
1: 05 PM
Reversing trend from multi-year lows, indices climbed over 4% each, with Sensex climbing 1,350 points to 34,136 and Nifty trading 352points higher at 9,942.
Circuit breaker explainer
12: 45 PM
BSE and NSE calculate the three index breaker limits on a daily basis based on the previous day's closing level of the index rounded off to the nearest tick size. The market-wide circuit breakers are triggered by movement of either the BSE Sensex or the NSE Nifty, whichever is breached earlier.
For example, Nifty plunged 10.07% in early trade today which led to introduction of circuit breaker on the downside. Trading was halted for 45 minutes on Nifty immediately. Trading on Sensex also came to a sudden pause as both indices have a large number of stocks in common.
Airline stocks decline
12: 40 PM
Aviation stocks Spicejet Ltd and Interglobe Aviation Ltd extended their rout, sinking 10% and 12.8%, respectively, on Friday.
YES Bank gains almost 10%
12: 35 PM
YES bank shares were gaining 9.9% intraday after news reports suggested that SBI has approved an investment of Rs 7,250 crore in the private lender, as part of the plan to rescue the struggling bank. The executive committee of the central board has approved the purchase of 725 crore equity shares of Yes Bank at a price of Rs 10 per share, SBI informed exchanges. Its stake in Yes Bank will remain under 49% of the paid up capital of the bank.
Market rises again
Benchmark indices Sensex and Nifty recovered after major free-fall on Friday as trading resumed after one hour halt, with mild recovery registered in sector-based indices. Earlier, Indian bourses halted trading for 45 minutes during the early session after both the benchmark indices Sensex and Nifty hit their lower circuit limits. Where Sensex rose 350 points higher at 33,105 and Nifty traded 77 points higher at 9,667. Weak sentiment on Dalal Street improved marginally after market regulator Securities and Exchange Board of India (SEBI) issued a statement saying that it has a robust risk management framework in place which automatically gets triggered in response to movements in the indices. the market regulator added that it is further prepared to take suitable actions as may be required.
SEBI calms nerves after market crash
Weak sentiment on Dalal Street improved marginally after market regulator Securities and Exchange Board of India (SEBI) issued a statement saying, "SEBI and Stock Exchanges have a robust risk management framework in place which automatically gets triggered in response to movements in the indices (BSE Sensex and NSE Nifty) as well as individual stocks both in cash and derivatives market."
"SEBI and Stock Exchanges are prepared to take suitable actions as may be required," the market regulator further added.
YES Bank to be repleaced from Nifty Bank
Troubled Yes Bank will be replaced in the Nifty banking index by Bandhan Bank from March 27, a subsidiary of the National Stock Exchange said on Thursday.
The replacement has been done on account of non-availability of future and options contracts in Yes Bank shares, NSE Indices said in a statement.
Last month, the exchange said that Yes Bank would be moved out from the benchmark index Nifty 50 from March 27.
Massive global selloff wipes off Rs 12 lakh crore
11: 45 AM
Investor wealth worth nearly Rs 12 lakh crore was wiped off in less than 15 minutes of trade opening on Friday, with benchmarks crashing over 10 per cent on mounting fears over coronavirus pandemic.
Asain indices continue downward spiral
11: 35 AM
Asia's stock markets crashed on Friday as panic gripping world financial markets deepened, and even haven assets such as gold and bonds were ditched to cover losses in the wipeout, said a Reuters report.
FII/ DII action on Thursday
11: 30 AM
On a net basis, foreign institutional investors sold equities worth Rs 3,475.29 crore on Thursday, data available with stock exchanges showed.
11: 26 AM
Covid-19 infection cases have risen drastically outside China, hurting major economies and disrupting supply chains. More than 130,000 cases of the novel coronavirus have been recorded in 127 countries and territories, killing at least 4,900 people. The reported number of infected cases from coronavirus in India has risen to 74 on Friday. Of this, 57 covid cases are India nationals, while 17 cases are foreigners in India. India also reported its first death due to coronavirus on Thursday night.
Market in the last two sessions
11: 25 AM
The domestic equity market extended losses and dropped drastically to hit circuit breakers today amid rising concerns over the coronavirus, that further heightened fears of a global economic recession.
Market benchmarks Sensex and Nifty dropped almost 11% on Friday, after dropping 8% intraday on Thursday's trade, tracking losses in financial markets around the globe, that continued to feel jitters of coronavirus pandemic.
RBI to sell dollars worth USD 2 bn on Monday
11: 20 AM
Amid the heavy rush for the US dollar in forex markets, the Reserve Bank announcd on Thursday that it sell USD 2 billion worth of American currency to banks in a bid to infuse liquidity in the domestic forex market roiled by mounting concerns over coronavirus pandemic and crash in global oil prices.
'Flight to safety has led to spike in volatility across all asset classes, with several emerging market currencies experiencing downside pressures,' the RBI said in a statement. "Mismatches in US dollar liquidity have become accentuated across the world.
Vix index at high
11: 17 AM
India VIX is at its highest, trading at 56.74, rising 37.86% or 15.58 points.
Top gainers and losers
11: 15 AM
Sun Pharma, Tata Steel, HDFC, Titan, NTPC, Ultra Tech Cement were among the top losers in Sensex pack on Friday's session. Nestle India, Tech Mahindra, IndusInd Bank, Asian Paints, TCS, Bajaj Auto were among the major gainers of the 30-share index pack. Overall 17 out of 30 stocks were trading in green.
On NSE, Sun Pharma, YES Bank, HDFC, NTPC, Titan were among the major gainers on NSE Nifty, while UPL Ltd, IndusInd Bank, Nestle India, Adani Ports and Tech Mahindra were top laggards in the 50-share index.
Indices trade with high volatility
11: 10 AM
Sensex an Nifty turned voaltile after the trading halt on Friday, with recovery registered in banking, financial and pharma stocks. With indices off day's lows, Sensex traded 125 points higher at 32,600 and Nifty 47 points higher at 9,637.
Earlier, Indian bourses halted trading for 45 minutes during the early session after both the benchmark indices Sensex and Nifty hit their lower circuit limits.
Market turns red again
The Sensex is down 616 points or 1.88% lower at 32,162 and the Nifty fell 85 points or 0.90% at 9,504.
Besides selloff in global equities, choppiness in international oil prices and depreciating rupee added to investor concerns. Further, incessant foreign fund outflow also spooked market participants, traders said.
The number of coronavirus patients in India has risen to 74, as per health ministry log.
Global market scenario
10: 59 AM
Asian equities went into meltdown on Friday, extending a global rout that saw markets experience their worst day in decades as fears of a worldwide recession spooked investors worldwide.
10: 55 AM
Tech Mahindra was the top loser on Sensex, cracking up to 15 per cent, followed by Axis Bank, IndusInd Bank, HCL Tech, Kotak Bank and TCS.
10: 45 AM
After hitting a record low in the early trade on March 13, the Indian rupee recovered, falling 16 paise to 74.44 against the US dollar on Friday as financial markets around the globe continued to feel jitters of coronavirus pandemic.
A day earlier, the Indian currency had tumbled by 60 paise to close at a new 17-month low of 74.28 amid coronavirus pandemic fanning global economic recession fears.
Market recovers, indices down 5%
10: 30 AM
Sensex and Nifty recovered after major free-fall on Friday, with mild recovery registered in sector-based indices. Where BSE Sensex traded 1,860 or 5.68% lower at 31,095, NSE Nifty fell to 9,058 level, declining 531 points or 5.54%.
10: 20 AM
MCX Gold Futures of 03 Apr 2020, were trading at Rs 42,206 as against Rs 43,355, down 2.65% today.
Sensex, Nifty start trading after halt
10: 10 AM
Sensex was trading lower by 3,468 points or 10.58% at 29,310. The index had stopped one hour ago at 29,687. Nifty was at 8,553 level, dropping 11% or 1,059 points.
10: 09 AMSensex and Nifty started trading again at the BSE and NSE platforms on Friday, each declining almost 11%, amid heavy selloff in index heavyweights. Indices crashed in opening trade today, continuing the downward trend, following weak cues from global stocks. With Nifty hitting circuit breaker, trading on the index was halted for one hour.
Friday trade halted for one hour
10: 07 AMWith indices hitting 10% lower circuit breakers within few minutes of the opening session on Friday, exchanges BSE and NSE have stopped the trading for one hour, with VIX index at 0. The crash was led by major volatility in global markets that continued to panic due to the spread of the coronavirus. According to rules by SEBI on circuit filters, trading will halted for 45 minutes when Sensex or Nifty plunge 10%.
Oil declines for the 3rd day
9: 53 AM
Oil prices extended fall for the third session on Friday, with Brent crude set for its biggest weekly drop since 1991. Brent crude was down 67 cents, or 2%, at $32.55 a barrel, after falling more than 7% on Thursday.
Rupee slips 17 paise to 74.44
9: 46 AM
In the opening session of Friday, the local currency Rupee slipped 16 paise to 74.44 against US dollar as coronavirus panic worsens. Rupee closed at 74.50 a dollar yesterday, down 82 paise against it's previous close of 73.68
Global earnings forecasts revised
9: 40 AM
Citigroup (Citi) revised lower their global earnings forecasts, and they are now expecting a contraction by 10% this year (compared to bottom-up consensus of +8%). It is broadly in line with +2% global GDP out-come for this year.
On the other hand, Goldman Sachs (GS) notes that the earnings outlook in the US worsened as well, especially when we have lower oil prices and interest rates right now, which would hurt earnings of energy and financials (though the former now accounted for approx 2% of S&P earnings). The investment frim now expects S&P earnings to fall by three consecutive quarters, followed by a sharp recovery in 4Q FY20.
As per Goldman Sachs (GS) estimates, the US quarterly earnings are expected to decline by 15% in the second quarter, followed by a drop of 12% in the third quarter, before rising by 12% in the fourth quarter.
Crude oil today
9: 35 AM
Oil prices also extended losses, with crude benchmark trading at 30.99 USD per barrel, down 0.51%.
Trading halted at exchange
9: 30 AM
The markets have halted trading for nest one hour, owing to Nifty hitting circuit breaker. The markets will re-open with a pre-open session for 15 minutes.Sensex has dropped over 3,090 points to 29,687 in the opening session of Friday and Nifty has fallen to 966 points to 8,624.
Trading halted for one hour
9: 27 AM
With Nifty hitting circuit breaker, trading on the index has been halted for one hour.Nifty has fallen to 966 points to 9,624.
Indices hit fresh 52-week lows
9: 25 AM
While 30-share index BSE Sensex has hit a fresh 52-week low at 32,493.10 on Friday, the 50-share index NSE Nifty has dropped to the intraday low of 9,508.00.
9: 20 AM
Sensex has dropped 2,500 point at the opening session of Friday and traded at 29,847 mark. Similarly, NSE Nifty has fallen 755 points to 8,834 level, starting with a gap down today.
9: 10 AM
BSE 30-share index traded 1,564 points lower at 31,214 and NSE Nift 50 share indexx was trading 482 points lower at 9,107 level in the pre-open session of Friday.
Equity market worldwide hit
9: 05 AM
Equity markets plunged Thursday, with some recording their worst day in decades, amid virus fears. The coronavirus scare has abruptly cut short the tourism travels, with a stream of announcements about cancelations, in a bid to contain the spread of the infection.
SGX Nifty down
Another bloodbath awaits Dalal Street as SGX Nifty traded down 700 points, indicating gap down opening for Nifty, below 9,000 level.
Global market scenario
8: 50 AM
Globally, indices were trading in bear market as virus panic gripping the world financial markets deepened further. Not one stock on the index is in positive territory.
Dow Jones yesterday saw the biggest decline, of nearly 10% since the 'Black Monday' of 1987 (33 years) when the index dropped 22%. Accompanying this, S&P and NAsdaq also entered bear market, dropping 9% each.Wall Street closer majorly lower on Thursday, with indices being halted again for the third time this month as steep selling triggered circuit breakers. The Dow Jones Industrial Average fell 9.99%, the S&P 500 lost 9.51% and the Nasdaq Composite dropped 9.43%.
In European markets, FTSE, CAC and DAX ended 10 to 12% lower. Australia's benchmark fell 7.6%
Elsewhere in Asia, MSCI's broadest index of Asia-Pacific shares outside Japan fell 2% and is down 12.8% this week. Set Composite index was down 10%. Nikkie and Kospi were falling 8%, SGX Nifty was down 6%, Strait Times, Hang Seng, Taiwan index were falling over 5%. In all this, Shanghai Composite index for China, where the virus had originated from has been trading mere 2% lower.
The extended market plunge worldwide, as the coronavirus pandemic spreads, gathered pace in recent times after investors were spooked as policy makers all around the world are announcing various measures to combat with the virus that has reached 127 countries and territories.
Retail inflation drops
8: 35 AM
In domestic cues, Retail inflation (CPI), has slipped down to 6.58% in February, compared to 7.59 per cent retail inflation in January, as prices of food prices came down sharply, showed data released by National Statistics Office (NSO) on Wednesday. Despite the downturn, this is the third month that consumer price inflation remained above the upper limit of 6 per cent set by Reserve Bank of India (RBI).
RBI cautions states against abandoning private banks
8: 30 AM
Reserve Bank of India (RBI) has stepped in to restore faith YES Bank. RBI said in a letter addressed to chief secretaries of various state governments that "It has been observed from certain media reports that some of the State Governments have advised government bodies and other entities under their jurisdiction to transfer their funds held with Private Sector Banks to Public Sector Banks. It is also learnt that a few other State Governments are contemplating similar action."
RBI expressed concerns that such a step on part of state governments will cause unnecessary panic in banking sector, leading to liquidity issues.
Market capitalisation drops
8: 25 AM
The market capitilisation of BSE stood at Rs 157.6 lakh crore on 30 January, when India reported its first confirmed case of coronavirus. A little over a month since then, the market capitalisation of BSE now stands at Rs 125.3 lakh crore.
8: 25 AM
Besides the outbreak in China, the Covid-19 infection cases have risen drastically outside China, hurting major economies and disrupting supply chains. It has now reached almost 122 countries, causing around 4,630 deaths, with the number of infected cases rising to 126,136 today. Of this, 68,219 have been recovered globally. The reported number of infected cases from coronavirus in India has risen to 73 on Thursday. Of this, 56 covid cases are India nationals, while 17 cases are foreigners in India. The nation has also reported its first death due to coronavirus on Thursday night.
Stocks to watch today on March 13
8: 20 AM
PVR, Arvind Fashions, Lakshmi Vilas Bank, Coal India among others are the top stocks to watch out for in Friday's trading session.
8: 15 AM
After witnessing one of the worst single day fall in recent times, benchmark indices on Thursday closed nealry 8% lower. The 30-share index BSE Sensex closed 2,919 points lower at 32,778, while 50-share index NSE Nifty ended 868 points lower at 9,590.