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Share Market Update: Sensex ends 2,713 points lower, Nifty at 9,199 as European indices decline 5%

Share Market Update: Sensex ended 2,713 points lower at 31,390 and Nifty closed 756 points lower at 9,199.

twitter-logo BusinessToday.In        Last Updated: March 16, 2020  | 17:59 IST
Share Market Update: Sensex ends 2,713 points lower, Nifty at 9,199 as European indices decline 5%
The India Vix index on NSE was trading at 57.23, rising 5.76 points or 11.19%

Share Market Update: Equity benchmarks Sensex and Nifty recorded the second biggest single-day fall on Monday ended almost 8% lower, amid heavy selling in global indices amid heightened fears of coronavirus. European stocks and US futures traded 5% and 4% lower, respectively. Sensex ended 2,713 points lower at 31,390 and Nifty closed 756 points lower at 9,199. All the sectors closed in red today, with 8 to 9% fall registered in private banking, financials, realty and metal indices. Further, as per experts, investors were further panicked in expectations of a rate cut by the apex bank RBI, joining its global peers in a move to improve liquidity and confidence.

Benchamarks traded majorly lower on Monday, amid heavy selling in index heavyweights, tracking sell-off in global indices amid coronavirus scare. Global markets traded lower on Monday after central banks worldwide deepened rate cuts, in a move to curb the economic shutdown due to spreading of COVID-19 virus. The equity markets suffered extreme panic selling last week, where the key BSE barometer plunged 3,473.14 points in total.

In domestic cues, RBI on Friday said it is closely monitoring the current global situation and assured that it will take all steps to keep markets adequately liquid and stable. Besides this, investors will be waiting for India Wholesale Price Index-February data, scheduled to be released later in the day.

Besides the outbreak in China, the Covid-19 infection cases have risen drastically outside China, hurting major economies and disrupting supply chains. There are currently 169,610 confirmed cases and 6,518 deaths from the coronavirus COVID-19 outbreak as of March 16, 2020. Of this, 77,776 have been recovered globally. The number of coronavirus cases in India has increased to 110.

Here's a look at the updates of the market action on BSE and NSE today:

Expert opinion

3: 55 PM

On market's crash on Monday, Vinod Nair, Head of Research at Geojit Financial Services said,"Easing monetary policy action from central banks across the globe highlights that the impact of coronavirus is worse than thought. Economic, trade and travel shutdown are impacting equities across the globe. RBI will join its global peers in announcing measures like rate cut and additional measures to improve liquidity and confidence."

Closing bell

3: 45 PM

Sensex ended 2,713 points lower at 31,390 and Nifty closed 756 points lower at 9,199.

More coronavirus cases outside mainland China than inside

3: 36 PM

Sudden fall in Equropen equities was also led by report suggesting that Europe had become the epicenter of the coronavirus pandemic.

"More cases are now being reported every day than were reported in China at the height of its epidemic," WHO director-general Tedros Adhanom Ghebreyesus said adding that Europe had become the epicenter of the coronavirus pandemic.

Market update

3: 27 PM

market indices extended losses by the last hour of trade on Monday, tracking fall in world markets as central banks worldwide plan to deepen rate cuts, in a move to curb the economic shutdown due to spreading of COVID-19 virus. Sensex traded 2,809 points lower at 31,294 and Nifty traded 782 points lower at 9,172. All the sectors were trading in red, with 8 to 9% fall registered in private banking, financilas, realty and metal indices.

Sovereign bonds at highest

3: 25 PM

Indian bonds are set for their best day since October 2019 ahead of press conference by RBI Governor Shaktikanta Das , Bloomberg reported today. The yield on India's benchmark 10-year debt slid 18 basis points to 6.14%, set for the best day since October.

Global scenario

3: 20 PM

European stocks opened sharply lower on Monday as the impact of the spreading coronavirus on the world economy offset efforts by the U.S. Federal Reserve to limit the fallout. FTSE, CAC and DAX Index slipped 8-9%.

Market declines 8%

3:15 PM

Equity indices Sensex and Nifty fell lower and traded near day's low, on back of 5% drop in European markets within minutes of opening bell. In the meanwhile, US futures traded 4.77% lower.

Market back to day's low

2:20 PM

Equity indices Sensex and Nifty fell lower and traded near day's low, with sensex falling over 2,000 points and Nifty trading back below 9,400. This was on back of 5% drop in European markets within minutes of opening bell. US futures traded 4.77% lower.

Granules India falls 6.5%

1:50 PM

Granules India shares were trading almost 6.5% lower at Rs 146.65, its day's low after the compnay announced that the promoters group and persons in control of the company have expressed their intention to participate in the Buyback and increase their respective shareholding as on the record date.

Alert

1:33 PM

Bank of Korea has cut its base rate by 50 bps to 0.75% today.

Sectors today

1: 32 PM

Sectorally, all indices were trading in red, with biggest losses registered in realty, metal bank and private banking sectors, trading 7-6% lower, respectively. This was followed by over 5% fall in financial sevices, IT and media stocks. PSU Bank was 4% lower and FMCG and auto stocks declined 3% each.

Lower global oil prices favourable for Indian macroeconomic and fiscal regimen, says Acuite Research

1: 25 PM

Acuite Ratings & Research Limited has suugested today that amidst all the gloom in the global economy aggravated by the rapid spread of the Corona Virus, the lower global oil prices is a favourable development for the Indian macroeconomic and fiscal regimen.

The reserach firm said," In a likely scenario where oil prices remain significantly below $50 per barrel in FY21, Acuite expects additional oil tax revenues of the order of Rs 30,000-60,000 crore which should strengthen the fiscal position to some extent in the coming fiscal."

It added," The revenue from oil taxes has steadily increased from Rs. 0.32 Lakh Cr to an estimated Rs. 1.7 Lakh Cr in FY20 and is expected to get a further push up in FY21 as against the budgeted figure of Rs. 1.8 Lakh Cr. While in FY14, the price per barrel averaged $103, it was just under $61 in FY20."

The windfall can potentially pare the fiscal deficit in India by roughly 20 bps in FY21, the firm added further.

NMDC falls 6.8% lower

1: 12 PM

NMDC shares were trading 6.8% lower at Rs 70.60 after the company announced that the prices of iron ore has been revised an will be applicable from March 14, 2020. As per the filing, Lump Ore (65.5%, 6-40mm) is poriced at Rs 3,150 per tonne, while Fines (64%, 10mm)  at Rs 2,860 per tonne.

LT Foods rises

1: 05 PM

LT Foods gained 2.39% to Rs 17.15 on BSE from day's low of Rs 16.70 after the Raghuvesh Holdings Private Limited (PAC - Person Acting in Concert with promoter) has purchased 715,250 equity shares of LT Foods through open market purchase on March 13, 2020.

SBI Cards shares

1:00 PM

Currently, SBI Card and Payment shares are tradng at Rs 727.5, rising 10.60% as agains the opening or issue price of Rs 658. It although traded 3.61% lower than its listing price of Rs 726.

Albemic Pharma drops 4.5%

12: 50 PM

Alembic Pharmaceutical shares were trading 4.5% lower at Rs 548.90 on BSE on Monday after the company announced that USFDA issued a Form 483 with four procedural observations after conducting an inspection at its General Oral Solid Formulation Facility located at Panelav. The inspection, as per the filing, was conducted from 9th March, 2020 to 13th March, 2020.

Alert

12: 48 PM

RBI governor to address media at 4 pm today, as per media reports.

UBS cuts India'a growth target

12: 45 PM

Swiss brokerage UBS on Thursday sharply cut its 2020-21 GDP growth forecast for India to 5.1% amid fears around the coronavirus outbreak and weak domestic credit growth.

Australia index drops the most

12: 40 PM

Australian index suffers largest-ever drop on Monday and closed 9.7% lower.

Feb core inflation

12: 35 PM

February Core Inflation came in at a drop of 0.5% as against the drop of 0.9% in January, 2020.

WPI at 2.26% for Feb 2020

12: 35 PM

Wholesale price index (WPI) Inflation for the month of February comes in at 2.26%

Vodafone pays full AGR dues

12:  30 PM

Vodafone shares traded 6% higher at Rs 5.95 on Monday's trade after the telecom major said it has paid the full principal amount of Rs 6,854 crores towards the AGR dues. As per the company's filing, it had earlier paid a sum of Rs 2,500 crores on 17 February 2020 and a further sum of Rs 1,000 crores on 20 February 2020 towards this liability and today paid a further amoun of Rs 3,354 crores to the DoT, being the balance part of the principal amount towards AG liability.

Bitcoin Today

12: 28 PM

Bitcoin, worlds most known digital currency or cryptocurrency was trading at 5,059.21, down 5.88% on Monday.

Gold rises

11: 35 AM

Gold price moved up on Monday bouncing back from previous day's low after the Fed announced an emergency rate cut. Internationally, Spot Gold was up 0.2% at $1,532.99 rose.

Commenting the near term outlook for gold futures, Hareesh V, Head of Commodity at Geojit Financial Services said," US Federal Reserve's emergency interest rate cut and restarting of quantitative easing programme remain lifted gold's safe-haven appeal. Investors will continue to seek shelter in safe assets due to a rout in global stocks amid the threat of spreading deadly coronavirus.

suggesting the technical outlook, he added," The psychological support of $1,500 is likely to hold and take prices higher. However stiff resistance is seen at $1,620, a direct rise above the same would trigger further sharp rallies in the counter."

India VIX outlook

11:30 AM

In his technical & derivatives report by Sameet Chavan (Chief Analyst-Technical and Derivatives, Angel Broking) said," In last few sessions, the INDIA VIX, which is also called as the fear index, has risen quite sharply and has ended the week above the 50 mark. Higher the volatility index, the market tends to move steeply and hence, the market is likely to continue with some large swings in the near term."

Today, India Vix index on NSE was trading at 57.23, rising 5.76 points or 11.19%.

Expert opinion on near term outlook

11: 26 AM

Commenting on how should investors trade in the near term outlook, Ajit Mishra, VP Research, Religare Broking said that the last week was a terrible week for the equity market as the benchmark indices tanked almost vertically and settled with a cut over 9%. The fear of rising coronavirus cases combined with a sharp fall in the crude oil price triggered panic across the global markets including ours, he added further.

"We advise investors to utilise this phase and accumulate quality names on every significant fall. Meanwhile, traders should focus more on the risk management part and prefer hedged bets as we do not see this volatility easing any time soon.

The coming week could be a tough one for participants, citing looming uncertainty over the coronavirus impact on global growth. Besides, crude oil prices and currency movement will be on their radar.

On the benchmark front, Nifty could hover within a broader range of 9,000-10,700 next week," he added.

Top losers today

11: 12 AM

All Sensex components were trading in the red. IndusInd Bank was the top loser, tanking up to 12%, followed by ICICI Bank, HDFC, Axis Bank, Titan, Tata Steel and Bajaj Finance.

Sensex and Nifty day's low

11:00 AM

Resuming its downward spiral, domestic BSE Sensex hit the day' low after dropping 2,182 points to 31,921. Similarly, the NSE Nifty cracked 615 points to 9,339.25.

Market capitalisation drops by Rs 6 lakh crore

10: 56 AM

The market capitalisation of BSE-listed companies dropped by Rs 6,25,501.8 crore to Rs 1,23,00,741.02 crore in the opening trade. Investor wealth was wiped off in early morning trade on Monday as markets witnessed yet another sell-off, with the BSE benchmark plunging 2,182.41 points as Covid-19 scare continued to hit sentiment. The drop in investor wealth was led by extremely weak market sentiment, where the BSE Sensex witnessed another plunge after staging a strong comeback on Friday.

Coronavirus: Investor wealth erodes by Rs 6.25 crore

Top losers today

10: 55 AM

The entire BSE 30-share pack was trading in the red, led by IndusInd Bank, ICICI Bank, HDFC and Axis Bank, tumbling up to 9.3%.

Market heavyweight Reliance Industries was also trading over 3% lower, which was also instrumental in dragging the benchmark lower.

Rupee trades lower today at 74.20 per dollar

10: 50 AM

The Indian rupee plunged 45 paise to 74.20 against US dollar in early trade on Monday tracking weak opening in domestic equities and sustained foreign fund outflows.

The rupee opened weak at 74.10 at the interbank forex market and then fell further to 74.20, down 45 paise over its last close. The local unit had settled at 73.75 against the US dollar on Friday.

Rupee vs dollar: Rupee plunges 45 paise to 74.20 per dollar amid sustained foreign fund outflows

FII/ DII action on Friday

10: 48 AM

Foreign investors remained net sellers in Indian capital markets for the fifth straight day, pulling out more than Rs 6,027.58 crore on Friday amid a global sell-off in equities, market data showed.

Measures by RBI

10: 47 AM

RBI on Friday said it is closely monitoring the current global situation and assured that it will take all steps to keep markets adequately liquid and stable.

"The RBI is closely and continuously monitoring the rapidly evolving global situation and will take all necessary measures to ensure that money, debt and forex markets remain adequately liquid and stable, and continue to function normally," the central bank said had in a statement.

The RBI earlier also announced measures to infuse liquidity in the foreign exchange market, including the US dollar swaps worth USD 2 billion.

WPI data to be released today

10: 45 AM

On domestic cues, investors will be waiting for India Wholesale Price Index, February data, scheduled to be released later in the day.

Market recovers

10: 30 AM

The equity market has recovered from day's low that was hit by the opening bell Monday amid positive trend registered in index heavyweights. Although the indices Sensex and Nifty traded deep lower in red territory, following a weak trend from global indices. Sensex traded 1,596 points lower at 32,507 and Nifty traded 435 points lower at 9,520.

SBI Cards share opens at Rs 658 per share

10: 25 AM

SBI Cards shares listed at a discount of 13% to the issue price amid gloomy market conditions due to coronavirus scare. SBI Cards share opened at Rs 658 per share on BSE against the issue price of Rs 755 per share.

SBI Cards lists at 13% discount to issue price, opens at Rs 658 per share

Global Outlook

10: 10 AM

Overseas, equity markets extended losses on Monday as emergency rate cut by the US Fed failed to calm nerves of global markets as pandemic fear overshadowed. Asian markets were trading lower led by Australia as US Fed slashed rates in an emergency move but could not support markets. Yesterday in an emergency move, Fed cut rates to zero and announced a massive stimulus program. Dow Jones had closed in the green on Friday. But stock futures plunged on Sunday to hit "limit down" levels of 5% lower.

Nifty outlook

10: 08 AM

On Nifty outlook for Monday's trade, Geojit Financial Sevices in their daily market report suggested," Expect consolidation inside 9,560-9,360 initially. Upside prospects aiming 10,350, will improve if able to float above 9,733. Directional downsides are less expected, but a close below 9450 could push lower range expectations to 9,000."

SBI Cards at Rs 701

10:00 AM

The share price of SBI Card IPO has risen to Rs 170 per share within a few minutes of trade on Monday as against the issue price of Rs 755 per equity share. Earlier the shares had opened at the issue price of Rs 661 per share.

Rupee opens lower

10:00 AM

The rupee opened lower at 74.10 per US dollar on Monday as compared to Friday's closing value of 73.91 against the American currency.

YES Bank gains 40%

9: 55 AM

Shares of YES Bank gained 40% within few minutes of the opening trade on Monday after the lender announced, " This is to inform that the YES Bank Reconstruction Scheme 2020 has been approved by the Central Government and the Scheme has been notified in the Official Gazette on March 13, 2020 and has come into force on March 13, 2020."

Further, the lender added, that the list investors towards investment into bank included a) State Bank of India, b) Housing Development Finance Corporation Limited c) ICICI Bank Limited d) Axis Bank Limited e) Kotak Mahindra Bank Limited f) The Federal Bank Ltd g) Bandhan Bank Limited h) IDFC First Bank Limited.

Wonderla Holidays drop 11%

9: 55 AM

Shares of Wonderla Holidays were trading 11.17% lower at Rs 165 on Monday after the company announced that it plans to temporarily close Hyderabad Park from March 15 To March 21, 2020. The company added that this decision has been taken following the safety and precautionary guidelines outlined by the State Government to prevent and contain the spread of COVID-19.

SBI Card lists lower

9: 50 AM

Shares SBI Cards and Payment Services settled at Rs 661 per share in pre-opening trade on NSE on Monday against the issue price of Rs 755 per equity share.

Coronavirus update

9: 40 AM

Besides the outbreak in China, the Covid-19 infection cases have risen drastically outside China, hurting major economies and disrupting supply chains. There are currently 169,610 confirmed cases and 6,518 deaths from the coronavirus COVID-19 outbreak as of March 16, 2020. Of this, 77,776 have been recovered globally. The number of coronavirus cases in India has increased to 110.

Opening Bell

9: 20 AM

Sensex and Nifty have opened over 5% lower amid heavy selling in index heavyweight, tracking sell-off in global indices amid coronavirus scare. BSE Sensex traded 1,729 points lower at 32,374 and NSE Nifty traded 494 points lower at 9,460 level

Pre-open session

9: 10 AM

BSE Sensex has fallen over 1,000 points or 2.93% at the pre-open session on Monday, while NSE Nifty traded 3% lower at 9,440.

Coronavirus update in India

9:00 AM

The number of coronavirus cases in India has increased to 110. Uttarakhand reported its first case on Sunday. There were fresh cases in Maharashtra and Uttar Pradesh, the Union Health Ministry said. So far India has reported two deaths, one each in Delhi and Karnataka.

Asian indices in red

9:00 AM

SGX Nifty traded at 9,575, down 409 pts or 4.10%.

Hong Kong's Hang Seng index fell 6.8%, its steepest drop since 2008. China's Shanghai Composite fell 4%.

MSCI's broadest index of Asia-Pacific shares outside Japan fell 2% and is down 12.8% this week. Japan's Nikkei was in freefall, dropping 10% and heading for its worst week since the 2008 financial crisis.

In the meanwhile, Australia's benchmark fell 7.6%.

PM Modi proposes SAARC emergency fund

8: 55 AM

PM Modi, in his opening address at South Asian Association for Regional Cooperation (SAARC), proposed formulation of a joint strategy was backed by all the member states and later added, "I propose that we create a COVID-19 emergency fund. India can start by contributing $10 million."

Oil rises today

8: 50 AM

Oil prices fell on concerns about global demand. Brent crude was last off $1.01 at $32.84 per barrel while U.S. crude slipped 60 cents to $31.13 a barrel.

Gold Prices climb higher

8: 50 AM

Gold was up 0.2% at $1,532.99 rose.

Global banks offer measures

8:45 AM

Stock markets and the dollar were roiled on Monday after the Federal Reserve slashed interest rates in an emergency move and its major peers offered cheap U.S. dollars to break a logjam in global lending markets.

Shanghai blue chips fell 1.5% even as China's central bank surprised with a fresh round of liquidity injections into the financial system.

New Zealand's central bank also shocked by cutting rates 75 basis points to 0.25%, while the Reserve Bank of Australia (RBA) pumped more money into a strained financial system.

Such is the dislocation the Fed cut interest rates by 100 basis points on Sunday to a target range of 0% to 0.25%, and promised to expand its balance sheet by at least $700 billion in coming weeks.

Global indices fall as Fed slashes interest rates in emergency move to combat slowdown amid virus

Stocks in news today

8: 40 AM

Stocks to watch today on March 16: Bharti Airtel, ICICI Bank, YES Bank, Lasa Supergenerics, HDFC Bank, CreditAccess Grameen, Indian Oil among others are the top stocks to watch out for in Monday's trading session

Stocks in news: Bharti Airtel, ICICI Bank, YES Bank, Lasa Supergenerics and more

Market Perspective

8: 35 AM

Equity market indices Sensex and Nifty is likely to open on a muted note amid mixed global indices on Monday. SGX nifty trades 3% lower, indicating a negative opening for the equity market. Although other Asian as well as Wall Street indices were trading in the green, rising 2-3% amid new hopes from policymakers on taking severe measures against the spreading COVID-19 virus.

Closing on last Friday

8: 30 AM

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.

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