Sensex, Nifty Updates on April 20, 2020: Benchmark Sensex and Nifty closed sharply bearish on Tuesday, backed by weak global cues amid historic drop in oil prices. BSE Sensex closed 1,011 points lower at 30,636 and NSE Nifty ended 280 points lower at 8,981.
Market opened lower backed by the historic fall in crude oil price, after US crude prices nosedived below the $0 a barrel mark for the first time ever, on fears of supply glut. Upcoming earnings reports and economic data also kept investors cautious. The top laggards in the Sensex pack included Maruti Suzuki, Tata Steel, IndusInd Bank, Bajaj Finance, Axis Bank, ICICI Bank and ONGC. On the other hand, Sun Pharma, Nestle India, HUL, Asian Paints and ITC were among the top gainers today.
US markets started off the week on a negative note, as US oil prices turned negative on Monday for the first time ever. Tracking bearishness, Asian counterparts fell nearly 2% today. Oil prices collapsed to historic lows over low demand data and storage facilities reaching their limits. European markets closed higher yesterday.
There 24.8 lakh confirmed cases worldwide and almost 1.70 lakh deaths from the coronavirus COVID-19 outbreak. The number of active coronavirus cases reported in India rises to 17,656 cases including 559 deaths and 2,841 recoveries. In the last 24 hours, total Coronavirus cases in India increased by 1,336 new cases.
Here's a look at the updates of the market action on BSE and NSE today:
3.40pM: Closing bell
Domestic indices Sensex and Nifty followed bearish trend from overseas markets and closed majorly lower on Tuesday. BSE Sensex closed 1,011 points lower at 30,636 and NSE Nifty ended 280 points lower at 8,981.
3.30 PM: NLC India share price drops 5%
NLC India share price fell over 5% on Tuesday to the day's low of Rs 44.60 on BSE after the company said it has raised Rs 1,000 crore from by issuing commercial papers to meet the standalone business operation requirements.
3.20 PM: Excel Industries share price climbs 7%
Excel Industries shares opened at a gain of 7.04% to the intraday high of Rs 637.95 on BSE after the company said it has re-started manufacturing operations and plans to gradually scale them up based on customer requirements.
3.10 PM: Linde India share price drops over 4%
Linde India share price fell 4.16% to the day's low of Rs 515.55 on BSE after it reported MArch qurterly results yesterday.
Company's net profit registered 9.73% rise to Rs 39.03 crore in the quarter ended March 2020 as against Rs 35.57 crore during same perios last year. Company's sales fell 14.47% to Rs 377.26 on a yearky basis from Rs 441.09 crore.
3.00 PM: HeidelbergCement India share price falls 5%
HeidelbergCement India share price fell 5% after the company annoucned that it has resumed partial operations in some of its manufacturing units and is in the process of doing so for the other units.
2.50 PM: ICICI Bank share price drops over 8%
ICICI Bank share price opened with a loss of 5.95% today and later touched an intraday low of Rs 330, falling 8.71% on BSE.
This was on back of the news reports that company clarified today. The private lender informed the bourses that it has a $100 million exposure to Singapore-based oil trading company Hin Leon Trading Pte, which has filed for bankruptcy protection in the Singapore courts.
The company is taking due steps to protect its interests, and will appropriately reflect the same in its financial statements, as it would do in respect of all its banking exposures, the filing added.
2.40 PM: Amara Raja Batteries share price drops over 7%
Amara Raja Batteries share price fell over 7.15% to the intraday los of Rs 501.95 as the company said it resumes partial operations but most operations remain suspended due to restrictions on movement of goods and people.
2.30 PM: Rupee ends at record low of 76.83
Rupee the local curency shed earlier gains and closed at the all time low of 76.83 per dollar.
2.20 PM: European indices open lower
European markets opened lower today, with London's FTSE falling 1.3% lower, followed b y1.8% drop in Germany DAX and France's CAC.
2.10 PM: MCX Gold prices rises
Gold prices in domestic commodtiy markets bounced back on Tuesday as equities fell globally and crude price plunged.
As gold is seen as a safe investment during volatile times, demand outlook for the precious metal looks quite strong, suggest commodity traders.
A strong dollar and optimism that top economies will restart activities after the lockdown may hit the demand for the commodity, said Hareesh V, Head Commodity Research at Geojit Financial Services. Global recession worries and hopes of stimilus from central banks limited the downfall in bullion metal, he further added.
Internationally, gold prices were falling marginally over the rising dollar.
1.45 PM: Expert opinion on oil price
Expressing views on the sudden fall of Crude Oil prices, Sugandha Sachdeva VP-Metals, Energy & Currency Research, Religare Broking said," The absolute collapse of WTI prices is primarily owing to the expiry of May WTI contracts, alongside the significant demand destruction due to lockdowns in several countries and supply glut in oil markets. Put simply in other words, the sellers are paying the buyers. Oil traders are unwilling to take the delivery owing to lack of storage space. In complete contrast, Brent crude prices are trading at about $25/bbl.
She further added," The reason for this sharp divergence is that WTI needs to be physically delivered at Cushing, Oklahoma whereas for Brent contract, deliveries can be done offshore at multiple locations.
Note that the WTI June contract is still trading higher. The storage constraints at Cushing, Okhalama has led to dumping and unwinding in May contract and market participants moving to June contract."
1.30 PM: Market update
The market traded sharply lower on Tuesday as US crude prices nosedived below the $0 a barrel mark for the first time ever.
Experts said investors turned cautious over concerns of economic toll from the coronavirus, corporate earnings reports and other key economic data scheduled to be released in the upcoming week.
1.15 PM: Greenlam Industries share price
Greenlam Industries share price climbed 5% intraday to the day's high of Rs 552 on BAe and locked upper circuit band today afte rthe company said it plans to resumes operations at Rajhasthan Planton April 20, 2020 with all the necessary precautionary hygiene and safety measures, as applicable.
1.05 PM: Cipla share price gains over 4%
Cipla share price rose 4.22% to an intraday high of Rs 609.4 on BSE after the company said it has set-up an INR 25 crore 'Caring for Life' COVID-19 dedicated Fund to support patients, the healthcare ecosystem and communities. Cipla also launched a spate of relief efforts for advance testing, to safeguard healthcare providers and extend humanitarian care to communities with supplies of medicines, essential hygiene items and food.
12.50 PM: Market declines further
Indices traded near day's low by the afternoon session of Tuesday. BSE Sensex traded 1,210 points lower at 30,431 and NSE Nifty fell 340 points lower at 8,920.
12.40 PM: Shriram Transport Finance share price falls over 13%
Shriram Transport Finance share price fell 13.45% intraday on Tuesday after the company said its board has approved issuance of redeemable non-convertible debentures on private placement basis upto Rs 35,000 cr for the purpose of the business of the company by way of passing of resolution through e-voting.
12.30 PM: Comex gold today
Overseas, Gold was trading 0.08% or 1.30 points lower at the day's high of USD 1,700.30 per ounce. Ealrier COMEX gold closed at USD 1,701.60 per punce on Monday.
12.10 PM: Gold gains in domestic grounds today
In domestic grounds, gold prices bounced back on Tuesday as equities fell globally and crude price plunged. On MCX, gold June futures were trading 286 points higher at 46,000 per 10 gm. Earlier the gold MCX had touched an intraday high of 46,050.00 as agsin the last closing of 45,714.
12.00 PM: Pharma stocks top gainers on NSE
Pharma stocks were gaining in today's trade, with Dr Reddy, Sun Pharma, Cipla among the top gainers on Nifty, rising almost 4% each.
11.50 AM: Oil stocks under selling pressure
Oil Marketing Companies were among the top laggards today, with ONGC, RIL, Indian Oil, GAIL, BPCL and Hind Petroleum falling in the range of 2-5%. Nifty Energy was trading 2.80% lower today.
11.30 AM: Larsen & Toubro share price drops 4%
Larsen & Toubro shares fell 3.9% to the day's low of Rs 880.35 on BSE. The company informed the exchanges BSE, NSE has issued and allotted 12,500 7.20% rated listed unsecured redeemable non-convertible debentures of Rs 10 lakh each worth to Rs 1,250 cr, maturing on April 20, 2023.
11.20 AM: Morepen Labs share price rises 10%
Morepen Labs share price opened with a gain of 8.76% today and later stock touched an intraday high of Rs 16.07, rising 9.99% on BSE.
The company announced that it has launched a wide range of essential products that include e include non-contact Infrared Thermometers, alcohol-based Hand Sanitizers, Hand Wash, Hand Rubs and Face Masks, all under its umbrella brand, as these are required to combat the growing menace of COVID-19'19 and to prevent further spread of this disease in the country.
11.00 AM: US Dollar crosses 100 mark
The dollar index, US Dollar edged higher past the 100 level mark and later rose by 0.20% to 100.15.
10.50 AM: Sensex pack losers/gainers
The top laggards in the Sensex pack included Maruti Suzuki, Tata Steel, IndusInd Bank, Bajaj Finance, Axis Bank, ICICI Bank and ONGC. On the other hand, Sun Pharma, Nestle India, HUL, Asian Paints and ITC were among the top gainers today.
10.40 AM: Rupee down 26 paise at 76.79
Rupee opened weak, slipping 26 paise to 76.79 against US dollar in Tuesday's early trade, after closing at 76.35 per dollar on Monday.
10.30 AM: Crude future turn green after historic crash
Market opened lower backed by weakness in global peers, after US crude prices nosedived below the $0 a barrel mark for the first time ever.
After crashing to a historic low, oil prices rise slightly bouncing back to the green territory. Where Brent Crude was trading 2.6% higher at 26.24 per barrel, NYMEX was at $1.66 per barrel, rising 39.29 cents.
10.15AM: Aurobindo Pharma share price rises over 12%
Aurobindo Pharma shares climbed over 12% intraday after the pharma major said that USFDA has passed inspection classification of Unit IV as Voluntary Action Indicated (VAI). The inspection was conducted between November 4-13, 2019
Aurobindo Pharma share price is trading higher than 5 day, 20 , 50 day, 100 day and 200 day moving averages. The stock has gained after 2 days of consecutive fall
10.05 AM: SBI Cards Payments Services' shares down 4%
SBI Cards share price have hit an intraday low of Rs 518, falling 4.07% on BSE in today's bearish trade. SBI Cards' share prcie is trading lower than 5, 20, 50, 100 and 200 day moving averages. In the meanwhile, Finance/NBFC sector has fallen by 4.27%.
9.50 AM: Tata Elxsi share price rises over 4% post Q4 earnings
Tata Elxsi share price touched an intraday high of Rs 760, rising 4.15% on BSE, after the company announced March quarterly results yesterday.
The company has reported net profit of Rs 82.08 cr for the period ended March 31, 2020, rising 15.14% as against Rs 71.29 cr in same period last year. Company's total income rose 7.66% annually to Rs 452.27 cr.
9.30 AM: Infosys share price down 4% post Q4 earnings
Infosys shares dropped almost 4% to the day's low of Rs 627.70, as against the last closing of Rs 652.90 on BSE.
Company's net profit stood at Rs 4,321 cr, rising 6.06% yearly against Rs 4,074 cr during the same period last year. Company's total income grew 7.55% yoy to Rs 23,881 cr.
The company said it is unable to provide guidance on revenues & sales margins for FY21 at this stage and will provide guidance after visibility improve. Infosys has also stopped promotions, salary increments and fresh hiring.
9.20 AM: Opening session
Markets fell strongly into bearish territory on Tuesday on back of fall in global key indices. BSE Sensex traded 830 points lower at 30,816 and NSE Nifty fell 250 points lower at 9,010.
9.15 AM: Stocks in news today
Infosys, Tata Elxsi, Morepen Labs, L&T among others are the top stocks to watch out for in Tuesday's trading session. Investors are also awaiting March quarter earnings that are scheduled to be released today.
9.05 AM: Pre-open session
Benchmark Sensex and Nifty pre-opened sharply negative on Tuesday, backed by weak global cues amid historic drop in oil futures' prices. BSE Sensex traded 600points lower at 31,040 and NSE Nifty fell 242 points lower at 9,019.
8.55 AM: Q4 Earnings today
Companies set to announce their earnings are CRISIL, ACC, GTPL Hathway, GSS Infotech, Den Networks. ICICI Prudential Life Insurance has announced that it has postponed March quarterly results to April 25 that were due today.
8.45AM: US oil prices turn negative
Oil prices that collapsed to more than historic lows as the global lockdown saw fuel demand falling and storage facilities reaching their limits. Oil markets have plunged as governments across the planet introduce lockdowns to stem the spread of the virus, hammering demand for the commodity.
West Texas Intermediate (WTI) crude for May delivery, the benchmark for US oil, fell as low as minus $37.63 a barrel in the previous session. On Tuesday, it jumped but still traded below $0. Today WTI futures were up $21.96 at minus $15.67 a barrel. May futures contracts are due to expire on Tuesday.
Brent crude was off 8.9% at less than $26 a barrel.
Crude oil may futures on MCX closed at 1,772, down 242.00 or 12.02% yesterday.
8.35 AM: Global cues
US markets started off the week on negative notes, tracking bearishness from Asian counterparts. Meanwhile, Asian indices fell nearly 2% today on back of falling oil prices that collapsed to historic lows on low demand data and storage facilities reaching their limits. Upcoming earnings reports and economic data also kept investors cautious. European markets closed higher yesterday.
8.25AM: Rupee closing
Indian rupee, the local benchmark currency that opened weak at 76.43 closed at 76.35 per dollar today.
8.20 AM: Coronavirus Toll
There 24.8 lakh confirmed cases worldwide and almost 1.70 lakh deaths from the coronavirus COVID-19 outbreak. The number of active coronavirus cases reported in India rises to 17,656cases including 559 deaths and 2,841 recoveries.
8.15 AM FII/ DII action on Monday
On a net basis, FIIs sold Rs 266 cr and DIIs also offloaded Rs 789 cr in equities on Monday
8.10 AM: Market Expectations
Benchmark Sensex and Nifty are likely to open on a negative note on Tuesday, backed by weak global cues amid historic drop in oil futures' prices. SGX Nifty traded 200 points lower at 9,052level, indicating a tepid start in domestic grounds today.
8.00 AM: Monday's Closing bell
Benchmark Sensex and Nifty erased early gains and closed on flat note on Monday, tracking weakness from global key indices. BSE Sensex closed 59 points higher at 31,648 and NSE Nifty ended unchanged (down 0.20 points) at 9,266.