Share Market update: Sensex and Nifty declined 1,941 points and 538 points respectively, clocking their biggest single day losses (in terms of points) ever as rising cases of coronavirus and fall in crude oil price threatened to lock down the global economy. the previous biggest fall for Sensex was on August 24, 2015 when the index closed 1,624 points lower at 25,741. All Sensex stocks closed in the red. On Nifty, 46 stocks closed in the red. YES Bank (32.20%), BPCL (5.45%), Bharti Infratel (2.85%) and Eicher Motors 0.71% were top gainers on Nifty.
Oil prices plunged 31% after Saudi Arabia slashed prices and set plans for a big increase in crude production in April. In a biggest single fall in its history(in terms of points intra day), Sensex crashed 2,467 points to 35,104, after crossing its 1 year low of 35,337. The previous biggest fall was recorded on January 22, 2008 when the index tanked 2,273 points intra day. The NSE Nifty 50-share index fell below yearly low of 10,294, cracking 695 points.
All sectors ended in the red with sharpest fall registered in banking, consumer durables, metal and oil and gas stocks. The fall extended for the second straight session today from last week. On Friday, after a volatile trading session, Sensex dropped 893 points to end at 37,576, while Nifty fell 289 points to close at 10,979. Sensex has lost 13.39% or 5,506 points in last one month as coronvirus took its toll on the global economy. Nifty too has crashed 13.61% or 1,646 points to 10,451 on crumbling market sentiment across the world. The coronavirus outbreak has hit policymakers worldwide, causing around 3,800 deaths, with the number of infected cases rising to 110,041 today. The number of coronavirus cases in India rose 41 on Monday which also weakened sentiment at home.
Here's a look at the updates of the market action on BSE and NSE today:
3:51 pm : BSE bankex ends 1,604 points or 5.01% lower at 30,384.
3: 50 pm: Market breadth was negative with 357 stocks closing higher against 2199 ending in the red.
3: 48 pm : Small cap index loses 559 points to 12,770.
3: 47 pm: Mid cap index posts its worst fall in two years, ends 673 points lower at 13,554 on BSE.
Sensex closes 1,941 points or 5.17% lower at 35,634, Nifty falls 5% to 10,451.
3: 33 pm
Bank Nifty down 1,338 points at 26,462
3: 32 pm Market update
Sensex trading 1,948 points lower at 35,627 and Nifty down 532 points to 10,456.
3: 10 PM
Today's drop in oil prices was the second niggest fall on record fo rthe international benchmark. Earlier than the current drop of 31.5%, brent crude future has fallen almost 34.8% on Janunary 17, 1991.
2: 55 PM
Since closing of March 6, investors have lost Rs 6.7 lakh crore today (at 2:43 PM)
RIl drops 31%
2: 30 PM
Reliance Industries share price saw the worst fall in 12 years in afternoon trade today as crude oil prices crashed 31% following Saudi Arabia starting a price war with Russia. The impact of rising number of coronavirus cases in India and across the world also led to weak sentiment around the large cap stock.
Indices hit new 1 year lows
Where Sensex has hit a new 52-week low of 35,109.18, NSE Nifty has fell to a fresh one year low of 10,327.05. Earlier the 30-share index hit its 52-week low recorded at 35,337.The NSE Nifty 50-share index too crossed the 52-week threshold of 10,637.
Goldman Sachs cuts Brent forecast to $30
1: 55 PM
Goldman Sachs cut its second- and third-quarter Brent price forecasts to $30 per barrel, citing the oil price war between Russia and Saudi Arabia and a significant collapse in oil demand due to the coronavirus that has killed more than 3,500 globally.
Indian crude stocks rise
1: 20 PM
BPCL share price gained 12.72% or 51.25 points to Rs 454.10 compared to the previous close of Rs 402.85 on BSE. The share has fallen 9.3% in last one month amid crash in domestic market.
Indian Oil share price rose 4.41% to Rs 105.25 compared to the previous close of Rs 100.80 on BSE. The stock has lost 11.79% during the last one month.
Similarly, HPCL stock climbed up to 12.82% to Rs 226.6 on BSE. However, the stock is down 9.6% during last one month.
1: 17 PM
At home, Sensex crashed 2,300 points to 35,254. The NSE Nifty 50-share index crossed the 52-week threshold of 10,637, and traded at 10,328 cracking 640 points
Sensex and Nifty down 5.5.% each
1: 10 PM
Benchmark Indices declined further to trade 6% lower each, with Sensex hitting a 1 year or 52-week low of 35,337, and Nifty slipping to 10,454 amid rising conronavirus fears. Earlier NSE Nifty 50-share index too crossed the 52-week threshold of 10,637.
India Vix made all time high
India Vix index, the measures volatility in the equity markets, has risen to ita all time high of 32.60, rising 75% on NSE today.
IndusInd Bank share price falls over 8%
IndusInd Bank share price tanked in early trade today after the private sector lender announced deferment of its meeting to discuss raising of funds using additional tier-1 instrument. Share price of IndusInd Bank fell up to 8.58% to Rs 927.5 compared to the previous close of Rs 1,014.30 on BSE. IndusInd Bank has lost 11.81% in last two days. The stock opened 4.37% lower at Rs 970 today.
Rupee hits fresh 52 Week low
Amid mounting fears of a coronavirus-led economic slowdown, Rupee has hit a fresh 52 week low of Rs 74.0988 on Monday, declining 50 paise against the previous close of 73.7825.
MCX Gold turns red
12: 40 PM
On MCX, gold futures reversed trend and fell by Rs 58 to Rs 44,100 per 10 gm. The precious metal contract nmade an intraday high of Rs 44,772 and a low of Rs 44,862 after opening at 11,158 today.
Kotak Equitites on Oil prices
12: 25 PM
The sharp decline in global crude oil prices over the past few weeks is a positive for India, Kotak Institutional Equities Research said in its Daily note, adding that,"Reported tensions between OPEC+ members and the reported decision of Saudi Arabia to ramp up production will depress oil prices further. Retail prices of gasoline and diesel may fall sharply over the next few weeks as oil companies cut retail prices to pass on the decline in crude oil prices". India is largely unscathed by Covid-19 (so far) and lower crude oil prices provide buffer to the Indian economy.
Sensex and Nifty update
Sensex has lost 12.13% or 5,000 points in last one month as coronvirus took its toll on the global economy. Nifty too has crashed 12.51% or 1,512 points to 10,585 on crumbling market sentiment across the world.
11: 55 AM
Tyre industry, synthetic fibre producers and businesses, which use oil derivatives as core inputs like paints, producers of lubricants, transformer oils, plastic products, soaps and detergents, etc are likely to gain with the falling crude oil prices, their primary raw material.
Tata Steel declines over 7%
11: 40 AM
Tata Steel, which has been sourcing consumables from China, has started placing orders for materials in alternative markets in the wake of coronavirus outbreak in the neighbouring country, a top official said. shares of Tata steel fell 7.23% to an intraday low of Rs 325.8 on BSE following the updateby PTI.
11: 30 AM
Saudi Amarco's share, that was world's biggest IPO, has fallen below its IPO price today, asfter the sharp drop for oil that sent shockwaves through global financial markets. This was on back of Saudi Arabia launching an aggressive price war over the weekend, driving crude to its lowest level in four years over the breakdown of the OPEC+ output agreement.
All the sectors were declining in today's trade, with 5.6% and 5.4% decline in metal and media stokcs, 4-5% drop in banking, IT and financials, over 3% decline in realty, energy and auto shares and 2-3% loss in pharma and FMCG stocks.
Rupee at 74$ mark
10: 55 AM
The rupee opened weak at 73.99 at the interbank forex market and then fell further to 74.03, down 16 paise over its last close. The rupee had settled at 73.87 against the US dollar on Friday. The local unit tracked weak opening in domestic equities amid mounting fears of a coronavirus-led economic slowdown.
YES Bank update
10: 48 AM
RBI has announced the draft Scheme Of Reconstruction for YES Bank. As per RBI draft plan, SBI plans to invest in the reconstructed bank for up to 49% stake. In another update, ICRA has cut the private lender's ratings on tier-II & tier-I bonds, As per ICRA, it has factored moratorium placed on the bank which will impact its ability to service liabilities. Shares of YES Bank currently trade 18.21% higher at Rs 19.15 on Monday.
Market expert opinion
10: 45 AM
For the market session on Monday, Ajit Mishra, VP-Research, Religare Broking said, "Markets continue to struggle and lost nearly two percent amid the rising fear of coronavirus spreading rapidly across the globe. The sentiment was downbeat from the beginning, citing weak economic data and global sell-off. Though the benchmark recouped some of its losses in the following session, it couldn't sustain for long."
"Nifty has plunged sharply in the last two weeks and breached the critical support zone of 11,000 as well. It may see some consolidation ahead due to oversold positions but the bias would remain on the negative side and the probable range could be 10,700-11,200. Traders should maintain their focus more on risk management as volatile swings may endure," He added on Nifty technical outlook.
He further added," With no major event, the focus will remain on the developments related to coronavirus in the coming holiday-shortened week. Besides, participants will be eyeing IIP and CPI inflation data on March 12 and WPI inflation figures on March 13.
10: 35 AM
China reported 22 new deaths on Monday from the new coronavirus epidemic, and the lowest number of fresh cases since it started reporting the data in January.
Oil shares today
10: 25 AM
ONGC shares opened with a loss of 4.66% today and later touched an intraday low of Rs 78.05, declining 12.45% on BSE after 25% drop in crude oil prices to $ 30 per barrel. Global crude prices tanked after Saudi Arabia on Monday cut its price for April delivery by USD 4-6 a barrel to Asia and USD 7 to the United States, with Aramco selling its Arabian Light at an unprecedented USD 10.25 a barrel less than Brent to Europe, reports said.
On Nifty, Energy index dropped 3% lower to trade at 12,940 level from the opening of 13,071 on Monday, with 7 stocks out of 10 trading in red. While ONGC was the top loser, declining 10%, Adani Trasmission and Reliance Industries dropped over 7% each, followed by 6% fall in GAIL and 4.5% fall in Power Grid Corp and 3% decline in Tata Power. Where NTPC fell 1%, Indian Oil climbed 3%. Shares of BPCL and Hindustan Petroleum rose 9.5% each.
YES Bank top gainer
10: 20 AM
YES Bank share price rose in early trade today after SBI announced it would infuse funds into the private sector lender. Share price of YES Bank gained up to 30.86% to Rs 21.20 compared to the previous close of Rs 16.20 on BSE. YES Bank stock opened with a gain of 5% today at Rs 17.
Ajit Mishra, VP - Research, Religare Broking said,"Nifty hovered in a broader range with the bias on the negative side and slumped sharply lower on Friday as the news of Yes Bank crisis hit the markets hard. Markets will first react to the Yes Bank revival plan presented by the FM on Friday after the market hours. We reiterate our cautious view on the markets and suggest keeping a close watch on the global indices for cues."
Top losers and Gainers
10: 18 AM
ONGC was the top laggard in the Sensex pack, nosediving up to 11 per cent, followed by IndusInd Bank, RIL, PowerGrid, Tata Steel, L&T, SBI and Tech Mahindra. Sun Pharma was the sole gainer in the Sensex pack.
FII/ DII action on Friday
10: 17 AM
On a net basis, foreign institutional investors sold equities worth Rs 3,594.84 crore, while domestic institutional investors bought shares worth Rs 2,543.78 crore on Friday, data available with stock exchanges showed.
10: 15 AM
Equity benchmarks Sensex and Nifty plummeted over 3.5% each, within few trades of the opening session on Monday, led by major volatility in global markets amid sinking crude prices, adding to the heightened concerns over the rapidly-spreading coronavirus. Continuing its downward spiral, the 30-share index was plunged 1,515 points, or 4.03% to 36,061.61. The NSE Nifty 50-share index crossed the 52-week threshold of 10,637 cracking 417 points, or 3.80%, to trade at 10,572.40.
10: 07 AM
In the retail market, gold price for 24 karats in Delhi, gained ground on geopolitical tensions and spiked to a record Rs 45,150 per 10 gm on Monday.
Gold Futures on MCX rose Rs 40 points or 0.47% to Rs 44,197 per 10 gm. Earlier, the precious metal made a high of 44,772 per 10 gm, rising Rs 614 against the opening of 44,158 today.
10: 05 AM
Oil plunged over 20% on Monday after top exporter Saudi Arabia launched a price war, making deep price cuts following a failure by OPEC and its allies to strike a deal to support energy markets. The world's top oil exporter plans to raise its production significantly after the collapse of OPEC's supply cut agreement with Russia, a grab for market share reminiscent of a drive in 2014 that caused prices to slump by around two thirds.
Why oil prices are falling today
9: 55 AM
Saudi Arabia, Russia, and other major producers last battled for market share like this between 2014 and 2016 to try to squeeze out production from the United States, now the world's biggest oil producer as flows from shale oil fields doubled the country's output during the last decade. "Saudi Arabia and Russia are entering into an oil price war that is likely to be limited and tactical," Eurasia Group said in a note.
In the meanwhile, China's efforts to curtail the coronavirus outbreak has disrupted the world's second-largest economy and curtailed shipments to the largest oil importer.
9: 50 AM
Global shares are on course for the worst week since the 2008 crisis amid virus outbreak that has rattled global equity markets and caused the economic slowdown.
The virus outbreak has taken toll policymakers worldwide, spreading across geographies and businesses, with supply dislocations, travel restrictions broadening out market volatility further. It has caused around 3,800 deaths, with a number of infected cases rising to 110,041 today. Although, of this, 61,000 have been recovered worldwide. The number of coronavirus cases in India reached 41 on Monday.
9: 45 AM
Domestic equity indices that traded 1% lower at the pre-open session on Monday, extended losses, with Sensex and Nifty trading 3.5% lower and the 50-share index crossing the 52-week threshold of 10,637. Tracking weak global stocks following 25% drop in crude oil, Sensex traded 1,400 points to trade at 36,152, while Nifty plunged 390 points to close at 10,598.
Rupee hits 74/$ mark
9: 40 AM
Rupee opened at 74.05 per dollar as against the previous close at 73.78 per dollar. The local unit trades at lowest level since Oct 31, 2018.
Asian shares tumble
9: 35 AM
Asian shares sank on Monday as panicked investors fled to bonds to hedge the economic shock of the coronavirus, and oil plunged more than 20% after Saudi Arabia slashed its official selling price. Brent crude LCOc1 futures slid $9.62 to $35.65 a barrel in chaotic trade, while U.S. crude CLc1 shed $8.91 to $32.37.
Japan's Nikkei fell 4.7% and Australia's commodity-heavy market 5%. MSCI's broadest index of Asia-Pacific shares outside Japan lost 3.0% to a five-month low, while Shanghai blue chips dropped 2.1%.
The Dow Jones Industrial Average fell 969.58 points, or 3.58%, to 26,121.28, the S&P 500 lost 106.18 points, or 3.39%, to 3,023.94 and the Nasdaq Composite dropped 279.49 points, or 3.1%, to 8,738.60.
9: 20 AM
Benchmark indices Sensex and Nifty opened majorly on a negative note on Monday, trading inline with global equities as fear of coronavirus spread gripped investors. Extending losses for the second stright session, Sensex traded 1,150 points lower at 36,429 and Nifty50 traded 308 points lower at 10,681
Stocks to watch today on March 9
YES Bank, HPCL, PowerGrid, Meghmami Organics among others are the top stocks to watch out for in Monday's trading session
Oil drops 25%
Oil fell by the most since 1991 on Monday after Saudi Arabia started a price war with Russia by slashing its selling prices and pledging to unleash its pent-up supply onto a market reeling from falling demand because of the coronavirus outbreak. Brent crude futures fell by as much as $14.25, or 31.5%, to $31.02 a barrel
8: 45 PM
Yesterday, Sensex and Nifty closed majorly on Friday, trading inline with global equites as fear of coronavirus spread gripped investors. After a volatile tradins session on Friday, Sensex sank 893 points to end at 37,576, while Nifty plunged 289 points to close at 10,979.