Share Market LIVE: After witnessing one of the worst single day fall in recent times, benchmark indices closed nearly 8% lower in Thursday's bearish trade. 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.Equities worldwide dropped drastically after the World Health Organization declared the new coronavirus a pandemic, heightening fears of a global economic recession. Domestic investors are also awaiting official numbers of Consumer Price Index (CPI) and Index of Industrial Production (IIP), to be released later in the day.
Where 30-share index BSE Sensex has hit a fresh 52-week low at 32,493.10, the 50-share index NSE Nifty has dropped to the intraday low of 9,508.00. Oil prices also extended losses, with crude benchmark trading at $32.14 per barrel, down 2.5%.
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.
Here's a look at the updates of the market action on BSE and NSE today:
3: 50 PM
After witnessing one of the worst single day fall in recent times, benchmark indices closed nealry 8% lower in Thursday's bearish trade. 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.
Expert opinion on Dalal Street crash today
3: 40 PM
Vinod Nair, Head of Research at Geojit Financial Services said,"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."
Key data to release post market hours
3: 24 PM
Domestic investors are also awaiting official numbers of Consumer Price Index (CPI) and Index of Industrial Production (IIP), to be released later in the day. As per Motilal Oswal, February Inflation (CPI) is expected to stand at 6.72% as compared to 7.59% the previous month.
Expert opinion on markets today
3: 13 PM
Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services said," Markets would continue to remain highly volatile and weak till the fast spread of coronavirus gets controlled. Overall trend of the market is under pressure and resistance are gradually shifting lower."
Expert Opinion on market crash
Speaking on today's market crash, Siddharth Mehta, Founder & CIO, Bay Capital said," The shock that coronavirus seems to have wrought on the world markets is unparalleled in recent history. The fact that it has gone on to effect mobility and social interaction has only amplified the sense of panic which is abundantly reflected in financial markets. As we grapple with index drops of 20%+, the 10 year treasury yield of 0.75% and stomach churning volatility some things are highly probable and some remain unknown."
Advising investors, he further added," 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."
Why markets declined further
Indian equity market followed trend from overseas and dropped further in Thursday session, after the European markets opened today. Within the opening session today, all the major index FTSE, CAC and DAX Index declined over 6% each.
India VIX hits lifetime high
3: 05 PM
India VIX has risen to its lifetime high today 39.54, rising 25.31% or 7.99 points, indicating highest vlatility ever faced by the euity market.
Sensex, Nifty decline 8.7% as European indices opens lower
2: 59 PM
Benchmark indices Sensex and Nifty crashed nearly 8.7% on Thursday, tracking global equities, following a weak trend from overseas as investors turned jittery over mounting fears of Covid-19 infections. Where 30-share index BSE Sensex has hit a fresh 52-week low at 32,493.10, the 50-share index NSE Nifty has droppedto the intraday low of 9,508.00.Equities worldwide dropped drastically after the World Health Organization declared the new coronavirus a pandemic, heightening fears of a global economic recession. Domestic investors are also awaiting official numbers of Consumer Price Index (CPI) and Index of Industrial Production (IIP), to be released later in the day.
Expert opinion on SBI Card grey market premium
2: 38 PM
S Ranganathan, Head of Research at LKP Securities said,"The grey market premium for the IPO of SBI CARDS has seen a sharp drop from 350 levels to 35 levels today which clearly points towards a muted listing in the range of Rs 800 to 850. We expect the stock to get listed in the above range also because of the refunds likely to be credited on the 13th which itself is an awesome amount".
Oil prices extend losses
2: 24 PM
Oil prices also extended losses, with crude benchmark trading at $32.14 per barrel, down 2.5%. The benchmark oil declined on Thursday after the United States banned travel from Europe following a World Health Organization declaration that the coronavirus outbreak is now a pandemic. Oil has droped around 50% from highs reached in January.
SBI Cards IPO allotment status
2: 12 PM
The SBI subsidiary has announced allotment status on the website of its registrar, Link Intime India. Some industry watchers say investors will likely get between 10-20 per cent premium on its listing. However, fears over coronavirus spread may shrink the premium even further. The coronavirus outbreak coupled with oil crisis has led to a major blow to the stock market, which is why investors are fearing of a tepid listing of SBI Cards.
Indices recover from 52-week lows
2: 08 PM
By the afternoon session of Thursday, indices recovered mildly from 52-week lows, with Sensex trading 2,200 points lower and Nifty is trading at 9,790 levels. Overall BSE 30-share Sensex has plummeted as much as 7.58% or 2,707 points and NSE 50-share Nifty index plunged as much as 810 points or 7.74%.
Spot gold up today
2: 04 PM
Overseas, Spot Gold futures edged up 0.1% at $1,636 per ounce but still stood well below Monday's high above $1,700.
Stocks that hit fresh highs today
2 :01 PM
In such a gloomy scenario, we look at some green spots in trading today. Apollo Finvest (India), Brady & Morris Engineering, Continental Chemicals, Hathway Bhawani Cabletel & Datacom, Integra Telecommunication & Software, Marsons Limited, Nalin Lease Finance, Ruchi Soya Industries, Suncare Traders, Starteck Finance are maong the top 10 stosks that hit their fresh highs in today's bearish trade.
Indices drop 20% in one month
1: 55 PM
Reeling under huge losses in the last one month, Sensex has lost over 20% or 8,337 points. Similarly, Nifty has declined 20% or 2,500 points during the period.
Ministry of Health confirms 73 infected cases in India
1: 20 PM
The Ministry of Health has confirmed the total number of cases to 73 in India. Kerala, Maharashtra and Uttar Pradesh have reported maximum cases across India. Of total 73 cases, 56 are Indian nationals, while 17 are foreigners. External Affairs Minister S Jaishankar told the Lok Sabha that there are about 6,000 Indian nationals in various provinces of Iran right now, including 1,100 pilgrims mainly from Ladakh, J&K and Maharashtra, nearly 300 students primarily from J&K.
Sector indices trade below one year lows
1: 17 PM
All the sectoral indices on NSE are trading below their respective 52-week lows today.
Stocks close to 52-week lows
Shares of Sun Pharmaceutical Industries, Cipla, Zee Entertainment Enterprises and HCL Technologies of the Nifty pack were trading close to their respective 52-week lows. In the meanwhile, Asian Paints stock price was trading close to its 52-week high.
Stocks that hit 52 week low on NSE Nifty
Stocks that hit 52-week lows on NSE Nifty included State Bank of India, Reliance Industries, Coal India, Housing Development Finance Corporation, Indian Oil, Tata Consultancy Services, Larsen & Toubro, UltraTech Cement, UPL Limited, Bajaj Auto, ITC, Wipro, Adani Ports and Special Economic Zone, Mahindra & Mahindra, Grasim Industries, GAIL, Tata Steel, Hero MotoCorp, JSW Steel, HDFC Bank, NTPC and Power Grid.
Nifty pack top losers
12: 58 PM
Yes Bank was trading as the top loser from the Nifty 50 basket of shares, falling 12.67%. Shares of Bharat Petroleum traded 12% lower, Vedanta, Axis Bank, Adani Ports dropped 9-10 % each while State Bank of India, Hero MotoCorp, ITC, Coal India were trading 8-9 % lower.
COVID-19 fears on global level
12: 35 PM
Markets globally were bleeding in red as traders turned jittery amid mounting fears of recession in major economies due to the coronavirus outbreak-led slowdown. COVID-19, that first originated in the Chinese city of Wuhan in December last year, has claimed over 4,200 lives and infected more than 117,330 people across 107 countries and territories.
Coronavirus fears dominate market sentiments
12: 28 PM
With coronavirus fears dominating market sentiments, Dalal Street has continued its selling streak, tumbling down over 7% following weak global cues. Sensex has slipped to a 24-month low at 33,305 today, while Nifty traded below 9,700 for the first time since September 2017.
Virus infected cases rises to 73
12: 23 PM
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.
Investors lose Rs 33 lakh crore in a month
11: 55 AM
Indian markets drastic drop in the recent days has led to investors losing Rs 33.26 lakh crore since February 12 this year. Sensex, which closed at 41,565 on February 12 this year fell to 33,249 today declining over 8,000 points in one month. Nifty which stood at 12,201 on February 12 has lost 2,433 points to 9,756 today.
Indices drop to day's low
Benchmark indices Sensex and Nifty crashed nearly 7% on Thursday. The 30-share BSE Sensex has fallen 2,707 points lower to 32,990.01, its day's low as against the perevious closing value of 35,697.40. Similarly, NSE Nifty, the 50-share index has declined 799 points to the intrday low of 9,648, compared oto the last closing of 10,448.Today's low are also the fresh 52-week lows hit by the equity indices.
US bans travel for 30 days
11: 20 AM
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.
Global markets in turmoil
11: 20 AM
Australia's benchmark dived 3.7% while South Korea's Kospi fell 2.7% to a four-year low.
All Sensex components in red
10: 38 AM
All Sensex components were trading in the red on Thursday. Axis Bank, ONGC and Tata Steel dropped 10% each, followed by with Tata Steel was the top loser, tanking up to 9%, followed by SBI, Titan, M&M that fell 8% and L&T, Reliance Industries down 7%.
Infections cases rise to 62 in India
10: 35 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 62 on Thursday.
Global markets deep in red
10: 32 AM
Asian equity markets, already deep in the red in reaction to the WHO announcement, fell further after Trump's address.
Tokyo dropped more than five percent, while Hong Kong, Sydney, Seoul, Wellington, Taipei, Jakarta and Manila all tanked more than four percent.
Stocks that hit 52-week lows/lower circuits
10: 30 AM
A total of 30 stokcs have hit upper circuit today, while 255 scrips are trading at their respective lower circuits.
While 7 stocks are trading at theier 52-week highs on Thursday's bearish trade, almost 773 stocks have declined to theier 52-week lows today.
Sensex and Nifty update
10: 22 AM
Sensex plummeted over 1,800 points and the broader Nifty gave up the 10,000 level in opening session on Thursday as worsening rout in world markets, after WHO declared coronavirus a pandemic, flared up fears of a global economic recession.
Rupee plunges 82 paise to 74.50
10: 20 AM
The rupee too opened lower by 61 paise at 74.25 per dollar versus previous close 73.64. It later plunged 82 paise to 74.50 against US dollar within few minutes of the morning session.
Why global markets are bearish today
10: 15 AM
Stocks worldwide rattled today following strong bearish trend from US indices after the World Health Organization declared the new coronavirus a pandemic. The World Health Organization said that with over 121,000 infections globally, the coronavirus that causes COVID-19 had become a pandemic. The specialised agency of the United Nations also expressed deep concern over the "alarming levels of inaction".
Market participants were further down, following a Reuters report that the White House had ordered top-level coronavirus meetings to be classified. Moreover, US President Donald Trump announced a 30-day ban on all travel from Europe to the United States over the coronavirus pandemic.
Goldman Sachs on Wednesday called time the S&P 500's 11-year bull run, the longest on record, is likely to end with a drop of 28%to 30% from the record highs set last month, amid the coronavirus outbreak and oil crash.
All sectors trade in red
10: 14 AM
In terms of sector, all indices traded majorly bearish, with media stocks dropping 8.5%, PSU bank 8.2%, metal and realty down 7.5%, auto down 6%. In the meanwhile, all the other indices were down 5% each.
India VIX up 30%
10: 11 AM
NSE VIX index, which reflects rising volatility in the market, zoomed 30% to 33.38. It closed 10% higher at 34.66.
Investors lose Rs 7 lakh cr within minutes of market opening bell
10: 10 AM
Investors in equity market have lost over Rs 7 lakh crore in market wealth within minutes of market opening trade on Thursday, as Sensex tanked 1,821 points to hit 33,876 against previous close of 35,697.
Market capitalisation on BSE fell to Rs 129.92 lakh crore comapred to the Wednesday's market cap of Rs 137.13 lakh crore.
Oil drops 6% to $31/bbl
10: 08 AM
As U.S. oil supplies increased for a seventh straight week, Oil prices plunged about 6% on Thursday.
West Texas Intermediate slipped 6.2 per cent to USD 31 a barrel while Brent crude was off 5.8 per cent at under USD 34 a barrel.
Coronavirus outbreak: Global update
10: 02 AM
The coronavirus outbreak has hit policymakers worldwide, 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 number of coronavirus cases in India has risen to 60 on Thursday, which has further weakened sentiment at home.
Drastic fall in Rupee today
9: 58 AM
Amid the drastic fall in equity markets, Rupee, the local currency opened majorly lower at 74 mark and traded 50 paise lower at 74.17 per US dollar.
Global markets trade majorly lower
9: 53 AM
Asian markets followed trend from Wall Street and fell harshly lower on Thursday. Equity markets of Nikkei, Hong Kong, South Korea Index slipped over 4% each.
US Futures (Dow Jones) traded at 22576, down 999 points or 4.24%.
US stocks were slammed Wednesday after the World Health Organization declared the new coronavirus a pandemic. The Dow Jones Industrial Average fell 5.86%, the S&P 500 4.89% and the Nasdaq Composite dropped 4.7%.
Coronavirus outbreak update
9: 50 AM
The coronavirus outbreak has hit policymakers worldwide, 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 number of coronavirus cases in India rose 60 on Thursday, which has further weakened sentiment at domestic grounds.
9: 46 AM
5 stocks hit their 52 week highs against 624 reaching 52-week lows on BSE. Market breadth was negative with 115 stocks trading higher compared to 1,412 falling on BSE.
Brent crude down 5%
9: 45 AM
Brent Crude traded at $33.98 per barrel, down 5.06%.
9: 43 AM
Today's trade is quite similar to Monday, when domestic benchmarks dropped over 6%, recording biggest single-day fall in its history (in absolute terms) amid 31% drop in crude oil prices.
52-week lows hit today on Sensex and Nifty
9: 43 AM
Continuing its downward spiral, Sensex hit a new 52-week low of 33,876.13. NSE Nifty too fell to a fresh one year low of 9,916 on Thursday's trade.
9: 42 AM
Banking (1546 points), consumer durables (1,268 points) and capital goods (789 points) stocks were the top losers on sectoral basis. All 19 BSE sectoral indices were trading in the red.
Top Sensex losers were Tata Steel (9.32%), ONGC (7.68%) and SBI (7.36%).
9: 15 AM
Benchmarks have opened majorly low on Thursday, tracking overseas trend. Where 30-share index BSE Sensex has fallen below 34,000 level, trading at a fresh 52-week low of 33,876.13, the 50-share index NSE Nifty has dropped to a 3 year low of 9,968.
Mid cap and small cap indices were trading 670 points and 674 points lower in early trade. Sensex lost 1,744 points to 33,935 with all components in the red, Nifty lost 519 points to 9,938.
Stocks to watch today on March 12
Biocon, Torrent Pharma, Cyient, Cadila, Canara Bank among others are the top stocks to watch out for in Thurdsday's trading session
FII/ DII Action
9: 00 AM
On a net basis, foreign portfolio investors (FPIs) sold shares worth a net of Rs 3,515 crore crore on Wednesday, and domestic institutional investors (DIIs) were net buyers to the tune of Rs 2,835 crore, provisional data available with BSE showed.
8: 50 AM
The number of coronavirus cases in India has risen to 60 on Thursday, which has further weakened sentiment at home.
8: 40 AMOn Wednesday, after a volatile trading session, domestic benchmarks Sensex and Nifty erased early gains and closed muted with flat-to-positive bias amid heavy buying in media, private banks and financial scrips. BSE 30-share index Sensex closed 62 points higher at 35,697 and NSE 50-share index Nifty ended 2.5 points lower at 10,448. In terms of sector, gains in Financials, FMCG, media and private banks were capped by losses in PSU Bank, metal , IT and pharma scips.