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Share Market Update: Sensex ends over 535 points lower, Nifty at 9,154; Bajaj Finance, IndusInd Bank top losers

Sensex, Nifty Live News Today: Traders said overseas markets were under pressure today after the first full trial of potential Corona virus vaccine of antiviral medication Remdesivir failed to show any effects.

twitter-logoBusinessToday.In | April 24, 2020 | Updated 15:49 IST
Share Market Update: Sensex ends over 535 points lower, Nifty at 9,154; Bajaj Finance, IndusInd Bank top losers
Here's a look at the updates of the market action on BSE and NSE today

Sensex, Nifty Updates: Benchmarks Sensex and Nifty closed bearish on Friday, in line with global peers that fell into red territory after reports that raised doubts over the treatment for coronavirus. BSE 30-share barometer Sensex ended 535 points or 1.68% lower at 31,327 and NSE 50-share index Nifty closed 159 points or 1.71% lower at 9,154.

Markets globally were trading in the negative on Friday after reports the first full trial of potential Corona virus vaccine of antiviral medication Remdesivir failed to show any effects. European indices also opened lower on Friday, with FTSE, CAC and DAX declining over 1% each, tracking weak global cues. Globally, there are currently 27.25 lakh confirmed cases and 1.91 lakh deaths from the coronavirus COVID-19 outbreak. Total number of coronavirus cases rises to 23,077 in India, including 718 deaths and 4,748 recoveries.

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

3.40 PM: Closing bell

Benchmarks Sensex and Nifty closed bearish on Friday, in line with global peers that fell into red territory after reports that raised doubts over the treatment for coronavirus. BSE 30-share barometer Sensex ended 535 points or 1.68% lower at 31,327 and NSE 50-share index Nifty closed 159 points or 1.71% lower at 9,154.

3.30 PM: Rupee to recover soon, say analysts

With world restarting economic activities after the coronavirus pandemic, weakened oil prices and eased U.S. dollar is likely to help local unit Indian Rupee recover from historic lows, as per market experts. 

 Upasna Bhardwaj, economist at Kotak Mahindra Bank told Reuters, "Global liquidity glut and prolonged lower global rates is expected to bring back risk-on sooner than the recovery in the real economy. I expect to see a recovery in the rupee in the next month or so."

Coronavirus: Rupee set to recover the fastest in Asia as oil prices weaken, dollar eases

3.20 PM: L&T share price climbs 3%

Larsen and Toubro share price gained 3.36% to an intraday high of Rs 868.9 on BSE after the company annoucned  its board has approved allotment of NCDs worth Rs 3,800 crore. 

3.10 PM: Indian Hotels share price rises over 2%

Indian Hotels share price rose 2.35% to an intraday high of Rs 80.55 after the company announced that its board has approved allotment of NCDs worth Rs 150 crore through private placement to Axis Bank.

3.00 PM: Reliance Communications share price locks 5% upper circuit

Reliance Communications share price was locked at 5% upper circuit today after the company annoucned that its Committee of Creditors plans to meet on April 24, 2020.

2.50 PM: HIL share price drops 2%

HIL share price fell nearly 2% to the day's lo of Rs 724 on BSE today after the company said it plans to consider starting manufacturing operations in four states, after receiving approval from authorities.

2.40 PM: Rupee ends at 76.46 per US dollar

Rupee the local currency slipped 40 paise to settle at 76.46 against US dollar.

2.30 PM: Monte Carlo Fashions share price gains over 8%

Monte Carlo Fashions share price touched an intraday high of Rs 170.95, rising 8.16% on BSE today after the company said it has resumed partial operations at its Ludhiana plant.

2.20 PM: Sunteck Realty shares fall 3.5%

Sunteck Realty share price fell to an intraday low of Rs 184, down 3.51% on BSE after the company announced that CARE Ratings has revised outlook for its' long-term banking facilities worth Rs 1,049 crore from stable to 'negative'.

2.10 PM: L&T Finance Holdings (LTFH)share price

L&T Finance Holdings (LTFH) share price fell 6.21% today after the company said the company board plans to meet to consider raising caital up to Rs 20 billion through debentures.

Following the update, L&T Finance Holdings (LTFH) share price opened with a loss of 4.76% and later touched an intraday low of Rs 58.1, falling 6.21% on BSE today.

2.00 PM: Axis Bank share price drops 4.5%

Axis Bank share price fell in trade today after the lender said it will consider raising funds via debt on April 28.

Axis Bank share price opened with a loss of 2.62% and later touched an intraday low of Rs 410, falling 4.58% on BSE today.

1.50 PM Market falls further

Benchmarks Sensex and Nifty lower by Friday's afternoon session, in line with the general weak global trend. BSE 30-share barometer Sensex fell 300 points lower at 31,567 and NSE 50-share index Nifty dropped 86 points to 9,227. Markets globally were trading in the negative on Thursday after reports that raised doubts over the treatment for coronavirus. The first full trial of potential Corona virus vaccine of antiviral medication Remdesivir failed to show any effects. European indices also opened lower on Friday, with FTSE, CAC and DAX declining over 1% each, tracking weak global cues.

1.40 PM: Mahindra & Mahindra share price

Mahindra & Mahindra share price fell in the early trade today gained after the company has received board's approval to to issue Non-convertible Debentures (NCDs) aggregating Rs 1,000 crore.

Following the update, shaes of M&M fell 3.61% to the intraday low of Rs 335 on BSE.

Mahindra & Mahindra to raise another Rs 1,000 crore via bonds

1.30 PM: European markets open 1% lower

European indices opened lower on Friday, with FTSE, CAC and DAX declining over 1% each, tracking weak global cues.

1.20 PM: Goa Carbon share price climbs 5%

Goa Carbon share price touched an intraday high of Rs 242.85, rising 4.99% on BSE today after the company annuonced that it has resumed operations at Paradeep Unit resumed operations at its Paradeep Unit in Odisha, after taking necessary health and safety measures given the ongoing COVID-19 crisis.

Although later the stock traded in a wide range of Rs 23.1 and fell 5% to the dday's low of Rs 219.75.

1.10 PM: Ashok Leyland share price drops 3%

Ashok Leyland share price fell in trade after the company said it has acrquired and increased equity stake in Hinduja Leyland Finance Limited to 68.81%.

Ashok Leyland acquired 157 lakh shares of Rs 10 each, constituting 3.36% of the paid-up equity share capital of Hinduja Leyland Finance Limited, as per the filing.

Following the update, Ashok Leyland share price fell 3% to the day's low of Rs 45.3 on BSE.

1.00 PM: Market sees recovery

Benchmarks Sensex and Nifty erased earlier losses to trade flat with neagtive bias, bucking the general weak global trend. BSE 30-share barometer Sensex fell 80 points lower at 31,783 and NSE 50-share index Nifty dropped 44 points to 9,269.

Market sentiments were bouyed on reports that Prime Minister Narendra Modi will meet Finance Minister Nirmala Sitharaman today to decide the second stimulus package.

Traders said overseas markets were under pressure today after the first full trial of potential Corona virus vaccine of antiviral medication Remdesivir failed to show any effects

12.50 PM PM-FM Meet

As the lockdown continues to hit the economy, Prime Minister Narendra Modi will meet the Finance Minister Nirmala Sitharaman today to discuss the financial package that was announced earlier. Although according to latest reports, the meeting has been postponed to Monday, April 27.

PM Modi to meet Nirmala Sitharaman today; second coronavirus relief package on cards

12.40 PM: Negative global cues

Markets globally were trading in the negative on Thursday after reports that raised doubts over the treatment for coronavirus. The first full trial of potential Corona virus vaccine of antiviral medication Remdesivir failed to show any effects.

US markets gained initially but closed flat after reports suggested that Gilead's drug Remdesivir may not effective against coronavirus.

European markets closed higher as earnings and oil price remained in focus. Euro zone business activity fell to record lows in April which capped gains.

12.30 PM: Shilpa Medicare share price rises 2%

Shilpa Medicare share price rose over 2% in early trade today afetr teh company said it has launched first branded generic anticancer drug - Dasatinib with all dosage strength under brand name 'Dasashil'.

12.15PM: Granules India share price climbs over 5%

Granules India share price rose 5.70% higher to Rs 169.8 on BSE today after the firm announced approval for rospium Chloride ER Capsules, 60 mg. Granules India share price is trading higher than 5, 20, 50, 100 and 200-day moving averages

12.00 PM: Alembic Pharmaceuticals share price climbs 15% post Q4 earnings

Alembic Pharmaceuticals share price touched an intraday high of Rs 807.6, rising 15.61% on BSE after the drug firm Alembic Pharmaceuticals reported a 81% rise in its consolidated profit of Rs 298 cr in Q4 FY20 as against Rs 139 cr in Q4 FY19. Company's revenue during the quarter under review rose 30% YoY to Rs 1,207 crore as compared to Rs 927 crore in the same quarter last year.

Alembic Pharmaceuticals share hits all-time high on 81% rise in Q4 net profit

11.50 AM: Schaeffler India share price rises over 3%

Schaeffler India share price touched an intraday high of Rs 3500, rising 3.14% on BSE today. The company announced that it has resumed operations at its Savli plant.

11.40 AM: FII/ DII action on Thursday

FIIs were net sellers in the capital market, as they offloaded equity shares worth Rs 114.58 cr, while DIIs bought Rs 338.27 cr on Thursday.

11.30 AM: Most sectors in red

Sector-wise, Financial index was falling 3.2%, followed by 2.8% fall in banking sectors, and over 2% fall in IT, media and realty indices. On the contrary, Pharma was rising 1%, followed by marginal gains in metal and energy sectors.

11. 20 AM: Market Update

Benchmarks Sensex and Nifty traded on a bearish note on Friday, tracking losses in overseas equities, amid heavy selling pressure in banking and IT stocks. BSE 30-share barometer Sensex fell 512 points lower at 31,350 and NSE 50-share index Nifty dropped 150 points to 9,165. Traders said overseas markets were under pressure today after the first full trial of potential Corona virus vaccine of antiviral medication Remdesivir failed to show any effects. Indian markets, in sync with global benchmarks, traded in red as sentiments were weak on growing evidence of large-scale economic downturn from the coronavirus pandemic. In the meanwhile, Fitch Ratings has made large cuts to global GDP forecasts and slashed India's economic growth projection to 0.8% in the current 2020-21 fiscal.

Bajaj Finance, ICICI Bank, IndusInd Bank, Axis Bank, HDFC twins, SBI, Infosys and TCS were among the top laggards in the Sensex pack. On the contrary, Hero MotoCorp, Sun Pharma, L&T, ONGC and HCL Tech were among the top performers on BSE today. Sector-wise, Financial index was falling 3.2%, followed by 2.8% fall in banking sectors, and over 2% fall in IT, media and realty indices. On the contrary, Pharma was rising 1%, followed by marginal gains in metal and energy sectors.

11.10 AM: Fitch Ratings cuts India GDp forecast to 0.8%

Fitch Ratings has made large cuts to global GDP forecasts and slashed India's economic growth projection to 0.8% in the current 2020-21 fiscal. Fitch said this was on back of an unparalleled coronavirus-led global recession, on back of complete lockdowns of borders as well as trade. The rating firm also noted that this be twice as severe as the 2009 recession.

11.00 AM: Britannia stock price rises over 3% post dividend declaration

Britannia Industries share price was among the top gainers on Nifty today after the firm announced interim dividend of Rs 35 per share for the financial year 2019-20, ahead of its March quarter earnings announcement.

Shares of Britannia rose up to 3.23% to the intraday high of Rs 3,043 compared to the previous close of Rs 2,948 on BSE.

Britannia stock is trading higher than its 5, 20, 50, 100 and 200-day moving averages. While Sensex fell 495 points to 31,367, Nifty dropped 150 points to 9,165.

Britannia Industries stock has lost 1.04% since the beginning of this year and risen 0.66% during the last one year. The stock has gained 26.81% during the last one month.

Why Britannia Industries share price is rising in a falling market

10.50 AM: Rupee opens lower

Amid weakness in domestic equity markets, Indian rupee, the local currency unit opene weak at 76.29 per dollar, falling 22 paise lower as agaisnt the previous closing of 76.07 per US dollar.

Rupee vs Dollar: Rupee falls 25 paise to 76.31 amid strengthening of US Currency

10.40 AM: Top losers and gainers

Bajaj Finance, ICICI Bank, IndusInd Bank, Axis Bank, HDFC twins, SBI, Infosys and TCS were among the top laggards in the Sensex pack. On the contrary, Hero MotoCorp, Sun Pharma, L&T, ONGC and HCL Tech were among the top performers on BSE today.

10.35 AM: Brent Crude

Brent crude futures, the global oil benchmark was trading 5.9% higher at USD 22.59 per barrel.

10.30 AM: Mahindra CIE share price drops almost 5% post Q4 earnings

Share price of Auto components maker Mahindra CIE fell nearly 5% to the intraday loss of Rs 776.65 on BSE after the company reported 86.47% decline in its consolidated profit after tax of Rs 20.79 crore in the first quarter ended March 31, 2020 as against Rs 153.72 crore in the corresponding quarter of previous fiscal.

10.20 AM: NHPC share price climbs 2%

Share price of NHPC climbed 2% to the intraday high of Rs 21.20 on BSE after the state-run hydro power firm announced tit has raised Rs 750 crore through issuance of bonds on private placement basis.

10.10 AM: SBI Cards share price climbs 6%

SBI Cards and Payment Services yesterday reported outstanding borrowings worth Rs 17,362.86 crore at the end of March, 2020. Following the update, shares of SBI Cards touched an intraday high of Rs 595.95, rising 6.46% on BSE.

10.00 AM: Mindtree top gainer on Nifty

Mindtree shares touched an intraday high of Rs 782.6, rising 2.31% on BSE, as the company is scheduled to publish its March quarterly results today

9.45AM: SEBI relaxes cap raising norms

The Securities and Exchange Board of India (SEBI) on Thursday temporarily relaxed a restriction which barred companies from raising further capital from the securities market for a period of one year from the buyback period expiry amid coronavirus crisis.

The SEBI has now revised the period to six months and the relaxation will be applicable up to December 31, 2020.

Coronavirus impact: SEBI reduces restriction period to raise funds after buyback to 6 months

9.35 AM: Bharti Infratel rises 4% post Q4 results, top gainer on Nifty

Bharti Infratel share price rose in ear;y trade on Friday after the company reported a 32% yoy jump in its consolidated net profit at Rs 3,299 crore for the financial year ended March 31, 2020 as against Rs 2,494 crore in the financial year 2018-19.

Bharti Infratel's consolidated revenue was marginally up at Rs 14,647 crore in FY20 as compared to Rs 14,582 in FY19.

Shares of Bharti Infratel rose 4% intraday to the day's high of Rs 172.80 as against the closing value of Rs 166.15 on BSE.

Bharti Infratel FY20 net profit surges 32% to Rs 3,299 crore, extends merger deadline with Indus Towers

9.25 AM: Coronavirus toll

Globally, there are currently 27.25 lakh confirmed cases and 1.91 lakh deaths from the coronavirus COVID-19 outbreak.  Total number of coronavirus cases rises to 23,077 in India, including 718 deaths and 4,748 recoveries.

India recorded its sharpest spike in cases with 1,684 cases and 37 deaths in 24 hours.

Coronavirus India live updates: Total COVID-19 cases in the country jump to 23,077; death toll at 718

9.15 AM: Opening bell

Benchmarks Sensex and Nifty opened on a bearish note on Friday, tracking trend from weak global cues. BSE 30-share barometer Sensex fell 430 points lower at 31,426 and NSE 50-share index Nifty dropped 150 points to 9,165.

Indian markets, in sync with global benchmarks, turned negative amid concerns over the rising number of COVID-19 cases in the country and the economic fallout of the nationwide lockdown.

9.10 AM: Stocks to watch today on April 20

Bharti Infratel, Mindtree, Hathway Cables, Britannia, NDTV among others are the top stocks to watch out for in Friday's trading session. Mindtree will be announcing March quarter earnings today.

Stocks in news: Bharti Infratel, Mindtree, Hathway Cables, Britannia, Mahindra & Mahindra and more

9.00 AM: Pre-open session

Benchmarks Sensex and Nifty pre-opened on a bearish note on Friday, tracking trend from weak global cues. BSE 30-share barometer Sensex fell 400 points lower at 31,464 and NSE 50-share index Nifty dropped 128 points to 9,185. SGX Nifty traded 100 points lower at 9,212 level, indicating a bearish start in domestic grounds today.

8. 50 AM Rupee closing on Thursday

Rupee, the local unit, closed at 76.07 per dollar as against last close of 76.67 per US dollar on Thursday.

8. 40 AM: Global cues

Asian indices traded in red territory, following trend from US markets that closed marginally lower yesterday.In Asia, SGX Nifty, Nikkei, Strait Times fell the most, while Taiwan traded in green.SGX Nifty traded 100 points lower at 9,212 level, indicating a bearish start in domestic grounds today.

Bucking the general bullish trend, European markets closed in green yesterday.

8. 30 AM: Closing bell

On Thursday, benchmarks Sensex and Nifty closed on a bullish note, amid positive cues from most Asian and European counterparts. BSE 30-share barometer Sensex closed 483 points higher at 31,863 and NSE 50-share index Nifty ended 126 points higher at 9,313.

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