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Share Market Update: Sensex ends 62 points higher, Nifty at 10,448; YES Bank, RIL top gainers

Share Market LIVE: In terms of sector, gains in Financials, FMCG, media and private banks were capped by losses in PSU Bank, metal , IT and pharma scips

twitter-logo BusinessToday.In        Last Updated: March 12, 2020  | 09:38 IST
Share Market Update: Sensex ends 62 points higher, Nifty at 10,448; YES Bank, RIL top gainers
Here's a look at the updates of the market action on BSE and NSE today

Share Market LIVE: After a volatile trading session, domestic benchmarks Sensex and Nifty erased early gains and closed muted with flat-to-positive bias on Wednesday 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.

US stocks rallied back from the worst rout since the financial crisis on hopes of US economic stimulus efforts as the coronavirus continued to spread rapidly. Although, Wall Street's firm rebound failed to resonate in the Asia-Pacific region with most bourses in the red. In the meanwhile, Rupee opened higher by 27 paise at 73.81 per dollar after slipping past 74-level against the US dollar to settle at 74.08, down 29 paise on Monday.

Market remained closed on Tuesday on account of Holi. On Monday, domestic benchmarks dropped over 6%, recording biggest single-day fall in its history (in absolute terms) amid rising cases of coronavirus and 31% drop in crude oil prices. Continuing its downward spiral, Sensex hit a new 52-week low of 35,109.18. NSE Nifty too fell to a fresh one year low of 10,327.05 on Monday's trade.The coronavirus outbreak has hit policymakers worldwide, causing around 4,284 deaths, with the number of infected cases rising to 119,108 today. Of this, 65,765 have been recovered globally. The number of coronavirus cases in India rose 56 on Monday, which has further weakened sentiment at home.

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

Closing Bell

3: 40 PM

After a volatile trading session, domestic benchmarks Sensex and Nifty erased early gains and closed muted with flat-to-positive bias on Wednesday 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.

Coronavirus update

2:55 PM

Bank of England Governor Mark Carney said that coronavirus will cause 'an economic shock that could prove large and sharp, but should be temporary'

Jet Airways declined over 4%

2: 45 PM

Jet Airways share price locked at 5% lower circuit after the company informed BSE that no bids were received in the third round of Expresssion Of Interest in a the creditors meeting on March 12, 2020.

Grant Thornton's CEO, Vishesh C Chandiok, has tweeted that it is probably "near the end of the road" for the debt-strapped Jet Airways.

The cash-crunched airline temporarily shut operations on 17 April, 2019 and was dragged by consortium of lenders to the insolvency court on June 20, 2019.

Lakshmi Vilas Bank shares climb 4.7%

2: 30 PM

Shares of Lakshmi Vilas Bank rose 4.74% in Wednesday's session on reports that Uday Kotak-led Kotak Mahindra Bank was keen on acquiring a majority stake in the fund-starved lender. The Chennai-based lender has been in talks with other strategic investors and private equity suitors for a majority stake sale. The bank has reportedly submitted a proposal for Lakshmi Vilas Bank to the RBI for the same, according to reports.

Crude Today

1: 35 PM

Crude has erased morning gains to trade 0.68 points or 1.83% lower at 36.54 per barrel on Wednesday.

Coronavirus update

1: 15 PM

The reported number of infected cases from coronavirus in India has risen to 56 on Wednesday.

Market recovers from losses

12: 30 PM

In a volatile trading session, Sensex and Nifty turned positive by Wednesday's afternoon session, amid heavy buying in media, private banks and financial scrips. BSE 30-share index Sensex rose 245 points to trade at 35,879 and NSE 50-share index Nifty traded 48 points higher at 10,500.

SBI Cards IPO allotment today

12: 20 PM

The finalization of basis of allotment of Initial Public Offering of the SBI Cards and Payment Services will be done on March 11, 2020. Investors can check the subscription status of the offer on the online portal of Link Intime India.

As per IPO's tentative dates, the electronic credit of allotted shares to successful applicants to their Demat accounts will be done by March 13, 2020. The initiation of refunds for investors who didn't receive allotment will be done on March 12, 2020.

One of the biggest awaited IPO of 2020, whose subscription was open for four days between March 2 and 5, was subscribed 26.54 times by its last day of the bidding process. The shares of SBI Cards and Payments will be listed on March 16, 2020.

Sectors today

11: 30 AM

Negative trend was observed across sector indices during the day, where metals, pharma, and IT indices emerged as top losers with the decrease of 1 to 1.9%, respectively. However rest of the sector indices has reported loss in range of 0.50% to 0.70%.

YES Bank shares up 35%

11: 25 AM

YES Bank share price rose for the second consecutive session today after the private lender's newly appointed administrator Prashant Kumar assured depositors that their money was safe and the Rs 50,000 limit on withdrawals could be lifted by Saturday. Share price of YES Bank gained up to 35.25%  to Rs 28.75 compared to the previous close of Rs 21.25 on BSE. It was the top gainer on Nifty.

YES Bank share price rises 35%, top gainer for second consecutive session

Rupee up 33 paise to 73.84

11:00 AM

The Indian rupee recovered 33 paise to 73.84 against US dollar in early trade on Wednesday amid positive opening in domestic equities and weakening of the American dollar in the overseas market.

Rupee vs Dollar: Rupee rises 33 paise to 73.84 amid weakened US dollar

Nifty outlook

10: 45 AM

As per Reliance Reserach on Nifty's outlook for the day, the index support is placed at around 10,300 and then at 10,100 levels, while resistance is observed at 10,650 and then at 10,780 levels.

Market Update

10: 35 AM

Domestic benchmarks turned red, tracking mixed cues from overseas trend, amid heavy selling pressure in IT scrips, metal and pharma stocks. BSE 30-share index Sensex fell 85 points lower to trade at 35,548 and NSE 50-share index Nifty traded 40 points lower at 10,397.

Global Update

10: 30 AM

Global stocks too gave mixed signals with bourses in Shanghai and Hong Kong trading on a positive note, while those in Seoul and Tokyo dropping over 1%.

Market Update

10: 20 AM

According to traders, domestic market rebounded from Monday's lows, but turned increasingly volatile as no respite from the rapid spread of coronavirus seems in sight. The coronavirus outbreak has hit policymakers worldwide, causing around 4,284 deaths, with the number of infected cases rising to 119,108 today. Of this, 65,765 have been recovered globally. The number of coronavirus cases in India rose 50 on Monday, which has further weakened sentiment at home.

YES Bank top gainer

10: 15 AM

Shares of YES Bank gained 30% to Rs 26 apiece on Wednesday after State Bank of India (SBI) Chairman Rajnish Kumar reportedly said the moratorium on the lender could be lifted within a week.

RBI digs into Yes Bank's past

RIL among top gainers on NSE

10: 15 AM

Reliance Industries gained 5% on Wednesday to Rs 1,158.75, being one of the top index heavyweights that helped Sensex and Nifty gain in early trade after the Kotak Institutional Equities in its report maintained a buy with target for the stock at Rs 1850 per share. Reliance Industries stock price recovers 50% of losses seen on Monday.

Top gainers and losers

10: 10 AM

Top gainers in the Sensex pack included Reliance Industries, Bharti Airtel, Hero MotoCorp, ICICI Bank and PowerGrid.

On the other hand, ITC, Tata Steel, Tech Mahindra, Infosys and UltraTech Cement were among the laggards.

FII/ DII action on Monday

10: 00 AM

On a net basis, foreign institutional investors (FPIs) sold equities worth Rs 6,595.56 crore, while domestic institutional investors bought shares worth Rs 4,974.80 crore on Monday, data available with stock exchanges showed.

Market Update

9: 50 AM

Benchmarks turned volatile amid mixed cues from overseas and erased early gains. Sensex traded 45 points higher at 35,677, and Nifty turned 2 points lower at 10,443.

Global Markets

9: 45 AM

Global markets traded mixed, tracking US stocks that rallied back from the worst rout since the financial crisis on expectations the Trump administration will implement stimulus measures to counter the economic impact from the coronavirus. The Dow Jones Industrial Average rose 4.89%,  the S&P 500 gained 4.94% and the Nasdaq Composite added 4.95%.

Although, Wall Street's firm rebound failed to resonate in the Asia-Pacific region with most bourses in the red. MSCI's broadest index of Asia-Pacific shares outside Japan down 0.04%. Australian shares were down 1.31%. Japan's Nikkei index erased early losses to rise 0.24%. Only Hong Kong's Hang Seng and China's Shanghai Composite index traded marginally in green.

SGX Nifty on Singaporean Exchange traded down 1.08% or 113.50 points at 10,400.50. US Futures (Dow Jones) traded at 24455, down 394 points or 1.59%.

Crude today

9: 40 AM

Brent Crude trades up 3.76% at $38.62 per barrel today.

Rupee today

9: 30 AM

In the meanwhile, Rupee opened higher by 27 paise at 73.81 per dollar after slipping past 74-level against the US dollar to settle at 74.08, down 29 paise on Monday.

Opening Bell

9: 20 AM

Domestic benchmarks Sensex and Nifty followed the overseas trend and traded on a positive note on Wednesday. Sensex traded 165 points higher at 35,799, and Nifty traded 117 points lower at 10,334.

Stocks to watch today on March 11

9: 00 AM

Asian Paints, Cadila, Lupin, City Union Bank among others are the top stocks to watch out for in Wednesday's trading session.

Stocks in news: Asian Paints, Cadila, Lupin, City Union Bank and more

Last Close

8: 45 AM

On Monday, domestic benchmarks followed the overseas trend and dropped over 6%, recording biggest single-day fall in its history (in absolute terms) amid rising cases of coronavirus and 31% drop in crude oil prices. The 30-share Sensex ended 1,941 points lower at 35,634 and the 50-share index Nifty fell 538 points to 10,451. Continuing its downward spiral, Sensex hit a new 52-week low of 35,109.18. NSE Nifty too fell to a fresh one year low of 10,327.05.

Sensex, Nifty crash: 5 factors behind mayhem at Dalal Street

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