Sensex, Nifty LIVE: Market indices Sensex and Nifty dropped majorly by the last hour of trade and closed 2.5% lower on Tuesday, with European indices and US future indices reversing into red territory. Where Sensex tanked 660 points to 30,797, Nifty fell 161 points to trade at 9,035 mark. Where DOW Jones futures gave up all early gains and traded muted, within few minutes of the opening in European markets, FTSE100 fell 3.20%, CAC40 dropped 2.94% and DAX fell 1.18%.
Market indices erased earlier gains and trended bearish by Tuesday's afternoon session, tracking overseas equity markets that traded cautious as coronavirus infected cases continues to rise globally. On Tuesday, markets traded volatile as investors banked up on hopes of liquidity infusion given by apex lender RBI by late Monday (post market hours), although stayed pessimistic over rising cases of virus.
Overseas, trend has been strongly negative amid the heightened fears of COVID-19 cases. Policymakers worldwide have continued to ensure a globally coordinated response to the coronavirus pandemic by closing borders, banning travel and assuring liquidity infusion into the system, in a move to curb economic fallout from the virus. On Monday, market indices recorded the second biggest single-day fall and ended 8% lower. Where Sensex ended 2,713 points lower at 31,390, Nifty closed 756 points lower at 9,199.
Besides the outbreak in China, the Covid-19 infection cases have risen drastically outside China, hurting major economies and disrupting supply chains. There are currently 182,605 confirmed cases and 7,171 deaths from the coronavirus outbreak as of March 17, 2020. Of this, 79,881 have been recovered globally. The number of infected cases in India has increased to 129. The death toll from coronavirus in India has risen to 3 on Tuesday.
Here's a look at the updates of the market action on BSE and NSE today:
Market at close
3: 40 PM
Extending freefall from yesterday's session, market indices closed 2.5% lower on Tuesday, due to major sell off in global equities. Where Sensex ended 810 points lower to 30,579, Nifty closed 229 points to trade at 8,968 mark.
Mongan Stanley on IT stocks
TCS target price cut to Rs 1925 from Rs 2100
INFOSYS target price cut to Rs 750 from Rs 900
HCL Tech target price cut to Rs 525 from Rs 640
Wipro target price cut to Rs 195 from Rs 240
Tech Mah target price cut to Rs 755 from Rs 865
Mongan Stanley on IT sector
3: 30 PM
The reserach firm suggested that global growth moving lower & dislocations in some verticals due to the virus would be the are key risks
to the sector. Although IT vendors have alluded to small impact on biz so far, as they have realized these are unprecedented times, the frem added.
It added," We downgrade our Industry view to 'In-Line' & lower growth estimate for large-caps".
Indices at day low as world indices turn red
3: 15 PM
Market indices Sensex and Nifty dropped majorly by the last hour of trade with European indices and US future indices reversing in red territory. Where Sensex tanked 660 points to 30,797, Nifty fell 161 points to trade at 9,035 mark. Where DOW Jones futures gave up all early gains and traded muted, within few minutes of the opening in European markets, FTSE100 fell 3.20%, CAC40 dropped 2.94% and DAX fell 1.18%.
Earlier, market indices erased earlier gains and trended bearish by Tuesday's session, tracking overseas equity markets that traded cautious as coronavirus infected cases continues to rise globally.
Indices tank 1.7% each last hour
3: 05 PM
Market indices Sensex and Nifty dropped majorly by the last hour of trade with European indices and US future indices opening in red territory. Where Sensex tanked 660 points to 30,797, Nifty fell 161 points to trade at 9,035 mark.
Crisil says several sectors to get impacted
2: 55 PM
Crisil in its report on March 13,2020 said,"Clampdowns are increasing both within and outside India, which would curtail consumer mobility and lead to deferral of spending. While we expect most sectors to be impacted, this credit alert focuses on those at the front and centre of the pandemic-driven disruption.
We foresee business reducing for airlines, hotels, malls, multiplexes and restaurants, said CRISIL and added that demand for some products such as eggs and poultry could also be impacted. In the services sector, the firm sas that information technology would be affected because of physical restrictions.
More importantly, near-term liquidity is critical to ensuring confidence in timely debt servicing as businesses adjust to the fast-changing operating environment.
Says Subodh Rai, Senior Director, CRISIL Ratings said "Lower business volumes and occupancies, and sub-optimal efficiencies will impact the profitability of companies. While some affected companies may initiate cost-curtailment measures, these may not be enough given high fixed costs. That could impair the credit profiles."
Morgan Stanley On Financials
2: 50 PM
As per the research firm, large private banks remain better placed, given market share gains, alrhough the near-term volatility could be high. Sharp fall implies attractive risk reward. Thus, MS prefers ICICI Bank & HDFC Bank.
Morgan Stanley updates on Gas companies
2: 45 PM
As per the Morgan Stanley, cheap crude oil prices will hurt industrial gas demand & slow oil-to-gas transition temporarily in the price sensitive Indian market. Besides this, COVID-19 adds to challenges, the firm suested. While temporary, leads EPS cuts are expected in F21
As per the company, investors can prefer PLNG, with a taret price of Rs 304. Further the firm downgraded Gujtrat Gas to 'Underweight', and cut its taget price to Rs 210 as compared to Rs 301 given earlier.
Market turns red
2: 35 PM
Market erased earlier gains and trended bearish by Tuesday's session, tracking overseas equity markets that traded cautious as coronavirus infected cases continues to rise globally. On Tuesday, markets traded volatile as investors banked up on hopes of liquidity infusion given by apex lender RBI by late Monday (post market hours), although stayed pessimistic over rising cases of virus.
Nomura On GAIL
-Nomura has maintaine 'Buy' on the stock, with a target price cut to Rs 140 as compared to Rs 190 per equit share earlier.
-Low commodity prices are likely to impact petchem, LHC and marketing segments
-Worst seems priced in; brokerage firm assumes 8% cut in tariff due to lower tax rate
The research firm has cut earnings targget by 3% for FY20 & by 33% For FY21/22
YES Bank was the top gainer, followed by Tata Steel, Sun Pharma, HUL, ONGC and Reliance Industries, while HDFC twins, ICICI Bank, Kotak Bank and Titan were the top laggards.
RBI announcement after maket hours on Monday enthused investors
1: 55 PM
After market hours on Monday, the Reserve Bank hinted at a rate cut but stopped short of a decision, belying market expectations at a hurriedly called presser even as it announced some liquidity enhancing measures to contain the economic fallout from the coronavirus.
But Governor Shaktikanta Das was quick to assure that the Reserve Bank has "enough policy tools and stands ready to take any measures" needed to help the economy tide over the impact of the coronavirus pandemic.
In two liquidity enhancing measures, Das announced another round of USD 2 billion dollar-rupee swap on March 23, and in another measure he said the RBI will continue to conduct the long-term repo operations (LTROs) of up to Rs 1 lakh crore as and when the market needs it.
Global Market Scenario
1: 45 PM
Elsewhere in Asia, bourses in Shanghai, Hong Kong and Japan were trading on a positive note, while those in Seoul were in the red.
In overnight trade, Wall Street indices collapsed in their worst day since 1987, with the S&P 500 and Nasdaq dropping about 12 per cent and the Dow sinking nearly 13 per cent on new coronavirus (Covid-19) scare.
1: 45 PM
As per market experts, domestic benchmarks reversed trend and rose higher on Tuesday amid value-buying in recently-hammered stocks even as investors fretted over an impending economic global recession led by Covid-19 pandemic.
1: 25 PM
In the previous session, the Sensex logged its second-biggest drop in absolute terms, plunging 2,713.41 points or 7.96 per cent to finish at 31,390.07. Likewise, the Nifty slumped 757.80 points or 7.61 per cent to end at 9,197.40.
Gold falls to Rs 39,190mlevel on MCX today
Gold prices on MCX declined almost 1% on Tuesday, tracking spot gold prices from overseas, as domestic markets recovered from cautious stance amid coronavirus fears.
On MCX, gold futures for April month fell to Rs 39,197 per 10 kg, down Rs 378 or 0.96% from it previous close of Rs 39,518 per 10 kg.
The appreciation in rupee also led to the fall in retail gold prices. Retail gold in Delhi traded has fallen from the recent peak of Rs 45,500, hit in the last week to Rs 42,200 per 10g for 24k gold (99.9%) today.
Oil price today
12: 40 PM
Brent crude futures, the global oil benchmark, rose 1.90 per cent to USD 30.62 per barrel, after falling over 8% elow thw #=$30 mark in yesterday's session.
YES Bank rises to Rs 74 per share
On Mood's positive outlook, YES Bank shares haven risen nearly 73% to Rs 74 in today's volatile trade.
Moody's has also changed the rating outlook to positive to reflect its expectation that bank's financial fundamentals can improve due to the extraordinary support provided by the government and SBI.
Moody's has also changed outlook for the bank after the lender said that it would resume full banking operations from 6:00 pm on March 18. YES Bank customers will be able to access all banking services from March 19 onward.
FII/DII action on Monday
Foreign institutional investors (FIIs) remained net sellers in the capital market, as they sold equity shares worth Rs 3,809.93 crore on Monday, according to provisional exchange data.
SBI Cards at Rs 724
Share price of SBI Cards, that listed at 13% discount yesterday, is yet to touch its issue price. After Monday's weak listing, where the credit card arm of SBI fell amid Sensex crashing over 2,500 points, the shares rose up to 6.08% to Rs 724.80 compared to the previous close of Rs 683.20 on BSE.
Sectors turn red
11: 50 AM
In terms of sectors, gains in PSU banking, pharma, metal and FMCG were capped by losses in media, IT, bank and financials.
Market turns volatile, indices erase gains
11: 45 AM
Indices erased early gains although traded marginally positive with high buying pressure in pharma and metal scrips, in contrast with the bearish overseas trend. Where 30-share BSE Sensex rose 40 points higher to trade at 31,429, NSE 50-sare index Nifty50 climbed 25 ponts to 9,222.
11: 35 AM
The death toll from coronavirus in India has risen to 3, with overall 129 infected casses all around the country.
Why market turned positie today
11: 30 AM
As per market experts, investor sentiments turned optimistic as they awaited the hinted rate cut by the Reserve Bank at the next Monetary Policy Committee (MPC) meet on April 3.
Further, RBI announced more liquidity enhancing measures, leading to a positive comeback in rupee. The apex lender announced another round of USD 2 billion dollar-rupee swap on March 23 and up to Rs 1 lakh crore of long-term repo operations as and when required.
Rupee banks on RBI's liquidity assurance
At the interbank foreign exchange the rupee opened at 74.16, then gained further ground and touched a high of 74.00 against the US dollar, registering a rise of 25 paise over its previous close.
YES Bank top gainer today
YES Bank shares traded as the top gainers on both BSE and NSE on Tuesday and extended gains for the second straight session after rating agency Moody's Investors Service on Monday upgraded its ratings with a positive outlook.
"We today upgraded Yes Bank long-term foreign currency issuer and foreign currency senior unsecured MTN programme ratings to Caa1 from Caa3 and (P)Caa1 from (P)Caa3 respectively" Moody's said in a late evening statement.
Pharma stocks lead rally
Pharma stocks led the rally today, with Nifty Pharma index rising over 4% on NSE, backed by gains in Sun Pharma, Aurobindo Pharma, PEL, Lupin and Cipla, each gaining around 6-3%.
Market turns positive
10: 27 AM
Reversing from losses, equity benchmark indices Sensex and Nifty turned positive on Tuesday and rose 0.7% each by the first hour of opening session, backed by buying pressure in pharma scrips. BSE Sensex traded 350 points higher at 31,741 and NSE Nifty traded 102 points higher at 9,300 level. Sectorall, except media, all the other indices traded in green, with most gains registered in metal and pharma scrips, both up 4%. Banking, FMCG and auto stocks were rising 2% each followed by 1% gain in IT and private banking stocks. According to techical experts, 9,000 is a crucial level for Nifty as a resistance level and sustaining above 9410 will make Nifty's sudden rally further.
Overseas markets in red
10: 25 AM
U.S. markets saw the worst ever single day fall in three decades as recent Fed move may be hinting at worst economy impact that expected.
European markets closed extremely lower as most of Europe plans to move into shut down mode as Coronavirus continues to spread.
Asian markets are mostly lower tracking overnight fall in US markets and rate cut failed to cheer global markets.
10: 15 AM
According to techical experts, 9,000 is a crucial level for Nifty as a resistance level and sustaining to trade above 9410 will make Nifty's sudden rally further.
On Nifty's Outlook, Geojit Financial Services in their daily market radar report suggested,"We are now closer to the 9,000, which has a fair chance of holding early downsides for a swing back higher, which though may be limited to 9,455."
Except media, all the other indices traded in green, with most gains registered in metal and pharma scrips, both up 4%. Banking, FMCG and auto stocks were risig 2% each followed by 1% gain in IT and private banking stocks.
Indices reverse trend
Reversing from losses, equity benchmark indices Sensex and Nifty turned positive on Tuesday and rose 0.7% each by the first hour of opening session, backed by buying pressure in pharma scrips.BSE Sensex traded 350 points higher at 31,741 and NSE Nifty traded 102 points higher at 9,300 level.
Benchmark indices started Tuesday's trade on a volatile note and turned bearish within few minutes of the opening bell. BSE Sensex traded 250 points lower at 31,114 and NSE Nifty traded 82 points lower at 9,115 level.
9: 14 AM
Besides the outbreak in China, the Covid-19 infection cases have risen drastically outside China, hurting major economies and disrupting supply chains. There are currently 182,605 confirmed cases and 7,171 deaths from the coronavirus COVID-19 outbreak as of March 16, 2020. Of this, 79,881 have been recovered globally. The number of coronavirus cases in India has increased to 129.
Rupee started the day on a weaker note, declining 8 paise to 74.15 against the US dollar
Benchmarks trade muted in the pre-open session of Tuesday, with Sensex trading 80 points lower at 31,034 level and Nifty at 9,140, down 40 points.
On the Wall Street, the Dow Jones Industrial Average fell 12.93%, the S&P 500 lost 11.98% and the Nasdaq Composite dropped 12.32%.
In Asia, Nikkie, Straits Times, Hang Seng fell marginally.
In Europe, FTSE, CAC and DAX indices fell 4-5%.
SGX Nifty Futures traded marginally higher today, up 98 points at 9,201.This is in contrast to its Asian couterparts, sugessting a muted opening in domestic grounds.
Stocks in news
GIC Housing, Lasa Supergenerics, HAL, Indian Oil, Emami and more among others are the top stocks to watch out for in Tuesday's trading session
Closing on Monday
Equity benchmarks Sensex and Nifty recorded the second biggest single-day fall on Monday ended almost 8% lower, amid heavy selling in global indices amid heightened fears of coronavirus. Sensex ended 2,713 points lower at 31,390 and Nifty closed 756 points lower at 9,199. All the sectors closed in red today, with 8 to 9% fall registered in private banking, financials, realty and metal indices.