Share Market Update: Sensex ends 1,627 points higher, Nifty at 8,745; ONGC, TCS, GAIL top gainers
BusinessToday.In March 20, 2020
Sensex, Nifty LIVE: Equity indices Sensex and Nifty closed 5.8% higher on Friday, tracking overseas trend as investors banked on measures announced by policymakers worldwide to combat the virus outbreak. Further market sentiments were optimistic after Maharashtra Health Minister's comment on banks & stock markets remaining open. The 30-share index ended at 29,915, rising 1,629 points and the 50-share barometer closed 483 points higher at 8,745.
Stock exchanges, clearing corporations, depositories, stockbrokers and Sebi registered participants operating through these institutions will be exempted from the lockdown, tweeted Chief Minister of Maharashtra, Uddhav Balasaheb Thackeray.
In domestic grounds, market sentiments turned positive after reports suggested that FM at her meet with the task force today, is likely to announce measures relative to various industries that are affected by the coronavirus pandemic. According to government sources, Finance Minister Nirmala Sitharaman will hold a meeting with MSME Minister Nitin Gadkari, Animal Husbandry Minister Giriraj Singh, Civil Aviation Minister Hardeep Singh Puri and Tourism Minister Prahlad Singh Patel on Friday to assess the situation to work out a package. In India, panic escalated as coronavirus (Covid-19) cases rose to 195. The death toll from coronavirus has risen to 4 in the country.
Here's a look at the updates of the market action on BSE and NSE today:
3: 45 AM
The 30-share index Sensex ended at 29,915, rising 1,629 points and the 50-share barometer Nifty closed 483 points higher at 8,745.
State-run Oil and Natural Gas Corp led gains on the Nifty 50 with a 13.7% jump as oil prices bounced back.
The Nifty IT index jumped over 5%, with shares of Infosys and Wipro surging over 6% each.
Reuters reported that World stocks recovered overnight from steep falls after central banks in Europe, Japan, Australia and the United States launched a fresh wave of stimulus to help businesses battered by a near halt in economic activity due to the virus outbreak.
3: 05 PM
Equity indices Sensex and Nifty gained 5.5 % each on Friday, tracking overseas trend as invetsors banked on measures announced by policymakers worldwide in order to combat the virus outbreak. Further market sentiments were optimistic after Maharashtra Health Minister's comment on banks & stock markets remaining open. BSE Sensex traded 1,300 points higher 29,601 and Nifty climbed 385 points higher to 8,647.
Apollo Tyres' top management to take a 15%-25% pay cut
2: 45 PM
Due to the impact of COVID19 on the automotive industry, Apollo Tyres leadership team has announced a voluntary reduction in pay. CMD, Vice Chairman & MD take 25% cut. The senior management has also taken a voluntary reduction in their salary by 15%
Global equities in green
2: 35 PM
Overseas, trend turned positive as investors banked on hopes that government and central bank action can shield the world economy from a looming recession caused by the coronavirus.
2: 30 PM
Sensex rose to an intra day high of 30,418 compared to the previous close of 28,288, clocking a gain of over 75 or 2130 points. Similarly, Nifty rose 620 points intra day to 8,883 against previuos close of 8,263.
Market capitalisation rises
2: 15 PM
Market capitalisation on BSE rose to Rs 116.75 lakh crore compared to yesterday's market cap of Rs 109.76 lakh crore.
Sensex up 6.5%
Equity benchmark Sensex soared over 1,800 points in afternoon session on Friday amid hopes of a stimulus package as Prime Minister Narendra Modi announced a financial task force to combat the Covid-19 pandemic's economic fallout.
1: 45 PM
Overall 24 out of 30 stocks in Sensex and 43 out of 50 stocks in Nifty turned green.
1: 35 PM
India reported its first confirmed case on January 30. On that day, BSE 30-share S&P Sensex ended 284 points lower at 40,913 and NSE 50-share index Nifty50 closed 93 points lower at 12,035. Over the past few weeks, that number has risen sharply to almost 200.
Since then, Sensex has dropped 31.72% or 12,980 points to hit the 52-week low of 27,932.67 on Thursday. Simialrly, Nifty has fallen 4,202 points or 34% to the year low of 7,832.55, hit yesterday.
Since the beginning of the year 2020, Sensex and Nifty have fallen 27.7% and 28.5% respectively.
Global market outlook
1: 15 PM
Daily market report by Geojit Financial Services said Asian markets are trading with significant gains with Australian markets leading th race as investors await the release of China's lending rate
U.S. markets closed higher at the end of a volatile session supported by majors as investors cheered actions from various global governments.
European markets closed higher after having a volatile session as investors digested policy announcements from ECB and BoE.
12: 55 PM
Market volatility has been high at 3.58% on Friday. Both SEnsex and Nifty trade below their 5, 20, 50, 100 and 200-day moving average. If Sensex sustains today's gains, then this will be the highest gaining session post the COVID pandemic.
Global indices rise
12: 35 PM
Except Nikkei, Set and Jakarta Composite, all the other Asian indices turned green, with Kospi rising 7% and Taiwan index up 6%.
Hang Seng and SGX Nifty gained 4.5% each and Strait Times and Shanghai Composite SGX Nifty gained 2%.
European indices too closed in green. CAC rose 2.6%, followed 2% growth in DAX and 1,% gain in FTSE.
On Wall Street, Dow Jones ended 0.95% higher, while the S&P 500 gained 11.29 0.47% and the Nasdaq Composite added 2.3%.
Market gains momentum
Equity indices Sensex and Nifty gained 4.5% each on Friday, tracking overseas trend as invetsors tuned optimistic over measures announced by policymakers worldwide in order to combat the virus outbreak. BSE Sensex traded 1,300 points higher 29,601 and Nifty climbed 385 points higher to 8,647.
YES Bank tanks 10%
11: 50 AM
In Friday's volatile trading session, YES bank shares erased early gains and fell 10% by the first hour of trade to Rs 49 on BSE.
Earlier, YES Bank stock price opened with a gain of 9.93% and touched an intraday high of Rs 61.95, rising 14.94% on BSE.
Although, due to the volatility in the market, YES Bank stock traded in a wide range of Rs 12.95 and fell to the day's low at Rs 49, declining 9.09% against the previous closing price of Rs 53.90.
11: 40 AM
Equity indices Sensex and Nifty turned positive in Friday's volatile trading session, tracking overseas trend as invetsors tuned optimistic over measures announced by policymakers worldwide in order to combat the virus outbreak. In domestic grounds, market sentiments turned positive after reports suggested that FM at her meet with the task force today, is likely to announce measures relative to various industries that are ffaected from the conronavirus pandemic. In India, panic escalated as coronavirus (Covid-19) cases rose to 195. The death toll from coronavirus has risen to 4 in the country.
Sectors in green today
11: 30 AM
Sector-wise, except banking, financials and realty scrips, all the other indices traded in the green, with almost 5% rise in IT, followed by 4% gain in FMCG, over 3% gain in pahrma and 2% rise in other sectors.
11: 00 AM
Equity indices Sensex and Nifty turned volatile and gained again as investors remained risk-averse amid escalating coronavirus (Covid-19) cases, that has risen to 195 in the country. Overseas trend was positive, as policymakers around the world took further actions, in a move to contain the economic impact from the virus pandemic. BSE Sensex traded 200 points higher 28,490 and Nifty climbed 55 points higher to 8,320.
RIl shares rises
10: 45 AM
Reliance Industries share price rose in early trade today on value buying after losing over 36 percent in the last one month.
Share price of RIL rose over 3 percent to Rs 956.95 compared to the previous close of Rs 917 on BSE.
FM to hold task force meet today
10: 35 AM
According to government sources, Finance Minister Nirmala Sitharaman will hold a meeting with MSME Minister Nitin Gadkari, Animal Husbandry Minister Giriraj Singh, Civil Aviation Minister Hardeep Singh Puri and Tourism Minister Prahlad Singh Patel on Friday to assess the situation in order to work out a package.
Rupee recovers today
10: 30 AM
The Indian rupee recovered 34 paise to trade at 74.78 against the US dollar in early deals on Friday following dollar selling by exporters.
The dollar index, which gauges the greenback's strength against a basket of six currencies, was down 0.65 per cent to 102.08, helping the rupee trade higher.
The domestic unit had closed at 75.12 against the US currency on Thursday.
Losers and gainers
10: 15 AM
IndusInd Bank was the top laggard in the Sensex pack, tanking up to 7 per cent, followed by HDFC twins, Kotak Bank, Bajaj Finance, ICICI Bank and Axis Bank. On the other hand, ITC, PowerGrid, HUL, ONGC and Sun Pharma were among the gainers.
FII/ DII action on Thursday
10: 10 AM
On a net basis, foreign institutional investors sold equities worth Rs 4,622.93 crore on Thursday, data available with stock exchanges showed.
Fitch Ratings cuts India's GDP target
Fitch Ratings on Friday cut India's growth forecast to 5.1 per cent for FY 2020-21, saying the coronavirus outbreak is likely to hit business investment and exports.
Bernstein downgrades HDFC Bank
9: 55 AM
Bernstein has downgraded HDFC Bank and revised its target to Rs 750 from Rs 1400. The brokerage firm said, HDFC Bank's portfolio is most exposed to unsecured consumer credit risk
HDB Financial services also could pose challenges during this time, given the focus on weaker informal income segments, the firm added.
Following the news, HDFC Bank shares declined over 4% to trade at Rs 858 on BSE today.
Indices reverse trend
9: 45 AM
Equity indices reversed trend within few minutes of opening bell and erased early gains, with Sensex trading muted at 282,260 level and Nifty at 8,222.
Rupee opens higher
9: 35 AM
Rupee opened higher on Friday at 74.77 per dollar as against yesterday's close of 74.99. On Thursday, rupee had crossed 75 per dollar and further declined 85 paise lower to 75.11 mark. Later the local unit traded 34 paise higher at 74.78
9: 25 AM
Market has gained positive momentum on Friday's trade as investors turned optimistic as policymakers around the world took further actions, in a move to contain the economic impact from the virus pandemic.. Reversing trend from four days of losses, BSE 30-share Sensex rose 25 points to 28,313 and Nifty rose 75 points to 8,338.
Brent rises over 1.5% today
9: 20 AM
Brent Crude traded at $28.92 per barrel, rising 1.58%.
9: 15 AM
Equity market indices Sensex and Nifty opened on a positive note on Friday, tracking overseas trend as policymakers around the world took further actions, in a move to contain the economic impact from the virus pandemic.c. Reversing trend from four days of losses, Sensex rose 172 points to 28,460 and Nifty rose 21 points to 8,284.
9: 10 AM
Asian stocks started positive on Friday following the mild rebound on Wall Street amid policy efforts to address the coronavirus fallout. US stocks closed up after central banks deployed a flurry of emergency measures to try to buffer the global economy from fallout stemming from the coronavirus pandemic. Although, US Futures (Dow Jones) traded at Dow Jones Futures 19729, down 146 points or 0.73%.
9: 05 AM
Benchmarks gave up early losses and climbed over 1% higher on Friday's pre-open session. Where Sensex rose 277 points to 28,596 and Nifty rose 123 points to 8,349.
Covid-19 Economic Response Task Force
8: 55 AM
Prime Minister Narendra Modi, in his address to the nation on Friday, launched a COVID-19 Economic Response Task Force that'll be headed by Finance Minister Nirmala Sitharaman. Finance Minister-led task force is expected to meet today from 3-5 pm and some relief measures could be announced.
The special COVID-19 economic task force announced by Prime Minister Narendra Modi would likely work on an economic package for the sectors most affected by the coronavirus outbreak as also people working in the informal sectors. Led by Finance Minister Nirmal Sitharaman, this task force has to take drastic steps like relaxation in NPA norms, deferral of tax payments and announcement of income support to the people working in the unorganised sector.
India's GDP revised
8: 45 AM
CRISIL on Thursday revised the GDP growth forecast for 2020-21 from 5.7 per cent earlier to 5.2 per cent.
Sensex, Nifty freefall
Where, Sensex has declined 31% or 12,979 points from the beginning of the year and Nifty has lost 32% or 4,058 points.
In one month, Sensex and Nifty have fallen 32% and 30%, respectively. Over the last week, BSE and NSE indices have fallen 13% and 14%.
Global market scenario
8: 30 AM
Global indices reversed trend and traded on a bullish note as policymakers around the world took further actions, in a move to contain the economic impact from the virus pandemic.
On Wall Street, Dow Jones rose 0.95%, the S&P 500 gained 11.29 0.47% and the Nasdaq Composite added 2.3%.
Except Nikkei, Set and Jakarta Composite, all the other Asian indices turned green, with Taiwan index rising 5%, Kospi 4%, Hang Seng 3% and 2% in Strait Times, Shanghai Composite and SGX Nifty gained marginally.
European indices too closed in green. CAC rose 2.6%, followed 2% growth in DAX and 1,% gain in FTSE.
Coronavirus relative measures in India
In recent steps to counter coronavirus, Indian Railways and airlines have planned to cancel concessional travel. The government said that it would not allow any commercial passenger aircraft to land in India beginning March 22 for a week. PM Narendra Modi also announced related measures pertaining to combat the virus outbreak yesterday at 8 pm.
Stocks in news on March 20
8: 20 AM
SpiceJet, YES Bank, Goa Carbon among others are the top stocks to watch out for in Friday's trading session
8 : 15 AM
Equity market indices Sensex and Nifty are expected to open on a positive note on Friday, tracking overseas trend, as policymakers around the world took further actions, in a move to contain the economic impact from the virus pandemic.
8: 10 AM
Investors are advised to trade cautiously in the bear market. Coronavirus outbreak has caused mayhem on Dalal Street, with Nifty and Sensex plunging over 32% since the beginning of this year. The Covid-19 infection cases have risen drastically outside China, hurting major economies and disrupting supply chains. There are currently 245,651 confirmed cases and 10,050 deaths from the coronavirus outbreak. Of these, 88,437 have recovered globally. The number of infected cases in India has increased to 194. The death toll from coronavirus in India has risen to 4 till Thursday.
Market at close on Thursday
8: 00 AM
Extending decline for the fourth straight session, market indices Sensex and Nifty turned volatile and closed 2% lower on Thursday. Sensex closed 581 points lower at 28,288 and Nifty fell 205 points to end at 8,263.