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Share Market LIVE: Sensex ends 1,375 points lower, Nifty at 8,281; Bajaj Finance, HDFC, Tata Steel top losers

BusinessToday.In     March 30, 2020

Sensex, Nifty Updates: Extending decline for the second straight session, Sensex and Nifty ended at day's low on Monday, tracking weak cues from overseas as investors braced for a prolonged period of uncertainty as coronavirus-induced lockdowns tightened across the world and in India.

BSE 30-share barometer Sensex ended 1,375 points lower at 28,440 and NSE 50-share index Nifty fell 379 points to close at 8,281. Overall, 24 out of 30 stocks in Sensex and 38 out of 50 stocks on Nifty ended in red.

Globally indices traded deep in red as investors turned risk averse amid rising lockdowns due to the virus spread. On Friday, BSE 30-share barometer Sensex ended 131 points lower at 29,815 and NSE 50-share index Nifty closed at 8,660, falling 18 points.

In global key indices, Wall Street stocks closed lower on Friday as US surpassed Italy and China in terms of the total Coronavirus cases. Tracking weak cues from other global counterparts, European indices too opened 2% lower.

Globally, there are over 7.2 lakh confirmed cases and 33,976 deaths from the coronavirus outbreak. Of these, over 1.85 lakh have recovered globally.

In India, coronavirus cases continued to rise despite a complete lockdown to cross 1,100-mark. On Friday, the third day of the lockdown saw a rise to 116 in new cases. The country saw the highest surge in infections on Wednesday, at 121, the first day of the lockdown confining 1.3 billion people indoors. As of Monday, the number of infected cases in India has increased to 1,100, with 95 recovered cases. The death toll from coronavirus in India has risen to 30.

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

Closing bell

3: 55 PM

Extending decline for the second straight session, Sensex and Nifty ended at day's low on Monday, tracking weak cues from overseas as investors braced for a prolonged period of uncertainty as coronavirus-induced lockdowns tightened across the world and in India.

BSE 30-share barometer Sensex ended 1,375 points lower at 28,440 and NSE 50-share index Nifty fell 379 points to close at 8,281. Overall, 24 out of 30 stocks in Sensex and 38 out of 50 stocks on Nifty ended in red.

Rupee extends losses

3: 30 PM

Rupee, the local currency fell further to hit day's low. The domestic unit was trading 87 paise lower at 75.54 per US dollar.

SEBI gives temporray relaxation to CRAs

3: 25 PM

In recent updates, market reegulator SEBI has given temporary compliance relaxation to Credit Rating Agencies in the light of COVID-19 pandemic. SEBI said that the relaxation is extended till the period of moratorium by the RBI.

It extended a 30 days grant for making annual & semi-annual disclosures by CRAs on its website for the period ended March 2020. As per the relaxation, CRA's do not need to consider payment delay on lockdown as default. It added that differentiation in treatment of default needs to be made on a case-to-case basis.

Indices extend decline, slip to day's low

3: 10 PM

Extending decline for the second straight session, indices extended decline and fell to day's low by the elast hour of trading on Monday. BSE 30-share barometer Sensex traded 1,400 points lower at 28,490 and NSE 50-share index Nifty fell 398 points to 8,260. Overall, 24 out of 30 stocks in Sensex and 38 out of 50 stocks on Nifty were trading in red.

ABB Power Products and Systems lists at 5% upper circuit

2: 50 PM

Shares of ABB Power Products and Systems India grew 5% to Rs 714 after listing today. The demerged powergrid entity of ABB, got listed on the bourses and hit 5% upper ciruit against the issue and listing price of Rs 680.

PM to address all Indian ambassadors

2: 25 PM

Prime Minister Modi will be addressing all Indian envoys at 5 pm today

European indices open in red

2: 10 PM

European indices on Monday opened marginally lower and fell later in red territory as coronavirus outbreak continued to stoke fears of economic recession. Where FTSE and CAC tanked 2% each, DAX traded 1% lower.

Godfrey Phillips drops over 8%

2: 05 PM

Godfrey Phillips share price fell in early trade today after the tobacco firm said it has suspended operations at all its plants and factories considering the nationwide lockdown.

Share price of Godfrey Phillips India declined 8.48% to Rs 841.80 compared to the previous close of Rs 922.15 on BSE.

Godfrey Phillips share price falls 8% as firm suspends manufacturing operations

Oil declines to $23.29

1: 40 PM

Oil prices fell extending last week's decline as coronavirus continued to add casualities across the globe and price-war saw no signs of abating. Brent Crude traded at $23.29 per barrel, down 6.58%.

HDFC Securities' picks

1: 20 PM

HDFC securities on its daily market report said," While government and RBI have announced stimulus packages, we expect further measures to tide over the crisis. The extent of lockdown, pace of return to normalcy and further fiscal responses remain key monitorables. Our key picks include Infosys, Bharti, ICICI Bank, Axis Bank, ITC, UNSP, UTCEM, IGL, CDSL, CIFC."

Sector wise fall YTD

1: 15 PM

Where metals sector has fallen 46% year-to-date, Auto has fallen 39%, PSU 38%, banks 37%, followed by 36.6% drop in Oil and Gas.

FII outflows

1: 10 PM

FII have offloaded Rs 58,410 crore in the one month period and  Rs 75,000 crore since the start of year 2020.

Global markets

1: 00 PM

Asian markets are trading lower with Nikkei down over 4% as coronavirus wretch havoc in the global arena.

U.S. markets ended sharply lower on Friday even after the historic stimulus package of $2 trillion was signed by Trump. CBOE Volatility index remains near 11 year high.

European markets closed lower on Friday led by auto, travel and leisure stocks as EU leaders failed to agree on how to shore up economies battered by coronavirus.

Indices in near term

12: 55 AM

Since the beginning of this month, domestic indices Sensex and Nifty have dropped 24% each. However, in the last week's session, Sensex has gained 11.2%, Nifty rose 10.7%.

Ind-Ra revises India's FY21 GDP growth

12:50 PM

India Ratings and Research (Ind-Ra) has revised its FY21 gross domestic product (GDP) growth down to 3.6% from 5.5%. The key reasons are the spread of COVID-19 and the resultant nation-wide lockdown imposed till 14 April 2020, crippling most economic and commercial activities. The revision is based on the assumption of lockdown continuing till end-April 2020 (full or partial) and gradual restoration of economic activities May 2020 onwards.

Coronavirus scare: India Ratings cuts India's GDP forecast to 3.6% from 5.5% for FY21

NBFCs falling today over rating downgrades

12: 40 PM

NBFCs were falling in trade on Friday, with shares of Shriram Transport Finance at a 13% fall, followed by Manappuram Finance shares dropping 9% and Muthoot Finance dropping 2%.

Fitch Ratings has downgraded the Long-Term Issuer Default Ratings (IDRs) of Shriram Transport Finance and Muthoot Finance Limited (MFL) to 'BB' from 'BB+'.

It has also downgraded the Long-Term IDR of India Infoline Finance to 'B+' from 'BB-'. All their ratings have been placed on Rating Watch Negative (RWN).

Fitch has also placed the 'BB-' Long-Term IDR of Manappuram Finance on RWN. As per the rating firm, the rating actions reflect increasing macro-economic challenges for the Indian non-bank financial institution (NBFI) sector.

Lupin rises almost 5%

12: 30 PM

Lupin shares opened with a gain of 3.11% today and later touched an intraday high of Rs 573.65, rising 4.87% as agisn the last closing of Rs 547. The company announced it recieved Establishment Inspection Report (EIR) with satisfactory VAI status  from the US FDA for its Inhalation Research Center located at Coral Springs, Florida.

Market falls further

12:00 PM

Domestic indices Sensex and Nifty fell further by the fatrnoon session on Monday, as investors braced for a prolonged period of uncertainty as coronavirus-induced lockdowns tightened across the world and in India. Extending decline for the second straight session, BSE 30-share barometer Sensex traded 750 points lower at 29,065 and NSE 50-share index Nifty traded at 8,448, falling 212 points.

Nifty near term outlook

11: 50 AM

On Nifty near term outlook, Geojit Financial daily report said,"Expect initial attempts to turn higher from 8,450. But, 9,000 being a stiff challenge for now, expect such initial upside attempts to be tentative and brief. However, dips to 8,300 could attract renewed bargain hunting interest setting the stage for a 9,600 move. For the week, directional downsides look less likely, and all dips are likely to be in the nature of a consolidation, unless a fresh low is seen."

Sun Pharma drops almost 7%

11: 45 AM

Sun Pharma shares fell almost 7% in the early trading session on Monday after the pharma major's Halol facility was classified an OAI (Official Action Initiated) by USFDA.

"The OAI classification implies inter alia that the USFDA may withhold approval of any pending product applications or supplements filed from this facility till the outstanding observations are resolved," the filing added.

Following the announcement by the company, Sun pharma stock opened with a loss of 2.71% and later touched an intraday low of Rs 315.3, declining 6.76% as against the previous close of Rs 338.15. Although, later the shares erased early declines and traded unchanged at Rs 338.25.

Sun Pharma shares fall 7% as USFDA may withhold nod to Halol plant products

Sectors turn volatile

11: 30 AM

In terms of sectors, Nifty realty fell the most, dropping 4.6% in today's session, followed by 3.8% decline in auto and financials. Metal and banking indices dropped 2.5% each, while FMCG and Pharma were trading 1% higher, followed by marginal gains in IT sector.

Expert Opinion on markets

11: 20 AM

Suggesting a weekly view on the domestic financial markets, Ajit Mishra, VP-Research, Religare Broking said:

Markets managed to settle with a cut of nearly a percent amid excessive volatility last week. The sentiment was downbeat from the beginning as the news of rising coronavirus cases in India and subsequent lockdown order for major cities sent the shock waves across the board. Several auto majors announced the suspension of their production activities and most companies in other sectors, barring the essential ones, limited their operations due to the covid19 threat. The situation improved in the middle as the recovery in the global indices combined with the stimulus package announced by the government triggered rebound. However, the selling pressure resumed in the last trading session which again pushed the benchmark in red despite the RBI's big bang announcements to stabilise the financial system.

The coming week is a holiday-shortened one and it marks the beginning of the new month also. On the economic front, India's Industrial output data for February and Markit Manufacturing PMI data for March are scheduled on March 31 and April 2 respectively. Besides, the auto sales data will also start pouring in from April 1.

Currently, all eyes are on the coronavirus graph and that would remain in focus in the coming week too. The lockdown situation has started showing its impact on various sectors and that would reflect in their earnings in the coming quarters. Markets have also started discounting the same and that has resulted in a severe correction in the stock prices across the board.

On the benchmark front, Nifty has been seeing erratic swings in a broader range and we do not see this changing any time soon. The range for the next week could be 7600-9500 levels. While mostly sectoral indices are trading in line with the benchmark index, defensive viz. FMCG, pharma and IT are looking comparatively stronger. Considering the scenario, traders should limit their positions and prefer only hedged trades.

Bajaj Finance fall 10% on rating downgrade by Bernstein

11:00 AM

Bajaj Finance shares fell 10% on Monday to trade among the top losers on bourses BSE and NSE after the automaker's rating was downgraded to 'underperform' by rating firm Bernstein.

Bernstein rated Bajaj 'Underperform' with a target price of INR1740, implying 38% downside. The research firm said the rating downgrade was is in line with the firm's view, that unsecured consumer finance business models would become challenging in the current pandemic environment.

Following the rating downgrade, shares of Bajaj Finance opened with a loss of 5.79% and later fell 10% to touch an intraday low of Rs 2,291.85. From the day's low, the share price of Bajaj Finance currently trades 186 points higher to its 52-week low of Rs 2,105, recorded on March 24, 2020.

Bajaj Finance share price falls 10% on downgrade by Bernstein

Market update: Market off opening lows

10: 40 AM

Domestic indices Sensex and Nifty traded bearish on Monday, tracking weak cues from overseas as investors braced for a prolonged period of uncertainty as coronavirus-induced lockdowns tightened across the world and in India. Extending decline for the second straight session, BSE 30-share barometer Sensex traded 358 points lower at 29,427 and NSE 50-share index Nifty traded at 8,940, falling 120 points.

M&M drops 8% on suspension of operations

10: 30 AM

Mahindra & Mahindra (M&M) share price fell in early trade today after the auto firm said has suspended all its manufacturing operations across India due to rising number of coronavirus cases and in compliance with directive of the government.

Share price of M&M plunged 8.16% to Rs 271.50 compared to the previous close of Rs 295.65 on BSE.

Mahindra & Mahindra share price falls over 8 per cent after firm suspends manufacturing operations

FII/ DII action on Friday

10: 20 AM

Foreign institutional investors (FIIs) remained net buyers in the capital markets, as they purchased shares worth Rs 355.78 crore on Friday, as per provisional data. Meanwhile, domestic investors bought equity shares worth Rs 1,703.72 crore on Friday.

Reliance Securities on Rupee

10: 00 AM

According to Reliance Securities, rupee could track weak regional equities which resumed their fall this Monday morning after the number of coronavirus infections surged around the world.

"However, we believe that RBI could be present to intervene to curb excess volatility. Technically, USDINR spot is expected to remain in the range of 74.70-75.70 levels," it noted.

Rupee slips 32 paise to 75.21 against US dollar

9: 40 AM

Rupee opened weaker on Monday, declining 32 paise to 75.21 per dollar as against Friday's close of 74.89.

Rupee vs Dollar: Rupee slips 32 paise to 75.21 amid coronavirus scare

All sectors in red

9: 30 AM

In terms of sectors, Nifty realty and auto dropped 4% each, followed by 3.5% fall in banking, financials and metals. Nifty Media was down 2%, while IT, FMCG and Pharma were declining 1%.

Top losers and gainers on BSE, NSE

9: 25 AM

On BSE Sensex, except ITC and TCS, all the other 28 stocks were trading in red, with HDFC, ONGC, IndusInd Bank, M&M and Bajaj Finance declining the most (4-8%). On NSE Nifty, Cipla, TCS, ITC traded in green. Whereas UPL, Shree Cement, Bajaj Finserv, ONGC, Eicher Motors, JSW Steel, IndusInd Bank, M&M and Bajaj Finance fell the most out of the 27 stocks trading in red territory.

Opening Bell

9: 20 AM

Domestic indices Sensex and Nifty have opened strongly bearish on Monday, tracking weak cues from overseas. Extending decline for the second straight session, BSE 30-share barometer Sensex traded 1,035 points lower at 28,777 and NSE 50-share index Nifty traded at 8,389, falling 270 points.

Cases continue to rise in India

9:15 AM

In India, coronavirus cases continued to rise despite a complete lockdown to cross 1,100-mark. On Friday, the third day of the lockdown saw a rise to 116 in new cases. The country saw the highest surge in infections on Wednesday, at 121, the first day of the lockdown confining 1.3 billion people indoors.

Coronavirus update on India

9: 10 AM

India's government is ramping up steps to contain the pandemic as the number of novel coronavirus cases are mounting across the nation. With 1,100 people testing positive for the COVID-19 and more than 30 people dead, the Modi government is faced with the herculean task to contain the deadly virus.

Coronavirus in India Live updates: COVID-19 cases cross 1,100-mark; SC to hear PIL on migrant workers' exodus

The Finance Ministry and the central bank of India will decide the government's borrowing plan for the first half of FY21 on Tuesday, March 31

RBI-FinMin to meet on Mar 31; to decide H1FY21 borrowing plan

Pre-open session on Monday

9:05 AM

Domestic indices Sensex and Nifty have pre-opened on a negative note on Monday, tracking weak cues from overseas. Extending decline for the second straight session, BSE 30-share barometer Sensex traded 250 points lower at 29,570 and NSE 50-share index Nifty traded at 8,359, falling 300 points.

US President extends social distancing rules to 30 April

8: 55 AM

US stocks deepened their losses on Friday amid the rising cases of COVID-19 in the nation. After markets closed, US President Donald Trump signed the $2.2 trillion stimulus package into law. He further extended the administration's social-distancing guidelines for another 30 days through the end of April. The number of US cases passed 100,000, and the death toll exceeded 1,500.

Domestic highlights

8: 50 AM

In a major move to combat the outbreak, RBI has cut the repo rate by 75 bps & reverse repo by 90 bps in response to the unprecedented COVID=19 crisis. The apex lender has also slashed cash reserve ratio by 100 bps to 3% & cut SLR by 3%.

In other cues, the Supreme Court has granted auto companies some relief for BS-IV vehicle sales, saying that companies can sell 10% of their BS-IV inventory for 10 days after the lockdown lifts.

Global market scenario

8: 40 AM

Markets traded in red on a global scale today as investors understood the degree of the economic downturn caused by the coronavirus outbreak.

On Wall Street, Dow Jones Industrial Average slumped 4.06%, while the S&P 500 lost 3.37%. The Nasdaq Composite dropped 3.79%.

Elsewhere in Asia, MSCI's broadest index of Asia-Pacific shares outside Japan eased 0.2%, while South Korea shed 2.7%. Japan's Nikkei fell 3.2%.

In Europe, FTSE dropped 5.25%, CAC fell 4.2% and DAX 3.6%.

Oil price tumbles

8: 30 AM

Oil prices took another tumble as fears mounted that the global shutdown for the coronavirus could last for months, doing untold harm to economies. Brent crude futures lost $1.45 to $23.48 a barrel, while U.S. crude fell 91 cents to $20.60.

Stocks to watch today on March 30

8: 25 AM

SBI, Maruti Suzuki, NTPC, TVS Motors, Bank of India, Motherson Sumi, SpiceJet among others are the top stocks to watch out for in Monday's trading session.

Stocks in news: SBI, Maruti Suzuki, NTPC, Bank of India and more

Coronavirus data

8: 20 AM

Globally, there are over 7.2 lakh confirmed cases and 33,976 deaths from the coronavirus outbreak. Of these, over 1.85 lakh have recovered globally. The number of infected cases in India has increased to 1,024, with 95 recovered cases. The death toll from coronavirus in India has risen to 27.

Global equities in red

8: 15 AM

Globally indices traded deep in red as investors turned risk averse amid rising lockdowns due to the virus spread. In global key indices, Wall Street stocks closed lower on Friday as US surpassed Italy and China in terms of the total Coronavirus cases. Asian indices also opened in red territory, following mixed cues from other global counterparts.

Coronavirus impact: Asian shares slide, oil prices tumble on Monday

SGX Nifty in red

8: 10 AM

SGX Nifty on Singaporean Exchange traded 195 points lower at 8,447, indicating a negative start on the domestic grounds.

Closing on Friday

8: 00 AM

On Friday, BSE 30-share barometer Sensex ended 131 points lower at 29,815 and NSE 50-share index Nifty closed at 8,660, falling 18 points.

Share Market Update: Sensex ends 131 points lower, Nifty at 8,660; Bajaj Finance, Hero MotoCorp drop 7%


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