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Share Market LIVE: Sensex ends 1,203 points, Nifty at 8,263; Tech Mahindra, Kotak Bank top losers

BusinessToday.In     April 1, 2020

Sensex, Nifty Updates: Market ended in red territory on Wednesday, as investors panicked over the worst quarter ever experienced and turned risk averse amid heightened fears of economic depression, sparked by the coronavirus pandemic. Tracking bearish trend from global indices, the 30-share index BSE Sensex ended 1,203 points lower at 28,265 and 50-share barometer NSE Nifty closed 334 points lower at 8,263.

The 30-share index BSE Sensex traded 923 points lower at 28,544 and 50-share barometer NSE Nifty traded 260 points lower at 8,333. Yesterday, Sensex ended 1,028 points higher at 29,468 and Nifty closed 316 points to trade at 8,597.

Globally indices traded in red today, as investors' sentiments turned risk averse amid the rising cases of COVID-19 and tightened lockdowns across the world to combat the virus spread.

In March month, Sensex and Nifty have declined by 25%. The coronavirus is guaranteed to throw the world into recession, and economists are becoming less convinced about the potential for a strong snapback in growth.

Globally, there are over 8.5 lakh confirmed cases and 0.42 lakh deaths from the coronavirus outbreak. Of these, over 1.78 lakh have recovered globally. In India, coronavirus cases continued to rise despite a complete lockdown. India is consecutively reporting biggest single-day jumps in new COVID-19 cases since Monday. As of Wednesday, the number of infected cases in India has increased to 1,637, with 102 recovered cases. The death toll from coronavirus in India has risen to 38. The novel coronavirus is in the local transmission phase in India.

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

Closing bell

3: 45 PM

Market ended in red territory on Wednesday, as investors panicked over the worst quarter ever experienced and turned risk averse amid heightened fears of economic depression, sparked by the coronavirus pandemic. Tracking bearish trend from global indices, the 30-share index BSE Sensex ended 1,203 points lower at 28,265 and 50-share barometer NSE Nifty closed 334 points lower at 8,263.

Divi's Labs shares slip over 7%

3: 30 PM

Divi's Laboratories were trading at day's low, 7.15% lower at Rs 1,845.50 after the company said that its supplies and sales have been impacted due to global lock down.

Gold and crude near term

3: 20 PM

Spot Gold has risen 3.9% since the beginning of 2020 in commpdity markets, latest at $1,577.

Brent Crude, that currently stands at $22 ber barrel has fallen 67% year-to-date.

Last week, gold prices gained 8.63% at COMEX, whereas the yellow metal was up 7.96% on MCX.

Last week, WTI crude was down by 7.61% and MCX crude was down by 12.33%.

BofA Securities On Kotak Mahindra Bank

3: 10 PM

   Management to focus on maintaining asset quality

- SME under stress across industry segments

- Unsecured retail segment likely to witness stress

- Mutual Fund and Insurance business impacted by lockdown

- Savings account has been sticky

- Fixed deposits more sensitive to potential rate cuts

BofA Securities On Ashok Leyland

3: 00 PM

- Upgrade to buy from neutral

- Price target cut to Rs 65 from Rs 70

- Upgrade as valuations suggest cyclical bottom

- Outlook remains tough but risk-reward has improved

- CV cycle uptick likely in FY22

- Balance sheet in better shape with focus on LCVs

CLSA On Varun Beverages

2: 50 PM

- Buy rating maintained

- Price target raised to Rs 766 from Rs 750

- See multiple growth levers beyond 2020

- Free cash flow generation pushed by a year due to Covid-19

- Positives: High asset turnover, market share gains in new territories and better contribution from non-carbonated drinks

Edelweiss on Container Corporation

2: 40 PM

- Concor has corrected nearly 50% over the past two months led by, first, the possibility of land purchase and, then, the COVID-19-induced market meltdown.

- We had had a negative stance on Concor as the stock discounted scenarios of unreasonably high volume shift from road to rail (DFC-related).

- We are upgrading Container Corporation of India (Concor) to BUY (from HOLD).

- We are cutting FY20-22E EPS by 4-7% and DCF-based Target Price to Rs 406 from Rs 546

Edelweiss on Hero MotoCorp 

2: 30 PM

- Valuations attractive despite near-term uncertainty

- We expect HMCL to gain market share given its distribution reach and faster recovery in rural demand.

- Company upgraded to Buy with Target Price of Rs 2,263

Market at day's low

2: 20 PM

Market countinued to slip in red on Wednesday, as investors panicked over the worst quarter ever experienced and turned risk averse amid heightened fears of economic depression, sparked by the coronavirus pandemic. The 30-share index BSE Sensex traded 1,275 points lower at 28,194 and 50-share barometer NSE Nifty traded 368 points lower at 8,229.

Gold and oil prices highlights for the last week

2: 10 PM

According to the Metals & Energy- Weekly highlights report by Religare Broking, Gold posted its biggest weekly gain since 2008, helped by a dramatic plunge in the US Dollar which drove up foreign demand for the precious metal. Also helping to boost gold prices last week was a problem with the physical supply of gold as virus-led lockdowns stalled supply chains.

Last week, gold prices gained 8.63 percent at COMEX, whereas metal was up 7.96 percent on the domestic bourses.

On Oil prices, the report said that the OPEC plus' brinkmanship over crude oil production amid the COVID-19 pandemic has resulted in the US crude oil falling below the $20/barrel mark. Oil prices posted a fifth straight weekly loss as demand destruction caused by the coronavirus outweighed stimulus efforts by policymakers around the world.

Last week, WTI crude was down by 7.61% and MCX crude was down by 12.33%.

Rupee's near term trend

2:00 PM

The Indian rupee finished the week higher by half a percent breaking its five week losing streak and ended at 74.83 against he US dollar.

As per Religare Broking weekly repot, the technical front trend in USDINR pair remains up, and the strategy for the week will be to buy around 75.30 levels keeping a stop loss below 74.90, for the target of 76.00 mark.

UBS On Auto

1: 45 PM

- Turn positive on Indian autos post 45 percent correction in Auto Index

- FY21 earnings likely to be lowered sharply

- Solid balance sheets, strong free cash flow will cause the market to overlook near-term disruptions

- Believe that negative impact of BS-VI and potentially sharp macroeconomic slowdown in FY21 are potentially priced in

- Upgrade Hero, Bajaj Auto, Maruti Suzuki and Bosch to Buy from Sell

Fall in YES Bank and IndusInd Bank

1: 35 PM

Yes bank has fallen 49% year-to-date, whereas IndusInd Bank has fallen 77% in the same period. In the last one month, YES Bank eroded 31% value, while IndusInd Bank share value was deteriorated by 70%.

Graphite India rises 14% in 4 sessions

1: 25 PM

Graphite India share has gained 14% in last four sessions after credit ratings agency ICRA reaffirmed its long-term ratings at AA plus. 

On March 27, share price of Graphite India stood Rs 117.50. Since then stock has rallied to Rs 133.60 till date.

Graphite India share gains 14% in four sessions as ICRA reaffirms ratings

Alert

1: 15 PM

As per the Health Ministry, the death toll due to coronavirus has risen to 38 in India, while the number of cases has increased to 1,637

European indices open 4% lower

1: 10 PM

European indices opened sharply lower on Wednesday, tracking weak cues from Asian counterparts. While FTSE and CAC index dropped 4% each, DAx was trading 3.5% lower.

Alert

1:00 PM

Wipro, Azim Premji Foundation has committed Rs 1125 crore  towards tackling the unprecedented health and humanitarian crisis arising from the COVID-19 pandemic outbreak.

Wipro stock price was trading 4.4% lower at Rs 187 on BSE.

Hero MotoCorp rises almost 3%

12: 40 PM

Shares of Hero MotoCorp touched an intraday high of Rs 1640.1, rising 2.88% on BSE after the company Promoters  have acquired 2.76 lakh shares, and increased their stake in the company by 0.14% to 34.77%.

Auto sales data for the month of March

12: 20 PM

Maruti's total sales in March stood at 83,792 units against Nomura expectation of 1.11 lakh units.

Ashok Leyland Total sales for the month of March came in at 2,179 units against Nomura's estimate of 7,000 units.

Eicher Motors's total VECV sales came at 1,499 units as against Nomura expectation of 3,300 units

Gold drops 2%

12:15 PM

Gold price fell over 2% on Tuesday as dollar firmed but marked sixth straight quarterly rise on global concerns due to the pandemic. MCX Gold traded 225 points  to 42,746 per 10 gm as agsint its closing of 42971 per 10 gm

Why domestic equity market falling today

11: 45 AM

Benchmark Sensex and Nifty turned majorly bearish on Wednesday, tracking trend from weak global cues.

Global markets fell further in red territory on Monday. SGX Nifty traded 3.5% or 300 points lower after fallinf marginally atthe opening bell, while Nikkie lead losses with 4% fall. In the meanwhile, Kospi, Strait Times and Hang Seng fell 2% each.

US Dow Jones Futures was down 3.4% or 738 points.

Financial markets worldwide have taken a big hit from the pandemic as investor sentiment remained fragile over the slowed growth of the global economy. The coronavirus is guaranteed to throw the world into recession, and economists are becoming less convinced about the potential for a strong snapback in growth.

India fiscal data at 135% in Feb-April

11: 35 AM

India's fiscal deficit for the April 2019 to February 2020 period touched 135.2 percent of the revised target of 3.8 percent of GDP, government data showed. The gap between the government's revenue and expenditure, during the same period, in 2018-19 was 134 percent of the previous year's revised budget estimate, according to data on the website.

8 core industries record 5.5% growth-highest in 11 months

11: 20 AM

Eight core sector industries recorded a growth of 5.5 percent in February, the highest in 11-months, mainly due to healthy expansion in output of coal, refinery products, and electricity, according to a government data released on Tuesday. The eight-core sector industries -- coal, crude oil, natural gas, refinery products, fertiliser, steel, cement, and electricity -- had expanded by 2.2 percent in February last year.

Govt to borrow 4.88 lakh cr in H1 FY21

11: 05 AM

The government will borrow Rs 4.88 lakh crore in the first half of fiscal 2020-21 starting April 1 to shore up resources amid a war it is wagging to contain economic fallout of coronavirus pandemic, DEA Secretary Atanu Chakraborty said on Tuesday. Finance Minister Nirmala Sitharaman had in her budget for 2020-21 pegged gross borrowing in the new financial year at Rs 7.8 lakh crore, higher than Rs 7.1 lakh crore estimated in the current fiscal.

Key data to be out tommorrow

11:00 AM

- India individual vehicle sales for February month

- IHS Markit India manufacturing PMI for February month

Delta Corp gains 10%

10: 55 AM

In early trade today, share price of Delta Corp hit upper circuit of 5% to trade at Rs 68.75 on BSE. Total 0.23 lakh shares changed hands amounting to turnover of Rs 15.95 crore.There were only buyers and no sellers in the stock.

This was on back of Ace investor Radhakishan Damani purchasing 15,50,000 shares of Delta Corp at Rs 65.25 each. After the transaction, Delta Corp shares closed nearly 5 per cent higher at Rs 65.35 on Tuesday.

Radhakishan Damani buys 15.5 lakh Delta Corp shares, stock rises 10%

Market slips further

10: 50 AM

Market countinued to slip in red on Wednesday, as investors panicked over the worst quarter ever experienced and turned risk averse amid heightened fears of economic depression, sparked by the coronavirus pandemic. The 30-share index BSE Sensex traded 923 points lower at 28,544 and 50-share barometer NSE Nifty traded 260 points lower at 8,333.

Realty, Auto sector in green

10: 45 AM

Barring the bearish trend, realty and auto sectors were rising 0.80% and 0.30% today.

In Nifty Auto, Amara Raja Batteries lead gains rising 2%, Bosch, Ashok Leyland, Bajaj Auto, Exide Industries and Maruti gained over 1%, Eicher Motors, Hero MotoCorp, Motherson Sumi were trading higher in the range of 0.40-0.15%.

On the other hand, Tata Motors was down 0.42%, Apollo Tyres traded 1% lower, M&M. Bharat Forge were down in the range of 2-2.8%, MRF and TVS Motor were falling 3.5% each.

Indices further decline

10: 30 AM

Reversing trend after two straight sessions of gain, benchmark Sensex and Nifty turned majorly bearish on Wednesday, tracking trend from weak global cues as markets sentiments turned negative over the rising fear of economic depression, sparked by the coronavirus pandemic. The 30-share index BSE Sensex traded 755 points lower at 28,713 and 50-share barometer NSE Nifty traded 215 points lower at 8,381.

Coronavirus cases

10: 15 AM

In India, coronavirus cases continued to rise despite a complete lockdown. India is consecutively reporting biggest single-day jumps in new COVID-19 cases since Monday. As of Wednesday, the number of infected cases in India has increased to 1,238, with 102 recovered cases. The death toll from coronavirus in India has risen to 35. The novel coronavirus is in the local transmission phase in India.

Globally, there are over 8.5 lakh confirmed cases and 0.42 lakh deaths from the coronavirus outbreak. Of these, over 1.78 lakh have recovered globally.

IndusInd Bank gains 11%

10:00 AM

Bucking the bearish trend, shares of IndusInd bank opened with a gain of 10% today and later touched an intraday high of Rs 390 rising 11.06% on BSE. The lender in its latest announcement has said its promoter has made full repayment of a loan by IndusInd Ltd., Mauritius to Citibank, London yesterday. The filing further added that a pledge of 23.8 million equity shares of the bank will be released by Citibank on April 1, 2020.

Why IndusInd Bank share price rose 11% in early trade

Biggest quarterly fall for global markets in Q1

9: 50 AM

Global markets come out of one of the worst quarters in several years. Q1 performance for US market was the worst ever while Europe saw its worst Q1 in 18 years.

Similarly, the 30-share index recorded its biggest quarterly fall of 28.7% in Jan-March quarter. For the financial year FY20, the Sensex was down nearly 24 per cent, posting its worst performance in over a decade.

Market falls further

9: 45 AM

Following the bearish trend from overseas, the 30-share index BSE Sensex traded 600 points lower at 28,864 and 50-share barometer NSE Nifty traded  180 points lower at 8,412. In March month, Sensex and Nifty have declined by 25%.

Currency markets closed today

9: 40 AM

Forex markets are to remain shut on Wednesday for the annual closing of banks.

Indices since the beginning of year

9: 30 AM

Since the start of 2020, Sensex, Nifty, BSE Smallcap as well as Midcap have fallen over 31%.

Compared to India's benchmarks, Brazil's Bovespa Index has lost 35%. London's FTSE and Germany's DAX has fallen 26%, followed by 23% drop in Straits Times Index (STI) in Singapore Exchange, 21.7% fall in Dow Jones on Wall Street and 18% fall in Japan's Nikkei.

In domestic sector-wise performers, healthcare led gains in the year-to-date period, falling 12%, followed by a 37% drop in Oil and Gas and 39% fall in PSU.

On the other hand, auto index on BSE led losses with 42% drop followed by Realty and Bankex on BSE at 41% loss since the beginning of this year.

After falling over 23% in a month period, BSE and NSE barometer Sensex and Nifty have gained 10% and 9% in one week's session. In March month, Sensex has fallen 9,204.42 points (23.80%) and Nifty declined by 3,026.15 (26.03%).

Opening bell

9:20 AM

Benchmarks Sensex and Nifty opened on a negative note on Wednesday, tracking trend from weak global cues as markets sentiments turned bearish over the rising fear of economic depression, sparked by the coronavirus pandemic. The 30-share BSE Sensex opened 250 points lower at 29,100 and 50-share barometer NSE Nifty started 85 points lower at 8,509. Financial markets worldwide have taken a big hit from the pandemic as investor sentiment remained fragile over the slowed growth of the global economy. The coronavirus is guaranteed to throw the world into recession, and economists are becoming less convinced about the potential for a strong snapback in growth.

Pre-open session

9: 00 AM

Benchmarks Sensex and Nifty are likely pre-opened on a positive note on Wednesday, although erased gains, tracking trend from weak global cues. The 30-share BSE Sensex pre-opened 30 points lower at 29,507 and 50-share barometer NSE Nifty started 16 points lower at 8,518.

Rupee closed flat yesterday

8: 50 AM

Rupee closed flat at 75.66 per dollar against the last closing of 75.65 per dollar on Tuesday. The money market is shut today on account of annual bank closing.

Brent crude at $22 today

8: 45 AM

Oil prices to trade near lows last seen in 2002, as governments across the planet introduce lockdowns to stem the spread of the virus, hammering demand for the commodity. Global fuel demand has been sharply cut by travel restrictions due to the coronavirus. U.S. crude fell 31 cents to $20.17 a barrel and May Brent crude futures ended 2 cents lower at $22.74 a barrel ahead of expiration.

Crude oil tumbles below $20 per barrel -- lowest since 2002

Global markets in red

8: 40 AM

Globally markets traded in red as investors turned pessimistic over growing evidence of large-scale economic downturn from the coronavirus pandemic.

US stocks fell yesterday, as investors wrapped up a period of historic market volatility sparked by the coronavirus pandemic. The Dow Jones Industrial Average fell 1.4%, the S&P 500 lost  1.49% and the Nasdaq Composite dropped 1.

Asian markets followed the bearish trend from US after World Health Organization official warned that even in the Asia-Pacific region, the virus epidemic was "far from over."

In Asia, MSCI's broadest index of Asia-Pacific shares outside Japan gained 0.35% in early trade.

Coronavirus Impact: S&P 500 heads for worst Q1 since 1938

FII/ DII action on Tuesday

9: 35 AM

On a net basis, FIIs offloaded Rs 3,044.94 crore while DIIs bought Rs 3,576.23 crore in equities on Tuesday

Fear of coronavirus-led global recession led to a massive exodus of Rs 44,405 crore by foreign portfolio investors (FPIs) in almost 56 quarters. The FPI sell-off in March is the highest-ever monthly outflow since 2015.

COVID-19 scare: Sensex Q4 return worst-ever, yearly returns lowest since FY09

Stocks to watch today on April 1

8: 30 AM

GM Breweries, Hero MotoCorp, HAL, Adani Transmission, Jubilant Life Sciences, SpiceJet, Astec LifeSciences among others are the top stocks to watch out for in Wednesday's trading session

Stocks in news: GM Breweries, Hero MotoCorp, HAL, Adani Transmission and more

Market Expectations

8: 20 AM

Benchmarks Sensex and Nifty are likely to open on a muted note on Wednesday, backed by weak global cues. SGX Nifty traded 55 points lower at 8515 level, indicating a tepid start in domestic grounds today. Globally indices traded in red today, as investors' sentiments turned risk averse amid the rising cases of COVID-19 and tightened lockdowns across the world to combat the virus spread.

Coronavirus update

8: 10 AM

Globally, there are over 8.5 lakh confirmed cases and 0.42 lakh deaths from the coronavirus outbreak. Of these, over 1.78 lakh have recovered globally.

In India, coronavirus cases continued to rise despite a complete lockdown. India's active novel coronavirus positive cases currently stand at 1,117, whereas the death tally is at 32, according to Ministry of Health & Family Welfare website. Moreover, the number of cured/discharged cases are at 101.  The novel coronavirus is in the local transmission phase in India.

Market at close on Tuesday

8:00 AM

Benchmark indices Sensex and Nifty closed near day's high on  Tuesday, as market sentiments were buoyed on positive global cues. Sensex ended 1,028 points higher at 29,468 and Nifty closed 316 points to trade at 8,597. Overall 25 out of 30 stocks on Sensex and 40 out of 50 scrips on Nifty closed in green territoy today. After falling over 23% in a month period, BSE and NSE barometer Sensex and Nifty have gained 10% and 9% in a week's session.

Sensex ends 1,028 points higher; FMCG, metal stocks lead gains


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