Indian stocks opened sharply lower on weak global stocks. At 9:25 IST, the barometer index, the S&P BSE Sensex, was down 814.59 points or 2.43% at 32,723.78. The Nifty 50 index was down 234.40 points or 2.37% at 9,667.60.
The S&P BSE Mid-Cap index was down 2.25%. The S&P BSE Small-Cap index was up 2.67%.
The market breadth, indicating the overall health of the market, is weak. On the BSE, 230 shares rose and 1383 shares fell. A total of 50 shares were unchanged.
Stocks in news:
Wipro lost 2.63%. Wipro announced a partnership with CloudKnox Security. The Wipro and CloudKnox joint solution offering enables enterprises to proactively protect and manage their Hybrid and Multi-Cloud infrastructure by continuously detecting and remediating over-permissioned identities.
State Bank of India (SBI) fell 2.96%. The Executive Committee of the Central Board of Directors of SBI approved the divestment of 2,10,00,000 equity shares constituting 2.1% stake in SBI Life to achieve Minimum Public Shareholding of 25% (remaining part of bank's share for MPS) through offer for Sale process through Stock Exchange mechanism as per the regulatory prescription.
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SBI Life Insurance Company fell 0.75% to Rs 753.90. SBI (promoters of the company) proposes to sell shares on 12 June 2020 (for non-retail investors only) and on 15 June 2020 (for retail investors and for non-retail investors who choose to carry forward their un-allotted bids), through the separate designated window of the Stock Exchanges. The floor price for the sale is Rs 725 per share.
EID Parry (India) fell 5.14%. Consolidated net profit fell 0.53% to Rs 157.23 crore on 16.05% rise in total income to Rs 4,261.02 crore in Q4 March 2020 over Q4 March 2019.
Sundram Fasteners lost 3.21% after consolidated net profit dropped 51.6% to Rs 54.57 crore on 26.96% fall in total income to Rs 836.08 crore in Q4 March 2020 over Q4 March 2019.
KSB dropped 8.89% after consolidated net profit dropped 34.34% to Rs 10.90 crore on 7.96% fall in total income to Rs 270.40 crore in Q4 March 2020 over Q4 March 2019.
Global Markets:
Overseas, Asian stocks were trading lower on Friday after an overnight plunge on Wall Street amid fears of a second wave resurgence of the coronavirus pandemic.
In US, Wall Street plummeted on Thursday as investors reacted to renewed fears of a pandemic resurgence.
The Dow Jones Industrial Average fell 1,861.82 points, or 6.9%, to 25,128.17, the S&P 500 lost 188.04 points, or 5.89%, to 3,002.1 and the Nasdaq Composite dropped 527.62 points, or 5.27%, to 9,492.73.
The number of U.S. coronavirus infections passed the two million mark and over 112,000 Americans have died, according to Johns Hopkins University. Despite fewer cases being recorded in some cities and states, the seven-day average of new cases over the past two weeks is still rising in more than 20 states, leading investors to worry about a second wave of the epidemic just as business activity is resuming.
President Trump announced he will resume holding election rallies with the first in Tulsa, Okla., on June 19 but he isn't expected to require that attendees practice social distancing. Meanwhile, U.S. Treasury Secretary Steven Mnuchin said the U.S. shouldn't shut down the economy again even if there is another surge in coronavirus cases.
Back home, domestic shares ended with heavy losses on Thursday, mirroring weakness in global stock markets. Rising COVID-19 cases in India also dented sentiment. The barometer S&P BSE Sensex slumped 708.68 points or 2.07% at 33,538.37. The Nifty 50 index tumbled 214.15 points or 2.12% at 9,902.
Foreign portfolio investors (FPIs) sold shares worth Rs 805.14 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 874.35 crore in the Indian equity market on 11 June, provisional data showed.
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