MARKET WRAP: Sell-off resumes; Nifty ends at 3-yr low; Sensex at 30-mth low

All that happened in the markets today

2:30 PM

NEWS ALERT | BHEL wins order for electric buses: BSE filing

2:23 PM

NEWS ALERT | YES BANK TO RESUME SERVICES FROM MARCH 18

2:21 PM

NEWS ALERT | CAPA fears airlines could turn bankrupt if Covid-19 isn't curtailed

2:15 PM

MARKET UPDATE:: Sell-off intensifies, Sensex down nearly 2,600 pts now

2:14 PM

Macquarie on SBI Cards and Payment Services

Recommendation: Outperform | Price target: Rs1,025 | 12-month TSR: +35.8%

We believe SBIC’s strong parentage, market leadership, brand and smart strategies will enable it to capture a rising share of India’s fast-growing credit card industry. Regulatory intervention risks and asset quality cycles are inevitable, but not imminent in our view. We are initiating coverage with an Outperform rating and a residual income model-based TP of Rs1,025 (36% upside potential; implies target FY22E P/E, P/BV and PEG ratios of 35x, 8.7x and 1.1x, respectively)

2:10 PM

European markets trade lower

2:03 PM

NEWS ALERT | Significant space for monetary policy action by RBI: Chief Economic Adviser

-- Monetary toolkit important at this time to deal with COVID-19: CEA

-- Special series bonds plan may benefit from easy global liquidity now: CEA

-- Rupee management policy to remain unchanged despite current weakness; CEA

(via CNBC TV18)

1:57 PM

YES Bank AT1 bond write-down reflects distinct treatment for private banks

This would create losses for asset managers and raise capital costs for issuers. A complete write-down would likely raise the risk premium that investors price into Indian hybrids, said S&P Global Ratings credit analyst Deepali Chhabria.

 

The bailout scheme requires YES Bank to write down about Rs 8,700 crore ($1.2 billion) of outstanding AT1s. READ MORE

1:52 PM

Sensex near day's low

1:47 PM

Contribution to S&P BSE Sensex's fall today

1:24 PM

MARKET STRATEGY :: Rusmik Oza, Sr. VP (Head of Fundamental Research-PCG), Kotak Securities

Markets have just fallen vertically in a very short duration of time so when the recovery takes place it will be anywhere between 45 to 60 degree angle. This has happened on most previous occasions. The charts, valuations and volatility Index (Vix) show that too much of negatives that could or are likely to come over a period of time have got discounted as of now (too soon, too fast). This calls for a tactical pull back in equity markets.

We advise to focus on mega caps or large caps at this juncture as the valuation gap between large caps and mid caps has narrowed down. One needs to keep in mind that volatility is going to remain for some time and we are not out of the woods yet as the number of cases of Covid-19 are going to keep escalating across the globe in the coming weeks. However, due to fear factor markets have the tendency to react too much too soon and in this process create panic bottoms which in hindsight after some months and years look like it was a good buying opportunity then

1:24 PM

NEWS ALERT | South Korea central bank cuts base rate by 50 bps to 0.75%: CNBC TV18

1:15 PM

Will the RBI cut rates today? Fiscal boost also needed to battle slowdown

According to JP Morgan, interest rate cuts may not assuage investors who are dealing with twin shocks of a slump in crude oil prices and the outbreak of Covid-19, leading to a sharp repricing in global markets, including in equities, fixed income, commodities and currencies. READ MORE

1:07 PM

Coronavirus update:: Four more people test positive in Mumbai and Navi Mumbai

1:06 PM

Future Retail hits over 3-year low; stock tanks 46% in four days

Shares of Future Retail were locked in the 10 per cent lower circuit for the third straight day at Rs 153.75, hitting a fresh three-year low on the BSE on Monday with only sellers seen on the counter. The stock of the flagship company of the Future Group was trading at its lowest level since January 10, 2017. In the past four trading days, the stock has tanked 46 per cent, as compared to 9 per cent decline in the S&P BSE Sensex. In the past one month, it has plunged 59 per cent, against 21 per cent fall in the benchmark index.  READ MORE