MARKET WRAP: Sell-off resumes; Nifty ends at 3-yr low; Sensex at 30-mth low
All that happened in the markets today
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Sectorally, all the sectoral indices ended with deep cuts. Nifty Bank index tumbled 2,087.50 points or over 8 per cent to 23,079
After a one-day halt, stock market resumed its downward trajectory on Monday following global peers after the US Federal Reserve cut interest rates to near zero on Sunday in another emergency move to help shore up the US economy amid the rapidly spreading global coronavirus pandemic.
Back home, the Reserve Bank of India (RBI), too, is expected to cut rates to fight coronavirus. The central bank is scheduled to hold a press conference at 4 pm today.
The S&P BSE Sensex today tumbled 2,713 points or nearly 8 per cent to end the session at 31,390 levels. All the 30 constituents of the index ended in the red. IndusInd Bank bled the most - down 17.5 per cent to Rs 663, followed by Tata Steel (down 11 per cent), Axis Bank (down over 10 per cent), and ICICI Bank (down 10 per cent). During the session, the BSE lost Rs 7.5 trillion in market capitalisation.
NSE's frontline index Nifty tanked 758 points or 7.6 per cent to close at 9,197. YES Bank was the only Nifty stock that ended in the green. The stock advanced 45 per cent to end at Rs 37.05.
All the sectoral indices ended with deep cuts. Nifty Bank index tumbled 2,087.50 points or over 8 per cent to 23,079 levels while Nifty Metal cracked 9 per cent to 1,734 levels. Volatility index India VIX rallied 16 per cent to 59.74 levels.
Market breadth was in favour of declines as out of 1,836 companies traded on the BSE, 1,410 declined and 330 advanced while 96 remained unchanged.
In the broader market, the S&P BSE MidCap declined 6 per cent to 11,889 levels while the S&P BSE SmallCap index lost 666 points or 5.66 per cent to 11,095.
New listing
Shares of SBI Cards & Payment Services (SBI Cards) listed at Rs 661, 12.45 per cent below its issue price of Rs 755 on the National Stock Exchange (NSE). On the BSE, it opened at Rs 658, 13 per cent lower against issue price. READ MORE
Global Markets
Stock markets were routed and the dollar stumbled on Monday after the Federal Reserve slashed interest rates in an emergency move and its major peers offered cheap US dollars to ease a ruinous logjam in global lending markets. European shares, too, plunged as the coronavirus pandemic raged through much of Europe, with dramatic monetary easing by global central banks failing to reassure investors about its growing economic damage.
In commodity market, US crude fell below $30 as emergency rate cuts by the US Federal Reserve and its global counterparts failed to tame markets and China’s factory output plunged at the sharpest pace in 30 years amid the spread of coronavirus. Gold prices, too, jumped in trade before paring gains as some investors sold the metal
for cash amid a sell-off in equities.
(With inputs from Reuters)
4:08 PM![]()
MARKET COMMENT | Vinod Nair, Head of Research at Geojit Financial Services
Easing monetary policy action from central banks across the globe highlights that the impact of coronavirus is worse than thought. Economic, trade and travel shutdown are impacting equities across the globe. RBI will join its global peers in announcing measures like rate cut and additional measures to improve liquidity and confidence.
4:01 PM
SECTOR WATCH | Nifty Metal index cracks 9%
4:01 PM
MARKET AT CLOSE | All 30 constituents of Sensex end in the red
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CLOSING BELL
The S&P BSE Sensex nosedived 2713 points or nearly 8 per cent to 31,390 levels while NSE's Nifty ended at 9,197, down 758 points or 7.6 per cent.
3:19 PM
MARKET CHECK
3:10 PM![]()
NEWS ALERT | Antony Waste IPO withdrawn
3:05 PM
MARKET ALERT :: Nifty slips below 9,200
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MARKET COMMENT:: Karan Mehrishi, Lead Economist at Acuité Ratings & Research, on possible RBI rate cut
Acuité believes that there is a possibility of a surprise rate cut before April to the tune of 50 bps, following the examples of the USD FED and BOE rate cuts. A rate cut, if any, at this point may not be driven by inflation concerns. Even liquidity in the system is substantial. It will be more of a market calming move. The coronavirus threat is assumed to be a trigger point behind the move. Food inflation is also expected to be moderate with the Rabi harvest and core inflation likely to remain low. The yield differentials with foreign debt is also comfortable at this point so a rate cut may not put incremental risk to inflows. We even expect the reduction in CRR to increase liquidity along with tweaking the non SLR HQLA requirements.
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Global Markets check
European shares tumbled more than 8 per cent on Monday as the coronavirus pandemic raged through much of Europe, with dramatic monetary easing by global central banks failing to reassure investors about its growing economic damage.
The pan-European STOXX 600 fell 8.2 per cent to its lowest since November 2012, with bourses in France and Spain leading losses as the two countries joined Italy in enforcing a national lockdown.
In Asia, MSCI’s index of Asia-Pacific shares outside Japan tumbled 4 per cent to lows not seen since early 2017, while the Nikkei fell 2 per cent as the Bank of Japan’s easing steps failed to stabilise market confidence.
The pan-European STOXX 600 fell 8.2 per cent to its lowest since November 2012, with bourses in France and Spain leading losses as the two countries joined Italy in enforcing a national lockdown.
In Asia, MSCI’s index of Asia-Pacific shares outside Japan tumbled 4 per cent to lows not seen since early 2017, while the Nikkei fell 2 per cent as the Bank of Japan’s easing steps failed to stabilise market confidence.
2:54 PM
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2:53 PM
BROKERAGE RADAR | Axis Securities on Britannia Ind
2:51 PM![]()
Expert Tweets :: Anand Mahindra on how isolation during Covid-19 could be a blessing
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Goldman Sachs downgrades US growth forecast for Q1, Q2 due to coronavirus
"We expect US economic activity to contract sharply in the remainder of March and throughout April as virus fears lead consumers and businesses to continue to cut back on spending such as travel, entertainment, and restaurant meals," Goldman said in its latest research note. READ MORE
2:37 PM![]()
NEWS ALERT | DoT seeks SC nod for 20-yr window to make AGR dues' payment: CNBC TV18
>> Interest on pruncipal, penalty to not to be charged beyind judgement date
>> Dues payable to govt to be protected by levy of 8% interest on staggered payment
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| COMPANY | LATEST(rs) | CHG(rs) | CHG(%) | VOLUME |
|---|---|---|---|---|
| VODAFONE IDEA | 5.57 | -0.06 | -1.07 | 83893601 |
| BHARTI AIRTEL | 465.05 | -29.15 | -5.90 | 338157 |
| TEJAS NETWORKS | 40.90 | -3.90 | -8.71 | 8018 |
2:30 PM![]()
NEWS ALERT | Emami to consider share buyback on March 19: BSE filing
Topics : Markets MARKET WRAP
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First Published: Mar 16 2020 | 7:40 AM IST
