Sensex tanks 1,448 pts on coronavirus jitters; worst weekly fall in 10 yrs

All that happened in stock market today

2:44 PM

MARKET COMMENT | Ajit Mishra, VP Research, Religare Broking

The Indian markets tracked the rout in global indices and crashed as coronavirus’ repercussions on global economy continue to deepen. There are concerns that the outbreak is spreading to the world’s largest economy – USA as well as certain parts of Europe and that will adversely impact the global supply chains big time, thereby affecting economic growth of most of the nations. In the Indian markets, even defensives like IT tumbled despite a weak rupee indicating increasing anxiety amongst investors. Although Q3 GDP data is lined up today which is expected to bottom out, in the coming days, the pandemic will be the biggest factor influencing the market behaviour.

2:31 PM

Fear index jumps 27%

2:31 PM

Maruti Suzuki off day's low

2:27 PM

AGR woes: No decision on relief to telcos as DCC seeks more details

The crucial meeting of Digital Communications Commission (DCC) on Friday could not arrive at a decision on relief to the distressed telecom sector and more details are required for reconciliation of AGR data, sources said. The DCC meeting lasted two hours and is expected to meet again in coming days, the sources said. READ MORE

2:13 PM

Bandhan Bank stock nears all-time low, slips 27% thus far in 2020

Shares of Bandhan Bank slipped 7 per cent to Rs 370.60 on the BSE on Friday, thus erasing entire gain recorded since Tuesday after the Reserve Bank of India (RBI) lifted restrictions placed on the bank from opening new branches. The private sector lender's stock was quoting close to its all-time low of Rs 369.15, touched on October 16, 2018. The bank issued shares at Rs 375 per share in its initial public offer (IPO) and debuted on the bourses on March 27, 2018. READ MORE

2:06 PM

European markets open lower

European shares dove 3% on Friday, sliding deeper into correction territory, as investors feared a global recession is on the horizon with the coronavirus spreading across the world.

 

The pan-regional STOXX 600 was on track to record its biggest weekly decline since the height of the global financial crisis in 2008. The index entered correction levels on Thursday, a 10% decline from its recent peak, along with markets in the United States and Asia.

1:58 PM

Use market meltdown to buy fundamentally sound large-caps

As of now, Indian market seems quite insulated from the health scare, as there has not been any serious cases of coronavirus here. That said, in case the virus does hit India, it will be a huge setback. The virus has already spread to 44 countries. READ MORE  

1:52 PM

Pfizer warns of hit to financial results on continued coronavirus outbreak

Pfizer Inc on Thursday warned that the continued spread of the coronavirus globally could have an adverse impact on its business and financial results. The outbreak could have an impact on the company's manufacturing, supply chain and clinical trial operations, Pfizer said under the risk factors section of a regulatory filing. READ MORE

1:33 PM

MARKET COMMENT :: Jyoti Roy, DVP Equity Strategist, Angel Broking

Global markets have come under pressure over the past few days as the Novel Coronavirus (Covid-19) has now spread beyond mainland China. Number of cases in South Korea, Italy and Iran have increased sharply over the past few days leading to a fear that the world could be on the verge of a global pandemic. US two-year and 10-year bond yields have also dropped sharply over the past few days to ~1.1% and 1.3% respectively and are now well below the overnight rate of 1.625% which signals that the markets are concerned about a slowdown in the global economy due to the coronavirus and expect the Fed to cut rates.

We expect central banks globally to infuse liquidity in the coming weeks in order to support the economy. As per medical scientists, the coronavirus should get contained with the onset of summer in most countries given that warm weather is not conducive to the spread of the virus. Therefore, we expect markets will recover once the worst of the coronavirus outbreak is behind us supported by global liquidity though there could be some more volatility in the interim period

1:31 PM

NEWS ALERT | Motherson Sumi declares interim dividend of Rs 1.5 per share

1:26 PM

MARKET CHECK | Top 5 gainers on the BSE at this hour

1:16 PM

NEWS ALERT | DCC meeting on telecom sector concludes; no decision yet: CNBC TV18

-- DCC keen to review more data; meet inconclusive

1:12 PM

MARKET COMMENT :: Praveen Khandelwal – General Secretary of Confederation of All India Trade (CAIT)

"Bilateral trade ties between India and China are far more extensive and wide-ranging than generally understood. Dependence on China for supplies spans across sectors and sub-sectors, and in many cases is as high as 60 per cent. On-ground situation indicates that normalization of trade can take at least six months. Industry participants have sought support from the Indian government (in terms of credit, technology, logistics, etc.) to unclog bottlenecks in the supply chains by building a formidable alternative to Chinese supplies."

1:07 PM

BUZZING STOCK:: Shriram City Union Finance gains 2% in a weak market

12:48 PM

Nifty Metal index set for biggest weekly fall since October 2008

The Nifty Metal index is set for its biggest weekly fall in more than a decade as shares of metal companies remained under pressure on Friday on concerns of demand slump due to the coronavirus outbreak in top consumer China. At 11:19 am, the Nifty Metal index, the top loser among sectoral indices, had slipped 6 per cent. READ MORE