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

All that happened in stock market today

10:49 AM

MARKET OUTLOOK :: S&P Global Platts

The rolling geographic nature of the virus’s spread means its duration could be extended into the second quarter. Global oil demand is estimated to grow 0.86 million barrels per day (MMB/D) in 2020, lowered by a massive 0.47 MMB/D vs last month. A vast majority of downward revisions are in China and Asia. Reductions to air and ground transportation in China have badly hit demand for gasoline, diesel and jet. Cancelation and suspension of flights in and out of China also hit jet demand in many other countries.

10:40 AM

Nifty IT index tumbles over 4%; Mindtree, Tech Mahindra among top losers

Equity market was deep in the red on Friday, in line with global peers, as the rapid spread of coronavirus spooked investor sentiment. Information Technology (IT) shares were among the most hammered lot as the Nifty IT index slipped over 4 per cent or over 550 points. At 10:18 am, index constituents Tech Mahindra, Mindtree, Infosys, Tata Elxsi, and Wipro were trading over 5 per cent lower. In comparison, the benchmark Nifty was trading 337 points or around 3 per cent lower at 11,296 levels. READ MORE

10:28 AM

MARKET OUTLOOK :: Morgan Stanley

With the Covid-19 outbreak continuing and quick normalisation of China's production looking unlikely, we see AxJ 1Q20 GDP growth slowing to 3.7 per cent YoY- 4.1 per cent YoY from 5.1 per centYoY in 4Q19. Both fiscal and monetary easing are underway, with the 2020 AxJ fiscal deficit expected to widen to 8.4 per cent of gross domestic product versus 7.8 per cent in 2019. We expect AxJ central banks to ease cumulatively by between 0-50 basis points this year.

10:28 AM

From economy to markets, here's how brokerages assess coronavirus impact

Fears of coronavirus (COVID-19) getting a tighter grip over most countries has triggered a panic across financial markets over the past few weeks. Most analysts have trimmed their growth forecast for the global economy, financial markets have been rattled by the developments. Global share prices headed for the worst week since global financial crisis (GFC) in 2008 as investors braced for the coronavirus to become a pandemic and rapidly spread around the world.  READ MORE

10:19 AM

NEWS ALERT | New Zealand confirms first case of Coronavirus: CNBC TV18

10:17 AM

Tata Motors plunges 10% on reports of CCI probe, coronavirus woes

Shares of Tata Motors tumbled 10 per cent to Rs 130.50 on the BSE on Friday on reports that the Competition Commission of India is examining allegations that the company and two finance firms of its $100 billion parent group abused their market position while selling commercial vehicles. Besides, heavy selling was seen at the counter as concerns on China-originated coronavirus becoming a pandemic soured sentiment. READ MORE

10:10 AM

MARKET OUTLOOK | Credit Suisse

Financial markets will go through a period of heightened nervousness that could continue for several weeks or even months. During that period, we expect further drawdowns, but also rebounds, for instance should monetary or fiscal policy measures be announced to offset the economic impact. What is important for the longer-term orientation of portfolios is that we think that the global economy will face a slowdown but will be able to weather this blow. The near-term economic damage will cause companies to revise down earnings guidance, as we have seen in the case of Apple, for example. 

10:06 AM

MARKET CHECK:: Sensex continues to trade over 1,000 pts lower

10:00 AM

ICICI SECURITIES ON SBI CARDS IPO

SBIC offers investment opportunity in unique business model with strong profitability. Sustainability of higher business growth and strong return ratios (sustained RoA >4% & RoE~28%) justifies premium valuation for the business. Therefore, we recommend a SUBSCRIBE recommendation on the stock. At higher end of the price band of Rs 755, the stock is available at a P/E of ~46x (annualised on post issue basis) and P/BV of ~13.5x (post issue).

9:57 AM

MARKET OUTLOOK | Christopher Wood, global head of equity strategy at Jefferies

The Coronavirus continues to drive market sentiment, with “risk off” triggered by the spread of the disease outside China and Asia. The obvious risk for Wall Street-correlated world stock markets is that the virus spreads more overtly into North America. Clearly the hope and indeed still the base case is that the virus, which appears to be an extreme form of viral flu, will burn itself when the weather changes as was indeed the case with Sars. 

9:55 AM

Auto stocks under pressure

COMPANY NAME	LATEST	LOW	CHG(%)
TATA MOTORS	134.40	133.90	-7.31
ASHOK LEYLAND	70.90	70.75	-6.77
TATA MOTORS-DVR	56.35	56.10	-6.94
M & M	473.00	472.50	-4.13
ESCORTS	780.00	779.50	-4.59

9:52 AM

MARKET OUTLOOK | Nomura

The overall evidence points to a more significant hit to economic activity in the near term: the risk of a deeper-V in Q1-2020 and of the growth slowdown spilling into early Q2. We have already lowered our Q1 GDP growth forecast for Asia ex-Japan to 3.1 per cent y-o-y, from 5 per cent in Q4, and we expect GDP growth to average 4.9 per cent y-o-y in 2020 versus consensus expectations of 5.1 per cent. READ MORE

9:51 AM

IRCTC dips 6%

9:49 AM

BSE500 stocks that hit 52-week low today

COMPANY	PRICE(rs)	52 WK LOW	CHG(%)
ACC	1353.45	1351.10	-2.19
ALLAHABAD BANK	12.25	11.40	-5.41
ANDHRA BANK	13.75	12.65	-5.50
APOLLO TYRES	144.05	142.50	-4.16
ASHOKA BUILDCON	90.50	88.30	-2.69

9:45 AM

SECTOR WATCH:: Nifty Metal index slips 5%