MARKETS: Indices end at 6-mth lows, Sensex tanks 894 pts; YES Bank down 56%

All that happened in markets today

Britain votes to leave EU, Cameron quits, markets rocked

Bears continued to be in the driver's seat on Friday as markets witnessed another bout of across-the-board sell-off due to Coronavirus fears. Further, YES Bank crisis was another major factor that dragged the markets lower.

The S&P BSE Sensex tanked 894 points or 2.32 per cent to settle the day at 37,577. During the day, the index hit a low of 37,011 levels. Bajaj Auto emerged as the biggest gainer on the index while Tata Steel (down over 6.5 per cent) was the top loser.

On NSE, the broader Nifty50 index ended at 10,989, down 279.5 points or 2.48 per cent.

On a weekly basis, Sensex dropped 1.8 per cent while Nifty lost 1.89 per cent.

Among individual stocks, YES Bank cracked as much as 85 per cent during the day after RBI suspended the bank's board and placed it under moratorium for 30 days and capped withdrawal limit to Rs 50,000 for the one-month period. The stock eventually settled at Rs 16, down 56 per cent. READ MORE

State Bank of India (SBI) closed around 6.5 per cent lower at Rs 270, after it informed that its board has given in-principle approval to consider an “investment opportunity” in YES Bank. In a late night statement on Thursday, SBI, however, said no decision had yet been taken to pick up stake in the bank. READ MORE

Besides, other banking stocks, too, tumbled in the trade. The Nifty Bank index ended at 27,781, down over 1,000 points or 3.6 per cent.

Volatility index India VIX rose around 12 per cent to 25.96 levels.

In the broader market, the S&P BSE MidCap index declined 343.5 points or over 2 per cent to 14,227 levels while the S&P BSE SmallCap index ended at 13,330, down 261.5 points or around 2 per cent.

Global Markets

Global stock markets tumbled on Friday as disruptions to business from the spreading coronavirus epidemic worsened, stoking fears of a prolonged economic slowdown.

European shares opened sharply lower, with travel stocks bearing the brunt. The MSCI All-Country World Index, which tracks shares across 47 countries, was down 0.72 per cent.

Earlier in Asia, MSCI's broadest index of Asia-Pacific shares outside Japan fell 2.1 per cent, while Japan's Nikkei stock index sank 2.94 per cent. Australian shares were down 2.44 per cent. Shares in China fell 1.22 per cent, while stocks in Hong Kong, another city hard hit by the virus, fell 2.12 per cent.

Oil prices also fell due to worries that non-OPEC oil producers might not agree to output cuts even though global energy demand is weakening.

(With inputs from Reuters)

4:18 PM

MARKET COMMENT | Vinod Nair, Head of Research at Geojit Financial Services

"The sell-off in India was triggered by weak global trend due to coronavirus outbreak, restricting international travel and trade. Additionally, moratorium enlarged domestic concern over safety of financial system and Indian rupee weaken past 74 levels due to these issues. The bailout is a positive development lowering long-term systemic problems and will increase safety for depositors. Market will be watchful about the final resolution to be offered by RBI & SBI soon".

3:55 PM

SECTOR WATCH | Bank stocks take the biggest hit

3:53 PM

MARKET AT CLOSE | Top losers and gainers on the S&P BSE Sensex

3:40 PM

CLOSING BELL

The S&P BSE Sensex tumbled 894 points or over 2 per cent to 37,577 levels while NSE's Nifty50 closed at 10,989, down 279.5 points or around 2.5 per cent.

3:23 PM

BUZZING STOCK | Pidilite Industries hits new high of Rs 1661, up 2%,

- The stock bounced back 5% from day's low of Rs 1,583 on the BSE

3:21 PM

Equity Strategy by HDFC Securities

Worst of domestic economic woes are behind. However economic healing is likely to be protracted and FY21e growth of 6% will still be lower vs. potential growth. Govt & RBI are likely to maintain accommodative stance but headroom for counter cyclical measures is smaller now. While overall market valuations are still above long term averages, we believe investors should position their portfolios in favor of growth at a reasonable price (GARP), turnaround and select value plays instead of hiding in very expensive quality names.

3:12 PM

MARKET CHECK | YES Bank still down over 56%

3:06 PM

Nifty Auto index stages slight recovery

2:47 PM

NEWS ALERT | FM Sitharaman to address media over the YES Bank issue at 4:30 PM: CNBC TV18

2:46 PM

Tata Motors skids 10% as China sales slip 85% in Feb; stock down 37% in 1 month

Shares of Tata Motors slipped 10 per cent intra-day to Rs 112.95 on the BSE on Friday after the company said the reduction in China sales owing to the outbreak of coronavirus, is expected to reduce Jaguar Land Rover's (JLR) full-year EBIT (earnings before interest and tax) margin by about 1 per cent. It, however, added free cashflow in Q4 is still expected to be modestly positive. READ MORE