MARKET WRAP: Sensex tanks 1,710 pts, ends below 29K; Nifty settles at 8,469

All that happened in markets today

2:19 PM

Contribution to Sensex's fall today

2:15 PM

BROKERAGE RADAR | Emkay Global Financial Services on ICICI Bank

We have trimmed our loan growth/earnings estimates by 1-2% and TP to Rs 600 from Rs 650, lowering P/ABV on core bank to 2.2x from 2.5x given the risk-off environment. ICICI Bank adopted ‘One Bank One RoE’ policy with a focus on risk-calibrated profitable growth, coupled with digital edge, which should help deliver strong RoEs (15-16% over FY21/FY22E) from sub-10%. Amid current market rout, revamped and stable ICICI offers a great investment opportunity from a long-term perspective. Maintain strong Buy/OW in EAP.

2:06 PM

European shares fall in early trade

2:02 PM

NEWS ALERT | L&T Board approves interim dividend of Rs 10/sh: BSE filing

2:00 PM

Detroit automakers, UAW agree to curb production to prevent Covid-19 spread

The agreement came hours after UAW President Rory Gamble went public with his dissatisfaction with how General Motors Co, Ford Motor Co and Fiat Chrysler Automobiles NV had responded to his proposal on Sunday that the companies stop production in the face of the coronavirus threat. READ MORE

1:59 PM

Top 5 losers on the BSE at this hour

1:53 PM

Zee Entertainment gains over 8% in a weak market

1:51 PM

Top BSE500 losers

COMPANY	LATEST	PREV CLOSE	LOSS(%)
VODAFONE IDEA	3.22	4.85	-33.61
INDUSIND BANK	437.30	604.30	-27.64
BANDHAN BANK	205.40	257.75	-20.31
QUESS CORP	305.15	381.40	-19.99
EDELWEISS.FIN.	46.95	58.65	-19.95

1:43 PM

MARKET CHECK

1:42 PM

Fall from intra-day highs today in BSE500 stocks

COMPANY	DAY'S HIGH(RS)	LATEST(RS)	FALL(%)
VODAFONE IDEA	5.57	3.17	-43.09
INDUSIND BANK	637.70	415.80	-34.80
YES BANK	87.95	61.35	-30.24
EDELWEISS.FIN.	62.05	46.95	-24.34
BANDHAN BANK	264.30	201.45	-23.78

1:35 PM

Nifty Private Bank index top sectoral loser

1:28 PM

MARKET UPDATE:: M-cap of BSE listed companies at Rs 114.48 trillion, its lowest level since February 15, 2017

-- Market cap erosion of Rs 45.88 trillion from its all-time high level on January 1, 2020

1:28 PM

BROKERAGE RADAR | ICICI Securities on IT sector

It is difficult for us to accurately predict the slowdown in demand and its impact on the revenue & profitability of IT companies led by Covid-19, oil price fluctuation, banking & capital market, retail segment and restriction on movement of resources. Considering there are many moving parts, we conservatively downgrade our multiple and target price to factor in the uncertainty. However, the recent correction in stock prices of IT companies have made a few stocks attractively placed (based on FY20E FCFF yield and valuation). Hence, we maintain BUY on a few stocks led by attractive FCFF yield and upgrade the rating on a few stocks based on attractive valuation. The current valuation of Wipro, Sonata and Firstsource is factoring in zero growth till perpetuity making them lucrative buys at current levels

1:28 PM

STATE-WISE COVID-19 CASES

1:23 PM

BROKERAGE RADAR | Motilal Oswal Fin Services on Endurance Technologies

We are lowering our consol EPS FY20/21 estimates to by 1%/8% to factor in for impact of coronavirus in EU business and our lowered estimate for 2W industry volume growth. ENDU’s near-term operating performance is expected to be influenced by the longevity of disruption in Europe and the BS6 transition in India. Both these events are transitory in nature but have created meaningful dislocation in price. Our positive view on ENDU remains intact and is driven by the company’s strong positioning in 2W OEMs as well as visibility of increase in content. Post the recent correction in the stock price, valuations are reasonable at 17.4x/15.8x FY21/FY22E consol. EPS. We also lower target multiple 22X (from 25x earlier) to factor in for risk of prolonged impact of coronavirus. Maintain Buy with TP of Rs 1,025 (~22x Mar’22E consol. EPS).