MARKET WRAP: Sensex tanks 1,710 pts, ends below 29K; Nifty settles at 8,469
All that happened in markets today
 "Markets")
Of 30 constituents, 28 declined and only two - ONGC and ITC ended in the green
The relentless selling on Dalal Street continued on Wednesday with no signs of abating as stocks across-the-board, especially financial sector, fell like a pack of cards. Threat of economic fallout emananting from pandemic Coronavirus (Covid-19) continued to weigh on investor sentiment. Moreover, statements by global brokerages Morgan Stanley and Goldman Sachs that the coronavirus has triggered a global recession spooked investors further.
The S&P BSE Sensex sank 1,710 points or 5.6 per cent to end the day at 28,869.51. IndusInd Bank continued to bleed and ended at Rs 460 apiece, down 24 per cent. Other bluechip financial names such as HDFC Bank, HDFC, Bajaj Finance, and Axis Bank plunged up to 11 per cent. Investors lost around Rs 5.39 trillion today. In the past three days, they have lost Rs 15.1 trillion.
Of 30 constituents, 28 declined and only two - ONGC and ITC ended in the green. ONGC witnessed a phenomenal rise in the fag-end of the session and closed 10 per cent higher at Rs 66 apiece.
On the NSE, the benchmark Nifty breached 8,500 level to end at 8,469 points with 44 constituents declining and just 6 advancing. Sectorally, all but Nifty Media ended in the red. Nifty Media ended at 1,158, up 4.50 points or 0.39 per cent. Nifty Private Bank index tumbled 7 per cent to 11,219 while Nifty Bank slid around 6 per cent to 20,854 levels.
In the broader market, the Nifty Midcap 100 index declined 5.5 per cent to 12,614 and the Nifty SmallCap index closed the day at 4,020 down over 6 per cent.
Global Markets
US stock futures and several Asian shares fell in choppy trade on Wednesday, as worries about the coronavirus pandemic eclipsed hopes broad policy support would combat the economic fallout of the outbreak. In Asia, MSCI’s broadest index of Asia-Pacific shares outside Japan dipped 0.3 per cent, led by a 4.9 per cent fall in Australia while Japan’s Nikkei gained 1.6 per cent. US stock futures fell 3 per cent in Asia.
European stock index futures fell more than 5 per cent as fears over the relentless global spread of the coronavirus.
In commodities, oil prices fell for a third session to be down about 17 per cent so far this week as the outlook for fuel demand darkened amid travel and social lockdowns triggered by the coronavirus epidemic.
(With inputs from Reuters)
4:20 PM![]()
MARKET COMMENT | Joseph Thomas, Head of Research - Emkay Wealth Management
"The frontline indexes were down by close to 5.50 per cent, in a market hit by the likely adverse impact of the pandemic, at a time when it was negotiating a critical juncture in the already existing economic sluggishness. Markets will continue to mirror the developments overseas till some comfort on the spread of the pandemic is received. It is too early to say when the feeling that the asset prices are lower than their intrinsic value would start coming in.”
4:04 PM
SECTOR WATCH | Nifty Media rises; financials tumble
4:03 PM
MARKET AT CLOSE | 28 out of 30 constituents of BSE Sensex end in the red
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CLOSING BELL
The S&P BSE Sensex sank 1,710 points or 5.6 per cent to settle at 28,870 levels while NSE's Nifty50 ended at 8,469, down 498 points or 5.56 per cent.
3:28 PM
Sudden surge in Oil India
3:19 PM
MARKET CHECK
3:14 PM
MARKET UPDATE :: Nifty breaches 8,500
3:05 PM
MARKET UPDATE:: Sensex at day's low, down 1,900 pts
3:03 PM
Bharti Infratel extends losses, hits record low
3:01 PM![]()
NTPC, Power Grid earnings relatively immune to coronavirus spread
For NTPC the positive should also accrue from the fact that availability of its critical power plants (Sipat and Korba) has recovered after heavy monsoons this year. Plant availability factor (PAF) stood at 100 per cent for Talcher Stage-II and at 50 per cent for Talcher Stage-I in the month of February, suggests Motilal Oswal Financial Services data. NTPC, which had continued seeing concerns on PAF of critical plants as well as under recoveries, however is seeing improved fundamentals. READ MORE
2:53 PM![]()
Work from home still not an option for currency traders amid coronavirus
In currency, the interbank rates can be availed only through a few platforms, including Murex, Calypso, and Reuters. These are installed in fixed computer terminals at the treasury floor. There are alternative applications that can be installed on mobile phones too, but they may work with a minor lag, which means interbank offers may not get truly captured. That is why it is important that traders must be present in front of the terminals for trading. READ MORE
2:42 PM![]()
MARKET UPDATE:: Spicejet, Delta Corp, Future Retail, and Indiabulls Real Estate among 409 stocks locked in lower circuit on the BSE
2:30 PM![]()
NEWS ALERT | DHFL promoters, Kapil & Dheeraj Wadhawan untraceable at the moment: sources to CNBC TV18
>> Both of them didn't appear before ED yesterday
>> Kapil Wadhawan has said he cannot present himself before ED, says can't travel due to Covid-19 health advisory
Alert: ED is looking for them in money laundering cases w.r.t YEs Bank
>> Kapil Wadhawan has said he cannot present himself before ED, says can't travel due to Covid-19 health advisory
Alert: ED is looking for them in money laundering cases w.r.t YEs Bank
2:27 PM
STOCK ALERT :: Bajaj Finance slips 23% in 3 sessions
2:20 PM![]()
Covid-19 impact: Trump's economic rescue package could approach $1 trillion
His proposed economic package alone could approach $1 trillion, a rescue initiative not seen since the Great Recession. Trump wants checks sent to the public within two weeks and is urging Congress to pass the eye-popping stimulus package in a matter of days. READ MORE
Topics : Markets MARKET WRAP
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First Published: Mar 18 2020 | 7:47 AM IST
