MARKET WRAP: Sensex slips 536 pts, Nifty ends at 9,154; financials decline
All that happened in the markets today.
 "Brokers trade at their computer terminals at a stock brokerage firm in Mumbai. Photo: Reuters")
In the broader market, the S&P BSE MidCap index fell 1.77 per cent to 11,464.
The domestic equity market ended in the red on Friday amid weak global cues. The decision of Franklin Templeton Mutual Fund (MF) yesterday to wind up six of its debt schemes also eroded sentiment. READ MORE
The Association of Mutual Funds of India (AMFI) assured investors that majority of Fixed Income Mutual Funds AUM is invested in superior credit quality securities and schemes have appropriate liquidity to ensure normal operations and hence, investors should remain invested in Mutual Funds to create wealth over the long term.
The S&P BSE Sensex ended 536 points or 1.7 per cent lower at 31,327.22 levels while the NSE's Nifty ended at 9,154.40, down 159.5 points or 1.7 per cent.
Among individual stocks, Bajaj Finance (down 9 per cent) and IndusInd Bank (down over 6.5 per cent) were the top Sensex laggards. HDFC slipped 5 per cent and HDFC Bank ended nearly 2 per cent lower. On the other hand, Reliance Industries (up over 3 per cent) was the lead gainer.
Secorally, barring Nifty Pharma, all the other indices on the NSE ended in the red. Nifty Bank slipped 3.36 per cent to 19,587 levels while Nifty PSU Bank index declined around 4 per cent to 1,263. Nifty Financial Services index declined nearly 4 per cent to 9,432 levels.
In the broader market, the S&P BSE MidCap index fell 1.77 per cent to 11,464 while the S&P BSE SmallCap index ended at 10,634, down 151.5 points or 1.4 per cent.
Secorally, barring Nifty Pharma, all the other indices on the NSE ended in the red. Nifty Bank slipped 3.36 per cent to 19,587 levels while Nifty PSU Bank index declined around 4 per cent to 1,263. Nifty Financial Services index declined nearly 4 per cent to 9,432 levels.
In the broader market, the S&P BSE MidCap index fell 1.77 per cent to 11,464 while the S&P BSE SmallCap index ended at 10,634, down 151.5 points or 1.4 per cent.
Global Markets
Asian shares and US stock futures fell on Friday, spurred by doubts about progress in the development of drugs to treat COVID-19 and new evidence of US economic damage caused by the coronavirus pandemic.
MSCI’s broadest index of Asia-Pacific shares outside Japan was down 0.4 per cent. US stock futures, the S&P 500 e-minis, were down 0.56 per cent.
Shares in China, where the coronavirus first emerged late last year, fell 0.79 per cent.
Euro Stoxx 50 futures were down 2.23 per cent, German DAX futures slipped 2.19 per cent and FTSE futures fell 1.36 per cent.
In commodities, oil prices fell and headed for their third weekly loss running as production shutdowns failed to keep pace with sliding demand due to the coronavirus crisis.
Brent crude was down 73 cents, or 3.42 per cent, at $20.60 at the time of writing of this report, after hitting a session high of $22.70/bl earlier and jumping 5 per cent on Thursday. US oil fell by 84 cents, or 5.09 per cent, to $15.66 a barrel, having surged 20 per cent in the previous session.
(With inputs from Reuters)
4:00 PM
MARKET COMMENT | S Ranganathan, Head of Research at LKP Securities
"Market shaved off today as winding up of a few debt schemes by a large fund house in India added to the selling pressure witnessed in Banks and NBFC stocks. Reliance and a few Pharma names were the only saving grace in today's trade. Investors should have a clear asset allocation strategy to navigate the present volatility created by the Pandemic."
3:53 PM
SECTOR WATCH | Here's how sectoral indices on NSE performed today
3:46 PM
MARKET AT CLOSE | Top losers and gainers on the S&P BSE Sensex
3:39 PM
CLOSING BELL
The S&P BSE Sensex ended at 31,327, down 536 points or 1.7 per cent while Nifty lost 160 points or 1.71 per cent to settle at 9,154.40 levels.
31,327.22
31,327.22
3:25 PM
MARKET CHECK | Top 5 losers on the BSE at this hour
3:17 PM
MARKET CHECK
3:08 PM
Heatmap: S&P BSE Sensex gainers and losers at this hour
3:04 PM
Franklin Templeton MF | Adani Group completes early redemption of NCD due in October 2020: CNBC TV18
3:00 PM
Weak economic outlook to give small finance banks more time to get listed
“This dispensation may only be a one-time leeway as listing requirements according to licensing norms are unlikely to be modified,” said a source. The banking regulator mandates that SFBs must get listed within three years of their net worth reaching Rs 500 crore. READ MORE
2:54 PM
Varun Beverages: Wait for clarity on lockdown, demand before investing
The 40-day lockdown and the expected delay in normalising business cycle will take a toll on the company’s top line in the June quarter. This crucial quarter contributes around 40 per cent of the company’s annual revenue. While the company will restart its operations after May 3, major concerns are prevail on the demand front. READ MORE
2:43 PM
Bajaj Finance hits lowest level since May 2018; stock tanks 59% in 2 months
Historically, the April-June quarter (Q1) is the largest contributor to assets under management (AUM) growth for Bajaj Finance, with roughly 40 per cent contribution to the total AUM growth, which will be a wash-out quarter during FY21. Also, the Reserve Bank of India (RBI) moratorium poses a greater risk for Bajaj Finance by providing longer disruption in the financial discipline of low-income borrowers of the company. READ MORE
2:40 PM
NEWS ALERT | PM-FM meeting postponed, likely to happen next week: CNBC TV18
2:39 PM
EXPERT VIEW | Wait for gold prices to fall till 38,000 to enter market: Anuj Gupta, DVP–Commodities & Currencies Research, Angel Broking
Last year around 33 to 35 tons of Gold was sold on the Akshaya Tritya. In the last two months, the import of gold in India has plunged more than 73% year on year basis. In the month of March 2020, India has just imported 25 tonnes of gold as against around 94 tonnes last year. This year, we are expecting no physical demand in Gold for many reasons like lockdown and higher prices. There are more options available to buy gold like Gold ETFs from an exchange, sovereign gold bond, and coins from the Banks. In 2019, on Akshaya Tritya, gold prices were trading at 31,500 levels and now it is trading around 46,500 levels. It gave almost 47% returns to Gold lovers. The gold trend is still positive on the back of uncertainty and lower global growth forecast.
We are expecting safe heaven demand always supports the gold prices. This time Gold is trading on higher levels (recently gold touched the lifetime high of 47,327 levels). Technically we recommend waiting for some correction till 38000 to 40000 to buy gold for the target of 50000 to 52000 in gold prices. In the international market, gold may test $1780 to $1800 levels. Closing above $1800 levels may lead this rally towards $1880 to $1950 levels.”
We are expecting safe heaven demand always supports the gold prices. This time Gold is trading on higher levels (recently gold touched the lifetime high of 47,327 levels). Technically we recommend waiting for some correction till 38000 to 40000 to buy gold for the target of 50000 to 52000 in gold prices. In the international market, gold may test $1780 to $1800 levels. Closing above $1800 levels may lead this rally towards $1880 to $1950 levels.”
2:34 PM
» More
SECTOR WATCH:: Telecom stocks decline
| COMPANY | LATEST(rs) | CHG(%) |
|---|---|---|
| VODAFONE IDEA | 4.04 | -6.70 |
| BHARTI AIRTEL | 490.50 | -1.04 |
| TEJAS NETWORKS | 36.90 | -4.90 |
2:28 PM
Before change in FDI rules, Chinese invested millions in Indian tech firms
Business Standard examined investments made in companies like Byju’s, Paytm, Zomato, Ola, Swiggy and Oyo — some of the so-called unicorns, or start-ups with valuation of over $1 billion — and found that the Chinese put big money for significant stakes in them between January and April 2020. This was a time when Indian and global firms were battling the immediate impact of the coronavirus pandemic. READ MORE
Topics : Coronavirus Markets MindTree Bharti infratel MARKET WRAP
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First Published: Apr 24 2020 | 7:37 AM IST
