MARKET WRAP: Stimulus package disappoints; Sensex plunges 1,069 pts

All that happened in the markets today

12:43 PM

NEWS ALERT :: Swiggy lays off 1,100 employees spanning across grades & functions, reports CNBC TV 18

12:36 PM

Coal India under pressure, declines 6% as govt ends monopoly in coal mining

Finance Minister Nirmala Sitharaman on Saturday said the government would end its monopoly in coal mining by allowing private companies. "Commercial mining will be on a revenue-sharing mechanism instead of the regime of fixed rupee/tonne. Nearly 50 blocks will be up for bidding, and the government will invest Rs 50,000 crore for building evacuation infrastructure," the minister said. READ MORE

12:27 PM

Stimulus 2.0 good for markets in long run, hitches in short term: Experts

Jyotivardhan Jaipuria, Founder, Valentis Advisors

 

Markets will be disappointed in the short term as there is not much to stimulate the demand. A lot of these measures are good in the long term. The worry now is more on how do we revive the economy in the short term. And, that has been the missing element in this package. The market would have preferred some more fiscal spending from the Centre. The extra borrowing cushion given to the states is a good measure READ MORE

12:18 PM

Govt allows Indian public companies to directly list shares overseas

“Necessary regulations allowing direct overseas listing by the Indian entity is expected soon after amendments to the Company Act and Foreign Exchange Management Act (Fema) regulations are passed,” said Finance Minister Nirmala Sitharaman, while announcing the fifth tranche of the stimulus package. This, even as the Cabinet okayed the move in February.READ MORE

12:10 PM

Top losers on BSE at this hour

OMPANY	PRICE(rs)	CHG(%)
M & M FIN. SERV.	141.40	-16.03
CHOLAMAN.INV.&FN	129.50	-13.23
CHALET HOTELS	111.00	-12.36
LIC HOUSING FIN.	224.50	-11.56
INTERGLOBE AVIAT	877.00	-10.85

12:02 PM

India GDP to fall 45 per cent in June quarter, predicts Goldman Sachs

The financial services firm pegged fall in the GDP to 45 per cent in the first quarter of the current financial year over the fourth quarter of the previous financial year (annualised) compared to 20 per cent decline projected earlier. READ MORE

11:55 AM

Nifty IT index trades higher in a weak market

11:47 AM

We don't see a lot of upside in equities from current levels: Venkataraman

As the government unveils a series of policy-related measures to stem the economic fallout of the Covid-19 pandemic, R VENKATARAMAN, managing director, IIFL Securities, tells Puneet Wadhwa that though the benchmark indices are significantly lower from the peak, they continue to price in a fairly optimistic scenario READ FULL INTERVIEW HERE

R Venkataraman,Managing Director, IIFL Securities

11:39 AM

MARKET CHECK :: Indices near one-month low

11:30 AM

Market experts back RIL's rights issue, ask shareholder to participate

Analysts at CLSA recently said that investments by tech-focused funds like Vista and Silver Lake, along with Facebook, will reposition Jio (Platforms) as a tech major rather than just a telcom operator. The deals will help RIL’s debt reduction initiative that remains an important trigger for the stock. READ MORE

11:22 AM

Multiplex, hotel stocks hit 52-week lows on extension of lockdown

Chalet Hotels, EIH, Indian Hotels, Lemon Tree Hotels and Wonderla Holidays from the hotel sector and the multiplex operators - PVR and Inox Leisure – touched their respective 52-week lows on the BSE today. These stocks were down between 5 per cent and 10 per cent in the intra-day trade. In comparison, the S&P BSE Sensex was down 2.5 per cent at 30,326 points at 10:36 am. READ MORE

11:17 AM

MARKET CHECK

11:08 AM

Bharti Airtel Q4 preview: Tariff hike, ARPU increase to boost top-line

Bharti Airtel will announce its results for March quarter of FY20 (Q4FY20) today. Analysts expect the company's losses to narrow while revenue and margins are likely to tick up, helped by the impact of tariff hikes initiated last December, increase in average revenue per user (ARPU), and rupee depreciation. Analysts expect the Covid-19 outbreak to have a limited impact on telecommunications companies (telcos) as compared to other sectors. READ MORE

10:55 AM

IndiGo, SpiceJet dip up to 9.5% on no liquidity support, lockdown extension

Individually, InterGlobe Aviation, parent firm of India's largest airline (by market share) IndiGo, tanked 9.5 per cent to Rs 890 on the BSE, while SpiceJet was locked in the 5 per cent lower circuit band at Rs 43.45 apiece. In comparison, the benchmark S&P BSE Sensex was trading 725 points, or 2.33 per cent, lower at 30,372.86 level at 10:17 am. READ MORE

10:47 AM

Financial shares tumble; M&M Financial down 12% on weak Q4 results

Mahindra & Mahindra (M&M) Financial Services, Cholamandalam Investment and Finance Company, Indiabulls Housing Finance, ICICI Bank, Bajaj Finance, Shriram Transport Finance Company, Axis Bank and SBI Life Insurance from the Nifty Financial Services index were all down over 5 per cent on the NSE. Non-index stocks like IndusInd Bank, Bandhan Bank, L&T Finance Holdings, GIC Housing Finance, Ujjivan Financial Services and LIC Housing Finance slipped more than 6 per cent each. READ MORE