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

All that happened in the markets today

10:38 AM

HDFC twins, ICICI Bank top contributors to Sensex's 700-point fall today

10:25 AM

Govt measures consist of reforms that need not have waited for Covid-19

The impact of government stimulus on corporate earnings may not be felt immediately. Defence-related stocks could remain in focus for a few days, while banks and NBFCs could come under pressure. Overall, markets have run out of one more positive trigger and now we have to look forward to the balance corporate results / commentary and onset of monsoon. The extension of lockdown with relaxations for non-red zones is welcome, but as long as the main business centres (metros) remain locked down, the impact of relaxations can be limited in terms of reviving overall growth. Safe and swift reopening of the entire economy, more than anything else, will be key to alleviation of distress of various sections of society. READ MORE   

Deepak Jasani - HDFC Securities

10:13 AM

Govt should have acted like a driver to pull the economy out of the mess

Among notable announcements on Sunday – the fifth and final tranche – was to hike the borrowing limit for the states from 3 per cent to 5 per cent, which thankfully comes with performance riders. MNREGA scheme has been allocated an additional Rs 40,000 crore to facilitate migrants who have returned to their home states to secure livelihood. Though it’s beneficial to the migrants, most of whom would have been reduced to penury in their efforts of reverse migration, it will also delay their return resulting in labour shortage at various industrial hubs and construction sites. READ MORE  

Ambareesh Baliga, independent market expert (Photo: Kamlesh Pednekar)

10:04 AM

Lockdown extension will disappoint markets; Nifty may re-test 7,500 levels

The markets were expecting the lockdown to enter the fourth phase, but were hoping for more relaxations. However, the onus is now on the state governments, who will decide on the red, orange and green zones. That said, major production centres are outside major metros. As far as manufacturing is concerned, will are still not back at the pre-Covid-19 levels. So, the index of industrial production (IIP) will continue to suffer if only parts of India are open for business/manufacturing. The gauge for services production will also continue to suffer. READ MORE

9:56 AM

Defence manufacturers' stocks surge as Centre hikes FDI limit to 74%

Hindustan Aeronautics, BEML, Bharat Dynamics and Bharat Electronics were among the state-owned companies that rallied up to 10 per cent on the BSE. On the other hand, Bharat Forge, Astra Microwave Products and Walchandnagar Industries from the private sector were up in the range of 3 per cent to 5 per cent, as compared to a 1.1 per cent decline in the S&P BSE Sensex at 09:34 am. The increase in the FDI limit in defence sector is a big long-term positive for these companies. READ MORE

9:46 AM

MARKET CHECK :: Sensex extends slide; down over 600 pts

9:43 AM

RIL gains 1% on General Atlantic deal; rights issue to open on Wednesday

Shares of Reliance Industries (RIL) were trading 1 per cent higher at Rs 1,475 on the BSE in the early morning trade on Monday in an otherwise subdued market after Mukesh Ambani-controlled firm on Sunday announced selling 1.34 per cent stake in its digital services subsidiary, Jio Platforms, to private equity (PE) firm General Atlantic for Rs 6,598.38 crore to accelerate consumer business and cut debt. READ MORE  

9:28 AM

Cipla gains 2% post March quarter nos

9:26 AM

Coal India slips over 4.5%

9:24 AM

BUZZING STOCK | RIL trades over 1% higher

9:22 AM

SECTOR WATCH | Losers and gainers on the NSE

9:19 AM

OPENING BELL

At 09:17 am, the S&P BSE Sensex was trading 146 points or 0.47 per cent lower at 30,952.08 while NSE's Nifty was trading 29 points or 0.3 per cent lower at 9,108.25.

9:15 AM

MARKET VOICE :: Stimulus measures are a disappointment

The government’s recent stimulus measures, however, may disappoint the market. That’s because they were expecting huge fresh liquidity infusion into the system to improve the aggregate demand. Job losses and pay cuts have wreaked havoc and the morale of people is quite low. When Prime Minister Narendra Modi announced that the government will unveil Rs 20 trillion (10 per cent of GDP) package to revive the economy against the Covid-19 outbreak, there was an expectation of liquidity infusion and money in the hands of people. The package contains everything – right from reforms in select sectors and options for loans – but has not addressed the immediate problem. READ MORE

9:06 AM

Top gainers and losers on S&P BSE Sensex at Pre-open

9:04 AM

Market at Pre-open