Key indices opened sharply lower in line with Asian stocks. At 9:20 IST, the barometer index, the S&P BSE Sensex, was down 1141.75 points or 3.04% at 36,434.87. The Nifty 50 index was down 325.60 points or 2.96% at 10,663.85.
The S&P BSE Mid-Cap index was down 2.22%. The S&P BSE Small-Cap index was down 2.12%. Both these indices outperformed the BSE Sensex.
The market breadth, indicating the overall health of the market, was weak. On the BSE, 203 shares rose and 665 shares fell. A total of 66 shares were unchanged.
Stocks in news:
Yes Bank soared 17.28%. Yes Bank will be in focus as RBI released the draft of Scheme of Reconstruction of Yes Bank and has invited suggestions and comments up to 9 March 2020. The scheme called 'Yes bank Reconstruction Scheme, 2020' shall come into force on such date (appointed date) as the Central Government may, by notification in the Official Gazette, specify.
SBI tanked 3.94%. SBI will be in focus as RBI released the draft of Scheme of Reconstruction of Yes Bank. Accordingly, SBI will be issued 245 crore shares at a price of Rs 10 per share for Rs 2450 crore. This will be 49% of the share capital of the reconstructed bank. SBI shall not reduce its holding below 26% before completion of three years from the date of infusion of the capital.
Indiabulls Housing Finance crashed 13.35%. Indiabulls Housing Finance informed that Yes Bank owes the company Rs 662 crore via AT-1 Bonds. Indiabulls Housing Finance has no term loans outstanding from Yes Bank.
IndusInd Bank dived 6.07%. IndusInd Bank deferred its plan to raise funds through additional tier-1 (AT-1) and / or tier 2 capital (T2 Bonds) of the bank.
Indian Hume Pipe Company fell 2.49%. Indian Hume Pipe Company said the company has received Letter of Acceptance for the work of Rs 492.30 crore (excluding GST ) for execution of "Filling of tanks in Kushtagi taluk of Koppal District by lifting water from Krishna river for ground water development and drinking purpose" from Minor Irrigation & Ground Water Development Division, Koppal, Government of Karnataka. The project is to be completed within three years.
Hikal shed 4.36%. Hikal received a notice from the Maharashtra Pollution Control Board for closure of its Mahad Unit based on a complaint from the local community in Taloja. The company has filed a writ petition for staying the order in the Bombay High Court , but warned of a possibility of some impact on its operations at Mahad site until the matter is resolved.
Natco Pharma was up 0.69%. Natco Pharma announces completion of a pre-approval inspection from the United States Food and Drug Administration (USFDA) for its Formulation facility in Hyderabad, which was conducted from 2 - 6 March, 2020. At the end of the inspection, the facility received a single observation.
Global Markets:
Overseas, Asian stocks were trading lower on Monday as S&P, Dow and Nasdaq futures entered a free fall amid a dramatic oil market crash and concerns over the coronavirus-hit global economy slowdown.
In US, stocks fell on Friday as fears of economic damage from the spread of the coronavirus intensified.
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