The broader market traded with massive losses. The S&P BSE Mid-Cap index was down 4.89% while the S&P BSE Small-Cap index was down 5.78%.
The market breadth was weak. On the BSE, 329 shares rose and 1988 shares fell. A total of 139 shares were unchanged. In Nifty 50 index, 6 stocks advanced while 44 stocks declined.
Sentiment was dented after the Supreme Court (SC) on Wednesday made it clear that there could not be another attempt at calculating the adjusted gross revenue (AGR) dues of telecom firms. It has made it clear that telecom companies will have to pay interest and penalty as per the judgment. Banks shares crashed as a collapse of an telecom operator could add to lenders' bad loan pile.
Meanwhile, the total number of reported novel coronavirus cases in India has climbed to 148, with nine fresh cases reported from various parts of the country on Wednesday. The total cases in India include 25 foreign nationals and the three persons who died in Delhi, Karnataka and Maharashtra.
Economy:
S&P Global Ratings on Wednesday lowered India's economic growth forecast to 5.2% for 2020, saying the global economy is entering a recession amid the coronavirus pandemic. The agency had earlier projected a growth rate of 5.7% during the 2020 calendar.
Buzzing Index:
The Nifty Metal index declined 3.41% to 1,652.20, extending its losing streak to third consecutive session. The index has slumped 13.2% in three trading days.
NMDC (down 11.95%), JSW Steel (down 9.41%), Jindal Steel & Power (down 5.88%), Steel Authority of India (down 5.84%), Hindalco Industries (down 4.51%), Hindustan Zinc (down 3.77%), National Aluminium Company (down 3.64%), Vedanta (down 2.33%) and Tata Steel (down 1.1%) were top losers in metal segment.
Stocks In Spotlight:
Larsen & Toubro announced that the company has approved an interim dividend of Rs 10 per equity share with a record date of 26 March 2020. Shares of L&T were down 4.52% at Rs 912.
Escorts said the board of directors will meet on 20 March 2020 to consider and approve a proposal for issue and allotment of equity shares by way of a preferential allotment and a corresponding reduction of an equivalent number of shares held by Escorts Benefit and Welfare Trust. The company said there will be no change in the total paid-up equity share capital of the company. Shares of Escorts were down 1.88% at Rs 638.15.
Narayana Hrudayalaya tanked 9.73% to Rs 250.15 after the company informed that its step‐down subsidiary, Health City Cayman Islands has temporarily suspended the operations of its Hospital in Cayman Islands as a precautionary measure in view of COVID‐19 outbreak. The company further clarified that there was a patient from a cruise ship who was admitted in the hospital for cardiac arrest and had a delayed presentation of signs and symptoms of COVID 19, ten days after admission. As per clinical protocol, the Hospital is required to quarantine 50% of the clinical staff, and as an abundant precaution in the larger interest of the people in the Cayman Islands. The Subsidiary has decided to temporarily stop admitting new patients into the hospital. This restriction is planned for a period of two weeks.
Numbers to Track:
In the foreign exchange market, the partially convertible rupee edged lower to 74.355 compared with its previous closing of 74.24.
The yield on 10-year benchmark federal paper rose to 6.329% at 14:24 IST compared with 6.265% in the previous trading session.
In the commodities market, Brent crude for May 2020 settlement was down 40 cents to $28.33 a barrel. The contract fell 4.39% to settle at $28.73 a barrel in Tuesday's trading session.
MCX Gold futures for 3 April 2020 settlement fell 1.96% to Rs 39455.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
