Indices opened lower and fell deeper in red on selling in pivot stock. At 9:23 IST, the barometer index, the S&P BSE Sensex, was down 1890.24 points or 6.55% at 26,979.27. The Nifty 50 index was down 575.25 points or 6.79% at 7,893.55.
The S&P BSE Mid-Cap index was down 6.54%. The S&P BSE Small-Cap index was down 6.30%.
The market breadth, indicating the overall health of the market, was weak. On the BSE, 115 shares rose and 686 shares fell. A total of 28 shares were unchanged.
Stocks in news:
Wipro fell 2.97%. Wipro announced the launch of its Microsoft Business Unit. The unit will focus on the development and evangelization of solutions leveraging Microsoft's enterprise cloud services.
Yes Bank fell 9.46%. Yes Bank will be in focus. The Reserve Bank of India (RBI) on Wednesday withdrew its moratorium imposed on the private lender, allowing restoration of all banking operations. This came after a consortium of eight public and private banks, led by State Bank of India, agreed to infuse capital into Yes Bank to rescue it under the restructuring plan proposed by the government and RBI.
Karur Vysya Bank fell 2.00%. Karur Vysya Bank announced the launch of its Precious Metals Business. This new business has been launched after ensuring the highest quality risk management.
Ashok Leyland crashed 14.53%. Ashok Leyland said that the board of directors of the company have approved to acquire upto 19% additional equity shares in Hinduja Leyland Finance (HLFL), from the existing shareholders for a consideration not exceeding Rs 1200 crore.
V.S.T Tillers Tractors shed 8.96%. V.S.T Tillers Tractors reported 8.96% decline in power tiller sales to 1361 units in February 2020 from 1495 units in February 2019. Tractor sales fell 2.93% to 564 units in February 2020 from 581 units in February 2019.
Global Markets:
Overseas, Asian markets were trading lower on Thursday amid concerns various policy moves by governments and central banks will not be enough to stop the coronavirus pandemic causing a severe recession.
The European Central Bank (ECB) said it is launching a new, expanded program to buy financial assets in a bid to calm markets as monetary authorities struggle to counter the devastation the virus outbreak is wreaking on the global economy.
The ECB will buy 750 billion euro ($820 billion) in bonds through 2020, with Greek debt and non-financial commercial paper eligible under the programme for the first time.
In US, stocks finished sharply lower on Wednesday, but off session lows after Congress passed the first of two planned bills providing some relief from the economic damage the coronavirus pandemic is inflicting on businesses and consumers.
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