Market Wrap, April 1: Here's all that happened in the markets today

Equity market once again came under selling pressure on Wednesday as concerns over economic fallout due to nationwide lockdown to contain the spread of coronavirus (Covid-19) pandemic weighed on the investor sentiment. The S&P BSE Sensex lost 1,203 points or over 4 per cent to end at 28,265 while NSE's Nifty ended at 8,254, down 344 points or 4 per cent. 

Meanwhile, MSCI has deferred its decision on increasing foreign inclusion factor (FIF) for the Indian markets. Many were hoping the index provider would increase India’s weight after news rules pertaining to FPI limits kicked in from April 1. This came as a surprise negative developments for the markets, which were as it facing weak trades after the opening bell.

Among Sensex stocks, Tech Mahindra (down over 9 per cent) emerged as the biggest loser on the index. TCS (down over 6 per cent), and Infosys (down 5.65 per cent) were next on the losers' list. 

It was a bad day for auto stocks as well as most automakers posted dismal sales figures for March. Maruti Suzuki India Ltd (MSIL), the country's largest passenger car manufacturer, for instance, reported 47 per cent year-on-year fall in its total sales to 83,792 units while Ashok Leyland reported a whopping 90 per cent decline in total vehicles sales at 2,179 units.

As a result, Nifty Auto index ended 1.73 per cent lower at 4,649 levels with 13 out of 15 constituents ending in the red. 

Nifty Bank index ended around 5 per cent lower at 18,202.50 levels. The government's proposed PSB merger scheme came into effect from today. The consolidation, that will merge 10 PSBs into four, comes at a time when the country and financial system is grappling with adverse fallout of the Covid-19 pandemic. READ MORE

In the broader market, the S&P BSE MidCap index ended over 2 per cent lower at 10,340 levels while the S&P BSE SmallCap index lost over a per cent to end at 9,507-mark.

Markets will remain closed on Thursday (April 2) on account of Ram Navami. 

Global Markets 

World markets fell on Wednesday as the coronavirus threat ensured an ugly start to the second quarter for equities and commodities. Tokyo’s Nikkei slumped 4.5 per cent after the worst plunge in factory activity in almost a decade. The pan-European STOXX 600 sank 3.2 per cent and Wall Street futures dived 3.1 per cent after a dire forecast of likely US coronavirus deaths.

Blue-chip Chinese stocks failed to hold their gains, however, though Australian shares bounced 3.5 per cent.

In commodity markets, oil slid to $25 a barrel on Wednesday, within sight of its lowest in 18 years, as a report showing a big rise in US inventories and a widening rift within OPEC heightened oversupply concerns.