Sensex, Nifty fail to hold intraday gains, close over 2% lower8 min read . Updated: 19 Mar 2020, 04:12 PM IST
- All Nifty sectoral indices end in the red. Nifty Metal, Auto lead losses
- BSE MidCap, SmallCap down 3.7%, 4.5%, respectively
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Indian equity market ended in the red, after a day of volatile trade. Domestic equities had crashed in the opening deals on the lines of global peers. The benchmark Sensex slipped 581.28 points, or 2.01%, to end the session at 28,288.23, while the Nifty50 index settled 205.35, or 2.4%, lower at 8,263.45 points. Bank stocks were the most volatile in today’s trade, with heavyweights HDFC Bank and Kotak Mahindra Bank erasing all losses and ending over 3% and 2% higher, respectively.
Ratings agency Crisil has assigned Crisil A2 rating to certificates of deposit program (CDs) worth ₹20,000 of Yes Bank, the private lender informed the stock exchanges.
Gold fell in volatile trade on Thursday as fears of a worsening epidemic and its fallout on the global economy sent investors scrambling for cash. Spot gold was trading down 0.4% at $1,480.00 per ounce by 0753 GMT. The metal fell about 3% on Wednesday along with other precious metals. US gold futures rose 0.3% to $1,481.70, according to a Reuters report.
Brokerage firm Kotak Institutional Equities has upgraded Just Dial to buy from reduce, but has cut target price to ₹470 from ₹570 per share. Shares of Just Dial lost 13.2% to trade at ₹319.60 on the BSE.
Sell-off continued in Asian equities as the rapid spread of coronavirus threatened economic growth. Japan's Nikkei 225 index fell 1%, while Hang Seng in Hong Kong slumped 2.6%. Shanghai Composite index in China dropped 0.9% and Korea's Kospi index, which hit lower circuit today, ended down 8.4% .
London's FTSE 100 surged 1.6%, while Germany's DAX jumped 1.2%. Equities in France soared 3.7%. Gains were largely attributed to European Central Bank's 750 billion euro bond-buying stimulus.
Erasing all losses for the day, benchmark Sensex rose 200 points to 29,079.58, while the Nifty 50 rose 0.4% to 8,501.90.
IndiGo CEO Ronojoy Dutta announces pay cut for all employees, will himself take 25% cut in salary, says PTI.
The board of Emami Ltd on Thursday approved a share buyback of up to ₹194.1 crore at maximum of ₹300 per share, the company informed the stock exchanges in a filing. The company also declared second interim dividend of ₹2 per equity share of ₹1 each fully paid up -- 200% on equity shares of the company for the financial year 2019-2020.
Shares of the company traded 2% higher at ₹192.85 apiece on the BSE.
In line with a marginal recovery in markets, the Indian rupee pared losses and traded at 75.07 a dollar. The rupee had touched a record low of 75.16 earlier.
Shares of the heavy vehicle maker slumped 22.61% to ₹49.80 on the BSE. The company on Wednesday had said its board has approved acquiring up to 19% additional equity shares of Hinduja Leyland Finance Ltd from existing shareholders, in tranches. The transaction is valued at ₹1,200 crore and is subject to regulatory clearances.
The commercial vehicle technology company on Wednesday said its board has declared an interim dividend of ₹10 per equity share, on a face value of ₹5, for the financial year ending 31 March. The electronic distribution of the dividend will take place on 23 March, while the physical allotment to shareholders is schedule for 30 March.
ITC, Power Grid Corporation, Bharti Airtel, HeroMotoCorp and Infosys rose the most on the Nifty 50 index, while Zee Entertainment, Bharti Infratel, Maruti Suzuki, Bharat Petroleum and ONGC led the losses.
Shares of the private lender jumped as the private lender on Wednesday announced the launch of its precious metals business. The bank said it forayed into the new business after ensuring highest quality risk management. The stocks was ₹28.70 on the BSE.
An employee of HCL Technologies has tested positive for COVID-19, commonly known as the novel coronavirus, forcing the information technology firm to ask most of its employees to work from home. The employee is currently in an isolation ward, while the company has invoked its COVID-19 contingency plan in all geographies.
Markets regulator Securities and Exchange Board of India (SEBI) allowed companies to announce their financial results for the March quarter and financial year 2019-20 by 30 June. The regulator also relaxed some listing disclosure obligations due to the coronavirus outbreak.
The private lender and its wholly-owned subsidiary Kotak Mahindra Prime Ltd have sold 8.5% and 11.50% stake, respectively, in ECA Trading Services Ltd (ECA), formerly known as Ace Derivatives & Commodity Exchange Ltd. Shares of the bank fell 1.4% to ₹1,156.80 on the BSE.
Shares of the private lender tumbled more than 25% in morning deals after its largest promoter Madhu Kapur sold 2.48 crore shares at ₹65.07 apiece on Wednesday, according to bulk deals reported by the NSE. Kapur is wife of the late Ashok Kapur, who founded the private lender along with Rana Kapoor in 2004. The stock recovered from its lows and traded down 14.5% at ₹50 on the BSE.
Pharmaceutical major Dr Reddy's Laboratories announced the launch of Naloxone Hydrochloride injection, a therapeutic equivalent generic version of Narcan injection, after the medicine was approved by the US Food and Drug Administration (US FDA). Shares of the company were down 3.5% at ₹2,574 on the BSE.
Amid massive sell-off, shares of Bharti Airtel, Infosys, ITC and Power Grid Corporation bucked the trend in broader markets. On the BSE, Bharti Airtel gained 3.5% to trade at ₹441.25, while Power Grid traded up 2.5% at ₹147.50. Shares of IT major Infosys and ITC advanced 0.3% each.
The Indian rupee continued to fall, touching an all-time low of 75 against the US dollar. It had opened at 74.95 per dollar compared with the previous close of 74.26.
Index heavyweights Bajaj Finserv, Bajaj Finance, Bharat Petroleum, Britannia, GAIL India, HDFC twins, Hero MotoCorp, ICICI Bank, JSW Steel, Larsen & Toubro, Mahindra & Mahindra, Reliance Industries and Tata Motors have hit their 52-week lows on the BSE.
Two women have tested positive for coronavirus in the Mumbai metropolitan region, taking the total count to 47 in Maharashtra, according to the state health ministry. So far, India has reported 151 cases of the disease, which has infected 218,814 people worldwide.
Kospi index and tech-heavy Kosdaq in Korea continued their decline after the trading halt was lifted. Earlier today, trading in Korean equities was suspended for 20 minutes after key indices fell triggering circuit breakers for the second time in a week.
Brent crude was up 37 cents at $25.25 per barrel in Asian trade, after having slumped 13% on Wednesday. The West Texas Intermediate (WTI), or US crude, rose $1.4 at $21.81 per barrel. It had declined 25% in the previous session.
The Indian rupee trimmed some losses and traded at 74.88 against the US dollar. It had hit a record low of 74.98 per dollar few minutes into the opening. The rupee closed at 74.26 on Wednesday.
Fear gauge India Volatility Index surged 10.6% to 70.7650.
Bharti Infratel, Bajaj Finance, HCL Technologies, ONGC, Bajaj Finserv, Bharat Petroleum, Kotak Mahindra Bank, IndusInd Bank, Bitannia and Titan Company contributed the most to the slump.
Indian equity market slumped over 6% in opening deals tracking the rout in global shares. The Nifty 50 was down 6.2% at 7,945.95 points, while the Sensex dropped nearly 1,800 points to 27,094.71 in early trade. The Nifty Bank fell 7.3% to 19,082.80, while the Nifty MidCap100 sank 5.5%.
The benchmark BSE Sexsex slumped 650 points to 28,214.79 in the pre-opening trade, while the Nifty 50 index was down over 4% at 8,101.60 points. The yield on the 10-year government bond was at 6.35% as against Wednesday's close of 6.30%.
The Indian rupee opened at a record low of 74.95 against the US dollar compared with the previous close of 74.26.
The Reserve Bank of India (RBI) on Wednesday withdrew its moratorium imposed on Yes Bank on 5 March, allowing restoration of all banking operations. Bajaj Finserv, Cox & Kings, PVR and Tata Communications are some of the stocks that may be under the spotlight today.
SGX Nifty, which indicates the movement for the Indian equity market, was nearly 5% lower in early deals. Japan's Nikkei 225 index fell a marginal 0.7%, while Hang Seng in Hong Kong plunged over 4%. Shanghai Composite index in China dropped 3% in morning deals.
The Dow Jones Industrial Average fell 1,338.46 points, or 6.3%, to 19,898.92, the benchmark S&P 500 lost 131.09 points, or 5.18%, to close at 2,398.1, and the Nasdaq Composite index dropped 344.94 points, or 4.7%, to end the session at 6,989.84.
Wall Street indices continued their downward spiral on Wednesday as the widening impact of the coronavirus outbreak threatened global economic activity. The stocks pared some losses after the US Senate passed legislation to provide billions of dollars to limit the damage from the outbreak through free testing, paid sick leave and expanded safety-net spending.