Indian stock markets have suffered bruising losses over the last few days in line with global peers. (Photo:Mint) (Photo: Mint)
Indian stock markets have suffered bruising losses over the last few days in line with global peers. (Photo:Mint) (Photo: Mint)

COVID-19 pandemic triggers deep sell-off; Sensex, Nifty tank 8%

  • All sectoral indices in the red, down 6-10%
  • WHO has declared COVID-19 a pandemic

Welcome to the Mint live blog. Track this space for the latest stock market updates.

12 Mar 2020, 03:46:27 PM IST

Indian equities suffer bruising losses on COVID-19 scare

Indian equity markets witnessed their steepest one-day fall in absolute terms on Thursday as risk-sentiment took a hit after the WHO declared the COVID-19 outbreak a global pandemic.


Benchmark Sensex tumbled 8.2% to close at 32,778 points, while the Nifty 50 tanked 8.3% to end at 9,590 points. Nifty had touched an intra-day low of 9,508 points, while the Sensex had touched a day's of 32,493.10.


All Nifty 50 and Sensex stocks ended in the red. Bharat Petroleum Corp Ltd, UPL, Yes Bank, Vedanta, and GAIL fell the most on the Nifty.


On the Sensex, State Bank of India, ONGC, Axis Bank, and ITC led losses, down 11-13%.


All sectoral indices ended in the red, with Nifty PSU Bank index down over 12% followed by Energy, down 9.4%, Metal, IT and Pharma down over 8% each.


On the BSE, Avenue Supermarts, IRCTC, SpiceJet hit their respective lower circuits today.

12 Mar 2020, 03:30:18 PM IST

Union law ministry briefing on COVID-19

All incoming travelers, including Indian nationals, arriving from or having visited China, Italy, Iran, Republic of Korea, France, Spain and Germany after 15 February, 2020, shall be quarantined for a minimum period of 14 days, the ministry said.


In addition to visa restrictions already in place, passengers traveling from/having visited Italy or Republic of Korea and desirous of entering India will need certificate of having tested negative for COVID-19.

12 Mar 2020, 03:23:11 PM IST

Europe shares extend losses

Equity markets deepened losses, with France's CAC 40 down 6.6% at 4,306.89, Germany's DAX slumping 6.7% to 9,745.59. Britain's FTSE 100 cracked 6.5% to 5,496.67.


The Dow Jones Industrial Average futures slumped 5.2% while the S&P 500 lost 4.9%.

12 Mar 2020, 03:16:55 PM IST

Crude oil price check

Brent crude was was down $1.65, or 4.6%, at $34.14 a barrel. Prices had declined nearly 4% overnight.


US crude was down $1.38, or 4.2%, at $31.60, having also declined 4% in the previous session.

12 Mar 2020, 03:14:00 PM IST

SBI tanks 14%, now the worst hit on Sensex

Shares of State Bank of India slumped 14%, making it the worst hit stock among Sensex peers. ITC, which was earlier the most hit, was down 12.6%.

12 Mar 2020, 02:51:50 PM IST

India VIX jumps over 25%

12 Mar 2020, 02:45:48 PM IST

Sensex crashes 3,000 points

Benchmark Sensex fell nearly 9% or 3,096 points to 32,601.10. It had hit a low of 32,493.10.

12 Mar 2020, 02:28:00 PM IST

Nifty slips below 9,700, Sensex tumbles 7%

Indian equities deepened losses, with the Nifty 50 falling below the 9,700-mark. The benchmark 50-stock index fell over 7% to 9,694.75. The day's low so far was 9,648.65.


The Sensex cracked 7.4% or 2627.61 points to touch 33,069.79.

12 Mar 2020, 02:20:25 PM IST

ITC worst hit among Sensex stocks

ITC was the worst hit stock among Sensex constituents, down nearly 13% at 153.50 apiece.

12 Mar 2020, 02:01:33 PM IST

Europe shares slip deep into the red in opening deals

European stock markets slumped on Thursday, falling over 5% in opening deals, in line with losses in Asia and on the Wall Street overnight due to deepening concerns over COVID-19 outbreak, now declared a pandemic by the WHO.


London's benchmark FTSE 100 index was down 5.3%, Germany's DAX 30 fell 5.8% and the Paris CAC 40 tumbled 5.1%.

12 Mar 2020, 01:57:31 PM IST

India Ratings revises FY21 outlook for base metals sector to negative

India Ratings and Research has revised its FY21 outlook for the base metals sector to negative for FY21 from stable.


The COVID-19 outbreak, continuing US-China trade dispute and subdued global demand would keep base metal prices low in the near term, it said. Prices may gradually improve as the epidemic is contained and the second phase of US-China trade negotiations is concluded.


The rating agency has, however, maintained a stable outlook on key rated sector entities, given the majority of them have an adequate liquidity position, strong financial flexibility, a low-cost position and a dominant market position. The key sector participants include Vedanta Limited (‘IND AA’/Negative), National Aluminium Company Limited (‘IND AAA’/Stable) and Hindalco Industries Limited.



12 Mar 2020, 01:51:19 PM IST

Covid-19 outbreak credit neutral for pharma cos for now

COVID-19 outbreak is unlikely to impact credit profiles of India Ratings-rated pharmaceutical companies in the near term, despite the pharma industry’s heavy reliance on Chinese activated pharmaceutical ingredients (API) and intermediates.


Nonetheless, in case the supply disruption continues over the next three-to-nine months, the pressures on credit buffers could intensify and rating transitions would be imminent, especially in case of the entities rated ‘IND A’ and below. Furthermore, if the disruption spills beyond the next nine-to-12 months, some of the higher rated corporates could face downward pressure.


Nifty Pharma index was down 6.8% at 7,102.65 points.

12 Mar 2020, 01:42:21 PM IST

GE Power terminates NECL contract

GE Power terminates contract awarded by Navayuga Engineering Company Limited due to prolonged suspension of work by NECL without any certainty of resumption of work in near future.

12 Mar 2020, 01:33:03 PM IST

Rupee recovers marginally

Indian rupee is at 74.10 against the US dollar. The rupee had opened nearly 1% lower at 74.34.

12 Mar 2020, 01:15:38 PM IST

Further market offering for government divestment unlikely in FY20

Market situation is very challenging for government offering, sources tell CNBC-TV18

12 Mar 2020, 12:52:28 PM IST

SC refuses to stay Allahabad HC order on removal of posters

Supreme Court has refused to stay the Allahabad High Court order directing concerned authorities to remove posters of those allegedly involved in vandalism during the anti-CAA protests in Uttar Pradesh.

12 Mar 2020, 12:47:33 PM IST

Parliament passes IBC (Amendment) Bill

The Parliament has passed the Insolvency and Bankruptcy Code (Second Amendment) Bill, 2020.

12 Mar 2020, 12:42:55 PM IST

Coronavirus: Five new cases in four states, India total at 73

The number of cases of novel coronavirus infection in India has now risen to 73, according to health ministry’s latest update on its website.


Maharashtra and Uttar Pradesh have the second-highest number of cases at 11. Kerala has 17 cases, while Delhi has six.


Since the outbreak was first reported in Wuhan, China, there are now more than 126,000 cases globally, with around 80,000 in China, and more than 30,000 from Italy, Iran, South Korea, France, Spain Germany and the US. There have been 4,638 deaths. Over 68,000 of the infected have recovered.

12 Mar 2020, 12:38:52 PM IST

RBI taps Jhunjhunwala, Damani, PremjiInvest for Yes Bank rescue

The Reserve Bank of India has reportedly tapped Rakesh Jhunjhunwala, Radhakishan Damani, owner of DMart (Avenue Supermarts), and PremjiInvest to join the Yes Bank rescue consortium, the Times of India has said.


12 Mar 2020, 12:33:12 PM IST

Markets off day's lows

The sell-off in the Indian stock markets seemed to have paused for a while, with both Sensex and Nifty off their day's lows.


At 1230 pm, Sensex was at 33,545.52 points, down 6% from previous close, but off the day's low of 32,990.10 points.


The Nifty 50 was also down 6% at 9,811 points but off the low of 9,648.45 hit earlier.

12 Mar 2020, 12:27:35 PM IST

Analysts Asian Paints, HUL benefiting from oil price drop

For Asian Paints, analysts at Kotak Institutional Equities estimate a 150-200 basis points expansion in operating profit margin, translating into 6-8% increase in earnings per share on account of the drop in crude prices.


In the case of Hindustan Unilever, they estimate margin expansion of about 100-120 basis points, translating into a 5% increase in EPS. "We expect FMCG companies to largely retain benefits from the crude price fall," they said in a note to clients.


Asian Paints was the least hit among Sensex stocks today, down 2.3%. The Sensex was down a little over 6%. Shares of HUL fell 3.2% to 2,085 apiece.

12 Mar 2020, 12:16:59 PM IST

Vodafone Idea bucks trend, up 1.6%

Shares of Vodafone Idea managed to shrug off the weakness in the broader market to rise 1.6% to 4.41 apiece on the BSE.


The government is likely to announce a relief package for telecom companies as early as mid-April, which may, among other things, include an extension of the time given to pay dues related to adjusted gross revenue (AGR) that the firms owe the government, two people aware of the development told Mint on condition of anonymity.


Cash-strapped Vodafone Idea was the worst hit by the Supreme Court verdict on AGR and owes the Department of Telecommunications an estimated 50,000 crore in dues, as per government estimates.

12 Mar 2020, 12:12:49 PM IST

BSE LargeCap index slumps over 7%

12 Mar 2020, 12:07:15 PM IST

Biocon, partner Mylan win patent litigation in US

Biopharmaceutical firm Biocon Ltd and its partner Mylan have won a litigation in a US court which invalidates a Sanofi patent on a device to deliver insulin glargine, removing a key legal hurdle for commercialization of their product Semglee in the world’s largest pharmaceutical market, the company said in a release.


The market size for the product in the US is pegged at $2.2 billion.

12 Mar 2020, 11:56:37 AM IST

Nifty Auto down 8.3%

In line with the broader market sell-off, Nifty Auto tanked 8.3% to 6,022.15 points. All index constituents were in the red.



12 Mar 2020, 11:45:55 AM IST

BSE shaves off ₹10 trillion in market cap

BSE-listed stocks saw an erosion of nearly 10.04 trillion in market capitalisation.

12 Mar 2020, 11:30:50 AM IST

Nifty PSU Bank tanks over 10%

The Nifty PSU Bank fell 10.5% to 1,464.45 points amid a sell-off in the broader market. All index constituents were in the red.

12 Mar 2020, 11:13:38 AM IST

Indian stock markets at multi-month lows

Shares markets were on a free fall on Thursday, with all indices battered.


The Sensex was down 2,500 points at 33,195, and the Nifty fell 757 points to 9700. On the NSE, 2075 stocks declined while 85 advanced.


More than 750 stocks on the BSE hit their respective 52-week lows while over 250 hit lower circuit.


Worst hit included Tata Motors, down 12%, followed by Tata Steel, ONGC and Axis Bank. Reliance Industries hit a 17-month low, followed by State Bank of India and HDFC Bank.

12 Mar 2020, 11:04:41 AM IST

All BSE sectoral indices down 5-9%

The market breadth was weak, with all BSE sectoral indices deep in the red. S&P BSE Metal was the worst hit, down 9%, while BSE Realty, Industrials, and BSE Basic Materials fell about 8% each.

12 Mar 2020, 11:00:43 AM IST

Nifty Metal down 10% as COVID-19 fear rattles markets

The Nifty Metal was among the worst hit sectoral indices on the NSE, down 10% at 1,793.30 points. All index constituents were in the red.

12 Mar 2020, 10:51:02 AM IST

IndiGo says quarterly earnings to take a hit on COVID-19

India's largest domestic carrier IndiGo, run by InterGlobe Aviation, has said that the threat of novel coronavirus outbreak, which was modest in January and February, has begun to affect bookings more in recent days which could impact March quarter earnings.


IndiGo said that in January and February the company experienced modest impact from the outbreak, now declared a pandemic by the WHO, and that during the period, it cancelled flights to China and Hong Kong and reduced frequency to certain other South-east Asia markets.


“Over the past few days however, week-on-week, we have seen a 15-20% decline in our daily bookings. Please note that the numbers could change from here based on how the situation evolves. We expect our quarterly earnings to be materially impacted because of the above," the airline said in a statement.


12 Mar 2020, 10:43:49 AM IST

Asian equities fall further

Losses in Asian equity markets deepened, with the Nikkei 225 down 5.2% while the broader Topix index fell nearly 5%. South Korea’s Kospi slumped 5.2%.

12 Mar 2020, 10:39:37 AM IST

RIL down nearly 6%

Shares of index heavyweight Reliance Industries Limited were down 5.8% at 1,086.30 a piece on the BSE, after touching a day's low of 1,049.50. The decline in the stock followed a 4% overnight fall in global crude oil prices.

12 Mar 2020, 10:35:48 AM IST

Tata Steel, Axis Bank, ONGC worst hit on Sensex

Tata Steel, Axis Bank, and ONGC were among the worst hit stocks on the Sensex, down nearly 9% each. Mahindra & Mahindra, Titan Co, and State Bank of India also nursed heavy losses.

12 Mar 2020, 10:29:16 AM IST

Broader market deep in the red

Indian equity markets were hit hard, in line with global peers, as investors panicked after the World Health Organisation declared the novel coronavirus outbreak a "pandemic".


As of Thursday, the virus has affected over 126,136 people world over, with death toll at 4,630 people have succumbed to the virus. India now has 68 confirmed cases.

12 Mar 2020, 10:19:25 AM IST

Aviation stocks among the worst hit

Shares of InterGlobe Aviation and Spicejet tanked after the government imposed stringent travel curbs to the country.


SpiceJet slumped 17% to 50.25 on the BSE, while Interglobe Aviation fell 10% to 1,039.95.

12 Mar 2020, 10:13:40 AM IST

Indices fall further; Nifty below 9,900

The Nifty fell below the 9,900 mark to hit an intra-day low of 9,875.05 points.

12 Mar 2020, 10:09:41 AM IST

Torrent Pharma declares special dividend

The board of Torrent Pharma has approved an interim dividend of 32 per equity share of 5 for the current fiscal. This includes a special dividend of 15 per equity share, in view of the successful integration of the acquired business, the company informed the stock exchanges.


Shares of the company were down 4.5% at 2,041.60 apiece on the BSE.

12 Mar 2020, 10:01:53 AM IST

India VIX jumps nearly 11%

India VIX, volatility index or the fear gauge, jumped 10.9% 34.99 points. Indian stock markets suffered heavy losses on Thursday, while the rupee fell past the 74 dollar mark as investors panicked following the WHO declaring the COVID-19 outbreak a pandemic.

12 Mar 2020, 09:57:59 AM IST

Govt to sell ₹8,000-cr SUUTI stake to meet FY20 divestment aim

The Centre will offload around 8,000 crore worth of stake in Axis Bank and ITC through Specified Undertaking of Unit Trust of India (SUUTI) before March 31 to meet its revised divestment target for 2019-20 of 65,000 crore, Business Standard has reported.

12 Mar 2020, 09:52:10 AM IST

India suspends all existing visas

India late on Wednesday suspended all existing visas issued to nationals of any country with some exceptions.


The Bureau of Immigration, (Ministry of Home Affairs) in statement, said all visas except those issued to diplomats, officials from United Nations or international organisations, and employment protect visas stand suspended till 15 April, 2020, effective 13 March.


The World Health Organisation has declared COVID-19 outbreak a pandemic.

12 Mar 2020, 09:48:52 AM IST

LIC reluctant to top up Yes Bank holding

Life Insurance Corporation of India is reluctant to raise its stake in Yes Bank even as the Reserve Bank of India (RBI) and the finance ministry are keen that it purchases another 4%-5% in the troubled private lender that State Bank of India (SBI) has been tasked with rescuing, two sources familiar with the development told Mint.


LIC currently holds 8.06% stake in the Rana Kapoor-founded bank.


In a weak market, shares of Yes Bank traded 12% lower at 25.30 apiece on the BSE.

12 Mar 2020, 09:43:25 AM IST

Nifty Bank down 5%

All index constituents were in the red following a deep sell-off in the market.

12 Mar 2020, 09:41:44 AM IST

Tata Motors top loser on Nifty

Tata Motors was the worst hit on Nifty, down 11.2% at 87.70. Tata Steel followed close, falling nearly 9% to 273.30.

12 Mar 2020, 09:30:57 AM IST

Sensex breaches 34,000-mark

The benchmark Sensex raced past the 34,000 mark to a day's low of 33,876.13. All index constituents were in the red.


12 Mar 2020, 09:27:20 AM IST

All NSE sectoral indices in the red

All sectoral indices on the NSE were deep in the red, with losses led by Nifty Metal, Media, IT, and Bank.


The Nifty Bank index fell past 25,000 points - a 17-month low.

12 Mar 2020, 09:22:51 AM IST

All Nifty constituents in red

12 Mar 2020, 09:17:48 AM IST

Nifty falls past 10,000 mark

The benchmark Nifty fell 500 points slip below the 10,000 mark at 9,941 points in opening deals. This is the first time since 26 March, 2018, that Nifty was below the 10,000 mark.


The Sensex tumbled nearly 1,800 points to 3,3957.77.

12 Mar 2020, 09:05:39 AM IST

Sensex, Nifty slump at pre-open

Indian benchmark equity indices tumbled in pre-open deals. The Nifty cracked 2% to 10,245.55, while the Sensex fell over 1,000 points to 34,552.

12 Mar 2020, 09:03:33 AM IST

India rupee opens falls past 74 a dollar mark

The Indian rupee fell past the 74 a dollar mark at open to hit a 17-month low. The unit had opened at 74.25 a dollar compared with Monday's close of 73.63.

12 Mar 2020, 09:01:30 AM IST

Asian markets down on COVID-19 panic

Global equity markets crumbled on Thursday after President Donald Trump said the US will suspend all travel from Europe as he unveiled measures to contain the coronavirus pandemic that has extracted a heavy human and economic toll worldwide.


MSCI's broadest index of Asia-Pacific shares outside Japan dropped 2% to its lowest level since early 2019, while Japan's Nikkei lost 3.3%.


Australia's benchmark dived 3.7% and South Korea's Kospi fell 2.7% to a four-year low.

12 Mar 2020, 08:55:25 AM IST

SGX Nifty futures down nearly 5%

SGX Nifty futures were down a sharp 514 points at 9,940.75 indicating a weak opening for Indian indices.

12 Mar 2020, 08:51:21 AM IST

Oil slumps as US announces travel ban

Oil prices slumped on Thursday as the US banned travel from Europe after the World Health Organization declared that the coronavirus outbreak is now a pandemic.


Brent crude was trading down $2.12, or 5.9%, at $33.67 in early deals today. Prices had declined nearly 4% on overnight.

12 Mar 2020, 08:45:19 AM IST

US indices fall; WHO declares COVID-19 outbreak a pandemic

S&P 500 lost 4.89% overnight, putting the index in bear market territory - defined as a 20% fall from a recent top. The Dow Jones Industrial Average fell 5.8%, while the Nasdaq Composite Index declined 4.7%.


Equities tumbled after the World Health Organization declared COVID-19, the infectious disease that was first identified in Wuhan, China, in December, a pandemic.

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