Sensex, Nifty end 3% lower amid global meltdown; investors lose ₹3.73 trillion10 min read . Updated: 24 Sep 2020, 03:46 PM IST Devansh Sharma
- Indian stocks continued their downward march for the 6th straight session on Thursday, with benchmark indices cracking about 3%
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Indian equities continued their downward march for the 6th straight session on Thursday, with benchmark indices cracking about 3% in the bloodbath.
Sensex dropped 1114.82 points or 2.96% to settle at 36,553.60. Similarly Nifty settled at 10,805.55, down 326.30 points or 2.93%.
Market capitalisation of the BSE listed firms dropped to ₹148.98 trillion from ₹152.71 trillion at the end of the session.
IndusInd Bank, closing over 7% lower, was the top laggard followed by Bajaj Finance, TechM, TCS, M&M and Tata Steel. HUL was the only gainer. Of 30 Sensex shares, 29 closed in the red.
India's banking system last among global peers to recover from covid crisis: S&P
“For India, Mexico and South Africa, a recovery to pre-covid-19 levels may not arrive until after 2023," the report said on 23 September. “We have taken negative rating actions on Indian banks and non-banking financial institutions (NBFIs) as operating conditions have deteriorated through the crisis. The country entered the pandemic with an overhang of high nonperforming assets." (Full report)
Investors lose ₹4 trillion amid global meltdown
Indian stocks continued the downward trajectory for sixth straight session with benchmark indices diving about 2.5%. Led by this, market capitalisation of the BSE listed firms dropped to ₹148.67 trillion from ₹152.71 trillion.
Zydus Cadila gets tentative USFDA nod to market anti-cancer drug
Drug firm Zydus Cadila on Thursday said it has received tentative approval from the US health regulator to market anti-cancer drug Palbociclib Capsules.
Zydus Cadila has received tentative approval from the US Food and Drug Administration (USFDA) to market Palbociclib Capsules in the strengths of 75 mg, 100 mg, and 125 mg, Zydus Cadila, part of the Cadila Healthcare group, said in a regulatory filing.
SBI, LIC, BOB to divest 8.25% stake in UTI AMC via IPO
The much awaited initial public offering (IPO) of UTI Asset Management Company Ltd will finally hit markets next week. The company has fixed price band of the offer at ₹552 to ₹554 per equity share. The three-day sale which aims to raise ₹2152-2160 crore will close for subscription on 1 October.
UTI AMC issue comes at a time when mutual fund industry is struggling with redemption pressures resulting in outflow in schemes and declining systematic investment plan (SIP). June quarter was challenging for domestic mutual fund industry as active equity inflows declined while contributions from systematic investment plan (SIP) shrunk due to a correction and volatility in the stock markets.
Netflix, Amazon Prime are latest weapons in India’s telecom war
After announcing the first tariff increase in three years in 2019, telecom carriers are offering incentives such as subscriptions to services from Netflix to Amazon Prime to win customers in a content-hungry market. (Full report)
Global shares fall as caution sets in after Wall Street retreat
Global shares were lower Thursday as caution set in after a retreat on Wall Street driven by a decline in technology shares.
France's CAC 40 fell nearly 0.7% in early trading to 4,770.81. Germany's DAX dipped 0.5% to 12,585.12. Britain's FTSE 100 shed 0.7% to 5,857.35. U.S. shares looked set to drift lower, with Dow futures falling 0.2% to 26,633. S&P 500 futures slipped 0.2% to 3,224.88.
Japan's benchmark Nikkei 225 declined 1.1% to finish at 23,087.82. Australia's S&P/ASX 200 slipped 0.8% to 5,875.90. South Korea's Kospi sank 2.6% to 2,272.70. Hong Kong's Hang Seng dropped 1.8% to 23,311.07, while the Shanghai Composite gave up 1.7% to 3,223.18.
Rupee settles 32 paise lower at 73.89 against US dollar.
Sensex slumps nearly 2,500 points in 6 days
Indian shares fell sharply today, extending losses to the sixth day amid a global selloff. Fears of fresh coronavirus restrictions amid increasing virus cases and uncertainty over US stimulus package made investor jittery who sought the safety of US dollar - the world's most liquid currency. The Sensex fell as much as 822 points today to 36,845 while the broader Nifty50 index slumped below 10,900. (Full report)
Route Mobile up 16%
Vodafone Idea loses 4.8 million mobile subscribers in June; Jio adds 4.5 million
Vodafone Idea registered a loss of 4.8 million mobile subscribers in June. While Bharti Airtel Ltd lost 1.1 million users, Reliance Jio Infocomm Ltd was the only telecom operator to have added 4.5 million customers.
Jio now has 34.8% wireless market share, while Airtel and Vodafone’s subscriber base stood at 27.8% and 26.8%, respectively, according to Trai data.
Ramco Systems down 3.5%
Ramco Systems has signed up an agreement with United Arab Shipping Company Limited, belonging to the Hapag Lloyd Group - world's fifth largest container carrier in terms of vessel capacity, for implementing its Global Payroll software across 17 countries including Middle East, Africa and India.
Alibaba fintech arm plans to raise $35 bn in Hong Kong-Shanghai joint listing
The financial arm of Chinese e-commerce titan Alibaba is planning the biggest IPO in history, raising as much as $35 billion in a joint listing in Hong Kong and Shanghai, a report said Thursday.
And in a sign of Ant Group's confidence in the share sale, it will not seek cornerstone investors -- large institutions that agree to hold the stock for an extended time to provide confidence and stability in new listings. (Full report)
TCS, Infosys, ICICI Bank top drags on Sensex
JSPL down nearly 5%
ICRA has reaffirmed ratings on Jindal Steel and Power Ltd's (JSPL's) bank facilities and non-convertible debentures due to its healthy standalone operating performance in FY21 despite subdued demand trends and challenging market conditions.
Top gainers/losers on Nifty
Raymond board approves ₹100 crore NCD
The board of directors of the company has approved the issue of non-convertible debentures of ₹100 crore on private placement basis.
ONGC shares slip 3% after fire at Surat plant
Shares of Oil & Natural Gas Corporation Limited (ONGC) slipped as much as 3.3% after a massive fire broke out at the company's plant at Hazira near Surat in Gujarat early Thursday.
However, they recovered some losses later and were at ₹66.70, down 1.4% from its previous close.
Top laggards on Nifty PSU Bank
BSE MidCap down 2.10% or 299.13 points
GAIL cuts gas supplies to clients after fire at ONGC plant
Indian gas transporter GAIL (India) Ltd has cut supplies by about 40% to customers, mainly power and fertiliser companies, after a pipeline rupture led to a fire in an Oil and Natural Gas Corp plant, according to a Reuters report.
GAIL supplies about 60 million standard cubic meters of gas through its northwestern pipeline grid to customers in the states of Gujarat, Uttar Pradesh, Madhya Pradesh, Rajasthan and Goa.
Top drags on Nifty Metal
Coal India down 2.5%
The state-run firm has finalised contracts for heavy earth moving equipment worth over ₹5,900 crore to ramp up production, its Chairman Pramod Agrawal said on Wednesday. The miner is also planning a capex of ₹10,000 crore during the current fiscal.
IIFL Securities decline 3.13%
The company has agreed to buy 6.25% additional stake in Trendlyne, it said in a regulatory filing. Post-acquisition, IIFL Securities Limited shall hold 20.55% of the share capital of Trendlyne on fully diluted basis, it added.
Ircon International drops 0.44%
The engineering and construction firm has won contracts worth over ₹400 crore from Ministry of Railways. "Ircon International Limited has secured works of total 9 Road Over Bridges (ROBs) valuing more than ₹400 crore from Ministry of Railways, Government of India," the company said in a filing to BSE.
Zydus Wellness climbs 2.3%
The board of directors of the company have approved a QIP issue to raise funds. While the board is scheduled to meet on 28th September to decide on the issue price, it has fixed the floor price at ₹1,775.85 per equity share.
Tata Chemicals down 0.65%, Tata Motors DVR falls 2.24%
Tata Sons Pvt Ltd on Wednesday bought shares of Tata Chemicals and Tata Motors DVR through open market transactions. According to bulk deal data on NSE, Tata Sons purchased shares of Tata Chemicals for ₹63.56 crore and Tata Motors DVR shares for ₹22.51 crore.
TCS down 2.11%
Tata Consultancy Services (TCS) and Yale University have jointly announced the launch of a new private off-grid networking platform using blockchain, that could help ensure privacy and trust in peer-to-peer digital networks.
Rupee depreciates 26 paise to 73.83 against US dollar in early trade.
HDFC drops 1.25%
Mortgage lender Housing Development Finance Corporation Ltd (HDFC) on Wednesday said it will raise up to ₹5,000 crore by issuing bonds on a private placement basis. The issue size for the secured redeemable Non-Convertible Debentures (NCDs) will be ₹2,500 crore with an option to retain oversubscription of up to ₹2,500 crore, HDFC Ltd said in a regulatory filing.
RIL down 0.75%
Oil to retail conglomerate Reliance Industries Ltd (RIL) is said to be in the race to acquire Debenhams, a British multinational retailer operating department stores in the United Kingdom with franchise stores in other countries, Sky News reported
"We have achieved the first target of the Nifty which was advised to be between 10900-11000, the Nifty low is 10951. The index continues to remain weak and any rally up can be used to short this market. 10900-10950 is a support range for the market so traders can book profits at the current juncture and use any opportunity to short the October series futures contract at higher levels for a target of 10750. The resistance on the upside is at 11300," said Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments.
Sun Pharma declines 2%
Sun Pharmaceutical Industries, Inc., a wholly owned subsidiary of Sun Pharmaceutical Industries Ltd. is voluntarily recalling one lot of RIOMET ER™, due to the level of N-Nitrosodimethylamine (NDMA), which has been found to be above the allowed acceptable daily intake limit established by the US FDA. NDMA is classified as a probable human carcinogen (a substance that could cause cancer) based on results from laboratory tests.
All sectoral indices on NSE in the red
Indian benchmark share indices opened in the red on Thursday amid weak cues from global peers. Sensex opened at 37,282.18, down 386.24 points or 1.03%, while Nifty opened 120.85 points or 1.09% lower at 11,011.00.
Bharti Airtel, ONGC, Sun Pharma declining over 2% were among the top gainers. HUL and Nestle India were the rare gainers. Of 30 Sensex shares 28 opened in the red.
Indian stocks traded lower in the pre-opening session on Thursday. At 9:06 am, Sensex was at 37,294.13, down 374.29 points or 0.99%, While Nifty declined 105.80 points or 0.95% at 11,026.
Stocks to Watch
RIL, HDFC, Sun Pharma, TCS, Zydus Wellness and Ircon International are among the top stocks that may be in focus in today's trade.
Market at close on Wednesday
Indian benchmark share indices erased opening gains to settle in the red on Wednesday, dragged by losses in index heavyweights TCS, Bharti Airtel, Bajaj Finance and HDFC Ltd.
After swinging between gain of as much as 1.7% and loss of as much as 1.1%, Sensex closed at 37,680.58, down 53.50 or 0.14%.
Similarly, the 50-share index Nifty ended 21.80 points or 0.2% lower at 11,131.85. Axis Bank, closing over 2% higher, was the top Sensex gainer followed by HUL, Infosys and Nestle India. Bharti Airtel, closing 8% lower, was the top laggard followed by Tata Steel, IndusInd Bank and NTPC.
Of 30 Sensex shares, 18 closed in the red.
Asian shares fall
Asian shares were mostly lower Thursday as caution set in after a retreat on Wall Street driven by a decline in technology shares.
Singapore's SGX Nifty declined 1.2%.
Japan's benchmark Nikkei 225 declined 0.7%.
Australia's S&P/ASX 200 slipped nearly 1%.
South Korea's Kospi plunged 1.9%.
Hong Kong's Hang Seng dropped 1.4%, while the Shanghai Composite was down nearly 1.0%.
Wall Street closes lower on fears of a slowing economy
Wall Street's main indexes fell sharply on Wednesday after data showing a cooling of US business activity and the stalemate in Congress over more fiscal stimulus heightened concerns about the economy while the coronavirus pandemic remains unchecked.
The Dow Jones Industrial Average fell 525.05 points, or 1.92%, to 26,763.13. The S&P 500 lost 78.65 points, or 2.37%, to 3,236.92, and the Nasdaq Composite dropped 330.65 points, or 3.02%, to 10,632.99.