Home > Markets > Live Blog > Sensex closes 2,000 points lower, Nifty below 9,300; Banks, auto stocks bleed
Photo: Reuters
Photo: Reuters

Sensex closes 2,000 points lower, Nifty below 9,300; Banks, auto stocks bleed

  • The benchmark Sensex nosedived 6% or 2,002 points to close at 31,715 while Nifty plummeted 566 points or 5.74% to end at 9,293
  • Shares of ICICI dropped 10.5% and were the top drag on the Sensex followed by HDFC Ltd and Bajaj Finance

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04 May 2020, 03:36:22 PM IST

Market closing

Indian stocks tumbled on Monday, dragged down by heavyweight financials and metal stocks. The benchmark Sensex nosedived 6% or 2,002 points to close at 31,715. Nifty plummeted 566 points or 5.74% to end at 9,293.

Shares of ICICI dropped 10.5% and were the top drag on the Sensex followed by HDFC Ltd and Bajaj Finance. Bharti Airtel and Sun Pharma were the only gainers on the 30-share barometer.

Among sectoral indices on the NSE, Nifty Bank, Nifty Financial Services and Nifty Private Bank closed over 8% each, followed by Nifty Metal, down 7.8% and Nifty Auto ending 7% lower.

Several leading automakers such as Maruti Suzuki India Ltd, Hyundai Motor India Ltd, Mahindra & Mahindra Ltd and others have reported zero domestic sales for April due to the lockdown. Industry bodies have appealed to the home ministry to allow the companies to resume operations in complete unison.

Reliance Industries (RIL), the country's most valuable company, closed 2.2% lower after a raft of headlines. On Thursday, RIL reported its worst profit slide in 11 years and unveiled the country's largest rights issue, while on Monday the oil-to-telecoms conglomerate announced a nearly $750 million investment from US private equity firm Silver Lake.

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04 May 2020, 03:09:53 PM IST

Bharti Airtel surges 5% in a weak market

The share of Bharti Airtel surged 5% on Monday hitting an intraday high of 540 apiece on the BSE. At 3:08 pm, the scrip was trading 3.2% higher at 531 a piece.

Airtel on 28 April inked a $1 billion (nearly 7,636 crore), multi-year deal with Nokia to deploy the Finnish majors 5G-ready solutions across nine circles in the country.

04 May 2020, 02:57:20 PM IST

Indiabulls Housing Finance withdraws plea seeking protection from payment of NCD dues under the RBI moratorium: CNBC-TV18

04 May 2020, 02:50:54 PM IST

Heavy selling in banks and financials drag Sensex by 2,000 points

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04 May 2020, 02:47:42 PM IST

Rupee settles 64 paise lower at 75.73 against US dollar

The Indian rupee depreciated by 64 paise to settle at 75.73 (provisional) against the US dollar on Monday tracking heavy selloff in domestic equities and a strengthening greenback overseas.

04 May 2020, 02:41:26 PM IST

What sectors Morgan Stanley's Ridham Desai is betting on

A rise in per capita income may increase consumers’ share of spending on health and other non-food goods and services, which should make these industries grow faster than the economy, the broker said. That should also help stocks in these sectors reverse the underperformance they have suffered in recent years, said analysts Ridham Desai and Sheela Rathi. (Full report)

04 May 2020, 02:38:54 PM IST

Growth uncertainty may limit upsides in HUL, shares fall over 5%

Shares of Hindustan Unilever fell 5.47% intraday on Monday after it posted disappointing March quarter. At 1:34 pm, the stock was trading at 2109.40, down 3.93% on the BSE.

Analysts said that while HUL management has cited weak operating trends even before the lockdown, part of the impact was due to supply chain disruption, which has now reversed to some extent.

Emkay Global Financial Services has cut FY21-22 estimates marginally by 3-5% but still bake in a 16% earnings compound annual growth rate (CAGR), factoring in a recovery post Q1.

04 May 2020, 02:28:43 PM IST

Bharti Airtel gains 4%

Of 30 Sensex shares, 28 are in the red.

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04 May 2020, 02:07:55 PM IST

Pharma sales plummet 19% in April vs March on demand slump

Sales of medicines have fallen by about 19% in April from the preceding month due to disruption caused by the lockdown that is in place to curb the spread of novel coronavirus pandemic, preliminary data collated by market research firm AIOCD-AWACS showed.

04 May 2020, 02:04:42 PM IST

Nifty Bank drops 1600 points

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04 May 2020, 01:56:46 PM IST

Buffett's airline exit to have ripple effect: Experts

Warren Buffett’s Berkshire Hathaway Inc. dumped its stakes in the four largest US airlines. According to market experts, investors in India too might have got concerned by the move and the implications may be seen in the Indian stock markets too. Buffett's statement during the annual shareholders' meeting on Saturday showed a grim picture of the aviation sector.

Shares of IndiGo and SpiceJet dropped 5% and 7% respectively in the session so far.

04 May 2020, 01:44:49 PM IST

BNP Paribas cuts target price on auto stocks by 16-40%

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04 May 2020, 01:39:50 PM IST

BSVI price hikes to hurt demand more as per our price elasticity model: BNP Paribas

Our price elasticity model for the industry suggests BSVI price hike could hit PVs volume by about 7% and two-wheelers by about 18% in FY21. We see demand being pushed out by at least two years. However, stocks have rallied 14-68% from recent lows. We cut our coverage companies’ earnings estimates by 23-108% for FY21 and 15-52% for FY22 (ex-Tata Motors). This leads to our target prices being cut by 16-40%. We retain our ratings and maintain Eicher Motors as our only BUY idea. We also preview 4QFY20. We expect EBITDA to decline by 10-55% due to the lockdown and inventory correction. We see the highest margin erosion for HMCL, owing to severe factory inventory correction (of 105k units).

04 May 2020, 01:30:33 PM IST

Aurobindo Pharma Gets USFDA Approval For Flucytosine Capsules

Aurobindo Pharma Limited has received final approval from the US Food & Drug Administration to manufacture and market Flucytosine Capsules, 250 mg and 500 mg. Flucytosine Capsules are generic version of Bausch Health’s Ancobon® Capsules. The product will be launched in June 2020. The approved product has an estimated market size of US$ 43 million for the twelve months ending March 2020, according to IQVIA.

04 May 2020, 01:20:34 PM IST

BSE SmallCap down 2.7%

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04 May 2020, 01:12:25 PM IST

Bajaj Auto down 6.4%

Bajaj Auto on Monday said it did not sell any two-wheelers or commercial vehicles in the domestic market in April.

The company, however, shipped 32,009 two-wheeler units to overseas markets last month, Bajai Auto said in a statement.

The company said it sold nil units of commercial vehicles in the domestic market but managed to export 5,869 units last month.

Bajaj Auto sold a total of 37,878 units last month, down 91 per cent from 4,23,315 units in April 2019.

04 May 2020, 01:05:43 PM IST

BSE Metal Index down 3.75%

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04 May 2020, 12:56:47 PM IST

European stock futures drop as US, China spar over virus origin

European stock index futures tumbled on Monday, as investors returned from a May Day break to a fresh spat between the United States and China over the coronavirus crisis.

Euro STOXX 50 futures fell 2.9% by 0644 GMT, suggesting a downbeat start in May after the STOXX 600 recorded a 6% gain in April. (Reuters)

04 May 2020, 12:42:08 PM IST

Rupee plunges 71 paise

The rupee depreciated 71 paise to 75.80 against the US dollar in opening trade on Monday tracking selloff in domestic equities and strengthening American currency overseas. The rupee opened weak at 75.70 at the interbank forex market and then fell further to 75.80, down 71 paise over its last close.

04 May 2020, 12:30:30 PM IST

After Facebook RIL befriends Silver Lake for digital drive

Digital services now account for 23.9% of RIL's operating profit, up from 15.9% in the year-ago period. Along with the retail business, the company's consumer businesses accounted for 36% of total operating profit compared with 26% a year ago. The share of consumer businesses will rise further as RIL and Jio Platforms take the JioMart to more consumers. That should provide the RIL the much required cushion from the current downtrend in commodity businesses.

04 May 2020, 12:25:09 PM IST

AU Small Finance Bank down 5%

AU Small Finance Bank on Saturday reported a 3% increase in net profit to 122 crore for the last quarter of 2019-20.

The bank had registered a net profit of 118 crore in the January-March period of 2018-19.

Total income during the quarter jumped by 43% to 738 crore as against 517 crore in the same quarter of the previous fiscal, AU Bank said in a release.

04 May 2020, 12:08:44 PM IST

Market update

Indian shares tumbled on Monday, dragged down by heavyweight financial stocks, tracking weakness in global cues.

At 12:01 pm, Nifty was down 4.97% at 9,369 points, while the benchmark Sensex was nearly 5% lower at 32,037.

Shares of Bajaj Finance dropped 9% and were the top drag on the Sensex followed by ICIC Bank, IndusInd Bank and HDFC Ltd. Sun Pharma and Bharti Airtel were the rare gainers.

Reliance Industries (RIL), the country's most valuable company, was down 1.68% after a raft of headlines. On Thursday, RIL reported its worst profit slide in 11 years and unveiled the country's largest rights issue, while on Monday the oil-to-telecoms conglomerate announced a nearly $750 million investment from US private equity firm Silver Lake.

Shares of breweries and distilleries were in focus as government allowed liquor shops across states to resume sales with certain restrictions. GM Breweries were up over 9%, Radico Khaitan gained nearly 5% and United Breweries advanced over 2%.

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04 May 2020, 11:56:09 AM IST

Mahindra & Mahindra down nearly 5%

The company reported a massive decline of 98% in its total vehicle sales in April 2020 to 733 units due to the national lockdown imposed to curb the Covid-19 outbreak.

Mahindra & Mahindra exported 733 units in the month under review, which is a decline of 65% on a YoY basis from 2,118 vehicles which were shipped out in April 2019.

04 May 2020, 11:45:53 AM IST

Maruti Suzuki down 7.5%

Maruti Suzuki India reported nil domestic sales due to the extended national lockdown in April, however, the company did manage to export 632 units.

The company had zero sales in the domestic market including sales to OEM, in April 2020. "This was because in compliance with the Government orders all production facilities were closed," it said in a statement.

04 May 2020, 11:39:20 AM IST

ICICI Bank top laggard on Sensex, down nearly 10%

Shares of ICICI Bank traded 9.6% lower in the early deals on Monday. At 11:38 am, the stock recouped some losses from the intraday low of 342.05 to trade at 345.50 on the BSE.

04 May 2020, 11:27:11 AM IST

Hero MotoCorp to resume operations

Hero MotoCorp will commence operations in a graded manner at three of its manufacturing plants – Gurugram and Dharuhera (both in Haryana), Haridwar (Uttarakhand) and additionally the Global Parts Center (GPC) at Neemrana in Rajasthan. These manufacturing plants reopen from today and production at these facilities will commence from Wednesday.

04 May 2020, 11:16:37 AM IST

Investor wealth plummets ₹5.15 lakh cr in early trade

Investors witnessed a wealth erosion of 5.15 lakh crore in BSE-listed companies in morning trade on Monday tracking heavy selloff in the market, with benchmark Sensex plunging over 1,700 points.

The BSE barometer tanked 1,752.55 points to a low of 31,965.07 in early trading session.

Led by the weak trend in the equity market, the market capitalisation of BSE-listed companies fell by 5,15,308.99 crore to 1,24,26,311.83 crore.

04 May 2020, 11:09:14 AM IST

April manufacturing PMI at record low

The Nikkei manufacturing Purchasing Managers’ Index (PMI) for India declined to 27.4 in April from 51.8 in March, recording the sharpest deterioration in business conditions since data analytics firm IHS Markit began recording data 15 years ago. It is the first time in nearly three years that the manufacturing PMI has contracted.

04 May 2020, 11:03:30 AM IST

JSW Steel's production crashes by 60% in April

Capacity utilisation at JSW Steel, India’s second largest private steelmaker, fell to 38% in April 2020, the first full month of the covid-19 national lockdown. During the month, JSW produced 0.56 million tonnes (mt) of crude steel, almost 60% lower than the 1.39 mt the company produced in April 2019. JSW Steel is the first among large steel producers in India to announce monthly production numbers.


Production of flat steel products, used to build automotives and heavy machinery, stood at 0.34 mt, compared to 0.95 mt in the previous year. Production of long steel, used in construction and infrastructure, crashed from 0.34 mt in April 2019 to 0.09 mt in April 2020.

04 May 2020, 10:58:16 AM IST

Liquor stocks soar high

Shares of breweries and distilleries surged on Monday after the government allowed the opening of liquor shops from 4 May with certain restrictions. GM Breweries surged 10%, Radico Khaitan gained over 5% and United Breweries advanced nearly 4%.

04 May 2020, 10:43:40 AM IST

Nifty Pharma in the green zone

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04 May 2020, 10:36:29 AM IST

GE Power up 0.85%

The company, after obtaining requisite permissions has resumed manufacturing operations at its Durgapur factory, to the extent permitted by the local administration, it said in a regulatory filing.

04 May 2020, 10:29:00 AM IST

SpiceJet down 2.2%, IndiGo drops nearly 6%

After the home ministry extended the ongoing lockdown for two more weeks beyond 3 May, the civil aviation regulator, on Saturday, issued a circular extending the suspension of domestic and international commercial flight operations till 17 May.

04 May 2020, 10:24:34 AM IST

Tech Mahindra down 6.6%

IT services firm Tech Mahindra reported 29% dip in March quarter consolidated net profit at 803.9 crore owing to narrowing of margins due to factors including a surge in covid-19 related costs. For the 2019-20 financial year, the Mahindra group company reported 6.15% decline in net profit at 4,033 crore. In December quarter, the profit stood at 1,145.9 crore.

04 May 2020, 10:18:42 AM IST

Rupee update

Rupee tanks 64 paise to 75.73 against US dollar in early trade

04 May 2020, 10:17:43 AM IST

HUL down 5%

FMCG major Hindustan Unilever (HUL) reported a decline of 3.93% in consolidated profit to 1,512 crore for the fourth quarter, impacted by the covid crisis from mid-March. The company had posted a net profit of 1,574 crore in the January-March period of the previous fiscal.

04 May 2020, 10:16:36 AM IST

HDFC twins, ICICI Bank, Kotak bank drag Sensex by over 1600 points

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04 May 2020, 10:05:48 AM IST

Volatility index surges

The fear gauge or VIX surged 25% at 43.14 points

04 May 2020, 09:53:53 AM IST

Metal Stocks bleed

BSE Metal down nearly 9%

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04 May 2020, 09:40:47 AM IST

Auto Stocks in the red

Several leading automakers such as Maruti Suzuki India Ltd, Hyundai Motor India Ltd, Mahindra & Mahindra Ltd and others have reported zero domestic sales for April due to the lockdown. Industry bodies have appealed to the home ministry to allow the companies to resume operations in complete unison.

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04 May 2020, 09:36:40 AM IST

Financials, banks under pressure

Nifty Bank and Nifty Financial services dropped over 6% in the early trade on Monday.

Fitch Ratings has downgraded the viability rating (VR) of State Bank of India (SBI), ICICI Bank, Bank of Baroda (BoB) and Axis Bank by one notch each, citing the impact of covid-19 on operating environment.

While the viability rating of SBI, ICICI Bank and Axis Bank was lowered to BB, for BoB it was lowered to BB-. The rating agency said that SBI’s VR downgrade reflects the heightened risks that weakening asset quality will pose to its less-than-satisfactory loss-absorption buffers.

04 May 2020, 09:34:25 AM IST

Most sectoral indices in the red. Nifty Pharma flat

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04 May 2020, 09:23:38 AM IST

Market opening

Benchmark Sensex opened 969 points lower at 32,748, while Nifty slipped 326 points to open at 9,533 on Monday, tracking weakness in global peers.

Tata Steel, down nearly 9%, was the top laggard on the 30-share Sensex, followed by IndusInd Bank, Bajaj Finance and ICICI Bank.

Shares of Reliance Industries dropped over 2%. Private-equity firm Silver Lake will invest 5,655.75 crore in Jio Platforms, RIL said in a press release earlier today. This investment values Jio Platforms at an equity value of 4.90 lakh crore and an enterprise value of 5.15 lakh crore and represents a 12.5% premium to the equity valuation of the Facebook's investment.

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04 May 2020, 09:08:15 AM IST

Stocks to Watch

Reliance Industries, HUL, Tech Mahindra, Maruti Suzuki, IndiGo and GE Power are among the top stocks that could be in focus in today's trading session.

04 May 2020, 09:06:30 AM IST

Market pre-opening

Indian benchmark indices opened in the red in the pre-opening trade on Monday. At 9:02 am, Sensex was down 256 points at 33,461 points. Nifty dropped nearly 385 points or nearly 4% at 9,474.

04 May 2020, 08:41:15 AM IST

Silver Lake to invest ₹5,655.75 crore in Jio Platforms

Silver Lake will invest 5,655.75 crore in Jio Platforms, RIL said in a BSE filing on Monday. This investment values Jio Platforms at an equity value of 4.90 lakh crore and an enterprise value of 5.15 lakh crore and represents a 12.5% premium to the equity valuation of the Facebook investment announced on April 22, 2020.

04 May 2020, 08:30:23 AM IST

Despite gloom, April turns out best month for markets in 11 years

Stock markets in India posted their biggest monthly gains in nearly 11 years in April, defying weak macroeconomic conditions and a severe hit to business activity due to the nationwide lockdown.

The markets jumped more than 14% in April, the best monthly performance since September 2009.

The sharp recovery came despite threats of a looming global recession and forecasts of lower economic growth. (Full report)

04 May 2020, 08:28:33 AM IST

Indian markets at close on Thursday

Nifty closed 3.21% higher at 9,859.9 on Thursday, while Sensex ended up 3.05% at 33,717.62. The 10-year benchmark bond yield ended at 6.35%, while the rupee settled at 75.1 to the dollar.

India's currency, debt and equity markets were closed on Friday, May 1, for a public holiday.

04 May 2020, 08:25:11 AM IST

Rupee at close on Thursday

The rupee strengthened by 57 paise to finish at a one-month high of 75.09 per US dollar on Thursday, buoyed by foreign fund inflows and a robust trend in the equity market.

04 May 2020, 08:20:07 AM IST

Asian shares mixed

Australia's XAO was flat at 5,333.90 points, at 8:14 am IST. On the other hand, Hang Seng dropped over 3% and Taiwan TSEC 50 Index slipped by 2.5%.


Singapore's SGX Nifty was down 4.5%, indicating a weak open for Indian stocks.


The Tokyo Stock Exchange is closed for three days and will reopen on 7th May.

04 May 2020, 08:20:07 AM IST

Wall Street sinks on renewed tariff threat

Wall Street sold off sharply on Friday as investor risk appetite was soured by the revived specter of tariffs against China, threatened anew by U.S. President Donald Trump in retaliation for the covid-19 pandemic which has brought global economies to a grinding halt.

The Dow Jones Industrial Average fell 617.09 points, or 2.53%, to 23,728.63, the S&P 500 lost 81.13 points, or 2.79%, to 2,831.3 and the Nasdaq Composite dropped 284.60 points, or 3.2%, to 8,604.95. (Reuters)

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