Sensex and Nifty tumbled nearly 8% on Monday amid extended global sell-off. (Photo: Mint)
Sensex and Nifty tumbled nearly 8% on Monday amid extended global sell-off. (Photo: Mint)

Stocks bleed on COVID-19 scare; Sensex slumps 810 points, Nifty sub-9,000

  • Shares of Yes Bank surged nearly 60% to close at 58.65 apiece after hitting an intraday high of 64.15
  • Nifty FMCG and Nifty Pharma closed in the green. Of the 30 shares in the Sensex, 20 were in the red

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

17 Mar 2020, 03:40:21 PM IST

Market closing

In a volatile trade on Tuesday, India’s benchmark indices slumped 2.5% as investors continued to dump riskier assets. After touching an intraday high of 32,047, Sensex crashed over 1400 points to settle at 30,579. Nifty dropped 230 points to close at 8,967.

Shares of Yes Bank surged nearly 60% to close at 58.65 apiece after hitting an intraday high of 64.15 on the BSE. The private lender is expected to hold a press conference at 3:45pm.

Among sectoral indices, BSE Bankex and BSE Finance, down over 4% each, were biggest laggards.

Nifty FMCG and Nifty Pharma closed in the green.

Of the 30 shares in the Sensex, 20 were in the red.

17 Mar 2020, 03:23:25 PM IST

Muthoot Finance announces interim dividend

Muthoot Finance has announced an interim dividend of 15 per share. The company's board has also approved raising 6,000 crore by way of private placement of redeemable non-convertible debentures, in one or more tranches.

17 Mar 2020, 02:58:59 PM IST

Dr. Reddy's launches Ziprasidone Mesylate in the US Market

Dr. Reddy's Laboratories Ltd today announced the launch of Ziprasidone Mesylate for Injection, 20 mg (base)/ml Single-dose Vials, the therapeutic generic equivalent of Geodon® (ziprasidone mesylate) Injection, 20 mg/ml, approved by the USFDA.

17 Mar 2020, 02:49:00 PM IST

Sun Pharma announces ₹1,700 crore share buyback offer

The board of directors of Sun Pharma today approved a 1,700 crore share buyback offer at a maximum price of 425 per share. At the maximum buy-back size and the maximum buy-back price, the indicative maximum number of equity shares to be bought back under the buy-back would represent 1.67% of the total number of equity shares of the company, Sun Pharma said in a regulatory filing.

17 Mar 2020, 02:43:32 PM IST

Rupee off day's high

The Indian rupee pared some gains but traded higher by 17 paise at 74.10 against the US dollar compared with the previous close of 74.27.

17 Mar 2020, 02:40:17 PM IST

Delta Corp tumbles over 9%

Shares of the company fell 9.36% to 78 after it informed the stock exchanges that it will shut down its casino in Sikkim till 15 April as per the state government's orders. The state has asked to close casinos, discotheques, cinema halls and gymnasiums or fitness clubs to prevent the further spread of coronavirus.

17 Mar 2020, 02:30:04 PM IST

BSE SmallCap slips over 1% to 10,974.23

17 Mar 2020, 02:25:12 PM IST

BSE MidCap up nearly 1% at 12,005.44

17 Mar 2020, 01:58:07 PM IST

Why Yes Bank has suddenly become the sixth largest bank by market cap

On 6 March, the market capitalisation of Yes Bank Ltd fell to as low as Rs1441 crore in intra-day trading. It then seemed like there is no hope left for the bank. Within a week, a group of lenders cobbled together by the government and the central bank said they’ll invest Rs10,000 crore in the bank. (Full Report)

17 Mar 2020, 01:57:25 PM IST

Gold prices fall over ₹5,000 per 10 gram in just 6 days

Gold prices continued to decline in domestic markets, extending their recent fall. On MCX, April gold futures fell 1.2% or 480 to 39,037 per 10 gram. Gold had shed about 5,000 per 10 gram in previous five sessions, falling from 44,500 levels. Silver also continued to remain under pressure, with futures on MCX down about 1.7% to 35,593 per kg. In the previous session, silver futures had tumbled over 10% or 4,200 per kg, also following a steep correction in global rates.

17 Mar 2020, 01:36:14 PM IST

Pfizer, BioNTech to co-develop potential coronavirus vaccine

US drugmaker Pfizer Inc has signed a deal with Germany's BioNTech SE to co-develop a potential vaccine for the coronavirus using BioNTech's mRNA-based drug development platform, the companies said on Tuesday.

17 Mar 2020, 01:27:37 PM IST

Market at 1:30pm

HUL, Sun Pharma, Hero MotoCorp lead gains on Sensex. Of 30 Sensex stocks, 24 are in the green

17 Mar 2020, 01:22:11 PM IST

Brickwork Ratings reaffirms Punjab and Sindh Bank

Brickwork Ratings has reaffirmed the rating on Basel III Tier II bonds worth 500 crore of Punjab and Sindh Bank.

17 Mar 2020, 01:10:38 PM IST

SpiceJet’s life hangs on a wing and a prayer

SpiceJet Ltd’s flight to safety, particularly, is in great jeopardy, as load-factors are set to decline. According to data from the Directorate General of Civil Aviation, SpiceJet’s domestic load factor stood at 91.5% in January. While analysts expect February load factors to be fairly resilient, March numbers are expected to be a washout. Of course, if COVID-19 intensifies, then the June quarter, which is a seasonally strong quarter, could be hit meaningfully as well. (Full report)

17 Mar 2020, 12:38:26 PM IST

₹2,000 crore missing from Coffee Day accounts

The much-awaited probe report on the suicide of Café Coffee Day (CCD) founder V.G. Siddhartha is likely to reveal several related-party transactions over the past decade that has left a missing money trail of at least $350 million ( 2,593 crore), according to a Mint report.

The transactions allegedly involved money being transferred from accounts of at least seven units of Coffee Day Enterprises Ltd to personal accounts of Siddhartha and entities owned by his family, according to an investigation report.

17 Mar 2020, 12:23:35 PM IST

Coronavirus update

The Indian government has entry of passengers from Afghanistan, Phillipines and Malaysia into the country as a step to the further spread of COVID-19 in the country.

17 Mar 2020, 12:22:26 PM IST

IndusInd Bank shares fell the heat after Yes Bank fiasco

Shares of IndusInd Bank, once priced to perfection, have fallen over 56% this year, after a 38% fall in just the past seven trading sessions. Only some of this can be attributed to the secular fall in equity indices owing to the pain from the outbreak of coronavirus.

IndusInd Bank too is likely to see a lower deposit growth in the coming quarters. The bank’s low cost deposits form roughly 40% of its total deposit base. (Full report)

17 Mar 2020, 12:20:10 PM IST

ZEEL down 10.4%

Shares of ZEEL, a subsidiary of Essel Group, on Tuesday dropped 10.4%. Enforcement Directorate (ED) has issued summons to a clutch of borrowers of Yes Bank, including Essel group Chairman Subhash Chandra in connection with the money laundering probe against private lender’s co-founder Rana Kapoor.

17 Mar 2020, 12:09:12 PM IST

Yes Bank to hold a press conference at 3:45 pm today (CNBC-TV18)

17 Mar 2020, 11:48:03 AM IST

Yes Bank surges over 1000% in seven sessions

Shares of Yes Bank Ltd surged over 1000% from their lifetime low in seven sessions, mostly after State Bank of India, along with eight lenders, agreed to a bailout package for the private lender.

The stock had hit a life time low of 5.50 a share on 6 March and since then it has surged 1001%. The scrip on Tuesday was trading at 61.15 on NSE, up 61% from its previous close.

17 Mar 2020, 11:32:48 AM IST

India reports another death related to COVID-19

The death toll due to coronavirus (COVID-19) has increased to 3 while total number of confirmed cases have topped 120.

17 Mar 2020, 11:28:29 AM IST

Indiabulls Housing Finance up 7.3%

The housing finance company has filed a writ petition in the Bombay high court against the RBI and Yes Bank. Indiabulls Housing Finance Ltd had invested 662 crore in Yes Bank’s additional tier-1 (AT-1) bonds. Under the RBI-authored Yes Bank Ltd Reconstruction Scheme, 2020’, all instruments qualifying as AT1, issued by Yes Bank, have been written down permanently.

17 Mar 2020, 11:08:58 AM IST

RBL Bank quashes rumours of crisis

RBL Bank on Tuesday reiterated that it is financially strong and well-capitalized. "RBL Bank is well capitalized with a capital adequacy ratio of 16.08% with Tier-1 at 15.02% (Significantly higher than the prescribed regulatory requirement at 11.5% and 9.5% respectively). There has been no material adverse change in the asset quality since we announced our Q3 financial results on Jan 22, 2020 and our guidance remains consistent," it said in a regulatory filing.

17 Mar 2020, 10:55:20 AM IST

Market Update

After touching an intra-day low of 30,745.19, Sensex rose 1,200 points or 1.7% at 31,912.60. Nifty gained 188 points or nearly 2% at 9,377.

Tata Steel, ONGC, Sun Pharma and RIL were top gainers on the 30-share Sensex.

Shares of Yes Bank surged 70% to trade at 63.05 apiece on the BSE. In the past seven trading sessions, the scrip has surged over 800% from its lifetime low of 5.5.

Among sectoral indices, Nifty Metal, up 4.23%, Nifty PSU Bank and Nifty Pharma up over 3% were the top gainers.

17 Mar 2020, 10:31:51 AM IST

Grasim Industries down 4.7%

The Competition Commission has imposed a penalty of 301.6 crore on Grasim Industries Ltd., an Aditya Birla group company, for allegedly abusing its dominant position in the market for supply of Viscose Staple Fibre (VSF).

17 Mar 2020, 10:29:03 AM IST

Asian Stocks Mixed

SGX Nifty up 2.3%

Japan's Nikkei up 1%

South Korea's KOSPI down 1.4%

17 Mar 2020, 10:27:15 AM IST

SBI Cards up 5%

SBI Cards and Payments Services Ltd on Monday made a weak debut on the stock exchanges amid sharp sell-off in markets.

17 Mar 2020, 10:12:52 AM IST

All sectoral indices in green after markets stage a sharp recovery

17 Mar 2020, 09:53:34 AM IST

Sensex up 300 points

17 Mar 2020, 09:53:01 AM IST

RBL Bank loses 3% of deposits

Private sector lender RBL Bank on Tuesday said it has witnessed withdrawals from institutional depositors and a couple of state government organizations, comprising about 3% of its total deposits in the last one week, however, there was no material impact on retail deposits.

17 Mar 2020, 09:51:01 AM IST

Sharp recovery in market

After falling around 650 points in opening session, Sensex and Nifty recouped losses and were up nearly 1%.

17 Mar 2020, 09:42:14 AM IST

Delta Corp up 2%

Delta Corp -- an Indian gaming and hospitality corporation that owns and operates casinos and hotels under several brands -- will shut the casinos operated by the company and its subsidiaries in Goa till 31 March, in compliance with the government order.

17 Mar 2020, 09:27:37 AM IST

HDFC Ltd down 3.7%

Mortgage lender HDFC Ltd will pick up 7.97% stake in Yes Bank for a 1,000 crore capital infusion in the cash-strapped lender. On March 14, Yes Bank allotted 100 crore shares of face value of 2 each to HDFC aggregating to 7.97% of the post issue equity share capital of Yes Bank.

17 Mar 2020, 09:26:01 AM IST

Yes Bank up 15%

Moody's Investor Services on Monday upgraded its ratings on Yes Bank with a positive outlook. The moratorium on Yes Bank is expected to be lifted on March 18, 2020 at 6 pm.

17 Mar 2020, 09:21:12 AM IST

Market opening

After rising about 1% in opening, Sensex and Nifty erased gains and were flat-to-down.

17 Mar 2020, 09:05:55 AM IST

Stocks to Watch

Yes Bank, HDFC, IndusInd Bank, Vodafone Idea, Bharti Airtel are among the top stocks that may be in focus in today's trade.

17 Mar 2020, 09:02:48 AM IST

Rupee opens marginally higher

The Indian rupee opened at 74.13 against the US dollar versus Monday's close of 74.27.

17 Mar 2020, 08:50:13 AM IST

Crude update

U.S. crude ticked up 3.87% to $29.81 a barrel. Brent crude also rose 2.53% to $30.81 per barrel, but these gains are likely to be temporary.

17 Mar 2020, 08:44:11 AM IST

Most Asian peers down; SGX Nifty up 1.23%

Most Asian shares fell on Tuesday a day after Wall Street's historic market rout.

MSCI's broadest index of Asia-Pacific shares outside Japan gave up early gains to trade 0.43% lower. Japan's Nikkei stock index slid 2.79% and South Korea's KOSPI was off 3.2%. Australian shares were up 0.5% although this followed a massive plunge of almost 10% on Monday.

17 Mar 2020, 08:44:11 AM IST

Black Monday at Wall Street

Wall Street suffered its biggest drop since the crash of 1987 on Monday even as the Fed rate cut failed to cheer the markets.

The S&P 500 tumbled 12%, closing at its lowest level since December 2018. The Dow Jones Industrial Average fell 2,997.1 points, or 12.93%. The Nasdaq Composite dropped 970.28 points, or 12.32%, to 6,904.59.

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