India’s benchmark indices slumped 2.5% on Tuesday as investors continued to dump riskier assets
India’s benchmark indices slumped 2.5% on Tuesday as investors continued to dump riskier assets

Relentless sell-off drags Sensex, Nifty to 36-month low

  • Sensex and Nifty opened on a positive note but closed below psychologically crucial levels of 29,000 and 9,000
  • HDFC twins, ICICI Bank, Kotak Mahindra Bank, IndusInd Bank dragged Sensex 1709 points lower to close at 28,869

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

18 Mar 2020, 03:43:25 PM IST

Market Closing

The mayhem continued on D-Street on Wednesday as Indian benchmark indices ended deep in the red hitting 3-year low. HDFC twins, ICICI Bank, Kotak Mahindra Bank, IndusInd Bank dragged Sensex 1709 points lower to close at 28,869. Nifty fell 425 points to close at 8,541.

Sensex and Nifty opened on a positive note but closed below psychologically crucial levels of 29,000 and 9,000 as the relentless sell-off continued. Banks and telcos came under pressure after the adverse Supreme Court order on the AGR self-assessment order.

IndusInd Bank closed 23% lower at 461.80 apiece. The private lender has 9,100 crore (4.39% of the book) exposure to the telecom sector. Kotak Mahindra Bank – with an exposure of 5,000 crore (2.31% of the book) to telecom sector -- ended 11.3% lower. Nifty Bank closed nearly 6% down.

Shares of Vodafone Idea took the worst hit and tanked 32%. Bharti Infratel slipped 23.19% post SC order.

Of 30 shares in the Sensex 28 closed in the red. ONGC and ITC were the rare gainers.

18 Mar 2020, 02:56:26 PM IST

All sectoral indices in the red

18 Mar 2020, 02:54:04 PM IST

Banking stocks drag Sensex by 1200 points

18 Mar 2020, 02:43:17 PM IST

European shares fall

European shares tumbled on Wednesday as fears over the relentless global spread of the coronavirus overshadowed sweeping stimulus measures to support businesses and contain the economic damage from the pandemic.

The pan-European STOXX 600 index was down 2.2%, remaining at near seven-year lows, with bourses in London and Germany leading declines.

18 Mar 2020, 02:41:38 PM IST

BSE MidCap down 576 points or 5%

18 Mar 2020, 02:23:53 PM IST

Two more test positive for coronavirus in Karnataka

Kanataka’s health minister B.Sriramulu on Wednesday said that two more people have tested positive for novel coronavirus (COVID-19), that takes the total tally in Karnataka to 13.

18 Mar 2020, 02:14:28 PM IST

DHFL promoters Kapil & Dheeraj Wadhwa untraceable: ED Sources (CNBC-TV18)

18 Mar 2020, 02:09:14 PM IST

L&T announces interim dividend

The board of directors of L&T has announced an interim dividend of 10 per share.

18 Mar 2020, 01:44:58 PM IST

Sensex cracks 1200 points. TCS, ITC rare gainers

18 Mar 2020, 01:27:19 PM IST

Banks' exposure to telcos

IndusInd Bank: 9,100 crore (4.39% of the book)

HDFC Bank: 24,300 crore (2.60% of the book)

Yes Bank: 8,200 crore (3.65% of the book)

SBI: 42, 400 crore (1.93% of the book)

Kotak Mahindra Bank: 5,000 crore (2.31% of the book)

Axis Bank: 13,000 crore (2.36% of the book)

Source: CNBC-TV18

18 Mar 2020, 01:23:25 PM IST

Domestic air traffic registers 8.98% growth in February

InterGlobe Aviation Ltd’s IndiGo continued its market dominance as it carried nearly one in every two passengers. Its market share, however, remained at 47.9% in February, similar to that in January. The airline carried 5.93 million passengers last month, down from nearly 6.12 million passengers in January.

No-frill carrier SpiceJet Ltd flew 1.89 million passengers, achieving a 15.3% market share.

The Ajay Singh-led airline’s market share fell from 16.6% last month.

18 Mar 2020, 01:15:45 PM IST

Nifty, Sensex slip to 3-year low

18 Mar 2020, 01:14:45 PM IST

ZEEL, Yes Bank, ITC, Coal India and TCS rare gainers on Nifty50

18 Mar 2020, 01:08:37 PM IST

Asian stocks in the red

Hong Kong's Hang Seng down 4.32%

Shanghai Composite down 1.8%

Japan's Nikkei down 1.7%

SGX Nifty drops 4.6%

18 Mar 2020, 12:39:43 PM IST

Banking stocks bleed. Yes Bank bucks trend

18 Mar 2020, 12:30:10 PM IST

IndusInd Bank at 6-year low, down 30%

18 Mar 2020, 12:25:23 PM IST

COVID-19, oil shock, recession dent global fund managers' risk sentiment: BofA

Coronavirus outbreak has sent shock waves across the world and dented risk appetite among fund managers. “The collapse in risk appetite also led to March 2020 seeing the biggest MoM (month-on-month) drop in FMS global equity allocation (-35ppt) on record (since 2001)" said the BofA FMS note. (Full report)

18 Mar 2020, 12:14:07 PM IST

Exposure to Vodafone Idea

IDFC Bank: 3,240 crore (3.05% of the book)

ICICI Bank: 1,700 crore (0.27% of the book)

Axis Bank: 1, 300 crore (0.2% of the book)

HDFC Bank: 1,000 crore (0.11% of the book)

Source: CNBC-TV18

18 Mar 2020, 11:59:09 AM IST

Nifty Bank down 5%. Yes Bank and RBL Bank rare gainers

18 Mar 2020, 11:57:13 AM IST

Market update

After opening on a positive note, the benchmark indices erased early gains extending the sell-off. Sensex slipped over 1300 points from day’s high to 29,759 points. Nifty was down 238 points or 2.7% at 8,728.

Banks and telcos came under pressure after the adverse Supreme Court order on the AGR self-assessment order.

Nifty Bank fell 4.5%. Vodafone Idea dropped 37% and Bharti Infratel slipped 13% post SC order. The apex court made it clear that there could not be another attempt at calculating the AGR dues of telecom companies.

Shares of Yes Bank traded 6% higher at 62.15 apiece after hitting an intra-day high of 87.85 on the BSE.

Meanwhile, another positive case of coronavirus was reported in Pune, Maharashtra, taking the count of confirmed cases in the state to 42.

Of 30 Sensex shares, 26 were in the red.

Sensex at 1200pm
Sensex at 1200pm
18 Mar 2020, 11:12:37 AM IST

BSE Bankex down 4.5%

18 Mar 2020, 11:07:40 AM IST

RIL up 1% on SC's AGR order

18 Mar 2020, 11:01:55 AM IST

BSE Telecom down nearly 1% on AGR order; Bharti Airtel shrugs-off concerns, up 4.25%

18 Mar 2020, 10:59:27 AM IST

SC summons DoT officials responsible for allowing self-assessment

18 Mar 2020, 10:55:58 AM IST

Vodafone Idea tanks 37%, Bharti Infratel down 13%

The shares of Vodafone Idea dropped over 37% and Bharti Infratel slipped 13% after the Supreme Court said that it AGR verdict is clear and no objection to be allowed against payable dues.

18 Mar 2020, 10:48:32 AM IST

SC says no to another exercise on AGR dues calculation

The Supreme Court (SC) on Wednesday made it clear that there could not be another attempt at calculating the AGR dues of telecom companies. Chiding the department of telecommunications (DoT) for allowing the companies to undertake self-assessment, the SC bench called the purpose of doing the numbers again a fraud on the court. It asked the DoT to withdraw the move. (Full report)

18 Mar 2020, 10:47:01 AM IST

One more positive coronavirus case in Maharashtra

Pune on Wednesday reported yet another positive coronavirus. With this, the total number of positive coronavirus cases in Maharashtra have reached 42. The patient, according to a government official, has a travel history to France and Netherlands.

18 Mar 2020, 10:42:21 AM IST

Of 30 Sensex shares, 20 are in the red

18 Mar 2020, 10:36:59 AM IST

Gold prices fall today after rising ₹900 per 10 gram in just a day

Gold prices were flat today in Indian markets after a sharp rise in the previous session. On MCX, April futures were down 0.06% to 40,220 per 10 gram after rising about 900 in the previous session. Silver futures on MCX however moved higher today after getting battered over the previous few days. Silver rose 1.2% to 35,885 per kg. Domestic gold and silver prices have remained volatile this month, following a similar pattern as that of global rates. Earlier this month gold prices had hit an all-time high of about 45,000 per 10 gram before seeing a sharp fall from that level. (Full report)

18 Mar 2020, 10:32:35 AM IST

Sun Pharma up nearly 3%

The board of Sun Pharma on Tuesday approved a 1,700 crore share buyback offer at a maximum price of 425 per share.

18 Mar 2020, 10:13:32 AM IST

Asian stocks mixed

Singapore's SGX Nifty dropped 2.5%, while Japan's Nikkei was 0.6% up

18 Mar 2020, 10:09:34 AM IST

S&P cuts India 2020 growth forecast to 5.2% from 5.7%

Rating agency Standard and Poor's (S&P) on Wednesday slashed its calendar year 2020 growth projection for India to 5.2% from 5.7% as it fears that the Asia Pacific region may tip into recession as a result of COVID-19 outbreak. (Full report)

18 Mar 2020, 10:08:17 AM IST

All sectoral indices on Nifty in the red

18 Mar 2020, 09:55:22 AM IST

Yes Bank shares hit an intra-day high of ₹87.95 apiece on the BSE

18 Mar 2020, 09:46:11 AM IST

Nifty Pharma up 1.2%

18 Mar 2020, 09:44:32 AM IST

IndusInd Bank down 2.3%

IndusInd Bank on Tuesday dismissed the reports of financial instability and speculations around its stock price and said that it is financially strong, well-capitalized, profitable, and a growing entity with strong governance.

18 Mar 2020, 09:43:02 AM IST

ICICI Bank down 2%

ICICI Bank has acquired 7.97% stake in Yes Bank with a capital infusion of 1,000 crore.

18 Mar 2020, 09:31:52 AM IST

Vodafone Idea up 6.6%

Promoters of Vodafone Idea Ltd — UK’s Vodafone Group Plc and Aditya Birla Group — may infuse around $1.5 billion (about 11,060 crore) into the telco if the government cuts the carrier’s AGR dues based on the self-assessment, and also allows repayment over several years, according to a report in The Economic Times.

18 Mar 2020, 09:29:15 AM IST

Bharti Airtel up 1.8%

The Supreme Court will hear the AGR case today, and the telecom department’s application that telcos be allowed to spread the payment of their dues over 20 years or less.

18 Mar 2020, 09:27:35 AM IST

Yes Bank jumps 32%

The RBI imposed moratorium on Yes Bank will be lifted today and the private lender will restore full banking services after 6pm.

18 Mar 2020, 09:21:03 AM IST

Market opening

Indian equity indices opened higher on Wednesday. The benchmark Sensex was up 500 points while Nifty rose above 9,100 mark.

Infosys, IndusInd, Sun Pharma were top Sensex gainers.

Of 30 Sensex shares, 28 were in the green.

18 Mar 2020, 09:09:17 AM IST

Stocks to Watch

Yes Bank, SBI, ICICI Bank, Airtel, Vodafone, shares of pharma companies are likely to be in focus in today's trade.

18 Mar 2020, 09:07:57 AM IST

Market at pre-open

Indian benchmark indices were in the green in the pre-opening session. Sensex was up 400 points while Nifty was above 9,000 mark.

18 Mar 2020, 09:05:25 AM IST

Rupee opens higher

The Indian rupee opened higher at 73.99 against the US dollar versus Tuesday's close of 74.25

18 Mar 2020, 08:49:14 AM IST

Oil Slumps to Lowest Since 2003

Oil briefly traded below its lowest settlement price in almost 17 years as the coronavirus pandemic threatens to bring the global economy to a standstill, battering demand just as supply explodes.

Futures in New York fell as much as 2.8% in the Asian morning, touching as low as $26.20 a barrel, which would be the lowest close since May 2003 if prices settle at that level.

West Texas Intermediate for April delivery added 11 cents to $27.06 a barrel on the New York Mercantile Exchange as of 10:33 a.m. in Singapore. Brent crude climbed 30 cents to $29.03 after slumping 4.4% on Tuesday. (Bloomberg)

18 Mar 2020, 08:45:45 AM IST

Asian Stocks

Asian stocks were positive in morning trade on Wednesday after stocks on Wall Street bounced back overnight on hopes of stimulus as the country grapples with the coronavirus outbreak.

Singapore’s SGX Nifty was up 0.5% and South Korea’s KOSPI inched 0.6% higher. In Japan too, shares remained in positive territory as the Nikkei 225 gained 1.47% while mainland Chinese stocks edged higher in early trade, with the Shanghai composite up 0.69%.

18 Mar 2020, 08:45:46 AM IST

US Stocks

The S&P 500 rose 6% on Tuesday, clawing back a significant portion of Monday's steep losses, as the Federal Reserve and the White House took further steps to boost liquidity and stem damage from the coronavirus outbreak that has gripped the global economy.

The Dow Jones Industrial Average rose 1,048.86 points, or 5.2%, to 21,237.38, the S&P 500 gained 143.06 points, or 6.00%, to 2,529.19 and the Nasdaq Composite added 430.19 points, or 6.23%, to 7,334.78.

18 Mar 2020, 08:45:46 AM IST

Tuesday’s 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.

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

Nifty FMCG and Nifty Pharma closed in the green.

My Reads Logout