Closing bell: Equity benchmark Sensex ended over 173 points lower on Wednesday after a highly volatile session as investors remained jittery on concerns over the Covid-19 pandemic.

Plunging over 1,300 points from the day’s high, the 30-share BSE barometer ended 173.25 points or 0.58 per cent lower at 29,893.96. It hit an intra-day high of 31,227.97.

Similarly, the NSE Nifty closed 43.45 points, or 0.49 per cent, down at 8,748.75.

TCS was the top loser in the Sensex pack, falling over 3 per cent, followed by Titan, ICICI Bank, SBI, ITC and Bharti Airtel.

On the other hand, Sun Pharma, NTPC, IndusInd Bank and Bajaj Finance were among the top gainers.

According to Paras Bothra, President of Equity Research, Ashika Stock Broking, volatility in the markets was on account of speculation that the central government was mulling lockdown extension beyond April 14.

Further, traders said Indian markets moved in sync with global benchmarks as worries over the economic impact of the Covid-19 pandemic continued to weigh on investor sentiment.

Bourses in Shanghai, Hong Kong, and Seoul ended in the red, while Tokyo closed on a positive note.

Sectoral indices at 3.15 pm

Asian markets mostly down as traders fret over virus

Most Asian equities retreated Wednesday after a two-day rally as investors closely track developments in the coronavirus crisis, while the oil market continued to fluctuate ahead of a crucial producers’ meeting. Click here to read more

CII suggests measures on lifting the shutdown in a safe manner

To lift the lockdown in a safe and calibrated manner, the Confederation of Indian Industry (CII) has suggested the need for fiscal support package for FY21, limited to 2 per cent of the GDP, in addition to the Pradhan Mantri Garib Kalyan Yojana. Click here to read more

CMIE estimates 23% spike in unemployment rate during lockdown

The Covid-19 crisis may impact the job scenario in the country with the Centre for Monitoring of Indian Economy (CMIE) projecting that unemployment rate could spike to over 23 per cent once the lockdown is lifted. Read more here

Maruti Suzuki production down 32 per cent YoY in March

Owing to the lockdown and plants not functioning, country’s largest passenger car manufacturer Maruti Suzuki India (MSIL) has reported a decline of 32 per cent in its production volumes in March on a year-on-year (YoY) basis. Read more here

Nifty call: Sell the contract with stop-loss at 8,950

Nifty 50 April Futures (8,775)

The Indian benchmarks, which gained earlier in today’s session, has given up the gains. The Nifty spot and the Sensex spot indices are currently hovering at yesterday’s closing level.

The US market closed marginally lower yesterday and following that, major Asian indices like the Shanghai composite and the Hang Seng have dropped 0.3 per cent and 1.5 per cent respectively. On the contrary, the Nikkei has gained by a little over 2 per cent. Thus, the cues are mixed from the Asian majors. Read more here

Sensex stocks at 1pm

Delhi HC order makes Anant Raj eligible for RBI’s regulatory package relief

The Delhi High Court has restored  status quo ante  with regard to the asset classification of Anant Raj Ltd by YES Bank as on March 1, 2020, making the Delhi-based real estate and infrastructure developer eligible for some relief under the regulatory package for loans announced by the Reserve Bank of India on March 27, 2020.

IT sector will have temporary setback due to Covid-19: Analysts

The IT sector may go through a temporary set back during the first half of the new fiscal but is expected to recover during the second half, said analysts and executives at leading firms.  Fore more read, click here

L&T Hydrocarbon Engineering bags project from Indian Oil Corporation

L&T Hydrocarbon Engineering Limited (LTHE), a wholly owned subsidiary of Larsen & Toubro, has bagged a project from Indian Oil Corporation Limited (IOCL).

The deal has been classified in the Rs 2,500-5,000 crore range, the company said.

Technicals: According to Manish Hathiramani, a proprietary trader and technical analyst at Deen Dayal Investments, the Nifty could fall to 7,500, and if it rises, the next level to watch out for would be 9,050.

Situation grim in Mahrashtra; number of coronavirus patients rises to 868

The pandemic situation in Maharashtra is getting grimmer with the mortality increasing to 5.99 per cent, which is highest in the country. A press statement issued by the State Government on Tuesday evening after a Cabinet meeting said that, till date, 52 persons have died because of viral infection out of which 11 were not suffering from any other health problems. Read more here

Stock analysts turn to new indicators amid doubts in earnings

As analysts struggle to assess India Inc.’s corporate earnings and debt-servicing capabilities amid the nationwide lockdown due to the coronavirus pandemic, they have begun relying on alternative indicators to inform their investment recommendations.

Equity analysts speaking in interviews with Bloomberg highlighted measures ranging from volatility and cash levels to less common factors, including daily infection numbers. So far, the drop in analyst price targets for the NSE Nifty 50 Index has trailed the actual slump in the stock gauge.

FII data: As per the provisional data, the foreign institutional investors (FIIs) were net buyers in the capital markets, as they sold bought shares worth Rs 741.77 crore on Tuesday.

Daily Rupee call: Buy INR above 75.7

Today, the rupee (INR) has opened lower at 75.81 compared to Tuesday’s close of 75.63 against the dollar (USD). The local currency has slipped back below the key level of 75.7, and further decline can drag it to 76. On the other hand, if the rupee appreciates above 75.7, it can rally to 75.4 and 75.2

Commodity Call: MCX-Lead faces a critical hurdle

The April futures contract of lead mini in Multi Commodity Exchange (MCX), which had been moving in a narrow range between ₹129 and ₹134, breached the upper limit of the range last week. While it would ideally mean that the contract is likely to gain, the breakout visibly looks weak and the price remains below the 21-day moving average (DMA). Also, the major trend remains bearish. Read more on the technicals here

Rupee opening: The Indian rupee slips 21 paise to 75.85 against US dollar in early trade.

UK nod boosts Shilpa Medicare

Shares of Shipa Medicare on Tuesday locked in the 5-per cent upper circuit after the pharma company said it has received the UK health regulator’s approval for its anti-cancer drug, Imatinib. The stock is trading at ₹297.05 on NSE, up 4.98 per cent. Read more here

Oil prices jump on hopes for OPEC, Russia meeting on output cuts

Oil bounced back on Wednesday, with United States (US) crude jumping over $1, lifted by hopes that a meeting between OPEC members and allied producers on Thursday will trigger output cuts to shore up prices that have crumbled amid the coronavirus pandemic.

Brent crude was up by 75 cents, or 2.4 per cent, at $32.62 per barrel by 0246 GMT after falling 3.6 per cent on Tuesday. US West Texas Intermediate (WTI) crude rose $1.30, or 5.5 per cent, to $24.93 a barrel after dropping 9.4 per cent in the previous session.

Dollar creeps higher as virus worries return

The dollar found a footing on Wednesday as investors returned to safe-havens, unwinding some risk currency gains made on hopes the coronavirus crisis in Europe and New York was slowing.

The greenback rose on most majors besides the safe-haven Japanese yen, a day after suffering its worst drop against a basket of currencies in nearly two weeks.

Safe-haven gains were slight but gathered pace in morning trade as the two-day rally in Asia's equity markets lost steam and bonds and gold firmed.

Asian shares cautiously gain on virus hopes, dollar slips

Asian stock markets rallied for a second day on Tuesday, and riskier currencies rose, buoyed by tentative signs the coronavirus crisis may be levelling off in New York and receding in Europe.

Gains lacked Monday's momentum, but were broad, even though global coronavirus cases kept rising and an economic crash on a scale not seen for generations looms large.

The United States is bracing for its toughest week yet as the death toll climbs above 10,000 while across the Atlantic, British Prime Minister Boris Johnson has entered intensive care after his COVID-19 symptoms worsened.

Japan's Nikkei rose 2% and has erased most of last week's losses after Prime Minister Shinzo Abe promised a massive $991 billion economic stimulus package - equal to 20% of GDP.

Does a softening VIX foretell better days?

After the major bounce-back in indices, one question that marketmen are asking is whether the worst is over for the markets. If one goes by the clue from the volatility index — the India VIX — one can assume that the worst may be behind. The volatility index of the NSE has fallen sharply in the past few days. Read more here

Day Trading Guide for April 8, 2020

Given below are supports and resistances for Nifty 50 futures and seven key stocks that can help in your intra-day trading:

₹896 • HDFC Bank

₹641 • Infosys

₹181 • ITC

₹73 • ONGC

₹1206 • Reliance Ind.

₹186 • SBI

₹1775 • TCS

8875 • Nifty 50 Futures

S1, S2 : Support 1 & 2; R1, R2: Resistance 1 & 2.

Today’s pick: Hindalco Industries (₹104.6): Buy

Investors with a short-term horizon can buy the stock of Hindalco Industries at current levels. The stock sky-rocketed 17.7 per cent accompanied by extra-ordinary volume on Tuesday, breaking a key immediate resistance at ₹100.

Following a medium- and a short-term downtrend, it registered a 52-week low and found support at ₹85 in late March. Subsequently, it changed direction, triggered by positive divergence in the daily relative strength index and began to trend upwards. Read more on the technicals here

Opening bell: Equity benchmarks have started the day on a weak note, with the Nifty is trading around 8,700 level.

The Sensex is down 257 points at 29,809, while Nifty dropped 76 points at 8,715. About 532 shares have advanced, 356 shares declined, and 46 shares are unchanged.

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