The Big Plunge: Market records biggest single-day fall, Sensex ends at over 3-year low, down 3,934 pts

Bank Nifty crashes 16.24% to 17,018.35; Nifty Auto ends down 14.17%

Closing Bell

 

Key stock market indices Sensex and the Nifty fell 13 per cent and ended at three-year lows today after the government announced lock down of 75 districts on Sunday intensifying its battle against spread of the coronavirus to the stage-III 3 of community transmission.

In the first hour of Monday’s trade, benchmark indices cracked over 10 per cent, triggering a 45-minute trading freeze as coronavirus-led lockdowns across the world stoked fears of a massive global recession.

After the trading resumed, the sell-off continued relentlessly by Foreign Portfolio Investors along with domestic financial institutions. Equities spiralled further lower after trading resumed around 1100 hours

The BSE Sensex fell 3,934.72 points, or 13.15%, and ended at 25,981 24, a level seen three years ago. On the NSE, the Nifty lost 1,135.20 points, or 12.98% to settle at 7,610.25.

On the BSE, out of the total 2,401 shares traded, the decliners, which were at 2,037 has outnumbered 232 scrips that advanced.

Stocks fell even as the government decided to lockdown after the number of coronavirus cases in the country approached 400.

The Nifty Mid-cap index ended at six-year low 2,916.60, down 14.56%. The Bank Nifty was the top loser among sectoral indices, having shed over 16% amid volatility. All Nifty 50 stocks closed in the red. Axis Bank, Bajaj Finance and IndusInd Bank were the top losers, reporting a loss up to 28%. The Nifty PSU Bank was down 12.26% to 1,284.05, and the Nifty FMCG was down 10.39% to 23,236.95.

 

Sensex stocks

 

3.15 PM

 

National Task force recommends using hydroxyl-chloroquine for SARS-CoV-2 infection, says Health Ministry

3 pm

 

Mid-cap index set to end at six-year low; Bank Nifty is the top loser among sectoral indices, having lost over 16% today. All Nifty 50 stocks are trading in the red. Axis Bank and IndusInd Bank were the top losers. The Nifty PSU Bank was down 12.23% to 1,284.45, and the Nifty FMCG was down 10.25% to 23,268.15.

SENSEX STOCKS

Sensex stocks

 

2.40 pm

Covid-19 is more a biological than financial crisis: Aditya Puri

 

Private sector lender HDFC Bank on Monday said it is not expecting any major impact from the current lockdown and coronavirus pandemic and said it is more a biological than a financial crisis.

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2.35 PM

YES Bank’s ‘suspect’ lending model

 

A large share of YES Bank’s NPAs is on account of loans extended to businesses whose credit-worthiness was suspect and who have courted infamy

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2.15 pm

NIFTY PRIVATE BANK STOCKS

NIFTY PVT BANK STOCKS

 

2.10 pm

 

European markets open deep into the red with UK, France and Germany down over 4 per  cent each.

European bourses are trading well below 4% on average with the pain well spread across most countries and sectors.

There is one exception though with UK-focused midcaps which are getting a dedicated beating with the top 10 losers of the STOXX 600:

The FTSE 250 is a top loser with a loss of close to 6%. The pressure is building on British domestic stocks as the government of Boris Johnson considers new measure to enforce social distancing in a bid to flatten the infection curve.

Across Europe miners, industrials, travel and leisure, construction, financial services and media are all trading below 5%. -Reuters

 

2.05 pm

S&P cuts India GDP growth forecast for FY21 to 5.2 per cent

 

S&P Global Ratings on Monday cut its estimate for India’s GDP growth in the fiscal starting April 1 to 5.2 per cent from its earlier estimate of 6.5 per cent, as it saw the outbreak of coronavirus costing economies around the globe.

It put “the total and permanent income loss for Asia-Pacific from COVID-19 at approximately $620 billion.”

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1.55 pm

Retail, HNI out of trading limits as COVID-19 lock-down hits brokerages

 

There was panic in stock markets on Monday as large number of retail investors and high net worth individuals (HNIs) were not able to trade as brokers were not giving them any limits, retail portfolio managers and traders told BusinessLine.

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1.20 pm

Nifty 50 March Futures (7,700)

 

The equity markets have been facing significant downward pressure since morning. Taking cues from the Asian markets, the Indian benchmark indices are trading lower today. The Nifty spot and the Sensex spot indices are down by a little over 11 per cent so far. While the Shanghai composite index has lost nearly 3 per cent, the Hang Seng index is trading lower by 5 per cent today. On the contrary, the Nikkei index gained nearly 2 per cent.

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1 pm

Trading Call | HDFC Ltd (₹1,590): Sell

 

The stock of Housing Development Finance Corporation Limited (HDFC Ltd.) has slipped below the important support of ₹1,660 today; it is currently hovering around ₹1,600. The overall trend has been bearish and hence, traders can short the stock for short-term.

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12.45 pm

Reserve Bank of India re-draws its financial year

 

The Reserve Bank of India (RBI) has decided to align its financial year with the Government.

The central board of the RBI, in its meeting in New Delhi on Saturday, decided that the fiscal year 2021-22 for the central bank will begin from April 1. Fiscal 2019-20 will end on June 30, 2020 while fiscal year 2020-21 will begin on July 1, 2020 but ends on March 31, 2021. Thereafter, all fiscal year will start on April 01 every year.

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12.35 pm

NIFTY AUTO STOCKS

NIFTY AUTO STOCKS

 

12.30 pm

 

NIFTY BANK STOCKS

NIFTY BANK STOCKS

 

12.25 pm

Bank branches to provide only essential services from March 23: IBA

 

With the impact of the coronavirus pandemic being felt across the country, the Indian Banks’ Association (IBA) on Sunday said bank branches will provide only essential services such as cash deposits and withdrawals, clearing of cheques, remittances and government transactions from March 23, 2020 onwards.

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12.20 pm

Index Outlook | Are we there yet, Sensex, Nifty 50?

 

It started as another hellish week for market participants, but the selling intensity tapered towards the end of the week. Both the Sensex and the Nifty 50, however, lost around 12 per cent last week.

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12.20 pm

US stock futures tumble after surge in global death toll from coronavirus

Asian stocks and U.S. equity futures tumbled after a surge in the global death toll from the coronavirus and a failure as yet by Congress to agree on an aid plan. Treasury yields retreated.

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12.10 pm

ADVANCES/DECLINES ON BSE

 

12.05 pm

NIFTY 50 INDEX

 

12 Noon

Indices hitting lower circuit and rebounding: Which heavyweight stocks led the slump?

As India went into lockdown to contain the spread of Covid-19, markets were expected to take a hard knock. With the Sensex hitting the lower circuit early in trade today, the week has begun on yet another turbulent note. The pain is accentuated by the fact that many heavyweight bluechip stocks are on a free fall over the past week.

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11.55 am

NIFTY BANK INDEX

 

11.50 am

 

11.45 am

Aditya Puri, Managing Director of HDFC Bank: Virus needs to be controlled first, happy that government announced a lockdown. Should concern ourselves with impact on economy, not just financial markets. Must have a non-scheduled rate cut.

11.10 am

Trading resumes after halt

Sensex extended fall as trading resumed after halt. The Sensex dropped 3,123.26 pts to 26,792.26. On the Nse, the Nifty was down 906.30 pts at 7,839.15.

11 am

Investor wealth plummets over Rs 10 lakh cr in first hour of trade

Investor wealth plummeted by over Rs 10 lakh crore in the first hour of trade on Monday as the equity markets went into a tailspin and sank 10 per cent.

Rising cases of coronavirus (Covid-19) has hit market sentiment negatively, with the equity markets starting the week with a massive selloff.

The market capitalisation of BSE-listed firms dropped by Rs 10,29,847.17 crore to Rs 1,05,79,296.12 crore just before the trading was halted for 45 minutes.

Markets took a heavy beating as the BSE benchmark index plunged 2,991.85 points or 10 per cent -- its lower circuit limit.

All the constituents from the BSE 30-share index witnessed selling led by Axis Bank, ICICI Bank, IndusInd Bank and Bajaj Finance, tanking up to 19.98 per cent.

All the sectoral indices too traded with heavy losses led by bank, realty and finance.

Market heavyweights RIL tumbled 11.57 per cent and TCS tanked 5.84 per cent. - PTI

 

10.30 am

Trading halted for 45 minutes after markers fell 10% as Nfity and Sensex hit lower circuit.

 

10.10 am

Take advantage of volatility to build equity allocations, says Sailesh Raj Bhan of Nippon India AMC

 

Sailesh Raj Bhan is the Deputy Chief Investment Officer, in-charge of equity assets, at Nippon India AMC. He has been with the company, including its previous avatar Reliance Nippon Life Asset Management, for 15 years now. An industry veteran of 24 years, Bhan spoke to BusinessLine on how the Covid-19 pandemic is impacting equity markets.

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10.05 am

Equity indices slide as India edges towards lockdown

 

India’s stocks fell, as the the worlds second-most populous nation edged toward a lockdown after the number of coronavirus cases in the country approached 400.

The S&P BSE Sensex Index slid as much as 9.1% to 27,197.81, within a whisker of triggering a 10% circuit breaker at the open, before recouping slightly to trade 7.3% lower as of 9:25 a.m. in Mumbai. The NSE Nifty 50 Index tumbled as much as 9.2%, tracking declines across the region as the flight from riskier assets continued. The regional MSCI Asia Pacific Index lost 2.1%.

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10 am

 

9.50 am

Covid-19: SBI announces emergency credit facility

Banks are likely to follow the State Bank of India (SBI) in announcing ad-hoc facilities to provide relief to borrowers whose operations are impacted by the Covid-19 outbreak.

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9.45 am

Oil price drop may change the equation on ethanol blending for OMCs

With crude oil prices dropping below $30/barrel, oil marketing companies (OMCs) may not show as much interest for ethanol-blended petrol programme.

In 2018-19 ethanol supply year (December-November), oil marketing companies lifted 188.5 crore litres of ethanol from sugar mills, which helped the blending rate to go up to 4.92 per cent from 4.22 per cent in the previous year. But in 2019-20, it looks like the blending rate may drop to 4 per cent

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9.40 am

Finance Minister Nirmala Sitharaman likely to announce measures to boost economy on Monday

 

Finance Minister Nirmala Sitharaman is expected to announce some measures to boost the economy, which is now also affected by the COVID -19. She is expected to do so when Lok Sabha takes up the Finance Bill for consideration and passage on Monday.

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9.35 am

Rupee falls below 76-level against USD

The rupee fell below 76-level against US dollar amid coronavirus scare in the opening trades on Monday.

At 9.35 am, the domestic currency was quoted at 75.99, down by 79 paise against the dollar. The rupee closed at 75.20 on Friday.

 

9.20 am

Opening Bell

Key stock market indices Sensex and the Nifty fell over 8% in the opening trading session following announcement of lock down of 75 districts on Sunday intensifying its battle against spread of the coronavirus to the stage-III 3 of community transmission.

The BSE Sensex fell 2565 points to 27,350 levels, while the Nifty lost 720.85 points, or 8.24% to 8,024.90.

Major stocks that lost 10% today were Ultracemco, Bajaj Finance, Maruti, Kotak Bank and Bajaj FinServ.

 

9.10 am

 

SENSEX STOCKS

 

9.10 am

COVID-19 spread: To keep markets functioning, NSE allows shifting of trading terminals home

 

A complete shut down of stock market trading could be averted in the wake of the COVID-19 issue in India. This is after the National Stock Exchange (NSE) allowed stock brokers to re-locate their trading terminals to any remote location, on condition that specific details be made available to the exchange.

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9.05 am

Asia shares dive with S&P 500, bond yields fall anew

 

Asian shares slid on Monday as more countries all but shut down in the fight against the coronavirus, threatening to overwhelm policymakers' frantic efforts to cushion what is clear to be a deep global recession.

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Published on March 23, 2020