Sensex plunges 1,200 points to close at 28,265; Tech Mahindra down 9 per cent

Nifty slides 343 points to 8,253

 

3:45 pm

Closing bell

Equity benchmark Sensex plummeted over 1,203 points on Wednesday, in line with a global sell-off as investors fretted over the impact of prolonged worldwide lockdowns due to the Covid-19 pandemic.

Starting the new financial year on a poor note, the 30-share BSE barometer slumped 1,203.18 points or 4.08 per cent to finish at 28,265.31.

Similarly, the NSE Nifty tanked 343.95 points, or 4 per cent, to close at 8,253.80.

Tech Mahindra was the top loser in the Sensex pack, crashing over 9 per cent, followed by Kotak Bank, Axis Bank, TCS, Infosys and HUL.

On the other hand, Hero MotoCorp, Bajaj Auto, Bajaj Finance and Titan were the gainers.

According to traders, domestic equities plunged in tandem with global stocks as no respite from the coronavirus pandemic seemed in sight.

Extensive lockdowns to contain the spread of the virus have severely hit the business outlook, they said.

Around the world, the total number of infected cases surged past 8.6 lakh, while deaths have crossed 42,000.

The number of Covid-19 cases climbed to 1,637 in India, while the death toll rose to 38, according to the Health Ministry.

“For the month of April, macro risk appetite driven by news flow around potential peaking of fresh Covid-19 cases would be the key driving force for foreign flows,” said S Hariharan, Head - Sales Trading, Emkay Global Financial Services.

On the global front, bourses in Hong Kong, Tokyo, Seoul and Shanghai plunged up to 4 per cent.

Benchmarks in Europe were also trading with significant losses. Brent crude futures, the global oil benchmark, plunged 5.20 per cent to $24.98 per barrel. - PTI

3:20 pm

RBI announces more measures to support exporters, banks and States/UTs

The Reserve Bank of India (RBI) has announced further measures, including extending the time for realisation and repatriation of proceeds for exports made up to or on July 31, 2020 to 15 months from the date of export against nine months earlier, while upping the temporary accommodation it provides to States and Union Territories to deal with the COVID-19 pandemic. The central bank also said it is not activating the countercyclical capital buffer for banks. Click here to read in full the report on RBI measures to support exporters, bank, States/UTs.

3:10 pm

Are small savings schemes still attractive after steep rate cuts?

After these steep cuts, do small savings schemes still remain attractive for investors? Yes, some of them still make the cut. One, their high safety factor — being guaranteed by the government — is a major positive. Click here to read more on small savings scheme.

2:55 pm

European shares slide as economic impact of coronavirus is revealed

Pandemic fears pushed markets off a precipice last week, wiping more than $5 trillion from global share value. File Photo   -  Bloomberg

European shares tumbled on Wednesday in their first trading session of the quarter, with growing evidence of the economic damage from the still rapidly spreading coronavirus fanning fears of a deep global recession.

The pan-European STOXX 600 index was down 2.9 per cent, with Tuesday's session rounding off its worst quarter in 18 years during which it lost about $2.8 trillion in market value.

HSBC, Santander and Lloyds of London were among the biggest drags on the benchmark index after joining European peers in suspending dividend payments to shore up liquidity. Click here to read in full the European markets report.

2:30 pm

Dollar rallies as investors brace for global downturn

File Photo   -  Reuters

The dollar gained broadly against riskier currencies on Wednesday, with markets staring at what is likely to be one of the worst economic contractions for decades as the world locks down to fight the coronavirus pandemic.

The greenback advanced against the Australian and New Zealand dollars, sterling, and most emerging market currencies as fresh selling in global shares highlighted growing risks from the pandemic that has shown little sign of abating. Click here to read in full the global forex market report.

2:10 pm

Nifty Call: Sell on rallies with a fixed stop-loss at 8,350 levels

 

The bearish global markets have led to a gap-down open in the domestic equity benchmark indices - the Sensex and the Nifty. Subsequently, the indices extended the decline and have plummeted more than 3 per cent so far. The Nikkei 225 index has slumped 4.5 per cent to 18,065 and Hang Seng index has declined 2.5 per cent to 23,012 in today's session. The market breadth of the Nifty index is biased towards declines. The India VIX has fallen 5.4 per cent to 60.9 levels. The Nifty mid and small-cap indices have also declined 2 per cent and 0.8 per cent respectively. All the sectoral indices are trading in the negative territory. The top losers are Nifty Bank and Nifty PVT Bank sector indices which has slumped 4 per cent each. The Nifty IT index has also declined 3.3 per cent. Click here to read in full the Nifty call report.

 

1:45 pm

Oil skids as oversupply fears pile up with US inventories growth

 

Global crude oil prices slid further on Wednesday, following their biggest-ever quarterly and monthly losses, as a bigger-than-expected rise in US inventories and a widening rift within OPEC heightened oversupply fears.

Oil prices are near their lowest since 2002 amid the global coronavirus crisis that has brought a worldwide economic slowdown and slashed oil demand. Crude futures ended the quarter down nearly 70 per cent after record losses in March. Click here to read in full the global crude oil markets report.

 

1:25 pm

Maruti Suzuki March sales decline 47 per cent amid lockdown

 

Affected by lockdown due to Covid-19, country's largest passenger car maker Maruti Suzuki India (MSIL) has recorded 47 per cent year-on-year (YoY) decline in sales during March to 76,240 units as compared with 1,45,031 units in corresponding month last year.

"The sales during March 2020 are not comparable with sales in March 2019 due to the suspension of operations with effect from March 22, in line with national policy," MSIL said in a statement. Click here to read in full the report on Maruti Suzuki March sales drop.

 

1:10 pm

Asian stocks give up meagre gains amid virus anxiety

File Photo   -  Reuters

 

Asian shares and Wall Street futures fell on Wednesday in the first trading session of the quarter as the coronavirus pandemic and the prospect of a global recession tore through investor confidence.

E-Mini futures for the S&P 500 slumped 2.27 per cent as dire predictions of more virus casualties in the US weighed on sentiment.

MSCI's broadest index of Asia-Pacific shares outside Japan erased gains to trade 0.33 per cent lower. Shares in South Korea, hit hard by the virus, fell 1.34 per cent. lick here to read in full the Asian markets report.

12:46 pm

Gold futures slip on weak demand

/iStockphoto

 

Gold futures on Wednesday fell 0.13 per cent to Rs 43,200 per 10 gram as participants offloaded their holdings despite the metal gaining overseas.

On the Multi Commodity Exchange, gold prices for April delivery fell by Rs 55, or 0.13 per cent, to Rs 43,200 per 10 gram in a business turnover of 3 lots.

The yellow metal for June delivery declined by Rs 157, or 0.37 per cent, to Rs 42,799 per 10 gram in 1,187 lots.

Market analysts said the fall in gold futures was mostly in tune with weak spot demand.

Globally, gold was trading 0.27 per cent higher at $1,600.90 per ounce in New York.  - PTI

12:15 pm

Benchmark indices over 3 per cent  lower

Benchmark indices Sensex and Nifty lost over 3 per cent by mid-session on Wednesday.

The Sensex was at 28,427, down 1,040 points or 3.53 per cent lower on its overnight close. The Nifty was quoting at 8,292, down 305 points or 3.55 per cent lower.

The top gainers in the Sensex pack were Bajaj Finance (1.40 per cent higher), Bajaj Auto (1 per cent) and HeroMotoCorp (0.40 per cent), while the laggards were Kotak Bank (8 per cent), Tech Mahindra (6.36 per cent), M&M (5.68 per cent), Reliance (5.12 per cent) and SBI (4.85 per cent).

All the BSE sectoral indices were in negative territory. The banking and energy indices dropped over 4 per cent, while finance, oil and gas and TECK dropped more than 3 per cent during the session.

12:05 pm

IndusInd Bank promoters repay loan; pledged shares to be released on April 1

ndusInd Ltd, Mauritius, which is the promoter of private sector lender IndusInd Bank, has fully repaid its loan to Citibank London on March 31.

“The pledge of 23.8 million equity shares of IndusInd Bank Ltd shall be released by Citibank, London on Wednesday,” the private sector lender said in a regulatory filing, adding that IndusInd Ltd, Mauritius is now a debt-free entity.

In a letter to the bank’s new Managing Director and CEO Sumant Kathpalia, IndusInd International Holdings and IndusInd Ltd said that the holdings of IIHL (Mauritius) and IL (Mauritius) stand at 14.68 per cent of the bank’s fully diluted capital basis.

“IndusInd International Holdings Ltd (IIHL) and IndusInd Ltd, Mauritius stand committed to maintain their equity holding in IndusInd Bank Ltd at the overall regulatory limits prescribed for promoters of private sector banks in India,” said the letter, which was part of the regulatory filing said.

IndusInd Bank’s scrip, which has been under pressure in recent weeks gained 1.38 per cent in BSE on early morning trade following the announcement.

11:45 am

Interest rate on small-saving plans slashed by up to 140 bps for 3 months

 

The government on Tuesday slashed the interest rate on small savings by up to 140 basis points (100 basis points mean 1 percentage point) for three months period starting April 1. The new rates will be applicable on fresh deposit in these schemes from Wednesday.

These schemes include National Saving Schemes (NSS), Public Provident Fund (PPF) and Kisan Vikas Patra (KVP), beside post office savings schemes. These schemes are very popular among the salaried class as these instruments are used for tax savings and the returns are much higher than bank fixed deposit. click here to read in full the report on interest rate on small savings slashed.

 

11:30 am

Vodafone Idea market lot jumps to 1.4 lakh shares in F&O, Bank Nifty to 25

The National Stock Exchange has revised the market lot of Vodafone jIndia to 1.4 lakh shares from the current 98,000 shares and Bank Nifty from the current 20 to 25 in the derivative segment. While 74 individual stocks saw an upward revision, for four stocks — Asian Paints, Berger Paints, Indraprastha Gas and Muthoot Finance — the market lot has been halved. Click here to read in full the report on Vodafone Idea market lot.

11:15 am

Core sector grew 5.5 per cent in February, highest in 11 months

 

Growth in refinery products, electricity and coal production pulled up India’s core sector growth in February 2020 (year-on-year) to an 11-month high of 5.5 per cent.

Cement and fertilisers, too, posted an increase in production during the month but crude oil, natural gas and cement output declined, according to data released by the Commerce and Industry Ministry on Tuesday. Click here to read in full the report on core sector growth in February.

11:00 am

Oil prices mixed, US inventory build-up increases oversupply concerns

 

Crude oil benchmarks opened the month mixed on Wednesday, following their biggest-ever quarterly and monthly losses, overshadowed by fears of global oversupply as data showed a bigger-than-expected rise in inventories in the United States.

Brent crude was down by 21 cents, or 0.8 per cent, at $26.14 a barrel by 6:02 am (IST), while US West Texas Intermediate crude was up by 27 cents, or 1.3 per cent, at $20.75 a barrel. Click here to read in full the global oil markets report.

10:45 am

Risk currencies ease, yen firms as investors brace for global downturn

File Photo   -  Reuters

 

Risk currencies looked fragile and the yen firmed on Wednesday, the first day of a quarter that looks set to see the worst economic contractions for decades in many countries as they scramble to tackle the coronavirus epidemic.

The US dollar could come also under pressure, particularly against other liquid major currencies, under the weight of Federal Reserve measures designed to ensure sufficient liquidity in the global financial system, analysts said.

The Australian dollar dipped 0.2 per cent to $0.6125 before paring losses and the New Zealand dollar dropped 0.35 per cent to $0.5950, although both currencies kept some distance from multi-year lows hit last month.

The euro fetched $1.1029, easing slightly, while the dollar dipped 0.1 per cent to 107.42 yen. Click here to read in full the forex markets report.

10:25 am

Sensex, Nifty extend losses

The benchmark indices, BSE Sensex and NSE Nifty, were trading over 2 per cent lower in the morning session on Wednesday.

The Sensex was down 776 points or 2.64 per cent at 28,691, while the Nifty fell 221 points or 2.58 per cent at 8,375.

The top gainers in the Sensex pack were IndusInd Bank (up 2.73 per cent), HeroMotoCorp (1.43 per cent), Maruti (0.87 per cent), Bajaj Auto (0.63 per cent) and Power Grid (0.25 per cent). The laggards were Kotak Bank, down over 9 per cent, Reliance (4 per cent), Tech Mahindra (3.82 per cent), SBI (3.55 per cent) and HDFC Bank (3.32 per cent). 

According to an agency report Sensex slumped tracking losses in index heavyweights Reliance Industries, Kotak Bank, HDFC Bank and Infosys amid weak cues from global markets.

In the previous session, the Sensex closed the financial year 2019-20 higher by 1,028.17 points or 3.62 per cent at 29,468.49. The Nifty rose 316.65 points, or 3.82 per cent, to close at 8,597.75.

However, during the fiscal, the Sensex plunged 9,204.42 points or 23.80 per cent, while the Nifty sank 3,026.15 points or 26.03 per cent.

Foreign institutional investors (FIIs) turned net sellers in the capital market, as they offloaded equity shares worth Rs 3,044.94 crore on Tuesday, according to provisional exchange data.

The report quoting S Hariharan, Head - Sales Trading, Emkay Global Financial Services, said: For the month of April, macro risk appetite driven by news flow around potential peaking of fresh COVID-19 cases would be the key driving force for foreign flows, while domestic funds continue to use the correction to increase equities allocation in dynamic asset allocation funds.

On the global front, bourses in Hong Kong, Tokyo and Seoul were in the red, while those in Shanghai were trading on a positive note. Benchmark exchanges on Wall Street too ended with losses in overnight trade.

Brent crude futures, the global oil benchmark, fell 0.76 per cent to USD 26.15 per barrel.

The number of COVID-19 cases in India stood at around 1,400, according to a health ministry log. While there are more than 1,200 active cases, over 100 have been cured.

Deaths around the world linked to the pandemic have crossed 40,000. (with inputs from PTI)

10:20 am

Asian shares hold on to gains but virus keeps markets on edge

File Photo   -  Reuters

 

Asian stocks clung to gains on Wednesday, helped by a bounce in Australian shares, but risks for equities remain large as the coronavirus pandemic rattles the underpinnings of the global economy.

E-Mini futures for the S&P 500 traded 1.39 per cent lower in Asian trade, highlighting the cautious mood.

MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.23 per cent. Australian shares jumped by 2.87 per cent, reversing a 2 per cent decline on Tuesday, as a slowdown in new coronavirus cases and rising iron ore prices lifted the market. Click here to read in full the Asian markets report.

10:00 am

Dow sinks, virus pushes it to sharpest quarterly plunge since 1987

A trader works on the floor of the New York Stock Exchange (NYSE) in New York (File photo)   -  Bloomberg

Wall Street’s three major indexes tumbled on Tuesday, with the Dow registering its biggest quarterly decline since 1987 and the S&P 500 suffering its deepest quarterly drop since the financial crisis on growing evidence of massive economic damage from the coronavirus pandemic. Click here to read in full the US markets report.

9:40 am

The forex markets will remain shut on Wednesday for the annual closing of banks.

File Photo   -  Reuters

 

9:15 am

Opening bell

The benchmark indices, BSE Sensex and NSE Nifty, opened Wednesday's session in the red.

The Sensex opened 329 points or 1.12 per cent lower at 29,130, while the Nifty opened 100 points or 1.17 per cent lower at 8.497.

9:10 am

Day Trading Guide for Wednesday April 1, 2020

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

₹862 • HDFC Bank

S1

S2

R1

R2

COMMENT

850

838

875

890

Initiate fresh long positions with a stiff stop-loss if the stock rebounds up from ₹850 levels

 

₹640 • Infosys

S1

S2

R1

R2

COMMENT

630

620

650

662

Fresh long positions are recommended with a fixed stop-loss only if the stock advances above ₹650 levels

 

₹172 • ITC

S1

S2

R1

R2

COMMENT

168

164

175

179

Make use of intra-day dips to buy the stock of ITC while maintaining a tight stop-loss at ₹168 levels

 

₹68 • ONGC

S1

S2

R1

R2

COMMENT

65

63

71

74

Fresh long positions can be initiated with a stiff stop-loss if the stock of ONGC reverses higher from ₹65 levels

 

₹1112 • Reliance Ind.

S1

S2

R1

R2

COMMENT

1090

1070

1025

1045

Consider initiating fresh long positions with a tight stop-loss if the stock of RIL rebounds up from ₹1,090 levels

 

₹196 • SBI

S1

S2

R1

R2

COMMENT

188

180

205

215

The stock faces a key resistance ahead. Go long with a fixed stop-loss on a strong rally above ₹205 levels

 

₹1823 • TCS

S1

S2

R1

R2

COMMENT

1800

1780

1845

1870

Initiate fresh long positions with a fixed stop-loss if the stock TCS reverses higher from ₹1,800 levels

 

8620 • Nifty 50 Futures

S1

S2

R1

R2

COMMENT

8500

8400

8715

8850

Consider initiating fresh long positions with a tight stop-loss if the contract reverses higher from 8,500 levels

 

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

9:00 am

Today's Pick: Marico (₹276.6): Buy

The stock of Marico gained 6.8 per cent on Tuesday, breaching its 21-DMA as well as a key near-term resistance at ₹266 on Tuesday. This rally provides an opportunity to buy the stock for investors with a short-term horizon.

Following an intermediate-term downtrend, the stock recorded a 52-week low at ₹233 in the previous week. The stock took support at around ₹235 and changed direction triggered by positive divergence in the daily RSI and price rate of change indicator. Click here to read in full Today's Pick on Marico.nbae

Published on April 01, 2020
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