Hi there! From ETMarkets.com, this is Abhinav Kaul with Your Evening Briefing.
LET’S START WITH THE TOP HEADLINES AT THIS HOUR
>> Sensex plunges 1,375 pts; Rs 2.85L cr equity wealth gone >> Govt says no plan to extend lockdown beyond 21 days >> S&P slashes India growth forecast for FY21 to 3.5% >> Sebi relaxes guidelines for raters’ default recognition >> Vegetable oil demand to drop for first time in decades >> JPMorgan says market rout probably past its worst >> Oil price hits 18-year low as lockdowns sap demand
Now a quick glance at what happened in Indian stock market.
Sensex fell 1,375 points to close at 28,440, while Nifty tumbled 371 points to 8,289.
The day’s meltdown wiped off Rs 2.85 lakh crore from the market capitalisation.
The fall in the broader market was less profound, with BSE Midcap and SmallCap indices declining 2.13 per cent and 1.75 per cent, respectively.
In-stock specific action, New India Assurance has agreed to provide insurance cover of Rs 50 lakh to about 22 lakh healthcare providers. Shares of the company jumped 13.20 per cent.
HCL Technologies has said it is not expecting any significant impact on business in the March quarter. Still shares of the company fell 2.69 per cent.
HDFC twins were the two biggest negative contributors to Sensex’s fall. Both together shed over 600 points.
ETMarkets.com caught up with Narendra Solanki of Anand Rathi Shares & Stock Brokers to get the lowdown on market fundamentals.
How much impact do you see on Q4 earnings numbers from the lockdown? Which sectors do you think will take the biggest hit?
Several stocks are available at below their book value. Do you think one should start accumulating such stocks?
In global markets, European shares headed lower, as fears about the economic hit from the coronavirus pandemic intensified.
Asian shares slipped and oil prices took another tumble.
Back home, Nifty snapped a 4-day winning streak. Analysts said the index may fall towards the support area of 8,100-8,000 in the coming sessions.
Nirav Chheda of Nirmal Bang Securities has more on market technicals.
How do you see the market performing this week?
That’s all for now, folks. Do check out ETMarkets.com for detailed market analysis and download the ETMarkets app on your phone for round-the-clock market coverage, investment tips and dozens of stock recommendations.