Sensex crashed 1,375 points, dragged down by heavy selling in banking, finance and auto counters, as sentiment remained grim amid steady rise in coronavirus cases.
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Is it time to add quality stocks on dips?
Nifty looks to be retracing the last leg of the rally from the lows of 7,511-9,038, perhaps owing to profit booking. If some sort of short-term uptrend is in place from recent lows of 7,511, the current downswing from the highs of 9,038 shall not go below 7,816 levels in an ideal scenario
- Mazhar Mohammad, Chartviewindia.in
Nifty has tumbled towards its hourly lower Bollinger Band. The bands are about to start expansion after contraction. Thus, we are likely to witness a sharp fall going ahead. The overall structure shows that the Nifty is poised to get into the sub-8,000 level
- Gaurav Ratnaparkhi, Sharekhan
The 8,100-8,000 zone is the important support region to watch out for. If Nifty breaches the mentioned support, steep downside is likely. On the flipside, 8,600 and 8,850 levels will now be immediate resistances. Avoid aggressive bets and have a proper risk management and an exit strategy
- Ruchit Jain, Angel Broking
The sell-off resumed on the rising risk of community transmission as the total number of coronavirus crossed the 1,100 mark in India.
It’s almost a month now that we’re seeing extreme volatility across the board, including Nifty. We do not see this situation changing anytime soon. Traders have no option but to align their positions according to the market trend, however, they can minimise the risk, by opting for hedged options strategies. We strongly recommend keeping short positions
- Ajit Mishra, VP - Research, Religare Broking
As expected, the market has set aside stimulus measures announced by RBI and the government, and focused on the rising virus cases and its impact on Indian economy. With a global recession already declared by the IMF, the recessionary forces and the general uncertainty are forcing investors, especially FIIs, to redeem their investments. CPI for industrial workers is due tomorrow, although it is unlikely to have an effect in the current market scenario
- Vinod Nair, Head of Research at Geojit Financial Services
S&P BSE Finance stocks bleed, index ends 7% lower. Here is how the index performed
Only two sectors S&P BSE Healthcare (1.07%) and S&P BSE Fast Moving Consumer Goods (0.67%) end the session in the green
S&P BSE REALTY biggest sectoral loser, plunges 7%. Here are the worst performing stocks.
Price as on 30 Mar, 2020 03:40 PM, Click on company names for their live prices.
This is how the market traded in today's session.
Here are the top stocks that dragged the Sensex down in today's trade
Sensex plummeted over 1,375 points on Monday, tracking heavy losses in banking and auto stocks, amid an unsettling spike in Covid-19 cases. Nifty fell 379.15 points, or 4.38 per cent, to close at 8,281.10.
Oil plunges to 2002 lows, shares sink again
Oil took another eyewatering 8% tumble on Monday and world shares buckled again as fears mounted that the global coronavirus shutdown could last for months. There were some bright spots, with Australian equities posting a standout jump as the government launched a super-sized support programme, but that was about it. Japan’s Nikkei had led the rest of Asia lower and Europe’s main markets slumped by 1.5-2.5% in early trade, adding to what has already been the region’s worst quarter since 1987.
Market Update: Sensex plunges over 1,400 points, Nifty below 8,300; only 4 of 30 Sensex stocks in the green.
Conditions that JPMorgan had set for market stabilization and revival have largely been met, with recession-like pricing, a reversal in investor positioning and extraordinary fiscal stimulus, strategists led by John Normand wrote in a note Friday. Coronavirus infection rates remain a “wild card,” as they remain high even if they’re “slowing” in the U.S. and Europe.
Telecom stocks mixed; Bharti Airtel, Idea down over 3%
Price as on 30 Mar, 2020 02:45 PM, Click on company names for their live prices.
The country's consumption would drop by at least a quarter during the lockdown that began last Tuesday, some dealers said.
FMCG one of the only two sectors in the green
Price as on 30 Mar, 2020 01:52 PM, Click on company names for their live prices.
RBI bazooka has bond market wanting more as fiscal stress looms
The Reserve Bank of India delivered an emergency rate cut and pledged $50 billion of liquidity infusion on Friday. Now traders want it to join other central banks in unleashing a massive-bond buying program. Deutsche Bank AG and Barclays Plc are among those who see the RBI taking the next step of buying debt from the market, or the government, a measure the central bank last resorted to in the early 2000s.
European shares dip as virus fears intensify
European shares fell for the second straight session on Monday, as fears about the economic hit from the coronavirus pandemic intensified with several nations extending near-total lockdowns to curtail the spread of the flu-like disease. The pan-European STOXX 600 index was down 0.8% at 0714 GMT, with energy, industrials and travel and leisure stocks leading declines.
All auto stocks trading in the red; Eicher Motors, M&M plunges 7%
Price as on 30 Mar, 2020 01:07 PM, Click on company names for their live prices.
These stock defy market mood, surge up to 12%
Price as on 30 Mar, 2020 01:04 PM, Click on company names for their live prices.
Sensex down 850 points, Nifty below 8,450. This is how BSE Sensex has traded in today's session
Bank of Baroda cuts personal, retail loan rates by 75 bps to 7.25%
Price as on 30 Mar, 2020 12:34 PM, Click on company names for their live prices.
Aviation stocks continue to fall; SpiceJet down 4%
Price as on 30 Mar, 2020 12:22 PM, Click on company names for their live prices.
HDFC Trustee Company, a wholly owned subsidiary of HDFC, has bought 3.4 crore shares or 5.45% stake in low fare airline SpiceJet, said a person close to the development.
HDFC Trustee Company Limited is the trustee to HDFC Mutual Fund, the country’s largest.
The shares were bought from the open market. SpiceJet’s shared were trading at Rs 35.65 apiece, down 3.65% compared to its previous close on Friday.
STFC, Muthoot Finance drop up to 10% on Fitch rating downgrade
Shares of Shriram Transport (STFC) and Muthoot Finance fell up to 10 per cent in Monday's trade after Fitch Ratings downgraded long-term issuer default ratings of the two NBFCs on increasing macro-economic challenges, citing the coronavirus outbreak. The long-term issuer default ratings (IDRs) of STFC and MFL have been downgraded to BB from BB+.
Sensex down over 650 points, Nifty below 8,500; 24 of 30 stocks in 30-pack Sensex trading in the red
Tourism and Hospitality stocks mixed. Chalet Hotels down 13%; IRCTC gains 5%.
Price as on 30 Mar, 2020 11:39 AM, Click on company names for their live prices.
Maruti Suzuki announces service, warranty extensions to support customers
Price as on 30 Mar, 2020 11:38 AM, Click on company names for their live prices.
Here are top five worst performing sectors on NSE
Don't expect significant impact of lockdown on Jan-March operations
Nearly 75% of the FPI outflow from Indian equities during March 1-15 was from these four sectors. FPIs have sold shares worth Rs 25,000 crore between March1and 15 and the outflow is likely to continue in the near term due to redemption in arbitrage funds and impositions of dividend tax from April 1, said fund managers.
Promoters of select companies have used the stock selloff as an opportunity to lap up shares and increase holdings through the turbulence in the market despite uncertain near-term outlook.
The question is, should that be cue for investors to look at these stocks as they hunt value?
Data available with BSE showed promoters of nearly 300 companies bought shares from the open market amid the recent bloodbath on Dalal Street.
Measures announced by the Finance Minister and the RBI governor would help the economy withstand the immediate impact of Covid-19 and the shutdown but not necessarily bounce back once the exigencies are over. Barring a large fiscal stimulus, India’s GDP growth in FY21 would be around 3%. Further downside can be expected if the lockdown extends beyond 14th Apr’20. Industry would be worst hit, especially construction and manufacturing. Yet, unless the lockdown extends beyond 45 days, we do not see a recession in India. We expect appropriate policy measures to be rolled out to avert a credit/debt-market freeze, a sharp rise in bankruptcy and unemployment. Also, we do not expect a meltdown in private spending. In the post-Covid-19 world, there are possibilities of major alterations in consumer and business behaviour, leading to structural changes.
- Sujan Hajra, Chief Economist, Anand Rathi
Bajaj Finance drops 8% as Bernstein downgrades stock
Shares of Bajaj Finance extended their fall to the second straight session on Monday after a global investment advisory firm Bernstein downgraded the non-banking financial major to ‘Underperform’ with the price target of Rs 1,740, citing unsecured consumer finance business models would become challenging in the current pandemic environment.
Strides Pharma Science receives EIR for Bengaluru facility from USFDA
Price as on 30 Mar, 2020 10:35 AM, Click on company names for their live prices.
Zydus Cadila gets tentative nod from USFDA for Parkinson's treatment capsule
FMCG: Daily use items gain significance amid lockdown…
Though it is difficult to ascertain Coronavirus impact, FMCG companies manufacturing essential items such as soaps, detergents, aata, toothpaste, milk, staples and grocery would likely have a positive impact for two quarters.
Due to panic buying by people on account of lockdown, we believe FMCG sector would witness superior volume growth in the coming quarters.
Also, the disposable income of general public would first shift towards basic essentials rather than discretionary items giving a much needed fillip to the slowing industry.
With advance purchases already done in Q4FY20, we believe FY21E would be revenue neutral as disposable income would shift from discretionary to staples categories (discretionary categories form around 40% of overall FMCG revenues).
Most FMCG companies have a cleaner balance sheet with strong cash flows, which would help them forge ahead in these turbulent times. (Source: ICICI Securities)
It is important to realise though what RBI’s intervention is not about. It is not an economic booster with nearly enough ammunition to balance out the impact of an induced slowdown. No amount of incremental liquidity in the banking system can create new credit when enterprises are in lock-down mode.
Pre-open session: Sensex drops 200 points, Nifty flat; rupee trades at 75.21 against dollar
Singapore trading sets stage for negative start
Nifty futures on the Singapore Exchange traded 56.75 points or 0.67 per cent lower at 8,423, indicating a negative start for Dalal Street.
Tech view: Nifty resistance at 8,900
Nifty50 wiped off entire intraday gains to end flat on Friday. The index formed a small bearish candle on the daily chart. Analysts said the index needs to breach the 8,900-9,000 range in the near term, before instilling confidence among market participants.
Asian shares fall on virus spread
Asian shares slid as fears mounted that the global shutdown for the coronavirus could last for months. E-Mini futures for the S&P500 skidded 1.2 per cent right from the bell, and Japan's Nikkei 3.2 per cent. MSCI's broadest index of Asia-Pacific shares outside Japan eased 0.2 per cent while South Korea shed 2.7 per cent.
Oil prices drop 4% in early trade
Oil prices slumped in Asian trade Monday, tracking falls on stock markets after a sharp escalation in the coronavirus crisis over the weekend. US benchmark West Texas Intermediate fell 3.9 per cent to trade at $20 a barrel, while international benchmark Brent crude was off 4.9 per cent at $23 a barrel.
Trump extends pandemic guidelines to April end
US President Donald Trump said on Sunday the peak death rate in the US from the novel coronavirus is likely to hit in two weeks as he extended the coronavirus guidelines, including social distancing, until April 30
US stocks ended lower on Friday
Wall Street stocks tumbled on Friday, ending a massive three-day surge after doubts about the fate of the US economy resurfaced and the number of coronavirus cases in the country climbed. The Dow Jones Industrial Average slumped 4.06 per cent to end at 21,636.78 points while the S&P500 lost 3.37 per cent to 2,541.47. The Nasdaq Composite dropped 3.79 per cent to 7,502.38.
DIIs buy Rs 1,704 crore worth of stocks
Net-net, foreign portfolio investors (FPIs) were buyers of domestic stocks to the tune of Rs 356 crore on Thursday, data available with NSE suggested. DIIs were net buyers to the tune of Rs 1,704 crore, data suggests.
Sensex, Nifty on Friday
BSE Sensex on Friday ended at 29,815.59, down 131.18 points against the previous close of 29,946.77. The 50-share Nifty settled 18.80 points higher at 8,660.25.
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