IT, bank stocks drive Sensex 1,203 points lower on Day 1 of FY21; Nifty ends below 8,300
All sectoral indices on NSE ended in the red. India VIX fell further by 6 per cent.
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The market witnessed a sharp decline on Wednesday as participants took note of a sudden surge in the coronavirus numbers in India and weak auto sales numbers. Investor confidence is continuously being impacted due to mounting fears of global recession, rising cases of Covid-19 and weak macros leading to selling in the global markets, including India. Further, in the near term, there are no fresh positive triggers. We reiterate our cautious view on the market and suggest keeping extra care for stock selection and risk management
- Ajit Mishra, VP - Research, Religare Broking
The first day of the financial year started off on a negative note, impacted by the negative global markets and domestic uncertainties with regards to stressed bank assets and auto numbers. FIIs have net sold around Rs 62,000 crore in equity in March and with virus cases increasing, the market is anticipating a worsening of the situation
- Vinod Nair, Head of Research at Geojit Financial Services
All BSE sectoral indices end in the red. S&P BSE Information Technology (-5.58%), S&P BSE BANKEX (-5.31%), S&P BSE Telecom (-4.01%) worst sectoral performers.
S&P BSE Information Technology worst sectoral performer, plunges 5.58%. Here are the worst perfoming stock on the index.
Price as on 01 Apr, 2020 03:44 PM, Click on company names for their live prices.
Here are the top five scrips that pulled the 30-pack Sensex lower
This is how the Sensex traded on day 1 of FY21.
CLOSING BELL: IT, bank stocks drive Sensex 1,203 pts lower on Day 1 of FY21; Nifty below 8,300
Shares of PVR are down 40 per cent in last one month while those of Inox Leisure are down 39 per cent. States across the country have shut down multiplexes and cinema halls in a lockdown initially announced for 21 days, which may get extended.
Credit quality of Indian companies worsened in FY20: ICRA
Domestic credit rating agency Icra said credit quality of Indian companies worsened in fiscal year 2019-20 as it downgraded Rs 7 lakh crore of debt and warned of "unprecedented strain" on credit profiles of corporates due to the coronavirus pandemic. The agency said policymakers will have to unleash more measures to avoid "severe economic imbalances" if the COVID-19 crisis prolongs.
Most power stocks trading in the red; BSE Power index down 3%. Here are the worst performing stocks
Price as on 01 Apr, 2020 03:01 PM, Click on company names for their live prices.
Only 2 Nifty stocks trading in the green
Price as on 01 Apr, 2020 02:40 PM, Click on company names for their live prices.
S&P BSE Information Technology down over 5%; MindTree plunges 12%, TechM 9%, Infosys 6%
Global crude oil prices slid further on Wednesday, following their biggest-ever quarterly and monthly losses, as a bigger-than-expected rise in U.S. 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% after record losses in March.
Market @ 2: Sensex down over 1,300 points, Nifty nears 8,200; Infosys down 7%
Japanese shares plummeted on Wednesday on the first day of the new fiscal year, as investors braced for a potential lockdown of Tokyo, a global recession, and sharp cuts in corporate earnings and dividend payouts due to the coronavirus pandemic.The benchmark Nikkei average fell 4.5% to a one-week closing low of 18,065.41. However, overall trading was subdued, with the volume of shares traded on the main board valued at 2.72 trillion yen, its lowest level in a month.
He took a major hit on his investment portfolio in the unprecedented selloff that the equity market has seen since February. But instead of breaking his brains over that, he simply switched off his trading terminal and is cooling his heels.
S&P BSE OIL & GAS down over 3%. Here are the worst performing stocks.
Price as on 01 Apr, 2020 01:20 PM, Click on company names for their live prices.
European markets open weak; FTSE100 down 3.37%, DAX 3.25%, CAC40 3.46%
Here are top five stocks pulling the 30-pack Sensex down
Market were trading on a lower note down by ~3.4% tracking weakness in Asian peers. Rising coronavirus cases along with concerns over growth due to large scale shut down of businesses worried investors on Dalal Street. Multiple research agencies have projected a sharp cut in India’s GDP growth rate. Also weak auto sales numbers for the month of March further dented sentiments.
- Sundar Sanmukhani, Head of Fundamental Research Desk, Choice Broking
The see-saw battle between the bears and the bulls continued on Dalal Street with the former dominating Wednesday’s session amid a rise in coronavirus cases in India. Worries surrounding a sharp drop in GDP growth rate also hit investor sentiment on Dalal Street. Equity inventors lost Rs 2.68 lakh crore as BSE flagship Sensex tanked over 1,000 points to 28,400 level while NSE benchmark Nifty shed 304 points to below 8,300 level.
Most major banks trading in the red. Kotak Mahindra Bank down 9%; BoB, SBI down 4% each.
Price as on 01 Apr, 2020 12:37 PM, Click on company names for their live prices.
Silver futures gain Rs 57 to Rs 39,580 per kg
Silver prices on Wednesday rose 0.14 per cent to Rs 39,580 per kg in futures trade as participants widened their bets in line with firm spot demand. On the Multi Commodity Exchange, silver contracts for May delivery gained Rs 57, or 0.14 per cent, to Rs 39,580 per kg in 1,757 lots. Similarly, silver contracts for July delivery climbed Rs 40 to Rs 39,801 per kg in 18 lots.
Most telecom stocks trading in the red. Airtel down 3%
Price as on 01 Apr, 2020 12:27 PM, Click on company names for their live prices.
JUST IN | RBI to increase WMA limit by 30% for states: Agencies
Sensex down over 900 points, Nifty below 8,350. This is how the Sensex performed in the morning session.
Fitch Solutions revises down mineral production growth forecasts for India
Fitch Solutions on Wednesday said it has revised down the mineral production growth forecasts for India and stressed that despite mining activities remaining operational in the country during the lockdown, the various other restrictions are hampering output.
Tourism and Hospitality stocks mixed; IRCTC climbs 5%, IHC down 2%.
Price as on 01 Apr, 2020 12:05 PM, Click on company names for their live prices.
What you need to do is pick up your bets and go with it gradually; go one-third. One-third because we still have to see the entire capitulation phase in terms of either the sentiment or the flows. So it is better to keep some powder dry.
The correction in auto has been fairly severe. If you see, probably since March 2018, some of the leading stocks have corrected as high as 50-60%; so the price impact has been massive. Obviously there was an element of emission norm change as well as the entire EV-related capex and the resultant commitment in the balance sheet.
- Sameer Narayan
Maruti reports 47% drop in March sales
The country's largest carmaker Maruti Suzuki India (MSI) on Wednesday reported a 47 per cent decline in sales at 83,792 units in March. The company had sold 1,58,076 units in March last year, MSI said in a statement. Domestic sales declined by 46.4 per cent at 79,080 units last month as against 1,47,613 units in March 2019, it added.
Kotak Bank, GSK Pharma, BPCL among top 10 NSE losers
Price as on 01 Apr, 2020 10:49 AM, Click on company names for their live prices.
The current rebound in markets may continue for a while following a bout of extreme pessimism, but another rout is imminent, according to the chairman of Rogers Holdings Inc. That’s because of a triple whammy of coronavirus-fulled economic damage, high debt levels and interest rates that are low, which will hurt when they rise. “I expect in the next couple of years we’re going to have the worst bear market in my lifetime,” Rogers said in a phone interview.
DeltaCorp jumps 5% as RK Damani increases exposure
Shares of Delta Corp climbed 5 per cent in Wednesday’s trade, a day after Radhakishan Damani bought 15,50,000 shares in the company at Rs 65.25 each from Derive Investments. Delta Corp, which closed 5 per cent higher at Rs 65.35 on Tuesday, added another 5 per cent in Wednesday's trade to hit a high of Rs 68.75. Despite this, the scrip is down 48 per cent in the last one month and 65 per cent year-to-date, which in fact has made the company board announce a share buyback.
Biocon's insulin manufacturing facility in Malaysia gets EIR with VAI classification From USFDA
Price as on 01 Apr, 2020 10:22 AM, Click on company names for their live prices.
US futures extend slide; Dow futures fall 400 points
S&P BSE BANKEX biggest sectoral loser, down 3.6%; all stocks except IndusInd Bank, RBL Bank in the red
Forex market to remain shut for annual closing of banks
YES Bank plunges 10% as bank raises Rs 3,500 crore through certificates of deposit for the second time in less than three working days.
Price as on 01 Apr, 2020 09:43 AM, Click on company names for their live prices.
Singapore trading sets stage for negative start
Nifty futures on the Singapore Exchange traded 36.25 points or 0.42 per cent lower at 8,519.25, indicating a negative start for Dalal Street
Tech view: Nifty forms indecisive candle
Analysts said the NSE barometer needs to respect the support of 8,244, else the downside may resume. They see 9,660 as an immediate resistance level.
Asian shares drop on growth concerns
Asian shares faced another leg lower on Wednesday as the coronavirus sharply slows global growth. E-Mini futures for the S&P500 traded 1 per cent lower in after-hours trade, while Asian futures suggested the rout would continue. FTSE China A50 futures in Singapore were down 0.85 per cent and Japan's Nikkei fell 1.86 per cent in early trade.
Oil prices rise but sentiment still subdued
US crude was higher in Asian trade but sentiment remained subdued as Saudi Arabia floods the market with oil and the escalating coronavirus pandemic saps global demand. In early Asian trade Wednesday, US benchmark WTI was trading 1.46 percent higher at $20.77 a barrel. Brent was unchanged at $22.74 a barrel.
US stocks ended lower
In overnight, the Dow Jones Industrial Average index fell 410.32 points, or 1.84 per cent, to 21,917.16. The S&P500 index slid 42.06 points, or 1.60 per cent, to 2,584.59. The Nasdaq Composite index fell 74.05 points, or 0.95 per cent, to 7,700.10.
FIIs sell Rs 3,045 crore worth of stocks
Net-net, foreign portfolio investors (FPIs) were sellers of domestic stocks to the tune of Rs 3,045 crore on Tuesday, data available with NSE suggested. DIIs were net buyers to the tune of Rs 3,576 crore, data suggests.
Sensex, Nifty on Tuesday
Equity indices notched up smart gains on the last day of 2019-20 on Tuesday, but ended deep in the red for the fiscal as the global coronavirus pandemic triggered record-shattering selloffs in March. The 30-share BSE Sensex traded in the positive zone throughout the session, ending 1,028.17 points or 3.62 per cent higher at 29,468.49 on across-the-board buying. Similarly, the NSE Nifty rose 316.65 points, or 3.82 per cent, to close at 8,597.7
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