Federal Reserve officials went into crisis-fighting mode as they grasped the scale of the harm the coronavirus pandemic would likely do the U.S. economy.Policy makers saw risks pointing to the downside and warranting a “forceful” response, according to a record of their emergency gathering Sunday, March 15.
In terms of price patterns, Nifty seems to have formed a Bearish Wedge pattern and is set to resume a larger downtrend. Fresh short positions can be initiated once the index breaks below Wednesday's low of 8,653. The initial target on the downside will be 8,360
- Gaurav Ratnaparkhi, Sharekhan
Nifty failed to stay afloat above the 9,100 mark, which was also its trendline resistance. Going ahead, the 20-DMA will act as a key resistance line, which is placed at 8,800. If the index moves up beyond this line, short-covering rallies can take it to 9,040 and 9,140 levels
- Aditya Agarwala, YES Securities
We witnessed the formation of a Bearish Alt-Shark pattern on the hourly chart as the index started correcting precisely from its reversal zone. Pharma stocks remained the flavour for third consecutive session and rallied by more than 20% in last three sessions. Going forward, if Nifty sustains below 8,555 level, then we may see a pause in the recent bounce and it may see a corrective move towards 8,300 and then 8,000 levels, while the 9,000 – 9,200 zone would act as a strong hurdle for the bulls to change the short-term market trend
Nifty has staged swift recovery to test the 8,900-9,000 zone. Momentum indicators suggest the possibility of further upside towards 9,300-9,400. Support zone is seen at 8,500-8,700. The current upmove is broad based and hence expect positivity to continue for a few more trading sessions. FMCG and metal stocks trade with a positive bias
- Sahaj Agrawal, Head of Research-Derivatives, Kotak Securities
The market is expected to remain choppy, while there could be intermittent relief rallies on account of some positive news regarding Covid-19. IIP data for February (scheduled tomorrow) would provide a sense of the impact of the virus-led disruption. Further, the outcome of the Opec meeting will also be keenly watched. Considering the scenario, we suggest continuing with hedged positions and preferring index majors over the others for trading
- Ajit Mishra, VP - Research, Religare Broking
Nifty moved in an ascending type channel pattern and witnessed a profit booking from the upper channel line around 9,100. We observed a formation of consistent higher highs in the last couple of weeks. Hence, there is a possibility of minor downward correction in the short term, which is going to be a buy on dips. This could coincide with the formation of higher bottom around 8,500-8,550
The market gave up gains, following a negative opening in European markets and uncertainty regarding the spread of infections. The market is also uncertain as to the government’s response after the official 21-day lockdown expires on April 14. Some states are looking to extend the lockdown and some are for withdrawing it in a phased manner. The longer the lockdown stays, more will be the impact on the economy and companies
- Vinod Nair, Head of research, Geojit Financial Services
CLOSING BELL: Sensex falls 1,300 points from day's high, ends 173 points lower; Nifty below 8,750; pharma stocks rally up to 20%
India VIX snaps four-day losing streak
Nifty Metal closed 6% lower from day's high
Nifty Bank shed 1,400 points from day's high
Nifty Pharma rose for third day in a row
Rupee settles 70 paise lower at 76.34 against US dollar
The Indian rupee settled 70 paise lower at 76.34 (provisional) against the US dollar on Wednesday amid rise in coronavirus cases in the country and weak domestic equities. Forex traders said rising brent prices and firm US dollar index also weighed on the local unit. At the interbank foreign exchange, the rupee opened weak at 75.83, then lost further ground and finally settled for the day at 76.34, registering a fall of 70 paise over its previous close.
Top stocks that hit 52-week highs on NSE
Price as on 08 Apr, 2020 03:24 PM, Click on company names for their live prices.
Just In: China March retail passenger car sales down 36% YoY (Agencies)
PVR, ICICI Prudential and Ambuja Cements top F&O laggards
Sensex pares big gains, now down over 200 points. Take a look at the market fall traced in this graph
Top 5 NSE losers in afternoon session
Price as on 08 Apr, 2020 02:17 PM, Click on company names for their live prices.
Here are the volume toppers in the 30-pack Sensex.
Gujarat Alkalies hits 10% upper circuit after starting operations
Shares of Gujarat Alkalies and Chemicals hit 10 per cent upper circuit limit in Wednesday’s trade after the company resumed operations at its Dahej complex. The company said it has started partial operation of Poly Aluminium Chloride (PAC) & Hydrogen Peroxide Plants at Dahej Complex and Chloromethanes & Poly Aluminium Chloride (PAC) Plants at Vadodara Complex based on requirements of various municipal corporations and other essential industries and after obtaining necessary permission from the concerned Authorities.
HUL becomes third largest company by m-cap, overtakes HDFC Bank for the first time since 2009
Price as on 08 Apr, 2020 01:09 PM, Click on company names for their live prices.
S&P BSE METAL pares gains, now trading flat. This is how the index stocks are performing.
Maruti cuts production by 32% in March
The country's largest carmaker Maruti Suzuki India has decreased production by 32.05 per cent in March, according to a regulatory filing by the company. The company produced a total of 92,540 units in March as against 1,36,201 units in the year-ago month, the auto major said. (Source: PTI)
Experts say pandemic may take a toll on domestic steel players' expansion plans
The outbreak and spread of the COVID-19 pandemic may adversely impact the expansion plans of domestic steel makers, according to experts. Indian players had been working on expansion plans in line with the government's ambitious target of scaling up the total steel making capacity to 300 million tonne per annum (MTPA) by 2030. (Source: PTI)
IndiGo suspends international operations until April 30
Price as on 08 Apr, 2020 12:20 PM, Click on company names for their live prices.
All tourism and hospitality stocks trade in the green; EIH surges 6%, IRCTC 5%
Price as on 08 Apr, 2020 12:00 PM, Click on company names for their live prices.
L&T wins 'large' contract from Indian Oil for capacity expansion at Barauni Refinery
Price as on 08 Apr, 2020 11:49 AM, Click on company names for their live prices.
COVID-19 pandemic: Crisil postpones AGM due later this month
Market off highs; Sensex up 800 points, Nifty tops 9,000. See how the market has fared in today's trade.
Here are the top five scrips leading this market rally.
Rupee down 18 paise against the US dollar at 75.81
The local currency on Tuesday ended 49 paise higher at 75.63 against the greenback.
The only Indian tycoon whose net worth is unscathed as the deadly coronavirus roils markets worldwide can thank nation’s hoarders with millions scrambling to stock up on staples amid the world’s biggest isolation effort.
BREAKING: Sensex surges 1,000 points, Nifty above 9,000; 28 of 30 Sensex stocks in the green.
S&P BSE Healthcare jumps 5%. All stocks except Fortis in deep green. Morepen Lab surges 20%.
S&P BSE AUTO biggest sectoral gainer, up 4.33%. Ashok Leyland up 15%, M&M 8%. This is how the index stocks are performing.
Price as on 08 Apr, 2020 10:20 AM, Click on company names for their live prices.
We expect that the industrial production number could come in weaker than-expectation and could curb major gains for the rupee. Lower global crude oil prices also supported the overall sentiment in the market. We expect the rupee to quote in the range of 75.20 and 76.20
- Motilal Oswal Financial Services
Voda Idea, SBI, ICICI Bank among most active stocks on NSE
Price as on 08 Apr, 2020 10:06 AM, Click on company names for their live prices.
Sensex recovers 1,000 points from day's low, up 550 points; recovery in bank stocks leads index higher
Sensex swings between gains & losses withing first 20 mins of trade
Nifty futures on the Singapore Exchange traded 149 points or 1.68 per cent lower at 8,726.75, indicating a negative start for Dalal Street.
Tech view: Nifty forms bullish candle
The index is now a stone's throw away from the resistance zone between 8,900 and 9,000 levels, where the index stumbled a couple of times in the recent past. Analysts said Nifty’s failure to hold above the range may drag the index towards the immediate support in the 8,550-8,400 range.
Asian markets step back
Asian stocks stepped back after two sessions of sharp gains as investors turned wary on getting too optimistic about the coronavirus.The erratic action spilled over into equities with MSCI's broadest index of Asia-Pacific shares outside Japan losing 0.5 per cent. Japan's Nikkei dropped 0.7 per cent and South Korea 0.8 per cent. E-Mini futures for the S&P500 shed early gains to turn 0.7 per cent lower.
Oil prices gain in early trade
Oil climbed on Wednesday, reversing most of the prior session's losses, as investors pinned hopes on a Thursday meeting where OPEC members and allied producers will discuss output cuts to shore up prices that have tumbled amid the coronavirus pandemic. Brent crude was up by 72 cents, or 2.3 per cent, at $32.59 per barrel after falling 3.6 per cent on Tuesday.
US stocks fall in volatile session
The Dow Jones Industrial Average index fell 26.13 points, or 0.12 per cent, to 22,653.86, the S&P500 index lost 4.27 points, or 0.16 per cent, to 2,659.41 and the Nasdaq Composite index declined 25.98 points, or 0.33 per cent, to 7,887.26.
FIIs buy Rs 742 crore worth of stocks
Net-net, foreign portfolio investors (FPIs) were buyers of domestic stocks to the tune of Rs 741.77 crore on Tuesday, data available with NSE suggested. DIIs were net buyers to the tune of Rs 422.51 crore, data suggests.
Sensex, Nifty on Tuesday
Equity benchmarks Sensex and Nifty rallied nearly 9 per cent in Tuesday’s trade, following positive global cues and hope of some easing in the 21-day nationwide lockdown next week.BSE Sensex surged 2,476 points to 30,067, while Nifty50 gained 702 points to 8,785.
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