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Share Market LIVE: Sensex tumbles 600 points, Nifty slips below 9,250; Infosys down 4%, pharma stocks gain – The Financial Express

Asian stock markets are trading in the negative territory following US markets

Share Market News Today | Sensex, Nifty, Share Prices LIVE: Domestic equity market benchmarks BSE Sensex and Nifty 50 were down over 1.5 per cent in Thursday’s trade following weak global cues after US Fed Chairman Jerome Powell warned a prolonged recession for the US economy due to coronavirus. The 30-share Sensex was down 490 points or 1.53 per cent at 31,517, while the broader Nifty 50 was ruling at 9,243, down 140 points or 1.5 per cent. As many as 23 stocks were deep in red, Infosys was top Sensex laggard, down 4 per cent, followed by Tech Mahindra, M&M, Power Grid and HDFC Bank. While Bajaj Finance was the top Sensex gainer with a growth of 1.71 per cent. ITC, Nestle India, Sun Pharma and Kotak Mahindra Bank were among top index gainers. Except, Nifty FMCG and Nifty Pharma, all the sectoral indices were trading in negative territory. Nifty IT index was down 367 points or 2.67 per cent dragged by Infosys, Tech Mahindra and Wipro.On the other hand, NIfty FMCG was trading higher led by gains in Godrej Consumer Properties, Dabur India, ITC and Nestle India.

Banks and NBFCs will offer up to 20 per cent of entire outstanding credit as on February 29, 2020, to MSMEs. Units with up to Rs 25 crore outstanding credit and Rs 100 crore turnover are eligible for taking these loans that will have four-year tenor with a moratorium of 12 months on principal payment. The scheme can be availed till October 31, 2020. The government will provide complete credit guarantee cover to lenders on principal and interest amount.

As the country remains under lockdown due to the outbreak of coronavirus, billionaire banker Uday Kotak has put an analogy for the nationwide lockdown and said that it is similar to Abhimanyu’s Chakravyuh. “It is easy to get into the lockdown, but getting out (of the lockdown) is a more complicated process,” Uday Kotak said after Kotak Mahindra Bank announced the March quarter results. Abhimanyu’s Chakravyuh is an episode from an Indian epic Mahabharata in which the warrior prince Abhimanyu is said to have trained in warfare and breaking into an immensely difficult warring strategy formed of concentric circles but not having any clue about getting out. While economies look to get out of the lockdown, risks also loom large about the second phase of coronavirus outbreak.

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Maruti Suzuki: The demand outlook is uncertain as sentiment plays a major role, and the situation is highly transient. The very initial trend suggests higher inquiries in lower-priced hatches. A shift is expected from public/shared mobility to personal mobility. Our estimates factor in recovery from the festive season (3QFY21), and we expect a 14% volume decline in FY21: Motilal Oswal

With the announcement of special measures and credit guarantee schemes for MSMEs, the Govt. has ensured the de-stressing and revival of India’s engines of growth. Overall, all the measures will help the NBFCs in providing the lending support to the MSMEs in these difficult times and contribute towards the long term vision of building India as an economic powerhouse: Rashmi Saluja, Executive Chairperson, Religare Enterprises Ltd

In line with global markets’ performance, headline indices BSE Sensex and Nifty 50 were trading near 2 per cent down on Thursday. US Federal Reserve Chairman Jerome Powell warned a prolonged recession for the US economy on the back of novel coronavirus pandemic. BSE Sensex fell over 650 points to hit day’s lows of 31,344.50, while the broader Nifty 50 index slipped below 9,200-mark. The broader markets were performing better than frontline indices. The BSE MidCap index gained 0.17 per cent while the SmallCap index was trading 0.24 per cent lower.

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Railways said all tickets booked for regular passenger trains for travel on or before June 30 cancelled; Shramik, special trains to continue. Passengers with tickets of regular trains which have been cancelled till June 30 will get full refund, PTI reported

Power stocks rallied up to 13 per cent on BSE in otherwise weak trade on Thursday after Finance Minister Nirmala Sitharaman announced a much-awaited relief package for ailing power distributing companies. A part of Rs 20 lakh crore Atma Nirbhar Bharat Abhiyan package will provide a fresh loan of Rs 90,000 crore through PFC-REC to state-run power distribution companies (discoms) which will reduce receivables of electricity generation companies. Adani Power share price rallied up to 13 per cent to Rs 36 apiece on BSE, Tata Power shares jumped 9.5 per cent to Rs 33.20 apiece, Reliance Infrastructure shares gained 5 per cent to Rs 18.15.

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After correcting from a high of 9889 and then consolidating in a range, Nifty took out the recent highs of 9451 on Wednesday (Although it closed lower). The Nifty is now consolidating just below the short term trend reversal levels of 9451, suggesting there is a good probability of the index breaking out and crossing the highs of 9451 convincingly.

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Though more announcements are expected from the FM over the next few days we believe that the total fiscal & monetary package of INR 20 lakh cr. (~10% of GDP) may not be enough and more needs to be done. The US has so far announced fiscal packages of USD 3 trillion (13.5% of GDP) while the US fed has provided monetary stimulus of USD 2.5 trillion (~11.5%) since the beginning of the crisis. We believe that the recovery will be slow and gradual for the Indian economy and we continue with our strategy of sticking to high quality business with revenue visibility like FMCG, Pharma, chemicals and agrochemicals and avoid vulnerable sectors like aviation, consumer durables, real estate hospitality sectors: Jyoti Roy, DVP Equity Strategist, Angel Broking Ltd

Markets await further round of announcement, meanwhile assessing the measures announced as part of a stimulus package to lift the economy. Mixed sentiments on the global and domestic front could keep rupee in a thin range for today’s session. The pair is likely to trade within its near term range of 74.80-76.00 levels for few sessions: Amit Pabari, MD, CR Forex Advisors

There will be a facility whereby funding is provided to those units under stress for up to Rs 20,000 crores and equity provided for those which are viable for Rs 10,000 crores which can be leveraged to reach Rs 50,000 cr of equity. It is still not clear if these amounts will come from the Budget or through SIDBI or any other agency: CARE Ratings

For SMEs this is a positive measure and while the Rs 3 lakh crore would have flowed in the normal course from banks, the advantage here is in terms of the cost being capped, term being fixed with the moratorium and more importantly guaranteed by the Government: CARE Ratings

We have announced guarantees for loans. That will help banks provide more liquidity. Liquidity support from banks have improved in the past few weeks. They are not hesitant to give loans. So loans have been sanctioned, but most customers have requested banks not to disburse loans until lock-down is lifted. That is the reason why banks were parking excess liquidity with RBI through the reverse repo route.

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Indiabulls Real Estate share price was up 2.54 per cent at Rs 48.40 apiece on BSE in Thursday trade ahead of March quarter earnings announcement

Check live prices: Indiabulls Real Estate

Tata Power share price gained over 8 per cent at Rs 32.75 apiece on BSE in Thursday’s trade. Tata hit day’s high of 33.20 and low of 30.65 per equity share.

Check live prices: Tata Power

Nifty IT index was down 367 points or 2.67 per cent dragged by Infosys, Tech Mahindra and Wipro. On the other hand, Nifty FMCG was trading higher led by gains in Godrej Consumer Properties, Dabur India, ITC and Nestle India

Infosys was top Sensex laggard, down 4 per cent, followed by Tech Mahindra, M&M, Power Grid and HDFC Bank. While Bajaj Finance was the top Sensex gainer with a growth of 1.71 per cent. ITC, Nestle India, Sun Pharma and Kotak Mahindra Bank were among top index gainers.

Check live prices: Infosys

The 30-share Sensex was down 490 points or 1.53 per cent at 31,517, while the broader Nifty 50 was ruling at 9,243, down 140 points or 1.5 per cent

Overall, the measures seem well directed to unclog credit channels and facilitate transmission. How swiftly the banks implement these measures would be the key. The bond markets would wait for further measures to be announced over the next few days. As far as equities are concerned, we may see the broader markets rally tomorrow, especially small caps. Power stocks, Banks and NBFC stocks are also likely to react positively to the measures. The Rupee is likely to trade a broad range of 74.50-76.50 in the absence of any major global shocks: Abhishek Goenka, Founder and CEO, IFA Global

The government seems to have got its priorities right this time. The stimulus measures seem well directed and intended at getting credit moving in the economy. At the same time the measures are not likely to result in a material divergence from the path of fiscal prudence. We can expect the government to keep the fiscal deficit contained to within 6% of GDP if economic activity normalizes from Q2FY21. The measures have addressed the concerns of sectors that were reeling the most on account of the current crisis: Abhishek Goenka, Founder and CEO, IFA Global

The package announced by the finance minister is effectively designed to be impactful, yet not burden government finances. The policy has been crafted largely around the liquidity needs of employees, MSME and NBFCs. The market will eagerly await for announcements around land reforms, labour and law in the coming days. Collateral free loans for MSMEs with a full credit guarantee by the government will be highly fruitful. Likewise for the Rs300bn infusion in debt papers of NBFCs: Amar Ambani, Senior President and Head of Research, YES Securities

Shree Cement: BUY| CMP: Rs 19763 Target Rs 22250| Stop Loss Rs18200| Return 12.58%After falling back below 19000 mark in early May 2020, Stock consolidated on the daily chart and once again reclaimed above its 50-day exponential moving average. Shree Cement on daily interval has witnessed a breakout of a short term consolidation pattern and trading above its trend line support. Momentum oscillator RSI (14) is reading above 55 level on the daily chart with positive crossover on the cards. Currently, price is trading above its trend line support and sustain above its 100 & 200 days EMA on a weekly interval. Traders can accumulate the stock in a range of 19660 – 19800: Rohan Patil, Technical Analyst (Bonanza Portfolio Ltd

Biocon, Indiabulls Real Estate: Aavas Financiers, Biocon, Escorts, Indiabulls Real Estate, Escorts, Manappuram Finance, Mahindra Lifespace and Tata Consumer Products are among 18 companies that are slated to announce their March quarter earnings today.

Dr Reddy’s Laboratories: The company informed that it has received an Establishment Inspection Report (EIR) from US Food and Drug Administration (FDA) for its formulations Srikakilum plant located in a Special Economic Zone (SEZ) in Andhra Pradesh.

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Providing an extension for completion of projects and treating the coronavirus outbreak as an event of ‘force majeure’ under RERA, brings a major relief for the sector that has been the backbone of the economy. During the lockdown, the construction industry has nearly come to a standstill thus negating the green shoots that had just begun appearing prior the pandemic came to the fore. In order to tackle the subdued demand from home buyers during and post COVID-19, reduction in interest rates on home loans will encourage fence-sitters to act quickly to invest in a property: Surendra Hiranandani, Chairman and Managing Director, House of Hiranandani

The UN slashed India’s projected growth rate to 1.2 per cent in 2020 and forecast that the global economy will contract sharply by 3.2 per cent as the COVID-19 pandemic paralyses the world, sharply restricting economic activities, increasing uncertainties and unleashing a recession unseen since the Great Depression of the 1930s

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The global weakness and first round of stimulus announcements are not being encouraged with respect to markets so we expect a weak opening. Failure of crossing key resistance of 9500 levels yesterday and weekly expiry will further increase volatility: Vikas Jain, Senior Research Analyst, Reliance securities 

Trends on SGX Nifty suggest a gap-down start for Sensex and Nifty with 145.75 points or 1.55 per cent loss. The Nifty futures were trading at 9,245 on the Singaporean Exchange.

Asian stock markets are trading in the negative territory following US markets. Hong Kong’s Hang Seng index slipped 1.6 per cent, Australian ASX 200 fell 1.2 per cent, while Japan’s Nikkei 225 fell 0.7 per cent. 

Wall Street’s three major indices closed lower for the second day in a row in overnight trade. The Dow Jones Industrial Average fell 2.17%, the S&P 500 lost 1.75%, and the Nasdaq Composite dropped 1.55%.

Sensex was up 637.49 points or 2.03 per cent to close at 32,008.61. The broader Nifty50 was up 187 points or 2.03 per cent to close at 9,383.55.

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