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Stock Market Today LIVE Updates: Market trims losses slightly; Sensex, Nifty trading in red terrain as coronavirus cases continue to mount sharply – Firstpost

Stock Market Today LIVE Updates: The market continued its opening losses as Sensex plunged 1114.49 points or 3.78 percent to 28,354 while Nifty was down 322.05 points or 3.75 percent at 8,275.70 at around 11.15 am even as coronavirus pandemic kept the investors on edge.

Except for Nifty FMCG and realty, all sectoral indices at the National Stock Exchange (NSE) were in the negative terrain with Nifty private bank down by 2.6 percent, financial service by 2.4 percent, auto by 1.9 percent and IT by 1.8 percent.

Sensex plunged 1002.17 points or 3.40 percent to 28,466.32 while Nifty was down 292.50 points or 3.4 percent at 8,305.25 at around 10.50 am even as factory activity contracted sharply across most of Asia in March due to coronavirus pandemic.

Kotak Mahindra Bank tanked nearly 10 percent while RIL fell 5.35 percent in the morning session.

Factory activity contracted sharply across most of Asia in March as the coronavirus pandemic paralysed economic activity across the globe, with sharp falls in export power-houses Japan and South Korea overshadowing a modest improvement in China.

Manufacturing gauges also tumbled in Indonesia, Vietnam and the Philippines, Purchasing Managers’ Index (PMI) surveys showed on Wednesday, underscoring the widening damage brought by the pandemic that has infected more than 700,000 people, upended supply chains and led to city lockdowns worldwide.

China’s factory activity improved slightly more than expected in March after plunging a month earlier, a private business survey showed, but growth was marginal, highlighting the intense pressure facing businesses as domestic and export demand slumps.

Sensex tanked 852.02 points or 2.89 percent to 28,616.47 and while Nifty was down 206.65 points or 2.4 percent at 8,391.10 at around 10.40 am.

Kotak Mahindra Bank and Tech Mahindra were the top losers in the Sensex pack.

Sensex tanked 710.68 points or 2.41 percent to 28,757.81 while Nifty was down 206.65 points or 2.4 percent at 8,391.10 at around 10.28 am.

Kotak Mahindra Bank and Reliance Industries were the top losers in the Sensex pack.

Sensex 430 points down, Nifty below 8,600 mark; Kotak Mahindra, ONGC among top losers

New York: Asian shares faced another leg lower on Wednesday as the coronavirus sharply slows global growth, leading a gauge of world stocks to post its biggest quarterly decline in more than a decade and oil prices to trade near lows last seen in 2002.

Shares on Wall Street tumbled on Tuesday, with the Dow registering its biggest quarterly fall since 1987 and the S&P 500 its steepest quarterly drop since a decade ago on growing evidence of the massive downturn the pandemic will incur.

E-Mini futures for the S&P 500 traded 1 percent lower in after-hours trade, while Asian futures suggested the rout would continue.

FTSE China A50 futures in Singapore were down 0.85 percent and Japan’s Nikkei fell 1.86 percent in early trade.

The first-quarter decline was the biggest on record for the S&P 500 as consumers hunkered down at home, leading businesses to announce massive staff furloughs and to shut temporarily.

US economic activity is likely to be “very bad” and the unemployment rate could rise above 10 percent because of efforts to slow the spread of the coronavirus, Cleveland Federal Reserve Bank President Loretta Mester told CNBC.

Representational image. Reuters

The United States marked 700 deaths in a single day from COVID-19 for the first time on Tuesday, lifting total US fatalities from the disease to more than 3,700.

MSCI’s broadest index of Asia-Pacific shares outside Japan gained 0.35 percent in early trade.

MSCI’s gauge of stocks across the globe shed 0.48 percent following modest gains in Europe. The index fell nearly 22 percent for the quarter.

Bucking the broader decline, Australian shares opened higher as a slowdown in new coronavirus cases brightened investor sentiment while rising iron ore prices gave miners a lift.

Australia’s S&P/ASX 200 index rose 1.59 percent after the benchmark fell 2 percent on Tuesday.

The number of coronavirus infections globally headed toward 800,000. Deutsche Bank analysts noted, however, that for two consecutive days the global growth in new cases was below 10%, having exceeded that rate for most of the past two weeks.

Health officials were much more cautious. A World Health Organization official warned that even in the Asia-Pacific region, the epidemic was “far from over.”

The dollar slid against a basket of currencies, pressured by the latest Federal Reserve measures to ensure sufficient liquidity in the global financial system.

The Fed is now allowing foreign central banks to exchange their holdings of US Treasury securities for overnight dollar loans.

The dollar index fell 0.275 percent while the Japanese yen strengthened 0.12 percent versus the greenback at 107.44 per dollar.

Government bond yields held steady as investors remained cautious about buying riskier assets.

The benchmark 10-year US Treasury note rose 15/32 in price to yield 0.6538 percent.

Crude oil benchmarks ended a volatile quarter with their biggest losses in history, with both US and Brent futures hammered throughout March due to the pandemic and the eruption of the Saudi-Russia price war.

Global fuel demand has been sharply cut by travel restrictions due to the coronavirus. Forecasters at major merchants and banks see demand slumping by 20 percent to 30 percent in April, and for weak consumption to linger for months.

Crude futures ended the quarter down nearly 70 percent after record losses in March.

US crude fell 31 cents to $20.17 a barrel and May Brent crude futures ended 2 cents lower at $22.74 a barrel ahead of expiration.

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Updated Date: Apr 01, 2020 12:49:13 IST

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