MARKET WRAP: Sell-off resumes; Nifty ends at 3-yr low; Sensex at 30-mth low

All that happened in the markets today

4:08 PM

MARKET COMMENT | Vinod Nair, Head of Research at Geojit Financial Services

Easing monetary policy action from central banks across the globe highlights that the impact of coronavirus is worse than thought. Economic, trade and travel shutdown are impacting equities across the globe. RBI will join its global peers in announcing measures like rate cut and additional measures to improve liquidity and confidence.

4:01 PM

SECTOR WATCH | Nifty Metal index cracks 9%

4:01 PM

MARKET AT CLOSE | All 30 constituents of Sensex end in the red

3:38 PM

CLOSING BELL

The S&P BSE Sensex nosedived 2713 points or nearly 8 per cent to 31,390 levels while NSE's Nifty ended at 9,197, down 758 points or 7.6 per cent.

3:19 PM

MARKET CHECK

3:10 PM

NEWS ALERT | Antony Waste IPO withdrawn

3:05 PM

MARKET ALERT :: Nifty slips below 9,200

2:55 PM

MARKET COMMENT:: Karan Mehrishi, Lead Economist at Acuité Ratings & Research, on possible RBI rate cut

Acuité believes that there is a possibility of a surprise rate cut before April to the tune of 50 bps, following the examples of the USD FED and BOE rate cuts. A rate cut, if any, at this point may not be driven by inflation concerns. Even liquidity in the system is substantial. It will be more of a market calming move. The coronavirus threat is assumed to be a trigger point behind the move. Food inflation is also expected to be moderate with the Rabi harvest and core inflation likely to remain low. The yield differentials with foreign debt is also comfortable at this point so a rate cut may not put incremental risk to inflows. We even expect the reduction in CRR to increase liquidity along with tweaking the non SLR HQLA requirements.

2:54 PM

Global Markets check

European shares tumbled more than 8 per cent on Monday as the coronavirus pandemic raged through much of Europe, with dramatic monetary easing by global central banks failing to reassure investors about its growing economic damage.

The pan-European STOXX 600 fell 8.2 per cent to its lowest since November 2012, with bourses in France and Spain leading losses as the two countries joined Italy in enforcing a national lockdown.

In Asia, MSCI’s index of Asia-Pacific shares outside Japan tumbled 4 per cent to lows not seen since early 2017, while the Nikkei fell 2 per cent as the Bank of Japan’s easing steps failed to stabilise market confidence.

2:54 PM

NEWS ALERT | Prepare business for a U or even V shaped recovery: Anand Mahindra on Covid-led disruption

2:53 PM

BROKERAGE RADAR | Axis Securities on Britannia Ind

2:51 PM

Expert Tweets :: Anand Mahindra on how isolation during Covid-19 could be a blessing

2:41 PM

Goldman Sachs downgrades US growth forecast for Q1, Q2 due to coronavirus

"We expect US economic activity to contract sharply in the remainder of March and throughout April as virus fears lead consumers and businesses to continue to cut back on spending such as travel, entertainment, and restaurant meals," Goldman said in its latest research note. READ MORE

2:37 PM

NEWS ALERT | DoT seeks SC nod for 20-yr window to make AGR dues' payment: CNBC TV18

>> Interest on pruncipal, penalty to not to be charged beyind judgement date

>> Dues payable to govt to be protected by levy of 8% interest on staggered payment

COMPANY	LATEST(rs)	CHG(rs)	CHG(%)	VOLUME
VODAFONE IDEA	5.57	-0.06	-1.07	83893601
BHARTI AIRTEL	465.05	-29.15	-5.90	338157
TEJAS NETWORKS	40.90	-3.90	-8.71	8018

2:30 PM

NEWS ALERT | Emami to consider share buyback on March 19: BSE filing

2:30 PM

NEWS ALERT | BHEL wins order for electric buses: BSE filing

2:23 PM

NEWS ALERT | YES BANK TO RESUME SERVICES FROM MARCH 18

2:21 PM

NEWS ALERT | CAPA fears airlines could turn bankrupt if Covid-19 isn't curtailed

2:15 PM

MARKET UPDATE:: Sell-off intensifies, Sensex down nearly 2,600 pts now

2:14 PM

Macquarie on SBI Cards and Payment Services

Recommendation: Outperform | Price target: Rs1,025 | 12-month TSR: +35.8%

We believe SBIC’s strong parentage, market leadership, brand and smart strategies will enable it to capture a rising share of India’s fast-growing credit card industry. Regulatory intervention risks and asset quality cycles are inevitable, but not imminent in our view. We are initiating coverage with an Outperform rating and a residual income model-based TP of Rs1,025 (36% upside potential; implies target FY22E P/E, P/BV and PEG ratios of 35x, 8.7x and 1.1x, respectively)

2:10 PM

European markets trade lower

2:03 PM

NEWS ALERT | Significant space for monetary policy action by RBI: Chief Economic Adviser

-- Monetary toolkit important at this time to deal with COVID-19: CEA

-- Special series bonds plan may benefit from easy global liquidity now: CEA

-- Rupee management policy to remain unchanged despite current weakness; CEA

(via CNBC TV18)

1:57 PM

YES Bank AT1 bond write-down reflects distinct treatment for private banks

This would create losses for asset managers and raise capital costs for issuers. A complete write-down would likely raise the risk premium that investors price into Indian hybrids, said S&P Global Ratings credit analyst Deepali Chhabria.

 

The bailout scheme requires YES Bank to write down about Rs 8,700 crore ($1.2 billion) of outstanding AT1s. READ MORE

1:52 PM

Sensex near day's low

1:47 PM

Contribution to S&P BSE Sensex's fall today

1:24 PM

MARKET STRATEGY :: Rusmik Oza, Sr. VP (Head of Fundamental Research-PCG), Kotak Securities

Markets have just fallen vertically in a very short duration of time so when the recovery takes place it will be anywhere between 45 to 60 degree angle. This has happened on most previous occasions. The charts, valuations and volatility Index (Vix) show that too much of negatives that could or are likely to come over a period of time have got discounted as of now (too soon, too fast). This calls for a tactical pull back in equity markets.

We advise to focus on mega caps or large caps at this juncture as the valuation gap between large caps and mid caps has narrowed down. One needs to keep in mind that volatility is going to remain for some time and we are not out of the woods yet as the number of cases of Covid-19 are going to keep escalating across the globe in the coming weeks. However, due to fear factor markets have the tendency to react too much too soon and in this process create panic bottoms which in hindsight after some months and years look like it was a good buying opportunity then

1:24 PM

NEWS ALERT | South Korea central bank cuts base rate by 50 bps to 0.75%: CNBC TV18

1:15 PM

Will the RBI cut rates today? Fiscal boost also needed to battle slowdown

According to JP Morgan, interest rate cuts may not assuage investors who are dealing with twin shocks of a slump in crude oil prices and the outbreak of Covid-19, leading to a sharp repricing in global markets, including in equities, fixed income, commodities and currencies. READ MORE

1:07 PM

Coronavirus update:: Four more people test positive in Mumbai and Navi Mumbai

1:06 PM

Future Retail hits over 3-year low; stock tanks 46% in four days

Shares of Future Retail were locked in the 10 per cent lower circuit for the third straight day at Rs 153.75, hitting a fresh three-year low on the BSE on Monday with only sellers seen on the counter. The stock of the flagship company of the Future Group was trading at its lowest level since January 10, 2017. In the past four trading days, the stock has tanked 46 per cent, as compared to 9 per cent decline in the S&P BSE Sensex. In the past one month, it has plunged 59 per cent, against 21 per cent fall in the benchmark index.  READ MORE