Sensex plunges 3,935 pts in biggest 1-day fall; investors lose Rs 13.88 trn

All that happened in markets today

4:21 PM

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

With the spread of Covid-19 continuing unabated and the fears of global recession increasing, the Indian markets crashed. The markets closed much lower in percentage terms compared to the Asian and European markets, which indicated increased uncertainty regarding the spread of the virus in India after the government indicated that the country was in a crucial phase in its fight against the virus. Further measures and lockdowns are expected after manufacturing companies indicated that they would shut down their facilities, which would have an overall impact on business activity and market confidence.

4:13 PM

MARKET AT CLOSE | Nifty Pvt Bank index tumbles over 17%

4:12 PM

MARKET AT CLOSE | All Sensex stocks end in the red

3:45 PM

CLOSING BELL

The S&P BSE Sensex tanked 3,935 points or over 13 per cent to 25,982 levels while NSE's Nifty ended at 7,610, down 1,135 points or 12.98 per cent. 

3:27 PM

Trent, Rallis, Polycab and 55 other stocks freeze at 20% lower circuit

As many as 620 stocks out of 2,326 traded on the BSE were locked in lower circuit band, the exchange data shows. Of these, 59 stocks hit 20 per cent lower circuit, while 132 stocks were locked in the lower circuit of 10 per cent on the BSE. READ MORE  

3:17 PM

RBI may soon allow repurchase ops in corporate bonds over Covid-19 outbreak

The Reserve Bank of India is considering allowing corporate bonds as collateral for repurchase operations as they seek to cool the recent spike in corporate borrowing costs in the wake of the coronavirus outbreak, two sources told Reuters. READ MORE   

3:06 PM

MARKET ALERT

3:03 PM

MARKET ALERT :: Indices at day's low

2:59 PM

Containing volatility

There are a few silver linings to the current sell-off. Investors may find value in beaten-down stocks and a weaker rupee could help improve India’s competitiveness. Another positive is low energy prices, which help the trade balance and assist in containing the fiscal deficit. But the bottom line is, markets hate uncertainty and the pandemic is the proverbial black swan, causing huge amounts of it.  READ MORE

2:54 PM

Heatmap: S&P BSE Sensex at this hour

2:47 PM

NEWS ALERT | IGL shuts partial operations due to Covid-19

2:46 PM

BSE500 stocks that hit 52-week low today

COMPANY	PRICE(rs)	52 WK LOW	CHG(%)
3M INDIA	16045.50	15891.00	-7.34
AAVAS FINANCIERS	1044.10	1044.10	-20.00
ACC	1002.30	986.35	-11.18
ADANI PORTS	215.25	203.55	-16.26
ADITYA BIRLA CAP	41.40	41.40	-10.00

2:39 PM

NEWS ALERT | Lok Sabha passes Finance Bill 2020 without discussion

2:35 PM

SoftBank to sell up to $41 billion in assets to buy shares, reduce debt

monetising up to 4.5 trillion yen ($41 billion) in assets to buy back 2 trillion yen of its shares and reduce debt, sending its stock soaring to its biggest daily gain in nearly 12 years. The share buyback will be in addition to the up to 500 billion yen buyback announced earlier this month, in the Japanese tech conglomerate's biggest ever repurchase. READ MORE

2:31 PM

MARKET CHECK | Bajaj Finance slumps 20%

2:31 PM

MARKET COMMENT :: 'Margin calls were the obvious reason to sell. But, was the system of margining right? '

2:22 PM

Glenmark gets tentative nod from USFDA for generic type-2 diabetes tablets

"Glenmark Pharmaceuticals Inc USA has been granted tentative approval by the United States Food and Drug Administration (USFDA) for Dapagliflozin tablets, 5 mg and 10 mg," Glenmark said in a filing to BSE.

 

Citing IQVIA sales data for the 12 month period ending January 2020, the company said Farxiga tablets, brand and all available therapeutic equivalents in strengths of 5 mg and 10 mg, achieved annual sales of approximately $1.8 billion. READ MORE

2:15 PM

Dolat Capital on capital goods

In the durables space, we prefer VOLT over HAVL due to its better positioning and leadership in the market. In our belief, when the situations will turn out, Voltas will be the best beneficiary of it. We continue to like under penetration story of ACs and give VOLT a buy at a reduced TP of ` 680 valuing it at 32x for FY21E.

 

In the capital goods space, we continue to like LT where it is the best proxy for Indian capex cycle and whenever the cycle turns it will be the best beneficiary of it.  Further the current valuations at 14x on FY21 gives us the comfort on sticking to a buy. We have Buy for the stock at TP of ` 1200.

2:14 PM

ALERT :: NFO

L&T Investment Management, the mutual fund arm of L&T Financial Services, has announced the launch of L&T Nifty 50 Index Fund and L&T Nifty Next 50 Index Fund.

 

-- NFO scheduled to open on March 24,2020 and close on March 31,2020

-- Open-ended equity schemes suitable for both first time as well as seasoned investors

-- Offers diversification of portfolio by investing in market leaders of different sectors

2:14 PM

NEWS ALERT | Spending of CSR funds for COVID-19 is eligible CSR activity: Govt

2:13 PM

MARKET COMMENT :: Gautam Chhaochharia, head of India research, UBS

We see significant slippage in the central government's fiscal deficit estimate of 3.5% of GDP for FY21 on substantial revenue shortfall led by muted growth and challenging divestment/privatisation targets in an environment of weak global capital markets. 

We believe the Indian economy needs a concerted and coordinated fiscal push to support the low-income strata especially, either through direct consumption stimulus (cash transfers) or indirectly by giving sector-specific incentives to industries to avoid largescale job losses (directed towards small & medium enterprises and/or stressed sectors).

Gautam Chhaochharia, head of India research, UBS Securities

2:12 PM

STOCK ALERT | Open market share buyback approval fails to boost Motilal Oswal Financial Services as stock tanks 20% to Rs 484

2:09 PM

BROKERAGE RADAR | Edelweiss Securities on KEI Industries

Unlike peers, KEI’s growth mantra has been a mix of turnkey and retail projects, which is typically a growth-levered model, but poses challenges of high volatility. However, given management’s sharpening focus in recent years on cash flows/calibrated turnkey exposure, the steady rise in retail (wires-led) has been comforting. The recent QIP has reinforced the balance sheet profile. All in all, we are slashing FY20/21E EPS by 17%/24% with a revised TP of Rs 500 (Rs 637 earlier; 14x Q1FY22 P/E), factoring in the equity dilution and lower growth for wires/B2B cables due to potential demand risks from COVID-19. We retain ‘BUY’ reiterating our thesis of a gradual rise in retail business (~20% currently) generating cash flow beyond growth needs assuming relentless management focus on limiting turnkey exposure and a steady climb in the wires’ market share.

2:09 PM

NEWS ALERT | Parliament to be adjourned after passage of Finance Bill : TV reports

2:07 PM

Axis Bank extends fall, tumbles 29%

2:07 PM

Coal India 12% off lows

2:04 PM

MARKET ALERT :: 542 stocks locked in lower circuit on the BSE

>> The list include Ashok Leyland, Avenue Supermarts, Adani Transmission, ITDC, Future Retail and SpiceJet

1:55 PM

European markets open lower

1:55 PM

Coronavirus pandemic: Stocks of diagnostic firms could prove safe bets

Among companies in the organised space, top diagnostic chains (SRL Diagnostics, Dr Lal PathLabs, Metropolis Healthcare, Thyrocare and Apollo Hospitals) together have more than 100 accredited labs. This indicates that they will also be able to quickly on-stream their labs to start testing, say analysts. READ MORE

1:45 PM

Sell stocks and go! Difficult to predict when the market carnage will end

The coronavirus health scare caught the world off-guard and has completely roiled equity markets over the past few weeks. The precipitous fall in global equities since the first case came to light in late 2019 has already ended the bull-run in many stock indexes over the globe, including in Dow Jones Industrial Average (DJIA), which saw its 11-year bull-run punctured. Indian markets, too, succumbed and entered bear terrain, which is typically defined as a fall of 20 per cent or more in an index or a stock from the top. READ MORE