MARKET WRAP: Sensex tanks 1,710 pts, ends below 29K; Nifty settles at 8,469

All that happened in markets today

4:20 PM

MARKET COMMENT | Joseph Thomas, Head of Research - Emkay Wealth Management

"The frontline indexes were down by close to 5.50 per cent, in a market hit by the likely adverse impact of the pandemic, at a time when it was negotiating a critical juncture in the already existing economic sluggishness. Markets will continue to mirror the developments overseas till some comfort on the spread of the pandemic is received. It is too early to say when the feeling that the asset prices are lower than their intrinsic value would start coming in.”

4:04 PM

SECTOR WATCH | Nifty Media rises; financials tumble

4:03 PM

MARKET AT CLOSE | 28 out of 30 constituents of BSE Sensex end in the red

3:41 PM

CLOSING BELL

The S&P BSE Sensex sank  1,710 points or 5.6 per cent to settle at 28,870 levels while NSE's Nifty50 ended at 8,469, down 498 points or 5.56 per cent. 

 

3:28 PM

Sudden surge in Oil India

3:19 PM

MARKET CHECK

3:14 PM

MARKET UPDATE :: Nifty breaches 8,500

3:05 PM

MARKET UPDATE:: Sensex at day's low, down 1,900 pts

3:03 PM

Bharti Infratel extends losses, hits record low

3:01 PM

NTPC, Power Grid earnings relatively immune to coronavirus spread

For NTPC the positive should also accrue from the fact that availability of its critical power plants (Sipat and Korba) has recovered after heavy monsoons this year. Plant availability factor (PAF) stood at 100 per cent for Talcher Stage-II and at 50 per cent for Talcher Stage-I in the month of February, suggests Motilal Oswal Financial Services data. NTPC, which had continued seeing concerns on PAF of critical plants as well as under recoveries, however is seeing improved fundamentals. READ MORE

2:53 PM

Work from home still not an option for currency traders amid coronavirus

In currency, the interbank rates can be availed only through a few platforms, including Murex, Calypso, and Reuters. These are installed in fixed computer terminals at the treasury floor. There are alternative applications that can be installed on mobile phones too, but they may work with a minor lag, which means interbank offers may not get truly captured. That is why it is important that traders must be present in front of the terminals for trading. READ MORE

2:42 PM

MARKET UPDATE:: Spicejet, Delta Corp, Future Retail, and Indiabulls Real Estate among 409 stocks locked in lower circuit on the BSE

2:30 PM

NEWS ALERT | DHFL promoters, Kapil & Dheeraj Wadhawan untraceable at the moment: sources to CNBC TV18

>> Both of them didn't appear before ED yesterday

>> Kapil Wadhawan has said he cannot present himself before ED, says can't travel due to Covid-19 health advisory

Alert: ED is looking for them in money laundering cases w.r.t YEs Bank

2:27 PM

STOCK ALERT :: Bajaj Finance slips 23% in 3 sessions

2:20 PM

Covid-19 impact: Trump's economic rescue package could approach $1 trillion

His proposed economic package alone could approach $1 trillion, a rescue initiative not seen since the Great Recession. Trump wants checks sent to the public within two weeks and is urging Congress to pass the eye-popping stimulus package in a matter of days. READ MORE

2:19 PM

Contribution to Sensex's fall today

2:15 PM

BROKERAGE RADAR | Emkay Global Financial Services on ICICI Bank

We have trimmed our loan growth/earnings estimates by 1-2% and TP to Rs 600 from Rs 650, lowering P/ABV on core bank to 2.2x from 2.5x given the risk-off environment. ICICI Bank adopted ‘One Bank One RoE’ policy with a focus on risk-calibrated profitable growth, coupled with digital edge, which should help deliver strong RoEs (15-16% over FY21/FY22E) from sub-10%. Amid current market rout, revamped and stable ICICI offers a great investment opportunity from a long-term perspective. Maintain strong Buy/OW in EAP.

2:06 PM

European shares fall in early trade

2:02 PM

NEWS ALERT | L&T Board approves interim dividend of Rs 10/sh: BSE filing

2:00 PM

Detroit automakers, UAW agree to curb production to prevent Covid-19 spread

The agreement came hours after UAW President Rory Gamble went public with his dissatisfaction with how General Motors Co, Ford Motor Co and Fiat Chrysler Automobiles NV had responded to his proposal on Sunday that the companies stop production in the face of the coronavirus threat. READ MORE

1:59 PM

Top 5 losers on the BSE at this hour

1:53 PM

Zee Entertainment gains over 8% in a weak market

1:51 PM

Top BSE500 losers

COMPANY	LATEST	PREV CLOSE	LOSS(%)
VODAFONE IDEA	3.22	4.85	-33.61
INDUSIND BANK	437.30	604.30	-27.64
BANDHAN BANK	205.40	257.75	-20.31
QUESS CORP	305.15	381.40	-19.99
EDELWEISS.FIN.	46.95	58.65	-19.95

1:43 PM

MARKET CHECK

1:42 PM

Fall from intra-day highs today in BSE500 stocks

COMPANY	DAY'S HIGH(RS)	LATEST(RS)	FALL(%)
VODAFONE IDEA	5.57	3.17	-43.09
INDUSIND BANK	637.70	415.80	-34.80
YES BANK	87.95	61.35	-30.24
EDELWEISS.FIN.	62.05	46.95	-24.34
BANDHAN BANK	264.30	201.45	-23.78

1:35 PM

Nifty Private Bank index top sectoral loser

1:28 PM

MARKET UPDATE:: M-cap of BSE listed companies at Rs 114.48 trillion, its lowest level since February 15, 2017

-- Market cap erosion of Rs 45.88 trillion from its all-time high level on January 1, 2020

1:28 PM

BROKERAGE RADAR | ICICI Securities on IT sector

It is difficult for us to accurately predict the slowdown in demand and its impact on the revenue & profitability of IT companies led by Covid-19, oil price fluctuation, banking & capital market, retail segment and restriction on movement of resources. Considering there are many moving parts, we conservatively downgrade our multiple and target price to factor in the uncertainty. However, the recent correction in stock prices of IT companies have made a few stocks attractively placed (based on FY20E FCFF yield and valuation). Hence, we maintain BUY on a few stocks led by attractive FCFF yield and upgrade the rating on a few stocks based on attractive valuation. The current valuation of Wipro, Sonata and Firstsource is factoring in zero growth till perpetuity making them lucrative buys at current levels

1:28 PM

STATE-WISE COVID-19 CASES

1:23 PM

BROKERAGE RADAR | Motilal Oswal Fin Services on Endurance Technologies

We are lowering our consol EPS FY20/21 estimates to by 1%/8% to factor in for impact of coronavirus in EU business and our lowered estimate for 2W industry volume growth. ENDU’s near-term operating performance is expected to be influenced by the longevity of disruption in Europe and the BS6 transition in India. Both these events are transitory in nature but have created meaningful dislocation in price. Our positive view on ENDU remains intact and is driven by the company’s strong positioning in 2W OEMs as well as visibility of increase in content. Post the recent correction in the stock price, valuations are reasonable at 17.4x/15.8x FY21/FY22E consol. EPS. We also lower target multiple 22X (from 25x earlier) to factor in for risk of prolonged impact of coronavirus. Maintain Buy with TP of Rs 1,025 (~22x Mar’22E consol. EPS).