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MARKET WRAP: Sensex recovers 1,574 pts from day's low to end at 28,288

All that happened in markets today

SI Reporter New Delhi
Markets, Investors, Indices, Stocks
Among sectoral indices on the NSE, Nifty Auto cracked the most - down around 6 per cent to 5,195 points

2 min read Last Updated : Mar 19 2020 | 4:08 PM IST

4:08 PM

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

After another volatile session of trade, in which the Nifty fell below the 8,000-mark, the benchmark indices closed down by around 2.4 per cent. Market failed to take early cues from the positive opening in the European markets, after ECB rolled out another stimulus package. With worries about a case of community spread of the virus, Investors fear further impact from Covid-19 and preferred Cash instead of Investments. All asset classes are seeing downward pressure. FIIs have also been net sellers to the tune of Rs.40,000 crores this month, further putting pressure on the markets. However, pockets of value buying in quality stocks were seen during the session

4:04 PM

SECTOR WATCH | Here's how sectoral indices on the NSE performed today

4:03 PM

MARKET AT CLOSE | Top losers and gainers on the S&P BSE Sensex

3:39 PM

CLOSING BELL

The S&P BSE Sensex ended at 28,288 levels, down 581 points or 2 per cent while NSE's Nifty slipped 205 points or 2.42 per cent to settle at 8,263 levels.

3:17 PM

BROKERAGE RADAR | ICICI Securities on Ashok Leyland

Given the challenging times at Ashok Leyland (ALL) due to the muted demand scenario in the commercial vehicle (CV) space domestically as well as uncertainty surrounding the economic impact of Covid-19, we view this investment as not a prudent step at this juncture. Moreover, ALL is not loaded with surplus cash on its books. Hence, its plans to fund this share purchase through debt will increase leverage on the B/S, which erodes our margin of safety on ALL. Hence, we downgrade the stock to HOLD with a revised SOTP based target price of Rs 55/share.

3:13 PM

NEWS ALERT | SpiceJet suspends majority of international flights amid Coronavirus pandemic

Spokesperson says --

In view of the unprecedented situation arising due to COVID-19, SpiceJet is forced to temporarily suspend majority of its international operations from 21st March till 30th April, 2020. We will resume the suspended flights as soon as the situation normalises.
 
Our Kolkata-Dhaka flight will continue to operate as per schedule. Our Chennai-Colombo flight will restart from the 25th March, 2020 while our Delhi-Dubai and Mumbai-Dubai flights will resume from 16th April, 2020.

3:12 PM

Covid-19: IndiGo senior staff take salary cuts, 25% pay cut for CEO Dutta

"With the precipitous drop in revenues, the very survival of the airline industry is now at stake," Dutta said in his email to employees. "We have to pay careful attention to our cash flow so that we do not run out of cash." READ MORE 


3:08 PM

ITC re-enters list of top-10 most valued firms after stock rises 6%

Cigarette major and fast moving consumer goods (FMCG) company ITC has re-entered the list of top 10 most valuable companies after the stock rose nearly 6 per cent to Rs 160 on the BSE on Thursday. At 02:22 pm, ITC had a market capitalisation (market-cap) of Rs 1.95-trillion, and thus stood at 10th position in overall rankings, BSE data shows. The company surpassed the government-owned bank, State Bank of India (SBI), which had the market-cap of Rs 1.89 trillion, data shows. READ MORE

3:07 PM

STOCK ALERT :: Indiabulls Housing Finance hits record low

>> Tanks 31% intra-day on the BSE to hit lifetime low of Rs 95

2:58 PM

MARKET CHECK | Bharti Infratel tanks over 15%

2:55 PM

Foreign investors turn net sellers of Asian bonds in Feb on Covid-19 fears

Foreigners sold a net $3.88 billion worth of regional bonds last month, their largest net selling since April 2018, according to data from regional banks and bond market associations in Indonesia, Malaysia, Thailand, South Korea and India. READ MORE

2:53 PM

DBS says Singapore recession inevitable in 2020 due to coronavirus: Reuters

Singapore’s economy will contract by 0.5% in 2020, the city-state’s biggest bank DBS said on Thursday, adding a recession was inevitable due to an expected hit from the coronavirus outbreak. DBS’s prior estimate was for the economy to grow 0.9%. 

2:45 PM

MARKET CHECK | Top gainers on the BSE at this hour

2:38 PM

MARKET UPDATE:: Sensex falls again

2:29 PM

BROKERAGE VIEW :: ICICI Direct on Capital Goods sector

>> The recent fall in crude oil prices of more than 40% to US$30/barrel is expected to impact overall orders/awarding from the MENA region owing to demand destruction fears amid excess supply. Companies like L&T and KEC with exposure to MENA region are expected to be moderately impacted. The Middle East region contributes ~13% to the order book and 14% to consolidated revenues of L&T. KEC International has exposure of ~| 2100 crore order book from MENA region, which is 9.5% of order book and 10% to revenue. However, Engineers India had around 25% overseas revenue in FY19 while 54% of 9MFY20 order inflow came in from overseas market.

>> It is difficult to assess the real magnitude of the Coronavirus outbreak and oil price crash at the moment as it is yet to peak out. Accordingly, we have tried to factor in the additional risk and revised our estimates, target prices and ratings for companies like L&T, KEC, Kalpataru, Elgi Equipments, Thermax, AIA and Engineers India with operational and sales exposure to these geographies.

Topics :MarketsMARKET WRAP

First Published: Mar 19 2020 | 7:38 AM IST