MARKET WRAP: Sensex tanks 1,203 pts on selling in IT, banks, FMCG stocks

All that happened in markets today

4:02 PM

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

"The first day of the financial year started off on a negative note, impacted by the negative global markets and also domestic uncertainties with regards to Bank Stressed assets and Auto numbers. FIIs have net sold around Rs 62,000 crores in Equity in March and with virus infections increasing, markets are anticipating a worsening of the situation."

3:55 PM

SECTOR WATCH | Nifty IT tumbles around 5.5%

3:50 PM

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

3:40 PM

CLOSING BELL

The Sensex slipped 1,203 points or over 4 per cent to 28,265.31 levels while the NSE's Nifty50 ended at 8254 points, down 344 points or 4 per cent.

3:29 PM

BSE IT index tumbles 5.6%

3:20 PM

MARKET CHECK

3:09 PM

MARKET HOLIDAY :: Markets to remain shut tomorrow on account of Ram Navami

3:06 PM

NEWS ALERT :: SBI relaxes payment obligation timeline for OTS, Rin Samadhan, General compromise Schemes by 3 months: CNBC VT18

3:05 PM

Asia's factory activity plunges as coronavirus shock deepens: Reuters

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

2:57 PM

NEWS ALERT :: India's fiscal deficit in 2020-21 may shoot up to 6.2%: Fitch

>> "At Fitch Solutions, we are revising our forecast for India's FY2020/21 (AprilMarch) central government fiscal deficit to widen to 6.2 per cent of GDP, from 3.8 per cent of GDP previously (estimated by Fitch Solutions), which reflects our view that the government will miss its initial target of 3.5 per cent by a wider margin," the agency said.

2:56 PM

NEWS ALERT | PM Narendra Modi to hold talks with all CMs via video conferencing tomorrow

2:52 PM

Top losers on the BSE at this hour

2:51 PM

NEWS ALERT :: Experiencing supply chain disruptions during lockdown: Divis Labs

>>  Says, even though the Company has put in place a business continuity plan, due to the restriction in the movement of goods and employees, we anticipate certain delays in the deliveries of our products to our customers. 

2:51 PM

Stocks that hit 52-week low on BSE today

COMPANY	PRICE(rs)	52 WK LOW	CHG(%)
ADITYA BIR. FAS.	150.00	147.60	-2.06
ASHOKA BUILDCON	39.40	39.40	-4.60
BHARAT FORGE	228.45	223.40	-2.41
CREDITACC. GRAM.	339.30	321.45	0.28
CUMMINS INDIA	306.70	305.00	-5.78

2:49 PM

Covid-19: Trump approves 90-day delay of tariffs for most-favoured nations

Some 400 chief executives of small, medium, and large companies from across the country urged Trump in a letter on Tuesday to delay the collection of duties for a period of 90 to 180 days to give companies access to cash that would normally be paid to the the U.S. government, given virus-related shutdowns. READ MORE

2:44 PM

Escorts shares skid 12% as tractor sales more than halve in March

For the entire financial year 2019-20 (FY20), Escorts reported 10.8 per cent year-on-year decline in total tractor sales at 86,018 units. It had sold 96,412 tractors in FY19. READ MORE

2:33 PM

COVID-19 IMPACT :: Shree Cement to shut all production facilities and offices till 14th April, 2020: BSE filing

2:31 PM

NEWS ALERT

2:28 PM

STOCK ALERT :: JSPL trades at 40-month low

2:23 PM

NEWS ALERT :: GSFC starts manufacturing unit at Sikka, Jamnagar: BSE filing

>> Says, has started producing DAP there at partial load and which may be increased gradually. 

>> The dispatch of product/s has commenced through road and the rail dispatch has shall also commence soon.

>> The other plants shall also be gradually started based on the situation prevailing on account of COVID19 pandemic. 

 

2:18 PM

MARKET CHECK | HUL plunges nearly 6% after hitting fresh 52-week high in early trade

2:12 PM

RBL Bank slips 20% in 4 days, nears new low ahead of Q4 business update

In the past one month, the share price of RBL Bank has tanked 55 per cent despite management clarification last month that the bank is a well-capitalised and profitable entity. In comparison, the S&P BSE Sensex was down 24 per cent during the same period. READ MORE

2:05 PM

MARKET CHECK :: Nifty50 tests 8,200 level

2:04 PM

MARKET CHECK :: Selling pressure mounts

1:59 PM

HPCL, BPCL, Indian Oil poised for gains with oil prices at 18-year low

The soft crude oil prices bode well for these companies, which may see a rise in their marketing margins, decline in working capital requirements and zero risks of subsidy burden. Even the government will get an opportunity to roll out more reforms on kerosene and cooking gas pricing, which will be positive for the OMCs. Thus, despite near term concerns on fuel demand getting impacted led by recent shutdown in the country and also weak refining margins, OMCs still remain well placed for growth, feel analysts who see demand rebounding fast once the lockdown gets over. READ MORE

1:53 PM

NEWS ALERT | October-March sugar production down 21.6% at 23.27 mt vs 29.68 mt (YoY), says ISMA: CNBC TV18

1:50 PM

MARCH AUTO SALES | Escorts total sales down 54.3% at 5,444 units vs 11,905 units (YoY)

-  Total exports down 54.4 per cent YoY at 216 units vs 474 units
 

1:48 PM

NEWS ALERT :: Grasim approves issue of NCDs for an amount not exceeding Rs 1,000 cr: BSE filing

>> The Board considered and approved issue of Non-Convertible Debentures (NCDs) on private placement basis, for an amount not exceeding Rs. 1,000 Crore, in one or more tranches.

1:44 PM

Europe opens sharply lower

1:38 PM

BROKERAGE VIEW:: ICICI Securities on Embassy Office Parks REIT

We are upgrading our Rating on the Embassy Office Parks REIT to BUY from HOLD post the 23% COVID-19 induced correction in unit price over the last one month. We have cut our FY21-22E revenue/NOI estimates by 3-4% factoring in lower occupancies in the two operational hotels (less than 5% of portfolio revenue) and leasing delays and arrive at a revised March 2020 DCF based target price of Rs423/unit (earlier Rs433/unit). While concerns over the medium-term demand outlook for offices in India remains a key risk, the recent rollback in the Dividend Distribution Tax for investors, FY22E distribution yield of 7.7% and high-quality tenant mix in the REIT’s portfolio makes risk-reward favourable in our view.