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MARKET WRAP: Sensex slips 674 pts, financials hit; Nifty settles at 8,084

All that happened in the markets today.

SI Reporter New Delhi
Brokers trade at their computer terminals at a stock brokerage firm in Mumbai. Photo: Reuters
Brokers trade at their computer terminals at a stock brokerage firm in Mumbai. Photo: Reuters

3 min read Last Updated : Apr 03 2020 | 4:05 PM IST
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4:04 PM

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

The Indian markets opened and stayed negative, with reduced volatility. A ratings downgrade for the Banking sector, due to the impact of Covid-19 and ensuing stressed asset concerns, impacted the financial stocks. FIIs were net sellers to the tune of Rs 1,100 crore, on April 1, and show no signs of reversal. Markets are trading uncertainty, regarding the spread of the virus in India, as hope emerged of infections peaking in some of the worst affected global markets.

4:03 PM

Sectoral losers and gainers on the NSE

4:03 PM

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

3:41 PM

CLOSING BELL

The S&P BSE Sensex ended at 27,591, down 674 points or 2.39 per cent while NSE's Nifty50 ended at 8,084, down 170 points or over 2 per cent.

3:23 PM

MARKET CHECK

3:09 PM

NEWS ALERT | OPEC+ producers debate possible oil cuts of 10 million barrels per day: Reuters quoting sources

The OPEC+ crude oil exporter group is debating cutting global supply by 10 million barrels per day (bpd), an OPEC source said on Friday, adding that any further cuts must include producers from outside the alliance. US President Donald Trump on Thursday said he had brokered a deal that could result in Russia and Saudi Arabia cutting output by 10 million to 15 million bpd, representing 10-15% of global supply. Trump said he made no offer to cut US output. 

3:08 PM

Rupee trades near day's low

3:06 PM

Nifty Energy Index trades in the green

3:00 PM

ALERT :: Market holiday

Stock market will remain closed on Monday, April 6, on account of Mahavir Jayanti

2:59 PM

STOCK ALERT :: Maruti Suzuki declines for sixth straight session

2:46 PM

Nifty Bank index tumbles over 1,000 pts

2:44 PM

NEWS ALERT | IndusInd Bank promoters have applied to RBI for increasing holdings to 26%: CNBC TV18

2:42 PM

BROKERAGE RADAR | ICICI Securities on Aurobindo Pharma

Due to Sandoz deal deal being called off, we cut our EPS estimates by 11-12% for FY21E, FY22E. Broadly, besides losing out on one of the cheapest M&A bargains in the US generics space (~1x sales, ~5x EBITDA), the company will be losing the manufacturing base in US that could have been critical in the current scenario when some key facilities in India are facing cGMP issues. On the margins front, there will not be much difference as according to the management (going by the assertion in some earlier conference calls), the margin profile of this portfolio was more or less similar. There will be some solace on the balance sheet front though as debt level was expected to double post this deal, which will not happen now. Overall, as the anxiety has been put to rest, focus will now shift to the business front, especially the lingering cGMP issues. Regarding Covid-19, as of now there is no material impact on the business, according to the management. We maintain HOLD on the stock and arrive at a target price of Rs 435 (8x FY22E EPS of Rs 54.4).

2:36 PM

Nifty FMCG index trades over 1% higher in an otherwise weak market

2:34 PM

Index contributors at this hour

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Topics :CoronavirusMarketsMARKET WRAP

First Published: Apr 03 2020 | 7:31 AM IST

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