Indices fall on weak US stocks

Indices opened on a weak note following overnight fall in US stocks. At 9:21 IST, the barometer index, the S&P BSE Sensex, was down 310.70 points or 1.05% at 29,157.79. The Nifty 50 index was down 98.75 points or 1.15% at 8,499.00.

The S&P BSE Mid-Cap index was down 0.23%. The S&P BSE Small-Cap index was up 0.08%.

The market breadth, indicating the overall health of the market, was positive. On the BSE, 323 shares rose and 245 shares fell. A total of 38 shares were unchanged.

Stocks in news:

Hero MotoCorp fell 0.50%. Hero MotoCorp informed that members of the promoter and promoter group bought 2.76 lakh shares (0.14% of capital) of the company. With the purchase of these shares, the promoter and promoter group shareholding in the company increased from 34.63% to 34.77%.

Hindustan Aeronautics jumped 4.85%. Hindustan Aeronautics recorded a turnover of over Rs 21,100 crore (provisional and unaudited) for the financial year ended March 2020 (against Rs 19,705 crore yoy). The encouraging performance of the company in 2019-20 was achieved despite difficulties in cash flows, interruptions in operations due to workmen agitation and the interruption arising in the month of March 2020 due to COVID 19 lockdown which has affected the final tests and certification of certain additional aircraft that were under final stages of production.

GE Power India rose 1.82%. GE Power India has been awarded a contract by NTPC for its Feroze Gandhi Unchahar Thermal Power Project Stage-I, II & III, 5x210 MW to supply and install Wet FGD systems for a value of Rs 690 crore with common absorber (combination of multiple boiler units). This is the first time that GE in India has been awarded a project to install common absorber for a combination of multiple boiler units.

BHEL shed 1.44%. BHEL said all manufacturing units and divisions / offices of the company shall remain closed for a period of 21 days with effect from 25 March 2020. During this period, the company shall run only essential services in all of its manufacturing units, divisions and offices. Other employees shall work from home.

Escorts was down 3.44%. Escorts said that all offices and plants across the company shall be shut till 14 April 2020 due to the nationwide lockdown announced by the Government.

TVS Motor Company fell 1.21%. TVS Motor Company said that its Indonesian subsidiary, PT TVS Motor Company, has decided to suspend the production activities temporarily at its manufacturing plant in Karawang, effective 1 April 2020 till 12 April 2020 to prevent exposure of its employees to covid-19.

Global Markets:

Overseas, Asian markets were trading mixed on Wednesday following the negative cues overnight from Wall Street amid lingering concerns about the economic impact of the coronavirus pandemic.

In US, stocks ended lower on Tuesday as concerns remain over the spread of COVID-19 in the US and Europe in particular, with economic activity under lockdown amid a rising tally of infections and a mounting death toll.

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