Rate cut fails to hold up markets; Sensex dips 1,310 pts from day's high
All that happened in the markets today
 "Markets")
In the broader market, the S&P BSE MidCap index ended at 10,538, up 0.29 per cent.
Equity market ended Friday's highly volatile session on a subdued note even as the Reserve Bank of India (RBI), in an emergency move, slashed the repo rate by a huge 75 basis points (bps) to arrest the potential downturn in the economy due to coronavirus (Covid-19) pandemic. In addition, the RBI imposed a moratorium on principal and interest payments for three months and told banks and non-banking finance companies that that non-payment won’t be considered as non-performing assets (NPA). READ MORE
The S&P BSE Sensex closed at 29,816, down 131 points or 0.44 per cent, with Axis Bank (up 5 per cent) being the top gainer and Bajaj Finance (down 9 per cent) the worst performer. Besides Bajaj Finance, stocks that contributed the most to the Sensex's fall were Bharti Airtel (down 6 per cent), HUL (down 3 per cent), and HDFC Bank (down 1 per cent).
NSE's frontline index Nifty50 ended at 8,660, up 19 points or 0.22 per cent.
On a weekly basis, Sensex slipped 0.33 per cent while Nifty fell 0.97 per cent.
On the sectoral front, auto stocks slipped the most, thus snapping their three-day gaining streak. The Nifty Auto index ended around 2.5 per cent lower at 4,939 levels. On the other hand, private banks gained the most with the Nifty Private Bank index ending 1.72 per cent higher at 10,738 levels.
Volatility index India VIX eased 0.77 per cent to 70.97 levels.
In the broader market, the S&P BSE MidCap index ended at 10,538, up 0.29 per cent while the S&P BSE SmallCap index ended 0.28 per cent higher at 9,497 levels.
On a weekly basis, Sensex slipped 0.33 per cent while Nifty fell 0.97 per cent.
On the sectoral front, auto stocks slipped the most, thus snapping their three-day gaining streak. The Nifty Auto index ended around 2.5 per cent lower at 4,939 levels. On the other hand, private banks gained the most with the Nifty Private Bank index ending 1.72 per cent higher at 10,738 levels.
Volatility index India VIX eased 0.77 per cent to 70.97 levels.
In the broader market, the S&P BSE MidCap index ended at 10,538, up 0.29 per cent while the S&P BSE SmallCap index ended 0.28 per cent higher at 9,497 levels.
Global Markets
European shares tumbled in early trading on Friday after a stunning three-day rally sparked by hopes of more aggressive stimulus to shore up the global economy ravaged by the rapid spread of the coronavirus pandemic. Asian stocks, on the other hand, rose as investors wagered policymakers will roll out more stimulus measures to combat the coronavirus pandemic after US unemployment filings surged to a record.
MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.3 per cent, while Japan’s Nikkei rose 3.88 per cent, capping its biggest weekly gain on record. Australian shares gave up gains to fall 5.3 per cent after a strong week.
E-Mini futures for the S&P 500 reversed course and fell 0.88 per cent following three consecutive days of gains in the S&P 500 on Wall Street.
In commodities, oil prices were mixed as governments took unprecedented steps to limit the economic fallout from the coronavirus pandemic. Gold edged lower as investors booked profits, but was set for its best week since December 2008.
(With inputs from Reuters)
4:17 PM
MARKET COMMENT | Vinod Nair, Head of Research at Geojit Financial Services
Indices ended almost flat following the RBI measures to lessen the burden on borrowers and to increase liquidity in the system. The markets were up in the last 2 sessions on the expectations of these announcements from the Government and RBI. Now, since the 2 expected events are out of the way, focus comes back on the spread of the virus and its damage on the already reeling economy.
4:04 PM
SECTOR WATCH | Sectoral gainers and losers on the NSE
4:03 PM
MARKET AT CLOSE | Top losers and gainers on the S&P BSE Sensex
3:42 PM
CLOSING BELL
The S&P BSE Sensex slipped 131 points or 0.44 per cent to end at 29,816 while NSE's Nifty50 ended at 8,660, up 19 points or 0.22 per cent
3:27 PM
EXPERT COMMENT | Naveen Kulkarni, Chief Investment Officer, Axis Securities
Expectations from RBI were riding very high on rate cut, moratorium and liquidity measures. RBI has delivered on every count. This will provide significant support to the market and economy. The small finance banks will see significant liquidity free, which is critical to tide through the current challenges. While the measures were much needed but the markets will move now on how the Covid curve behaves in India. Longer shut downs will be detrimental to economy and the markets. Earlier recovery from lock down will mean a V-shaped market recovery
3:22 PM
MARKET CHECK
3:13 PM
Gold eases on profit-taking, but set for best week since Dec 2008: Reuters
Gold fell on Friday as investors booked profits, but was set for its best week since December 2008 as record high U.S. jobless claims due to the coronavirus fuelled hopes for more stimulus to stem the economic damage caused by the pandemic.
3:01 PM
Dr Reddy's board approves borrowing of Rs 2,000 cr through multiple routes
For the purpose, the company is allowed to pursue any of the multiple modes available such as issuance of commercial paper, debentures, bonds and/ or through bank credit lines, term loans including external commercial borrowings that it may deem fit, according to a stock exchange filing. READ MORE
2:57 PM
Click here for the full list
Top losers on BSE today
| COMPANY | LATEST | PREV CLOSE | LOSS(%) |
|---|---|---|---|
| MAH. SEAMLESS | 208.65 | 245.40 | -14.98 |
| CRISIL | 1260.10 | 1401.65 | -10.10 |
| JSW ENERGY | 41.70 | 46.00 | -9.35 |
| JAMNA AUTO INDS. | 24.60 | 27.10 | -9.23 |
| ADANI POWER | 27.50 | 30.10 | -8.64 |
2:51 PM
Coronavirus: ITC's Sanjiv Puri lines up Rs 150 crore contingency fund
According to the company’s chairman and managing director, Sanjiv Puri, this fund will be utilised primarily to provide relief to the vulnerable and most needy sections of society who are impacted by the pandemic and are facing significant disruption in their livelihoods. READ MORE
Topics : Markets SGX Nifty MARKET WRAP
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First Published: Mar 27 2020 | 7:33 AM IST