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MARKET WRAP: Sensex ends 173 pts lower after choppy session; banks slip

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Markets | MARKET WRAP

SI Reporter  | New Delhi 

EVENT HIGHLIGHTS

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
Equity market ended Wednesday's volatile session in the negative territory as coronavirus (Covid-19) cases continued to rise in India and the government gave the hint that the nationwide lockdown may get extended. Weak global cues, too, dented the sentiment. 

The S&P BSE Sensex shed 173 points or 0.58 per cent to 29,894 levels with TCS (down around 4 per cent) being the biggest loser, followed by Titan, ICICI Bank, and SBI. Drug major Sun Pharma (up nearly 5 per cent), on the other hand, was the top gainer on the index. 

On the NSE, benchmark index Nifty ended at 8,749, down 43 points or 0.49 per cent. 

Broader market, however, outperformed the benchmark indices. The  S&P BSE MidCap gained around 2 per cent to 10,976 levels and the S&P BSE SmallCap index rallied 1.86 per cent to 9,980. 

On the sectoral indices, Nifty Realty index slipped the most - over 1 per cent to 180.50 levels. Nifty Metal and Nifty IT indices were next on the list. Nifty Bank shed 0.6 per cent to 18,946.45-mark. 

In the forex market, rupee ended at a record low of 76.34 against the US dollar. 

Buzzing stocks

Shares of Cadila Healthcare (Zydus Cadila) surged 17 per cent to Rs 367 on the BSE in the intra-day trade. The company today said that it has initiated an accelerated research programme with multiple teams in India and Europe developing a vaccine for the novel coronavirus, 2019-nCoV (COVID-19) based on two approaches. The stock ended at Rs 350, up 12 per cent. READ MORE 

Shares of Balrampur Chini Mills (BCML) were locked at the 5 per cent upper circuit for the nine straight day, at Rs 126.40, on the NSE after the credit rating agency Icra re-affirmed the credit ratings for both long-term and short-term. The outlook on the long term rating remained stable. READ MORE

Among auto stocks, Ashok Leyland jumped 10 per cent to Rs 43.80 apiece on the BSE while Maruti gained over 3 per cent to Rs 4,697 even as the company informed that it had lowered production by 32.05 per cent in March. READ MORE

Global Markets

World stocks turned negative on Wednesday as the coronavirus death toll mounted and euro zone finance minister failed to agree a rescue package to help economies recover from the impact of the outbreak. The pan-European STOXX 600 index dipped 0.7per cent. London’s FTSE 100 fell 0.9 per cent, as the country’s coronavirus death toll crossed 6,100. Germany’s DAX shed 0.8 per cent after rallying more than 8 per cent in the past two days, as the number of confirmed cases rose for a second straight day.

Japanese shares were boosted by Prime Minister Shinzo Abe’s ending market uncertainty by declaring an emergency, helping the Nikkei share average close 2.13 per cent higher.

E-Mini futures for the S&P 500 rose 0.5 per cent.

In commodity markets, oil steadied near $32 a barrel, supported by hopes that a meeting between OPEC members and allied producers on Thursday will trigger output cuts to shore up prices that have collapsed due to the coronavirus pandemic.

(With inputs from Reuters)

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