- Investment pipeline in economy chokes as key indicators show deterioration
- India growth crucial for Torrent Pharma's health amid steep fall in volume
- Listed MNCs remain immune to coronavirus outbreak as m-cap rises to 15%
- Railway deal, coronavirus' disruption of global trade to weigh on Concor
- Coronavirus impact: Retail investors see Rs 3 trillion hit on investments
- Secondary share sales continue to dominate IPOs with 80% of proceeds
- Trading hour to circuit breakers: Markets globally take steps amid Covid-19
- Oil prices skids after Saudi-Russia talks, stocks jump on Covid-19 slowdown
- Brokerages prefer realty firms with annuity assets amid stable cash flows
- Coronavirus outbreak: Cash-rich companies find favour in testing times
MARKETS: Sensex pares gains, ends just 62 pts higher; YES Bank surges 36%
All that happened in markets today
Equity markets continued to remain under pressure on Wednesday; however, buying in index heavyweights such as Reliance Industries (RIL), ICICI Bank, HDFC Bank, and HUL provided some cushion.
The S&P BSE Sensex ended at 35,697, up 62 points while NSE's Nifty ended just 7 points higher at 10,458 levels. On the Sensex pack, Hero MotoCorp ended as the top gainer (up 4 per cent) while Tata Steel emerged as the biggest loser (down over 7 per cent). Of 30 stocks, 13 ended in the green and rest 17 in the red.
Among individual stocks, YES Bank ended over 35.5 per cent higher at Rs 28.8 apiece on the BSE. During the day it surged over 39 per cent. The stock has surged a mammoth 424 per cent from Friday’s low of Rs 5.65, after the government-owned State Bank of India (SBI) said it will pick a 49 per cent stake in the troubled private lender as part of a revival scheme framed by the Reserve Bank of India (RBI). READ MORE
Reliance Industries (RIL) surged around 6 per cent to Rs 1,178.40 apiece on the BSE after global brokerage firm Macquarie upgraded the stock to 'Neutral'. The stock eventually ended at Rs 1,153 apiece, up 3.6 per cent. READ MORE
Market breadth remained in favour of sellers as out of 2,643 companies traded on the BSE, 1,427 declined and 1,050 advanced while 166 remained unchanged. As many as 560 securities hit 52-week low today and 21 stocks hit their 52-week high on the BSE.
In the broader market, the S&P BSE MidCap index ended at 13,433, down 0.9 per cent while the S&P BSE SmallCap index ended over 0.36 per cent lower at 12,725 levels.
Among sectoral indices on the NSE, PSU banks, realty, metal and auto stocks witnessed declines while media stocks rallied. Nifty Media advanced over 1.7 per cent to 1,450 levels. On the other hand, Nifty PSU Bank index slipped around 4 per cent to 1,623 levels.
Asian shares and Wall Street futures fell on Wednesday, as growing scepticism about Washington’s stimulus package to fight the coronavirus outbreak knocked the steam out of an earlier rally. Gains faded away in Asia, with US stock futures falling 3 per cent and MSCI’s broadest index of Asia-Pacific shares outside Japan down 1.3 per cent. Australian shares were down 3.6 per cent, while Japan’s Nikkei stock index slid 2.27 per cent.
In Europe, shares rose for the first time in five sessions, as Britain became the latest country to cut interest rates in a bid to contain the economic damage from the coronavirus epidemic.
In commodities, oil prices fell, giving up earlier gains, after Saudi Aramco said it had been directed by the energy ministry to raise its production capacity by a million barrels per day.
(With inputs from Reuters)