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Market drops on weak global stocks

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Key indices dropped sharply in early trade on weak global stocks. At 9:17 IST, the barometer index, the S&P BSE Sensex, was down 868.98 points or 2.75% at 30,779.02. The Nifty 50 index was down 234.30 points or 2.53% at 9,027.55.

The S&P BSE Mid-Cap index was down 2.19%. The S&P BSE Small-Cap index was down 1.16%.

The market breadth, indicating the overall health of the market, was weak. On the BSE, 337 shares rose and 812 shares fell. A total of 41 shares were unchanged.

Stocks in news:

Infosys lost 1.81%. Infosys said its consolidated net profit (after minority interest) fell 3.1% to Rs 4,321 crore on 0.8% rise in revenues to Rs 23,267 crore in Q4 March 2020 over Q3 December 2019. The result was announced after trading hours on Monday, 20 April 2020.

On a consolidated basis, operating profit fell 2.7% to 4,927 crore in Q4 March 2020 over Q3 December 2019. Operating margin stood at 21.2% in Q4 March 2020 lower than 21.9% in Q3 December 2019.

Tata Consultancy Services (TCS) dropped 2.24%. TCS and Amway, a global leader in direct selling, have entered into a strategic partnership to transform the latter's global technology operations. Amway was looking to transform its IT infrastructure and operations and its global service desk in order to improve agility, accelerate speed to market, and enhance customer experience.

Infibeam Avenues fell 0.14%. Infibeam Avenues signed a binding agreement for acquisition of 100% Shareholding of AI Fintech, Inc, a company formed and registered in USA to expand digital payments business in United States. Accordingly, AI Fintech, Inc will become a Wholly owned subsidiary of the company.

Excel Industries lost 2.33%. Excel Industries informed that the Government Authorities including Government of Maharashtra has permitted manufacturers of essential goods to commence its operations from 20 April 2020. Accordingly, the company's manufacturing operations have restarted, and will be ramped up gradually based on customer requirements, availability of raw materials, manpower and allied services, in compliance with social distancing and safety norms and all other Government directives.

HeidelbergCement India lost 4.66%. HeidelbergCement India said the company has resumed partial operations in some of its manufacturing units and is in the process of doing so for the other units. The company will gradually step up its operations depending upon the directions being issued by the government from time to time and the market demand.

Global Markets:

Overseas, Asian stocks were trading lower as Wall Street tumbled on Tuesday after U.S. crude futures turned negative for the first time in history, crushed by a collapse in oil demand as the coronavirus pandemic derails the global economy.

The May contract for West Texas Intermediate, which expires Tuesday, dropped more than 100% to settle at below zero at negative $37.63 per barrel, a bizarre move tied to weak demand outlook and storage capacity issues. In the morning of Asian trading hours on Tuesday, the price of the May WTI contract bounced into positive territory.

In US, stocks finished near session lows Monday as investors watched oil futures crash, overshadowing optimism about plans for a staggered easing of global lockdowns in the wake of the COVID-19 pandemic.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Tue, April 21 2020. 09:22 IST