Local indices opened deeply in the red and fell further. Nifty tanked below 10,000 level and Sensex dived below 34,000 mark. At 9:21 IST, the barometer index, the S&P BSE Sensex, was down 1703.67 points or 4.77% at 33,993.73. The Nifty 50 index was down 519.75 points or 4.97% at 9,938.65.
The S&P BSE Mid-Cap index was down 3.20%. The S&P BSE Small-Cap index was down 2.53%.
The market breadth, indicating the overall health of the market, was weak. On the BSE, 76 shares rose and 489 shares fell. A total of 24 shares were unchanged.
Industrial production and manufacturing production data for January along with Inflation rate for February will be announced today, 12 March 2020.
Stocks in news:
Mahindra & Mahindra dived 5.36%. Mahindra & Mahindra signed a share purchase agreement for purchase of additional 34,249 Equity Shares of M.I.T.R.A. Agro Equipments (Mitra), an Associate of the company, from its existing shareholders. The company currently holds 26% (on a fully diluted basis) of the equity share capital of Mitra, and post completion of the above transaction, the Company will hold approximately 39% of the equity share capital of Mitra on a fully diluted basis.
KPIT Technologies slumped 3.84%. KPIT Technologies said the company has entered into an agreement with Vayavya Labs and its shareholders for acquiring majority stake in the company. As per the filing, the company plans to buy 78.47% stake in Vayavya Labs for Rs 24.56 crore.
Piramal Enterprises crashed 9.12%. Piramal Enterprises said that of the 5,000 Secured, Rated, Listed, Redeemable, Non-Convertible Debentures having face value of Rs 10,00,000 each, issued by the Company on 21 December, 2018 and listed on Wholesale Debt Market Segment of NSE, the company repurchased 1,500 Debentures. The said repurchased debentures are being extinguished and upon such extinguishment, an aggregate 3,500 Debentures shall remain outstanding.
Biocon slumped 3.24%. Biocon said the company has won a US court ruling that invalidated a Sanofi patent on the insulin Glargine, removing a key legal hurdle for commercialization of the product Semglee co-developed with Mylan, in the US.
Canara Bank tanked 10.12%. Canara Bank has allotted Basel-III compliant tier-II bonds worth Rs 3,000 crore.
Global Markets:
Overseas, Asian stocks were trading lower on Thursday after US President Donald Trump said the United States will suspend all travel from Europe as he unveiled measures to contain the coronavirus epidemic that has extracted a heavy human and economic toll worldwide.
Traders also took their lead from a global rout as the World Health Organization declared the spread of the new virus was officially a pandemic.
In US, stocks slumped on Wednesday, with the Dow ending in bear-market territory for the first time in more than a decade, after the World Health Organization designated the global spread of COVID-19 a pandemic, unnerving investors already disappointed with the lack of an economic policy response from the Trump administration.
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