The domestic equity market ended Monday's choppy session on a flat note as market participants chose to stay on the sidelines in the absence of any clear signs with respect to Coronavirus (Covid-19) cases in India. Moreover, a crash in crude oil prices and weak global markets also dented investor sentiment.
The S&P BSE Sensex ended 59 points or 0.19 per cent higher at 31,648 levels, with HDFC Bank (up around 4 per cent) being the top gainer, followed by Infosys (up 3.75 per cent) and Sun Pharma (up 3.6 per cent).
On the NSE, the benchmark index Nifty ended at 9,262, down 5 points or 0.05 per cent.
Sectorally, metal stocks cracked the most with the Nifty Metal index ending over 3 per cent lower at 1,758 levels. Out of 15 constituents, 13 ended in the red and just 2 in the green after Indian Steel Association (ISA) said Indian steel demand is expected to plunge to multi-year lows in 2020, hit by slowdowns in the construction, automotive and rail sectors as India fights the coronavirus with a protracted lockdown.
Auto, FMCG, and private bank stocks also slipped in the trade. Nifty Auto fell 1.7 per cent to 5,592 points while Nifty FMCG fell around 2 per cent to 28,634 levels. Nifty Private Bank index ended at 11,081.45, down over 1 per cent while Nifty Bank fell a per cent at 20,514.
In the broader market, the S&P BSE MidCap index ended at 11,799, down 0.21 per cent while the S&P BSE SmallCap gained 0.8 per cent to 10,887 levels.
Among individual stocks, IT major Infosys ended around 4 per cent higher at Rs 652.90 apiece on the BSE ahead of its March quarter results.
Shares of HDFC Bank rose 6 per cent to Rs 961 on the BSE during the day after the bank’s net interest income (NII) grew 16.2 per cent year-on-year (YoY) at Rs 15,204 crore in the January-March quarter (Q4FY20), exceeding Street expectations. The stock ended at Rs 946m up nearly 4 per cent. READ MORE
Global markets
Caution recaptured world markets on Monday as another drubbing for US crude oil futures kicked off a week of data and earnings that will drive home the damage being inflicted by global coronavirus lockdowns.
European stocks made a choppy start, with the pan-regional swinging in and out of positive territory in early trading. London's FTSE and Germany's DAX were up 0.2 per cent.
In commodity markets, oil prices fell, depressed by concerns US storage facilities will soon be full as the novel coronavirus pandemic destroys demand and as companies prepare to report their worst quarterly earnings since the 2008 financial crisis.
Brent was down 73 cents, or 2.6 per cent, to $27.35 a barrel at the time of writing of this report. The front-month May WTI contract fell $3.53, or 19.3 per cent, to $14.74 a barrel.
TO READ THE FULL STORY, SUBSCRIBE NOW NOW AT JUST Rs
Key stories on business-standard.com are available to premium subscribers only.
Already a premium subscriber? LOGIN NOW
MONTHLY STAR
Business Standard Digital
MONTHLY STAR
Business Standard Digital
What you get?
ON BUSINESS STANDARD DIGITAL
- Unlimited access to all the content on any device through browser or app.
- Exclusive content, features, opinions and comment – hand-picked by our editors, just for you.
- Pick 5 of your favourite companies. Get a daily email with all the news updates on them.
- Track the industry of your choice with a daily newsletter specific to that industry.
- Stay on top of your investments. Track stock prices in your portfolio.
- 18 years of archival data.
NOTE :
- The product is a monthly auto renewal product.
- Cancellation Policy: You can cancel any time in the future without assigning any reasons, but 48 hours prior to your card being charged for renewal. We do not offer any refunds.
- To cancel, communicate from your registered email id and send the email with the cancellation request to assist@bsmail.in. Include your contact number for speedy action. Requests mailed to any other ID will not be acknowledged or actioned upon.
SMART ANNUAL
Business Standard Digital
SMART ANNUAL
Business Standard Digital
What you get
ON BUSINESS STANDARD DIGITAL
- Unlimited access to all content on any device through browser or app.
- Exclusive content, features, opinions and comment - hand-picked by our editors, just for you.
- Pick 5 of your favourite companies. Get a daily email with all the news updates on them.
- Track the industry of your choice with a daily newsletter specific to that industry.
- Stay on top of your investments. Track stock prices in your portfolio.
NOTE :
- This product is a monthly auto renewal product.
- Cancellation Policy: You can cancel any time in the future without assigning any reasons, but 48 hours prior to your card being charged for renewal. We do not offer any refunds.
- To cancel, communicate from your registered email id and send the mail with the request to assist@bsmail.in. Include your contact number for easy reference. Requests mailed to any other ID will not be acknowledged or actioned upon.
Dear Reader,
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.
Digital Editor
RECOMMENDED FOR YOU