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Economic Times | 04 Mar, 2020 | 03.22PM IST
Markets Live: Sensex plunges 700 points; bank stocks, RIL top index drags
Barring pharma, all sectoral indices on NSE in the red.
!1 New UpdateClick here for latest updates
Top 10 NSE gainers in afternoon session
Price as on 04 Mar, 2020 03:22 PM, Click on company names for their live prices.
Sandip Sabharwal on market fall
While most Asian Markets stabilized or rallied today, Indian Markets see a sharp sell off driven by the belief that… https://t.co/80fM85g5OJ
— sandip sabharwal (@sandipsabharwal) 1583309613000Barring pharma, all indices on NSE in the red
Price as on 04 Mar, 2020 02:02 PM, Click on company names for their live prices.
S&P BSE AUTO index down 2.5%; Tata Motors worst hit, plunges over 6%
Price as on 04 Mar, 2020 01:59 PM, Click on company names for their live prices.
S&P BSE MidCap Select Index down nearly 3%
Shriram Transport Finance, Indian Hotels down top losers; down over 7%
Aviation stocks tumble
Price as on 04 Mar, 2020 01:51 PM, Click on company names for their live prices.
BSE Realty top index loser, down 3.5%
All banking stocks in the red
Price as on 04 Mar, 2020 01:46 PM, Click on company names for their live prices.
BREAKING: Sensex plunges 700 points
Sensex drops over 700 points; Tata Steel down over 5%, SBI, IndusInd Bank cracks nearly 4%
HDFC Bank, ICICI Bank, RIL among top Sensex drags
Midcap shares slump; Jindal Steel dives 5%
Midcap companies were trading with losses in Wednesday's afternoon session.
Shares of Jindal Steel & Power (down 5.01 per cent), Steel Authority of India (down 4.31 per cent), Adani Power (down 3.07 per cent), GMR Infrastructure (down 2.97 per cent) and LIC Housing Finance (down 2.79 per cent) were among the top losers.
SBI Card IPO subscribed 3.32 times in an otherwise weak market
Antony Waste IPO subscribed 5% on Day 1 so far
The Rs 206 crore IPO by Antony Waste Handling Cell was subscribed 5 per cent in the first two hours of the bidding process on Wednesday. The issue by the solid waste management company saw bids for 2,32,350 shares compared with the issue size of 48,20,508 shares.
These guys are going to drive interest rates to unbelievably low levels. This is not good for the world. But it is good for the markets for a while.
- Jim Rogers, chairman of Rogers Holdings
RBI has room to cut rates: Sanjeev Sanyal
India's central bank has room to cut rates as inflation is set to decline in coming months, the government's principal economic adviser, Sanjeev Sanyal, said on TV channel ET Now. Sanyal said in the interview that inflation is likely to fall by at least 100 basis points and that easing interest rates is one of the tools available to shield the Indian economy from the impact of the coronavirus.
Fed cuts support our 50 bps RBI rate cut call: BofA Securities
· Tuesday's Fed cut supports our call of 50 bps RBI rate cut in 2020. As inflation subsides, it should cut in Jun/Aug and Oct/Dec
· We see 50 bps risk to 1H20 growth if the COVID infection worsens. As it is, we see FY20 growth at 4.9% and FY21 at 5.6%.
· We expect the RBI to inject US$45+bn of durable liquidity in FY21, atop US$64.4bn FYTD, to pull down lending rates.
· We see 50 bps risk to 1H20 growth if the COVID infection worsens. As it is, we see FY20 growth at 4.9% and FY21 at 5.6%.
· We expect the RBI to inject US$45+bn of durable liquidity in FY21, atop US$64.4bn FYTD, to pull down lending rates.
India's services sector growth hits seven-year high in Feb: PMI
SC allows trade in cryptocurrency, quashes RBI curb
The Supreme Court on Wednesday struck down the curb on cryptocurrency trade in India, ETNow reported quoting agencies. “SC rules curb on crypto currency trade illegal,” the report said while adding that the order lifted ban on trading in virtual currency, cryptocurrency and bitcoins.
SBI Card IPO sails through, subscribed 1.7 times in an otherwise weak market
The mega IPO by SBI Cards and Payment Services (SBI) got fully subscribed on Day 3 of the bidding process. The issue has been subscribed 1.69 times so far despite a weak environment in the secondary market.
By 10.30 am, the issue received bids for 16,98,97,392 shares compared with the issue size of 10,02,79,411 shares. The issue will close for QIBs today and for retail investors and HNIs on Thursday.
Gold may edge higher further as investors sought safety in gold amid concerns over the global economic slowdown. As coronavirus is now spreading faster outside China and US Fed’s emergency rate cut roiled financial markets, the demand for safe assets like gold will increase.
- Hareesh V, Head of Commodity, at Geojit financial services
Invest 5-10% of portfolio in sovereign gold bonds to guard against volatility
Investors looking for safety amid the wild swings in stock market triggered by the spreading coronavirus could opt for sovereign gold bonds (SGB). The 10th Series of the SGB, which will close on March 6, will allow investors to bet on gold without buying it physically. International gold prices are near their yearly highs as the precious metal is seen as a less risky option in uncertain times like now.
10-year bond yields fall to 4 year low
The benchmark 10-year bond yield fell to its lowest level since December 2016 as investors sought secure assets amid fears the coronavirus will cause a recession. The yield on the government's 10-year bond fell 9 basis points to nearly 6.25 per cent against previous close of 6.34 per cent.
Aviation stocks fall amid coronavirus scare
Shares of airline companies tumbled as traders expected coronavirus fears would make people travel less which in turn will hit their top line. Spice Jet was down 6.72 per cent at Rs 69.35 while Interglobe Aviation fell 4.41 per cent to Rs 1,175.
YES Bank, NCC, SBI among most active stocks on NSE
Price as on 04 Mar, 2020 09:35 AM, Click on company names for their live prices.
OPENING BELL | Sensex gains 60 points, Nifty stays above 11,300; RCom jumps 4%, Vedanta drops 3%
Pre-open session: Sensex rises 150 points, Nifty above 11,400; rupee trades at 73.07 against US dollar
Singapore trading sets stage for tepid start
Nifty futures on the Singapore Exchange traded 5 points, or 0.04 per cent, lower at 11,265, indicating a flat start for Dalal Street.
Tech view: Nifty forms Bullish Harami candle
Nifty on Tuesday staged a strong rebound, snapping a seven-day losing spree. The index, which was in the oversold territory on Monday, formed a Bullish Harami pattern on the daily charts. The formation of a Bullish Harami candle suggests a possible pause in the corrective wave, said Aditya Agarwala of YES Securities
Asian stocks wobble post Fed's surprise rate cut
Asian shares wobbled on Wednesday and bonds held gains, as an emergency rate cut from the U.S. Federal Reserve did little to soothe investor fears over the coronavirus's widening fallout.In Asia, MSCI's broadest index of Asia-Pacific shares outside Japan edged 0.2 per cent higher, after easing hopes drove gains on Tuesday. Australia's S&P/ASX 200 index fell 1.2 per cent and Japan's Nikkei was either side of flat in choppy trade. E-mini futures for the S&P500 index were volatile and last traded 0.8 per cent firmer.
China services PMI plunges to 26.5 in Feb
China’s services sector had its worst month on record in February as new orders plummeted to their lowest level since the global financial crisis, a business survey showed on Wednesday, with economists urging swift support to avoid mass bankruptcies. The Caixin/Markit services purchasing managers’ index (PMI) almost halved last month to just 26.5 from 51.8 in January.
US indices tumble 3% overnight
The Dow Jones Industrial Average index ended at 25,917.41, down 2.9 per cent, a loss of nearly 800 points. The broad-based S&P500 sank 2.8 per cent to finish the day at 3,003.37, while the tech-rich Nasdaq Composite index slid 3.0 per cent to 8,684.09.
Antony Waste IPO to kick off today
Antony Waste Handling Cell, which will launch its IPO on Wednesday, has garnered Rs 60.94 crore from 3 anchor investors. The company aims to raise up to Rs 206 crore through the public offer, which will close on March 6. The company has fixed a price band of Rs 295-300 per equity share.
BoJ Governor to address Japan parliament
Bank of Japan Governor Haruhiko Kuroda is scheduled to appear in parliament at 5.24 GMT on Wednesday, two sources said. Kuroda will be speaking a day after the Federal Reserve cut interest rates to shield the U.S. economy from the impact of the coronavirus.
SBI IPO Card subscribed 88% on Day 2
The IPO by SBI Cards and Payment Services (SBI) was subscribed 87.55 per cent on Day 2 of the bidding process so far. The issue received bids for 8,75,37,978 shares compared with the issue size of 10,02,79,411 shares. The quota reserved for Qualified Institutional Buyers was subscribed 21 per cent while that for non-institutional investors by 47 per cent. Retail segment was oversubscribed at 121 per cent and employee at 184 per cent.
FIIs sell Rs 2,416 crore worth of stocks
Net-net, foreign portfolio investors (FPIs) were sellers of domestic stocks to the tune of Rs 2,416 crore on Tuesday, data available with NSE suggested. DIIs were net buyers to the tune of Rs 3,135 crore, data suggests.
Sensex on Tuesday
Snapping its seven-day falling streak, BSE Sensex rallied 480 points on Tuesday in line with gains in global stocks after central banks assured of policy measures to mitigate the economic impact of coronavirus outbreak. After a highly volatile session, the 30-share benchmark index surged 479.68 points or 1.26 per cent to end at 38,623.70 with 28 of its constituents ending in green.
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