Sensex, Nifty Updates: Benchmarks Sensex and Nifty traded on a bearish note on Friday, tracking losses in overseas equities, amid heavy selling pressure in banking and financial stocks. BSE 30-share barometer Sensex fell 512 points lower at 31,350 and NSE 50-share index Nifty dropped 150 points to 9,165. Indian markets, in sync with global benchmarks, traded in red as sentiments were weak on growing evidence of large-scale economic downturn from the coronavirus pandemic. Traders said overseas markets were under pressure today after the first full trial of potential Corona virus vaccine of antiviral medication Remdesivir failed to show any effects. In the meanwhile, Fitch Ratings has made large cuts to global GDP forecasts and slashed India's economic growth projection to 0.8% in the current 2020-21 fiscal.
Bajaj Finance, ICICI Bank, IndusInd Bank, Axis Bank, HDFC twins, SBI, Infosys and TCS were among the top laggards in the Sensex pack. On the contrary, Hero MotoCorp, Sun Pharma, L&T, ONGC and HCL Tech were among the top performers on BSE today. Sector-wise, Financial index was falling 3.2%, followed by 2.8% fall in banking sectors, and over 2% fall in IT, media and realty indices. On the contrary, Pharma was rising 1%, followed by marginal gains in metal and energy sectors.
Globally, there are currently 27.25 lakh confirmed cases and 1.91 lakh deaths from the coronavirus COVID-19 outbreak. Total number of coronavirus cases rises to 23,077 in India, including 718 deaths and 4,748 recoveries.
Here's a look at the updates of the market action on BSE and NSE today:
12.30 PM: Shilpa Medicare share price rises 2%
Shilpa Medicare share price rose over 2% in early trade today afetr teh company said it has launched first branded generic anticancer drug - Dasatinib with all dosage strength under brand name 'Dasashil'.
12.15PM: Granules India share price climbs over 5%
Granules India share price rose 5.70% higher to Rs 169.8 on BSE today after the firm announced approval for rospium Chloride ER Capsules, 60 mg. Granules India share price is trading higher than 5, 20, 50, 100 and 200-day moving averages
12.00 PM: Alembic Pharmaceuticals share price climbs 15% post Q4 earnings
Alembic Pharmaceuticals share price touched an intraday high of Rs 807.6, rising 15.61% on BSE after the drug firm Alembic Pharmaceuticals reported a 81% rise in its consolidated profit of Rs 298 cr in Q4 FY20 as against Rs 139 cr in Q4 FY19. Company's revenue during the quarter under review rose 30% YoY to Rs 1,207 crore as compared to Rs 927 crore in the same quarter last year.
11.50 AM: Schaeffler India share price rises over 3%
Schaeffler India share price touched an intraday high of Rs 3500, rising 3.14% on BSE today. The company announced that it has resumed operations at its Savli plant.
11.40 AM: FII/ DII action on Thursday
FIIs were net sellers in the capital market, as they offloaded equity shares worth Rs 114.58 cr, while DIIs bought Rs 338.27 cr on Thursday.
11.30 AM: Most sectors in red
Sector-wise, Financial index was falling 3.2%, followed by 2.8% fall in banking sectors, and over 2% fall in IT, media and realty indices. On the contrary, Pharma was rising 1%, followed by marginal gains in metal and energy sectors.
11. 20 AM: Market Update
Benchmarks Sensex and Nifty traded on a bearish note on Friday, tracking losses in overseas equities, amid heavy selling pressure in banking and IT stocks. BSE 30-share barometer Sensex fell 512 points lower at 31,350 and NSE 50-share index Nifty dropped 150 points to 9,165. Traders said overseas markets were under pressure today after the first full trial of potential Corona virus vaccine of antiviral medication Remdesivir failed to show any effects.
11.10 AM: Fitch Ratings cuts India GDp forecast to 0.8%
Fitch Ratings has made large cuts to global GDP forecasts and slashed India's economic growth projection to 0.8% in the current 2020-21 fiscal. Fitch said this was on back of an unparalleled coronavirus-led global recession, on back of complete lockdowns of borders as well as trade. The rating firm also noted that this be twice as severe as the 2009 recession.
11.00 AM: Britannia stock price rises over 3% post dividend declaration
Britannia Industries share price was among the top gainers on Nifty today after the firm announced interim dividend of Rs 35 per share for the financial year 2019-20, ahead of its March quarter earnings announcement.
Shares of Britannia rose up to 3.23% to the intraday high of Rs 3,043 compared to the previous close of Rs 2,948 on BSE.
Britannia stock is trading higher than its 5, 20, 50, 100 and 200-day moving averages. While Sensex fell 495 points to 31,367, Nifty dropped 150 points to 9,165.
Britannia Industries stock has lost 1.04% since the beginning of this year and risen 0.66% during the last one year. The stock has gained 26.81% during the last one month.
Why Britannia Industries share price is rising in a falling market
10.50 AM: Rupee opens lower
Amid weakness in domestic equity markets, Indian rupee, the local currency unit opene weak at 76.29 per dollar, falling 22 paise lower as agaisnt the previous closing of 76.07 per US dollar.
Rupee vs Dollar: Rupee falls 25 paise to 76.31 amid strengthening of US Currency
10.40 AM: Top losers and gainers
Bajaj Finance, ICICI Bank, IndusInd Bank, Axis Bank, HDFC twins, SBI, Infosys and TCS were among the top laggards in the Sensex pack. On the contrary, Hero MotoCorp, Sun Pharma, L&T, ONGC and HCL Tech were among the top performers on BSE today.
10.35 AM: Brent Crude
Brent crude futures, the global oil benchmark was trading 5.9% higher at USD 22.59 per barrel.
10.30 AM: Mahindra CIE share price drops almost 5% post Q4 earnings
Share price of Auto components maker Mahindra CIE fell nearly 5% to the intraday loss of Rs 776.65 on BSE after the company reported 86.47% decline in its consolidated profit after tax of Rs 20.79 crore in the first quarter ended March 31, 2020 as against Rs 153.72 crore in the corresponding quarter of previous fiscal.
10.20 AM: NHPC share price climbs 2%
Share price of NHPC climbed 2% to the intraday high of Rs 21.20 on BSE after the state-run hydro power firm announced tit has raised Rs 750 crore through issuance of bonds on private placement basis.
10.10 AM: SBI Cards share price climbs 6%
SBI Cards and Payment Services yesterday reported outstanding borrowings worth Rs 17,362.86 crore at the end of March, 2020. Following the update, shares of SBI Cards touched an intraday high of Rs 595.95, rising 6.46% on BSE.
10.00 AM: Mindtree top gainer on Nifty
Mindtree shares touched an intraday high of Rs 782.6, rising 2.31% on BSE, as the company is scheduled to publish its March quarterly results today
9.45AM: SEBI relaxes cap raising norms
The Securities and Exchange Board of India (SEBI) on Thursday temporarily relaxed a restriction which barred companies from raising further capital from the securities market for a period of one year from the buyback period expiry amid coronavirus crisis.
The SEBI has now revised the period to six months and the relaxation will be applicable up to December 31, 2020.
Coronavirus impact: SEBI reduces restriction period to raise funds after buyback to 6 months
9.35 AM: Bharti Infratel rises 4% post Q4 results, top gainer on Nifty
Bharti Infratel share price rose in ear;y trade on Friday after the company reported a 32% yoy jump in its consolidated net profit at Rs 3,299 crore for the financial year ended March 31, 2020 as against Rs 2,494 crore in the financial year 2018-19.
Bharti Infratel's consolidated revenue was marginally up at Rs 14,647 crore in FY20 as compared to Rs 14,582 in FY19.
Shares of Bharti Infratel rose 4% intraday to the day's high of Rs 172.80 as against the closing value of Rs 166.15 on BSE.
9.25 AM: Coronavirus toll
Globally, there are currently 27.25 lakh confirmed cases and 1.91 lakh deaths from the coronavirus COVID-19 outbreak. Total number of coronavirus cases rises to 23,077 in India, including 718 deaths and 4,748 recoveries.
India recorded its sharpest spike in cases with 1,684 cases and 37 deaths in 24 hours.
9.15 AM: Opening bell
Benchmarks Sensex and Nifty opened on a bearish note on Friday, tracking trend from weak global cues. BSE 30-share barometer Sensex fell 430 points lower at 31,426 and NSE 50-share index Nifty dropped 150 points to 9,165.
Indian markets, in sync with global benchmarks, turned negative amid concerns over the rising number of COVID-19 cases in the country and the economic fallout of the nationwide lockdown.
9.10 AM: Stocks to watch today on April 20
Bharti Infratel, Mindtree, Hathway Cables, Britannia, NDTV among others are the top stocks to watch out for in Friday's trading session. Mindtree will be announcing March quarter earnings today.
Stocks in news: Bharti Infratel, Mindtree, Hathway Cables, Britannia, Mahindra & Mahindra and more9.00 AM: Pre-open session
Benchmarks Sensex and Nifty pre-opened on a bearish note on Friday, tracking trend from weak global cues. BSE 30-share barometer Sensex fell 400 points lower at 31,464 and NSE 50-share index Nifty dropped 128 points to 9,185. SGX Nifty traded 100 points lower at 9,212 level, indicating a bearish start in domestic grounds today.
8. 50 AM Rupee closing on Thursday
Rupee, the local unit, closed at 76.07 per dollar as against last close of 76.67 per US dollar on Thursday.
8. 40 AM: Global cues
Asian indices traded in red territory, following trend from US markets that closed marginally lower yesterday.In Asia, SGX Nifty, Nikkei, Strait Times fell the most, while Taiwan traded in green.SGX Nifty traded 100 points lower at 9,212 level, indicating a bearish start in domestic grounds today.
Bucking the general bullish trend, European markets closed in green yesterday.
8. 30 AM: Closing bell
On Thursday, benchmarks Sensex and Nifty closed on a bullish note, amid positive cues from most Asian and European counterparts. BSE 30-share barometer Sensex closed 483 points higher at 31,863 and NSE 50-share index Nifty ended 126 points higher at 9,313.