Share Market News Today | Sensex, Nifty, Share Prices Highlights: Domestic equity market benchmarks Sensex and Nifty failed to hold the morning gains and settled over half a per cent lower in Wednesday’s volatile session dragged by weakness TCS, ICICI Bank and Reliance industries (RIL). S&P BSE Sensex fell 173 points or 0.58 per cent to end at 29, 894, while the broader Nifty 50 index closed below 8,750, down 44 points or 0.49 per cent. As many as 15 stocks out of 30 Sensex stocks settled in red today. TCS was the top Sensex loser, down 3.91 per cent, followed by Titan, ICICI Bank and SBI. On the flip side, Sun Pharma was the top Sensex gainer, up 4.69 per cent. NTPC, IndusInd Bank, Bajaj Finance and Maruti were among other gainers on the index. Most of the sectoral indices settled in a negative territory. Nifty Bank index finished lower weighed by Federal Bank, ICICI Bank and SBI. Conversely, Nifty Pharma index gained 3.54 per cent led by gains in Cadila Healthcare, Sun Pharma and Cipla.
Rating agency ICRA on Tuesday said that it was expecting the coronavirus to impact India Inc on multiple counts. The fallout of the virus could range from domestic demand slowdown, supply chain disruptions to foreign exchange rate fluctuations, among others. Icra Ratings on Tuesday sharply cut the country”s GDP forecast amid the COVID-19 crisis and expects the economy to grow at just 2 per cent in the current fiscal. It said the nationwide lockdown announced to contain the coronavirus outbreak has impacted industries and their operations have come to a standstill. “The Indian economy is likely to witness a sharp contraction of 4.5 per cent (de-growth) during Q4 FY20 and is expected to recover gradually, to post a GDP growth of just 2 per cent in FY21,” the rating agency said.
Most Asian equities retreated Wednesday after a two-day rally as investors closely track developments in the coronavirus crisis, while the oil market continued to fluctuate ahead of a crucial producers’ meeting. While the deadly disease continues to sweep across the planet, signs that the rate of infections is possibly levelling out and countries are preparing to ease some lockdown restrictions have instilled a semblance of optimism this week.
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Coronavirus is unwilling to subside. The number of confirmed cases exceeds 1 million globally with more than 70,000 deaths. Governments across the world are struggling to contain the spread. Even though the cases reported from China have peaked and are now falling, cases from other countries – which were thought to be resilient due to high medical standards – are continuously rising. The United States, Italy and Spain have recorded by far the most number of confirmed cases and deaths. To deal with already stretched medical systems and the looming shortage of medical supplies, governments are imposing restrictions on the free movement of the public to contain the further spread of the virus.
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Engineering and construction giant Larsen & Toubro on Wednesday said it has won a ‘large’ contract from the Indian Oil Corporation for capacity expansion of IOC’s Barauni Refinery, in Bihar. The project won by company arm L&T Hydrocarbon Engineering involves engineering, procurement, construction and commissioning for 9 million tonne per annum (MTPA) Atmospheric & Vacuum Distillation Unit. Though the company did not specify the exact amount of the contract, as per its specification it ranges between Rs 2,500 crore and Rs 5,000 crore.
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The evidence is mounting that March marked the start of a deep global recession. The breadth of the collapse is beginning to appear in the initial trickle of economic data across the world, revealing a cratering of trade, reined-in business investment, cowering consumers and surging unemployment that’s sparing few industries.
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As many as 16 stocks out of 30 Sensex stocks were trading in a negative territory, with TCS as top loser with a decline of 3.74 per cent, followed by Titan, Bharti Airtel and ICICI Bank. On the contrary, Sun Pharma was the top Sensex gainer, up 4.70 per cent. NTPC, HCL Tech and Tech Mahindra were the other gainers on the pack
S&P BSE Sensex was trading at 29,837, down 230.31 points or 0.77 per cent, while the broader Nifty50 index was ruling at 8,729, down 63 points or 0.72 per cent.
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The Indian tycoon whose net worth surged the most among peers as the deadly coronavirus roils markets worldwide can thank nation’s hoarders with millions scrambling to stock up on staples amid the world’s biggest isolation effort.
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In the past five years, capital markets in India have witnessed bull and bear phases. The bulls accounted for most of the five-year period; however, Q1 2020 completely changed this landscape. Due to the COVID-19 outbreak, capital markets have taken a beating both globally and locally in India.
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Auro Laboratories jumped 20% on Wednesday to trade at Rs 44 per share. With the 20% surge in price it is the leading gainer on Sensex.
IRCTC share price hits 5 per cent upper circuit in Wednesday's trade to Rs 1,194 apiece on BSE. The stock had touched 52-week high of Rs 1,994 on February 25 this year. Meanwhile, Indian Railway Catering and Tourism Corporation (IRCTC) has announced to suspend the operations of its three private trains, namely Varanasi-Indore Kashi Mahakal Express, IRCTC Lucknow-New Delhi Tejas Express and IRCTC Ahmedabad-Mumbai Tejas Express till April 30, 2020.
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The rally among pharma stocks could also be attributed to the recent spike in demand for the hydroxychloroquine -- a drug that is being used globally to treat patients infected with Coronavirus.
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The Goods and Services Tax (GST) was rolled out on July 1, 2017, to simplify the existing tax regime, widen the tax base, and increase the government’s tax revenues. It was implemented with a hope that it would eliminate the system of double taxation that was in place earlier. It is being estimated that there are almost 5 crore small and medium enterprises (SME) that are responsible to form the backbone of the Indian economy and contribute to 50 per cent of the industrial output and around 42 per cent of export earnings.
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IndiGO CEO Ronojoy Dutta recently showered praises on national carrier Air India for the rescue work done by Maharaja in evacuating Indian citizens stranded in various cities across the globe as coronavirus fears gripped the world. “The employees of IndiGo would like to salute our colleagues over at Air India, for the heroic work they have been doing in evacuating Indians and other foreign nationals stranded in foreign countries,” Ronojoy Dutta, CEO, IndiGo, said in a statement on Tuesday.
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IRCTC share price hits 5% upper circuit to Rs 1,194.05 apiece on BSE in Wednesday's trade. Indian Railway Catering and Tourism Corporation on Tuesday, announced the suspension of its three private trains operation as Covid-19 cases rise in India.
With COVID-19 cases increasing with each passing day, markets across all the sectors have been affected because of this pandemic. India’s jewellery industry has also been affected because of the virus outbreak. We started 2020 on a great note, but the past few weeks have changed everything because of coronavirus.
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Halting a three-day rally, gold prices in India eased from record high level tracking a fall in global rates. In the previous session gold prices on MCX hit an all-time high of Rs 45,724 per 10 grams. Gold June futures were trading at Rs 44,900 per 10 grams, down Rs 181 or 0.40 per cent while silver May futures were ruling at Rs 42,879 per kg, down Rs 615 or 1.41 per cent on MCX. Spot gold market in India remained closed amid a 21-day nationwide lockdown to contain the spread of coronavirus.
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The rising number of Covid-19 cases and continuous lockdown have severely hit the job market, bringing the labour participation rate to a record low. While many businesses and markets remained closed in the last two weeks, a large number of people had to sacrifice their jobs. The unemployment rate during the last week was 23.4 per cent, labour participation rate fell to 36 per cent and the employment rate was a mere 27.7 per cent, said a report by the Centre for Monitoring Indian Economy (CMIE).
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A regulatory change that has paved the way for an increased foreign portfolio investment (FPI) limit in various public listed companies, could help the Indian share markets tap foreign funds worth over Rs 52,000 crore. With the change in FPI limit, as notified by Central Depository Services Limited (CDSL) and National Securities Depository Limited (NSDL) last week, MSCI (Morgan Stanley Capital Investment) could rebalance India’s weightage on its indexes as soon May 2020, a move that would result in foreing buyers eyeing the opportunity to invest in listed companies in India.
Defying global market cues, domestic equity markets turned positive in Wednesday’s trade led by gains in index heavyweights such as HDFC, HDFC Bank, ICICI Bank, RIL and HUL. S&P BSE Sensex jumped more than 1,000 points or 3.47 per cent to trade at 31,110, while the broader Nifty 50 index was ruling at 9,084, up 292 points or 3.42 per cent.
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All the sectoral indices were trading higher in Wednesday's trade. Nifty Private Bank index was over 5 per cent up led by gains in Bandhan Bank, RBL Bank and IndusInd Bank. Similarly, Nifty Auto index was also trading higher driven by Ashok Leyland, Bharat Forge and maruti Suzuki.
S&P BSE Sensex jumped more than 1,000 points or 3.47 per cent to trade at 31,110, while the broader Nifty 50 index was ruling at9,084, up 292 points or 3.42 per cent.
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As many as 26 stocks out of 30 Sensex stocks were trading in positive territory, with M&M (Mahindra and Mahindra) as top gainer with a growth of 8 per cent, followed by Axis Bank, HUL, and HDFC. On the contrary, TCS was the top Sensex loser, down 1.5 per cent. ITC and Bajaj Finance were the other laggards on the pack.
Sectoral index S&P BSE Bankex jumped 1.2% or 256 points as eight of the nine constituents were trading in the green. The biggest gainers was RBL Banl, up by 10%. Federal Bank was only laggard, going down by 1.5%.
Sensex and Nifty surged sharply in last few minutes, rising more than 1% each against 1% lower opening. Sensex reclaimed its crucial 30,000 while Nifty was abobe 8,950.
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S&P BSE Sensex turned positive and was trading at 30,089.47, up just 22 points, while the broader Nifty50 index was ruling at 8,800.
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Deepak Nitrite share price jumped 5.23 per cent to Rs 455.75 apiece on BSE in Wednesday's trade after company informed that in order to support uninterrupted supply of essential commodities across the nation, after taking all precautionary measures for ensuring (a) supply of raw materials and manpower; and (b) safety of its workmen, company has commenced production of 2EHN atits Nandesarifacility effective April 6, 2020.
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IRCTC share price hits 5% upper circuit to Rs 1,194.05 apiece on BSE in Wednesday's trade. Indian Railway Catering and Tourism Corporation has suspended operations of three private trains it was operating till April 30, as Covid-19 cases rise in India.
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Most of the sectoral indices were trading lower in today’s trade. Nifty Bank index was down nearly 3 per cent dragged by IndusInd Bank, Axis Bank and ICICI Bank. On the other hand Nifty Pharma index was trading 3.75 per cent higher led by gains in Cadila Healthcare, Cipla and Biocon.
As many as 21 stocks out of 30 Sensex stocks were trading in red with IndusInd Bank as the top loser, down 5.18 per cent, followed by Axis Bank, Bajaj Finance and ICICI Bank. On the flip side, HCL Tech, HUL, Sun Pharma and LT top Sensex gainers.
S&P BSE Sensex was trading at 29,740, down 327 points or 1.09 per cent, while the broader Nifty 50 index was ruling down 71 points or 0.81 per cent at 8,720.
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Domestic equity benchmark indices were trading lower in the pre-opening session. At 09:05 AM, the S&P BSE Sensex was trading at 29,714.48, down 352.73 points or 1.17 per cent
With the number of COVID-19 cases in India nearing the 5,000-mark, the Centre is considering suggestions from a number of states that the restrictions in place during the 21-day national lockdown should be extended beyond the deadline of April 14, government sources said.
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Foreign portfolio investors (FPIs) were buyers of domestic stocks to the tune of Rs 741.77 crore, while the domestic institutional investors (DIIs) were net buyers to the tune of Rs 422.51 crore on Tuesday, data available with NSE suggested.
The S&P 500 had ended Tuesday down 0.16%. The Nasdaq dropped 0.33% and the Dow 0.12%. After US stock markets closed, President Donald Trump said the United States may be getting to the top of the coronavirus curve, Reuters reported.
Asian markets plunged on Wednesday as investors turned wary on getting too optimistic about the coronavirus while death tolls were still mounting across the globe. Japan’s Nikkei dropped 0.7% and South Korea 0.8%. E-Mini futures for the S&P 500 shed early gains to turn 0.7% lower as investors took profits on the recent spike.
Rating agency ICRA on Tuesday said that it was expecting the coronavirus to impact India Inc on multiple counts. The fallout of the virus could range from domestic demand slowdown, supply chain disruptions to foreign exchange rate fluctuations, among others. Earlier, Icra had downgraded the ratings of 584 entities, against 282 upgrades in last financial year. The rating agency feels that even this financial year will be challenging for India Inc’s credit quality.
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In what is believed to be one of the largest state development loan (SDL) auctions conducted in a single week, nineteen states have picked up a total of Rs 32,560 crore from the bond market on Tuesday against the notified amount of Rs 37,500 crore. Yields on 10-year SDLs have shot up by at least 50 basis points led by the huge supply.
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Since it was a broad based rally today, almost all pockets managed to rebound sharply, especially recent beaten down spaces like private banks and Auto counters. However, the stage was set by the pharma counters on Friday who continued their remarkable run today to clock another 8-10% upmove. Traders are advised to capitalise on such rebounds and look to book timely profits for a while, says Sameet Chavan (Chief Analyst-Technical and Derivatives, Angel Broking)
Domestic equity market benchmarks Sensex and Nifty snapped the losing streak to post the best trading day in percentage terms since May 2009 on Tuesday. S&P BSE Sensex gained 2,476 points or 8.97 per cent at 30,067, while the broader Nifty 50 finished at 8,785, up 702 points or 8.69 per cent.
Trends on SGX Nifty indicate a gap-down start for Sensex and Nifty with a 141 points or 1.59 per cent loss. The Nifty futures were trading at 8734.50 on the Singaporean Exchange.