Share Market LIVE: Sensex plunges 885 points to end below 31,200; RIL, Infosys, HDFC drag Nifty the most

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Updated:May 14, 2020 4:23:44 pm

Share Market News Today | Sensex, Nifty, Share Prices LIVE: Tech Mahindra and Infosys were the top Sensex laggards, down 5.26 per cent and 5.10 per cent, respectively.

Share Market Today, Share Market LiveAsian stock markets are trading in the negative territory following US markets

Share Market News Today | Sensex, Nifty, Share Prices LIVE: Domestic equity market benchmarks BSE Sensex and Nifty 50 settled over 2.5 per cent lower on Thursday mainly dragged by financials and IT stocks. The 30-share Sensex plunged 885 points or 2.77 per cent to end at 31,123, while the broader Nifty 50 index declined 241 points or 2.57 per cent to close the session at 9,142. Tech Mahindra and Infosys were the top Sensex laggards, down 5.26 per cent and 5.10 per cent, respectively. HDFC, IndusInd Bank, RIL and Power Grid were among other losers on the pack. On the flip side, Hero MotoCorp, Larson & Toubro (LT), Maruti Suzuki. HUL and Sun Pharma were among the top Sensex gainers today. Barring Nifty FMCG and Nifty Pharma, all the sectoral indices finished trade in deep sea of red. Nifty Bank index dropped 566 points or 2.88 per cent dragged by IndusInd Bank, Punjab National Bank and IDFC First Bank.

Banks and NBFCs will offer up to 20 per cent of entire outstanding credit as on February 29, 2020, to MSMEs. Units with up to Rs 25 crore outstanding credit and Rs 100 crore turnover are eligible for taking these loans that will have four-year tenor with a moratorium of 12 months on principal payment. The scheme can be availed till October 31, 2020. The government will provide complete credit guarantee cover to lenders on principal and interest amount.

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Highlights

    16:23 (IST)14 May 2020
    Proposals in stimulus package might benefit in long term but do not hint towards short term economic revival

    The stock market indexes recorded a rise on 13th May as the investors were hopeful of a ubiquitous stimulus package for the economic revival. But, as the first phase of announcements were made yesterday (post market closure), the investors did not take it that well. And, as a result the market today plunged more than 800 points! There wasn’t probably anything that wrong with the announcements but the possible reasons for the dip could be missing short term expectations. Equity investors probably don’t like waiting much. The proposals in the stimulus package might benefit in the long term but surely do not hint towards short term economic revival: Pranjal Kamra, CEO, Finology

    15:23 (IST)14 May 2020
    Indian rupee settles with 10 paise loss at 75.57 a dollar after two consecutive gains

    Risk-off mood dragged equities lower and dollar higher as market disappointed with first tranche of stimulus announcements. Indian rupee settles with the loss of 10 paise to 75.57 a dollar after two consecutive gains. US dollar gained after Federal Reserve Chair Jerome Powell said the U.S. economy faces unprecedented risks from the coronavirus if fiscal and monetary policy makers don’t rise to the challenge. Powell pushed back against the notion of deploying negative rate: Devarsh Vakil, Head Advisory, HDFC Securities

    15:17 (IST)14 May 2020
    Why FM Nirmala Sitharaman’s stimulus failed to cheer Sensex, Nifty today?

    Even though the government stimulus package was generous as 10% of GDP, the sector allocation has been disappointing. Currently, the demand for products & services barring essential goods are at an all-time low. Moreover, sectors like real estate, construction, entertainment, travel & tourism which are high revenue-generating sectors are feeling tremendous pain. Unless bolder reforms like abolishing LTCG, reduction & transmission of lower interest rates and sector-specific strategies for revival are not being adopted, the sentiment could remain subdued for some time: Abhijeet Ramachandran,Independent Analyst / Founder & Trainer at Tips2trade

    15:11 (IST)14 May 2020
    RBI slaps Rs 5 lakh fine on UCO Bank for violating government bond holding norms

    Public sector lender UCO Bank on Thursday said the Reserve Bank has imposed a penalty of Rs 5 lakh for violating norms on government bond holding. The Reserve Bank of India has imposed a penalty of Rs 5 lakh on UCO Bank for bouncing of SGL forms, the bank said in a regulatory filing. A subsidiary general ledger (SGL) account is maintained with the RBI for holding government securities and treasury bills in paperless form. The account is used for facilitating delivery and payment trades.

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    15:08 (IST)14 May 2020
    Govt’s credit guarantee for MSMEs to boost banks’ savings with this much capital to lend more

    00 per cent credit guarantee cover by the government to banks and NBFCs on the principal and interest amount in lending to MSMEs will help banks save as much as Rs 30,000 crore, SBI said in its latest Ecowrap report on Thursday. Finance Minister Nirmala Sitharaman on Wednesday had announced the collateral-free automatic loans worth Rs 3 lakh crore to MSMEs as part of the overall Rs 20 lakh crore Covid-19 relief package to uplift the economy.

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    14:58 (IST)14 May 2020
    Only five S&P BSE Sensex stocks in green

    With S&P BSE Sensex down over 800 points, only fice stocks on the S&P BSE Sensex are trading with gains. Leading the pack is Ultratech Cement, up 1.65%, followed by Hero Motocorp, Sun Pharma, and Maruti Suzuki India.

    14:53 (IST)14 May 2020
    These measures will help in reviving the troubled SME/MSME segment

    We believe these are much-needed measures. The bigger picture here is about creating enough liquidity, which will help in revival of growth and job protection. I believe these measures will help in reviving the troubled SME/MSME segment, which is the foundation of an economy like India: Aishvarya Dadheech, Fund Manager, Ambit Asset Management

    14:52 (IST)14 May 2020
    This is a starter package for booting up the economy

    Part 1 of the mega stimulus package announced has clear intentions of restarting the broader economy. The package announced, amounting to Rs 6 lac crores, will provide the much-needed relief to SMEs and MSMEs. NBFCs and MFI also will benefit. The stimulus is also fiscally prudent as it does not involve major cash outlays as that would have stretched the system. This is a starter package for booting up the economy, we can expect more on the demand front. The series of announcements should keep markets in positive mode: B. Gopkumar, MD & CEO, Axis Securities

    14:42 (IST)14 May 2020
    Government lays a path for liquidity infusion

    India’s MSMEs sector is the largest across the world after China. MSMEs might be considered as small investment enterprises but their contribution to the Indian economy has always been noteworthy. Our homegrown enterprises have been hit hard by the pandemic and this move by the government lays a path for liquidity infusion, thereby giving them the necessary handholding. Many of our startups are facing a crisis with the liabilities and are waiting to resume activity and engage their workforce, at least for the next quarter: Roma Priya, Founder of Burgeon Law

    14:34 (IST)14 May 2020
    BHEL share price skyrockets 36% in two days, gains 52% from March lows

    BHEL share price surged as high as 10 per cent to Rs 29.30 apiece on BSE in an otherwise Thursday’s weak trade. In less than two months, BHEL share price has rallied 52.6 per cent from its 52-week low level. Last month, Bharat Heavy Electricals Ltd (BHEL) invited expression of interest (EOI) from foreign companies to use its currently idle factories, in an attempt to encourage PM Narendra Modi’s ‘Make in India’ program

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    14:22 (IST)14 May 2020
    Yogi Adityanath’s ‘Make in UP’ follows Modi’s ‘Make in India’, thanks to Rs 20 lakh cr economic reset

    Chief Minister Yogi Adityanath has revealed Uttar Pradesh state government’s ambitious ‘Make in UP’ programme, following in the footsteps of Prime Minister Narendra Modi’s ‘Make in India’ scheme, with an eye on strengthening the MSME business network in the state. The special mega economic reset package worth Rs 20 lakh crore, announced by PM Modi, and later detailed out by Finance Minister Nirmala Sitharaman, would go a long way in realising this dream, he said.

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    13:51 (IST)14 May 2020
    Any steps taken to alleviate sufferings of industry and masses, is more than welcome

    The comprehensive range of announcements made by Finance Minister under Aatma Nirbhar package, yesterday, focused on MSME sector, easing of credit flow and liquidity in the financial system, lending a helping hand to industry, kick start production, protect jobs & increase the funds' disposal at the hands of the common man. However, more is expected today too, with the focus now shifting towards Agriculture, which employs more than 50% of the workforce and also, retail traders which form a sizeable chunk. Apart from this, any steps taken to alleviate the sufferings of both industry and masses, is more than welcome: Aamar Deo Singh, Head Advisory, Angel Broking 

    13:36 (IST)14 May 2020
    RIL, HDFC Bank top contributors to Sensex plunge

    RIL, Infosys, HDFC Bank, ICICI Bank, HDFC are among top index contributors towards today's Sensex fall.

    13:32 (IST)14 May 2020
    Infosys, Tech Mahindra down over 4.5%

    Infosys and Tech Mahindra share prices were down 4.67 per cent each in Thursday's afternoon trade. Bith the scrips were leading the losers on Sensex.

    Check live prices: Infosys

    13:29 (IST)14 May 2020
    WPI for February 2020 at 2.26% and provisional March 2020 at 1% : Care Ratings

    The Office of Economic Advisor has released the wholesale price inflation data for April, 2020. Just like the CPI, the data released is for aselected group / commodities in the WPI basket owing to the preventive measures and announcement of nation-wide lockdown by theGovernment. As the collection of the data was limited, the general WPI for April, 2020 has not been compiled. The data has been compiledfor the entire primary articles sub-group and fuel component. In view of the preventive measures, the price collection of mostmanufactured products (which accounts for almost 64% of the WPI basket) was not feasible.The WPI inflation for February’20 (final estimate) has been retained at 2.26% and the provisional number for March’20 is also keptunchanged at 1%.

    13:29 (IST)14 May 2020
    Sensex slips below 31,400 level

    Sensex slipped 655 points or 2.05 per cent to Rs 31,352.94, while the broader Nifty 50 index was ruling just above 9,200-mark, down 178.90 points or 1.91 per cent.

    Check live Sensex, Nifty levels 

    13:25 (IST)14 May 2020
    How much was FM Sitharaman’s MSME, liquidity package worth for India, and how much it cost the govt

    In the first set of details on Prime Minister Narendra Modi’s special economic package, Finance Minister Nirmala Sitharaman made the path clear for benefits of nearly Rs 6 lakh crore. However, the government will not have to bear the entire amount; instead, a very small portion is to be borne by the government. The actual fiscal hit felt by the government should only be Rs 24,000 crore, that is, 0.12 per cent of GDP in FY21.

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    13:15 (IST)14 May 2020
    Buy Maruti Suzuki India; Target Price : Rs 5559 (LKP Securities)

    MSIL posted a dismal performance in Q4 as volumes and margins both witnessed deceleration. Volumes were impacted by macros, Covid related lockdown, and BS VI implementation, while margins were impacted by low operating leverage, higher discounting. However, MSIL’s moat in the form of its market leadership position, strong vendor base and wide dealer network gives us confidence about the company’s come back post Covid. We maintain our BUY as we believe MSIL to be the proxy to any recovery in demand hereon. On margins front, higher local content, control on discounts in mid-term, lower RM costs and operating leverage once all the three plants function simultaneously, will provide a positive impact. In line with subdued Q4 numbers and expectations of a lack luster FY21, we have reduced our volume and margin estimates. Forced shift towards personal mobility and small cars in view of Covid will spur growth next fiscal. Maintain BUY.

    12:51 (IST)14 May 2020
    Gold prices rise above Rs 46,000 as US Fed warns of US recession; investors rush to safe-haven

    Gold prices rose in Thursday trade after US Federal Reserve Chair Jerome Powell warned of a prolonged recession for the US economy due to COVID-19, which supported yellow metal prices. Powell also hinted that the US central bank will have a negative interest-rate policy which is off-base, but vowed to prop up the virus-hit economy. On MCX, gold June futures gained Rs 186 or 0.40 per cent at Rs 46,167. While silver July futures were ruling at Rs 43,121 per kg, up Rs 156 or 0.36 per cent.

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    12:26 (IST)14 May 2020
    Modi’s lockdown like ‘Abhimanyu’s Chakravyuh’: Uday Kotak explains why it’s not easy to get out of it

    As the country remains under lockdown due to the outbreak of coronavirus, billionaire banker Uday Kotak has put an analogy for the nationwide lockdown and said that it is similar to Abhimanyu's Chakravyuh. "It is easy to get into the lockdown, but getting out (of the lockdown) is a more complicated process," Uday Kotak said after Kotak Mahindra Bank announced the March quarter results. Abhimanyu’s Chakravyuh is an episode from an Indian epic Mahabharata in which the warrior prince Abhimanyu is said to have trained in warfare and breaking into an immensely difficult warring strategy formed of concentric circles but not having any clue about getting out. While economies look to get out of the lockdown, risks also loom large about the second phase of coronavirus outbreak.

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    12:10 (IST)14 May 2020
    Brokerage view on Maruti Suzuki

    Maruti Suzuki: The demand outlook is uncertain as sentiment plays a major role, and the situation is highly transient. The very initial trend suggests higher inquiries in lower-priced hatches. A shift is expected from public/shared mobility to personal mobility. Our estimates factor in recovery from the festive season (3QFY21), and we expect a 14% volume decline in FY21: Motilal Oswal

    11:41 (IST)14 May 2020
    Government ensured de-stressing and revival of India’s engines of growth.

    With the announcement of special measures and credit guarantee schemes for MSMEs, the Govt. has ensured the de-stressing and revival of India’s engines of growth. Overall, all the measures will help the NBFCs in providing the lending support to the MSMEs in these difficult times and contribute towards the long term vision of building India as an economic powerhouse: Rashmi Saluja, Executive Chairperson, Religare Enterprises Ltd

    11:29 (IST)14 May 2020
    what’s dragging Sensex, Nifty today?

    In line with global markets’ performance, headline indices BSE Sensex and Nifty 50 were trading near 2 per cent down on Thursday. US Federal Reserve Chairman Jerome Powell warned a prolonged recession for the US economy on the back of novel coronavirus pandemic. BSE Sensex fell over 650 points to hit day’s lows of 31,344.50, while the broader Nifty 50 index slipped below 9,200-mark. The broader markets were performing better than frontline indices. The BSE MidCap index gained 0.17 per cent while the SmallCap index was trading 0.24 per cent lower.

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    11:07 (IST)14 May 2020
    All tickets booked for regular passenger trains for travel on or before June 30 cancelled

    Railways said all tickets booked for regular passenger trains for travel on or before June 30 cancelled; Shramik, special trains to continue. Passengers with tickets of regular trains which have been cancelled till June 30 will get full refund, PTI reported

    10:56 (IST)14 May 2020
    Adani Power share price jumps 13%; power stocks rally on help from Modi’s package even as Sensex tanks

    Power stocks rallied up to 13 per cent on BSE in otherwise weak trade on Thursday after Finance Minister Nirmala Sitharaman announced a much-awaited relief package for ailing power distributing companies. A part of Rs 20 lakh crore Atma Nirbhar Bharat Abhiyan package will provide a fresh loan of Rs 90,000 crore through PFC-REC to state-run power distribution companies (discoms) which will reduce receivables of electricity generation companies. Adani Power share price rallied up to 13 per cent to Rs 36 apiece on BSE, Tata Power shares jumped 9.5 per cent to Rs 33.20 apiece, Reliance Infrastructure shares gained 5 per cent to Rs 18.15.

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    10:53 (IST)14 May 2020
    Nifty gears up to reverse short term downtrend; two stocks signaling positive movement on the charts

    After correcting from a high of 9889 and then consolidating in a range, Nifty took out the recent highs of 9451 on Wednesday (Although it closed lower). The Nifty is now consolidating just below the short term trend reversal levels of 9451, suggesting there is a good probability of the index breaking out and crossing the highs of 9451 convincingly.

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    10:47 (IST)14 May 2020
    Recovery will slow and gradual for Indian economy

    Though more announcements are expected from the FM over the next few days we believe that the total fiscal & monetary package of INR 20 lakh cr. (~10% of GDP) may not be enough and more needs to be done. The US has so far announced fiscal packages of USD 3 trillion (13.5% of GDP) while the US fed has provided monetary stimulus of USD 2.5 trillion (~11.5%) since the beginning of the crisis. We believe that the recovery will be slow and gradual for the Indian economy and we continue with our strategy of sticking to high quality business with revenue visibility like FMCG, Pharma, chemicals and agrochemicals and avoid vulnerable sectors like aviation, consumer durables, real estate hospitality sectors: Jyoti Roy, DVP Equity Strategist, Angel Broking Ltd

    10:03 (IST)14 May 2020
    Markets await further round of announcement

    Markets await further round of announcement, meanwhile assessing the measures announced as part of a stimulus package to lift the economy. Mixed sentiments on the global and domestic front could keep rupee in a thin range for today’s session. The pair is likely to trade within its near term range of 74.80-76.00 levels for few sessions: Amit Pabari, MD, CR Forex Advisors

    09:58 (IST)14 May 2020
    Unclear if the amounts allocated will come from the Budget or through SIDBI or any other agency

    There will be a facility whereby funding is provided to those units under stress for up to Rs 20,000 crores and equity provided for those which are viable for Rs 10,000 crores which can be leveraged to reach Rs 50,000 cr of equity. It is still not clear if these amounts will come from the Budget or through SIDBI or any other agency: CARE Ratings

    09:56 (IST)14 May 2020
    Positive measure for SMEs: CARE Ratings

    For SMEs this is a positive measure and while the Rs 3 lakh crore would have flowed in the normal course from banks, the advantage here is in terms of the cost being capped, term being fixed with the moratorium and more importantly guaranteed by the Government: CARE Ratings

    09:52 (IST)14 May 2020
    Loans sanctioned but many borrowers want disbursement after lockdown: FM Nirmala Sitharaman

    We have announced guarantees for loans. That will help banks provide more liquidity. Liquidity support from banks have improved in the past few weeks. They are not hesitant to give loans. So loans have been sanctioned, but most customers have requested banks not to disburse loans until lock-down is lifted. That is the reason why banks were parking excess liquidity with RBI through the reverse repo route.

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    09:40 (IST)14 May 2020
    Indiabulls Real Estate share price gains ahead of Q4 earnings

    Indiabulls Real Estate share price was up 2.54 per cent at Rs 48.40 apiece on BSE in Thursday trade ahead of March quarter earnings announcement

    Check live prices: Indiabulls Real Estate

    09:38 (IST)14 May 2020
    Tata Power share price jumps 8%

    Tata Power share price gained over 8 per cent at Rs 32.75 apiece on BSE in Thursday's trade. Tata hit day's high of 33.20 and low of 30.65 per equity share.

    Check live prices: Tata Power

    09:35 (IST)14 May 2020
    Nifty IT top sectoral loser

    Nifty IT index was down 367 points or 2.67 per cent dragged by Infosys, Tech Mahindra and Wipro. On the other hand, Nifty FMCG was trading higher led by gains in Godrej Consumer Properties, Dabur India, ITC and Nestle India

    09:33 (IST)14 May 2020
    Infosys share price down 4%

    Infosys was top Sensex laggard, down 4 per cent, followed by Tech Mahindra, M&M, Power Grid and HDFC Bank. While Bajaj Finance was the top Sensex gainer with a growth of 1.71 per cent. ITC, Nestle India, Sun Pharma and Kotak Mahindra Bank were among top index gainers.

    Check live prices: Infosys

    09:32 (IST)14 May 2020
    Sensex, Nifty slip over 1.5%

    The 30-share Sensex was down 490 points or 1.53 per cent at 31,517, while the broader Nifty 50 was ruling at 9,243, down 140 points or 1.5 per cent

    09:05 (IST)14 May 2020
    Power stocks, banks, NBFCs likely to react positively to the measures

    Overall, the measures seem well directed to unclog credit channels and facilitate transmission. How swiftly the banks implement these measures would be the key. The bond markets would wait for further measures to be announced over the next few days. As far as equities are concerned, we may see the broader markets rally tomorrow, especially small caps. Power stocks, Banks and NBFC stocks are also likely to react positively to the measures. The Rupee is likely to trade a broad range of 74.50-76.50 in the absence of any major global shocks: Abhishek Goenka, Founder and CEO, IFA Global

    09:04 (IST)14 May 2020
    Fiscal stimulus: Better late than never

    The government seems to have got its priorities right this time. The stimulus measures seem well directed and intended at getting credit moving in the economy. At the same time the measures are not likely to result in a material divergence from the path of fiscal prudence. We can expect the government to keep the fiscal deficit contained to within 6% of GDP if economic activity normalizes from Q2FY21. The measures have addressed the concerns of sectors that were reeling the most on account of the current crisis: Abhishek Goenka, Founder and CEO, IFA Global

    09:03 (IST)14 May 2020
    Market will await for announcements around land reforms, labour, law in coming days

    The package announced by the finance minister is effectively designed to be impactful, yet not burden government finances. The policy has been crafted largely around the liquidity needs of employees, MSME and NBFCs. The market will eagerly await for announcements around land reforms, labour and law in the coming days. Collateral free loans for MSMEs with a full credit guarantee by the government will be highly fruitful. Likewise for the Rs300bn infusion in debt papers of NBFCs: Amar Ambani, Senior President and Head of Research, YES Securities

    08:58 (IST)14 May 2020
    Brokerage view on Shree Cement

    Shree Cement: BUY| CMP: Rs 19763 Target Rs 22250| Stop Loss Rs18200| Return 12.58%After falling back below 19000 mark in early May 2020, Stock consolidated on the daily chart and once again reclaimed above its 50-day exponential moving average. Shree Cement on daily interval has witnessed a breakout of a short term consolidation pattern and trading above its trend line support. Momentum oscillator RSI (14) is reading above 55 level on the daily chart with positive crossover on the cards. Currently, price is trading above its trend line support and sustain above its 100 & 200 days EMA on a weekly interval. Traders can accumulate the stock in a range of 19660 - 19800: Rohan Patil, Technical Analyst (Bonanza Portfolio Ltd

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