Share Market Live: Sensex, Nifty end lower as Coronavirus cases rise; SBI Cards IPO subscribed over 7 times

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Updated: March 4, 2020 4:27:45 pm

Share Market News Today | Sensex, Nifty, Share Prices LIVE: Nifty Bank index dropped 500 points dragged by Yes bank, IndusInd Bank and HDFC Bank. Conversely, Nifty IT index settled higher in the trade today

Share Market Today, Share Market LiveAmong the top gainers were Sun Pharma, Asian Paints, Tech Mahindra and Power Grid. While the losers were led by IndusInd Bank, Bajaj Finance, ITC

Share Market News Today | Sensex, Nifty, Share Prices LIVE: Domestic equity market benchmarks Sensex and Nifty ended lower on Wednesday even after rebounding 563 points from day’s low as the Union Health Minister Harsh Vardhan said the number of confirmed cases in India have risen to 28. The S&P BSE Sensex ended 214.22 points lower at 38,409 while the broader Nifty 50 index dropped 52 points to 11,251. Among the top gainers were Sun Pharma, Asian Paints, Tech Mahindra and Power Grid. While the losers were led by IndusInd Bank, Bajaj Finance, ITC and UltraTech Cement. Barring Nifty IT and Nifty Pharma index, all the sectoral indices closed in red. Nifty Bank index dropped 500 points dragged by Yes bank, IndusInd Bank and HDFC Bank. Conversely, Nifty IT index settled higher led by gains in Tech Mahindra, Wipro, TCS and Infosys.

SBI Cards and Payment Services initial public offering (IPO) was oversubscribed seven times so far on the third day of bidding. The SBI Cards IPO will remain open till March 5 for retail investors while other categories can only bid till March 4. The issue price for SBI Cards IPO has been fixed at Rs 750-755.

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Highlights

    16:27 (IST)04 Mar 2020
    SBI Cards IPO enters Rs 1 lakh crore club

    SBI Cards and Payment Services IPO entered the  Rs 1 lakh crore club on the third day of the bidding process after Qualified Institutional Buyers (QIB) stepped up their bidding. SBI Cards IPO was subscribed 57 times by QIBs; 3 times by SBI Employees; 2 times by SBI Shareholders; 1.7 times by retail investors and 1.3 times by Non-Institutional Investors. The IPO has been subscribed 15 times so far. 

    15:21 (IST)04 Mar 2020
    SBI Cards IPO witnesses growing interest from QIBs

    Qualified Institutional Investors have bid for SBI Cards and Payment Services IPO 26.49 times as of 3:15 PM on Wednesday. While Non-institutional investors have bid 0.90 times. Retail investors have bid for SBI Cards IPO 1.59 times.

    14:57 (IST)04 Mar 2020
    Now that SC allows cryptocurrency trading, should you buy, sell Bitcoin? Here are risks and gains

    Even as the Supreme Court lifted the ban on trading in cryptocurrencies such as Bitcoin, investors are now evaluating how to move forward. While crypto-enthusiasts are hailing it as a positive judgment, traditional market investors are raising concerns. “The RBI was right in banning Cryptocurrencies. They might not have put their stand clearly in front of the Supreme Court. It’s effectively a form of gambling as there is no intrinsic value in Cryptocurrencies”, investment advisor Sandip Sabharwal told Financial Express Online.

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    14:19 (IST)04 Mar 2020
    Why US stocks fell instead of rising after US Fed rate cut; here’s how human psyche played out

    The United States Federal Reserve Chairman Jerome Powell announced an emergency rate cut by half a percentage point on Tuesday morning and the markets rallied. Dow Jones Industrial Average gained 456 points, while the S&P 500 jumped 73 points in a matter of 15 minutes. Microsoft share price gained 2 per cent; Apple jumped 2.8 per cent; Amazon was up by 2.1 per cent and Facebook moved up 2.3 per cent. It was all merry for 15 minutes on Wall Street, but then investors realised what the first emergency rate cut since the Lehman Brothers collapse in 2008 meant. After that, the Fed rate cut backfired as stocks fell. Investors took note that even the most influential central bank in the whole world is taking measures to tackle the impact of Coronavirus. Who should be blamed for the fall? It’s the human psyche.

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    14:17 (IST)04 Mar 2020
    Why US stocks fell instead of rising after US Fed rate cut; here’s how human psyche played out

    The United States Federal Reserve Chairman Jerome Powell announced an emergency rate cut by half a percentage point on Tuesday morning and the markets rallied for just 15 minutes and then the move backfired. 

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    14:14 (IST)04 Mar 2020
    IRCTC share price hits lower circuit

    IRCTC share price hits 10 per cent lower at Rs 1,565.20 apiece on BSE in Wednesday's trade.

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    14:01 (IST)04 Mar 2020
    Nifty Bank index tumbles 890 points

    Nifty Bank index tumbles 890 points or 3.06 per cent to 28,284 points dragged by Yes Bank, IndusInd Bank, SBI and HDFC Bank.

    13:54 (IST)04 Mar 2020
    Sensex tanks over 700 points after Health Minister confirms corornavirus cases in India

    S&P BSE Sensex tumbled over 700 points from day's high to 38,113 points after the Union Health Minister Harsh Vardhan on Wednesday said the number of confirmed coronavirus cases in India have risen to 28. The Nifty 50 was ruling at 11,124, down 180 points or 1.59 per cent.

    13:20 (IST)04 Mar 2020
    Market Update: S&P BSE Sensex down by 450 points at 38,177

    S&P BSE Sensex slipped 450 points to trade at 38,177 points at 1:15 PM on Wednesday. Among the top gainers were Sun Pharma, Asain Pains and Power Grid. The losers were led by Tata Steel, down by 5.77%. Followed by IndusInd Bank and SBI.

    12:56 (IST)04 Mar 2020
    Want to invest and save tax in New Tax Regime? Here’s all you can do

    Your investment must help you achieve your financial goals on time. For this, your investment needs to be tax-efficient, especially if you’re investing for the long term. A tax-inefficient investment provides low post-tax returns, which leads to lower return on investment, thus slowing down your wealth creation and even eroding your wealth during periods of high inflation.

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    12:48 (IST)04 Mar 2020
    As US Fed Reserve slashes interest rate, will coronavirus fear also push RBI to go for a rate cut?

    As the US Fed Reserve significantly cut interest rates by 50 basis points amid coronavirus fears, RBI may also come in-line with a similar decision. The coronavirus outbreak has caused turbulence in the global economy. “The outbreak of Coronavirus has disrupted economic activity in many countries and has prompted significant movements in financial markets. We are beginning to see the effect on the tourism and travel industry and are hearing concerns from industries that rely on the global supply chain,” said Federal Reserve Chair Jerome Powell.

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    12:32 (IST)04 Mar 2020
    Rs 40 lakh fees to deposit Rs 4 crore in bank account: BEST’s small change, big problem

    Brihanmumbai Electric Supply and Transport (BEST) has a new problem. With the company getting the majority of its revenues in coins, its banker ICICI Bank has now asked the company to cough up Rs 40 lakh a month to process the transporter’s monthly revenues of Rs 4 crore, which are majorly in coins. The bank has demanded a service charge of 10% of the value of coins to be collected, The Indian Express reported. If BEST agrees to these terms, it will have to pay about Rs 40 lakh a month to ICICI Bank for collecting and transporting coins every month from 27 depots.

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    12:13 (IST)04 Mar 2020
    Sensex, Nifty extend morning losses

    S&P BSE Sensex was trading 218 points or 0.57 per cent lower at 38,405, while the broader Nifty 50 index was ruling at 11,247, down 56 points or 0.50 per cent.

    12:09 (IST)04 Mar 2020
    Now, trade freely in Bitcoin again: Supreme Court lifts cryptocurrency ban; quashes RBI directive

    The Supreme Court has quashed an earlier order of the RBI on the use of cryptocurrencies such as Bitcoin. While the Reserve Bank of India had earlier directed banks to not deal with cryptocurrencies, the apex court has set aside the order, allowing trade in digital assets. Supreme Court’s move is expected to bring relief to many vendors who wanted to facilitate banking transactions for cryptocurrencies exchange and trading. In a circular in April 2018, RBI had imposed a virtual ban on cryptocurrency trading in India and had directed all entities which fall under the purview of RBI to not deal in virtual currencies or provide services to those who want to deal in it.

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    12:04 (IST)04 Mar 2020
    Antony Waste Handling IPO opens: Should you put in your money or not? Check what analysts suggest

    Antony Waste Handling Cell IPO has opened for investors today, with the bidding process slated to close on March 6. The Rs 206-crore IPO has a fresh issue of shares of up to Rs 35 crore. The rest is an offer for sale of up to 57 lakh shares by Tonbridge (Mauritius) Ltd, Leeds (Mauritius) Ltd, Cambridge (Mauritius) Ltd and Guilford (Mauritius) Ltd. Antony Waste Handling Cell, which is among India’s top five municipal solid waste management players, has set the price band of the issue at Rs 295-300 per equity share. As of 11.30 AM, Antony Waste Handling Cell IPO has received bids for around 93,000 shares as against a total of 48 lakh shares. Analysts have mixed responses for this IPO, as it has hit the primary market at the time when SBI Cards IPO is already receiving a strong response from the investors.

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    11:58 (IST)04 Mar 2020
    Services PMI sees strongest rise in over seven years; may gain further in March

    The services activity in the month of February rose for the fifth consecutive month, shooting up to 57.5 from 55.5 in the previous month. A significant improvement has been seen in new work, export orders, and business confidence. The services PMI was on a 19-month low in September 2019, after which it is on a continuous surge. The latest figure highlighted the quickest expansion in services output since January 2013. The companies that reported higher business activity reported strengthening demand, supportive economic conditions, and accommodative public policies. The pace of expansion in international demand for Indian services was moderate, but above its long-run average.

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    11:39 (IST)04 Mar 2020
    How to make share market work well for you: Learn from history, take advantage of volatility | INTERVIEW

    There are two certain things about markets – First, they will always fluctuate in the short-medium term and second, they always go up in the Long Term, says Sachin Shah of Emkay Investment Managers. Shah says that investors who are looking to invest in equities, for a longer-term, should always take advantage of volatility (when markets are down) to allocate more money to equities.

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    11:08 (IST)04 Mar 2020
    Gold prices rise as US Fed rate cut spurs safe-haven demand, silver rates trade higher

    Gold prices in India edged higher on Wednesday as the US Federal Reserve’s emergency rate cut roiled financial markets. This is likely to increase the demand for safe assets such as gold. On MCX, the gold April futures were trading Rs 145 or 0.33 per cent higher at Rs 43,619 per 10 grams, while silver May futures were ruling at Rs 46,657 per kg, up Rs 279 or 0.60 per cent in Wednesday’s trade.

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    11:00 (IST)04 Mar 2020
    SBI cards IPO oversubscribed as bidding starts on third day

    SBI Cards IPO was oversubscribed 70% on the third day of bidding after QIBs stepped up their game on the third day -- which also happens to be the last day for all categories except retail investors. QIBs, who has bid for just 24% of the shares offered to them have now oversubscribed the SBI Cards IPO. 

    10:53 (IST)04 Mar 2020
    SBI Cards IPO oversubscribed 70% as bidding opens for third day; institutional bids flock

    SBI Cards and Payment Services IPO sailed through at the open of the third day of bidding, led by Qualified Institutional investors stepping up their game on the last day on bidding for the category. With the third day of bidding — the last for all investors except for retail bidders — still to go, SBI Cards’ Rs 10,350-crore IPO was oversubscribed by 70%. India’s fifth largest IPO ever saw a resounding response by investors, who, despite the scare of Coronavirus becoming a pandemic, showed eagerness to bid. Bids were received for Rs 12,792 crore for 10 crore shares on offer by the promoter State Bank of India and PE firm Carlyle Group.

    10:44 (IST)04 Mar 2020
    SBI Cards IPO oversubscribed 70%

    SBI Cards and Payment Services IPO oversubscribed 70 per cent on the third day of the bidding, receiving a strong response from the institutional investors. Yesterday, SBI Cards IPO was subscribed 88 per cent.

    10:29 (IST)04 Mar 2020
    Nifty50 sees nearly 10% erosion of dollar returns so far in 2020

    With foreign portfolio investors (FPIs) pulling out money from Indian equities amid global risk-off moves following the rapid spread of Covid-19 across the globe, the Nifty50 has given up close to 10% in dollar terms so far in 2020. The fall in dollar returns is more than the gains made by the broader gauge for the whole of 2019, Bloomberg data showed.

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    10:09 (IST)04 Mar 2020
    Sensex, Nifty slip in trade as US Federal Reserve cuts interest rates; check what’s weighing markets

    Taking cues from global markets, domestic equity benchmarks Sensex and Nifty were trading in negative territory after giving up opening gains. S&P BSE Sensex was trading 81 points or 0.21 per cent lower at 38,542, while the broader Nifty 50 index was ruling at 11,287, down 16 points or 0.14 per cent.

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    09:53 (IST)04 Mar 2020
    SBI votes in favour of RCom resolution, China Development Bank’s stand unclear

    The committee of creditors (CoC) of Reliance Communications (RCom) has started voting on a resolution plan that will conclude on Wednesday. Lead lender State Bank of India (SBI) is likely to have voted in favour of the plan, sources close to the development told FE. The SBI board has already approved RCom resolution, according to a source.

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    09:33 (IST)04 Mar 2020
    Nifty Metal index top sectoral loser

    Nifty Metal index was the top sectoral loser, down 1.52 per cent dragged by VedantaNational Aluminium Company and JSW Steel. While the Nifty IT index gained 0.61 per cent led by buying in HCL Tech, Hexaware and Infosys.

    09:32 (IST)04 Mar 2020
    Top gainers and losers on S&P BSE Sensex

    Power Grid was the top loser, down 1.89 per cent, followed by Tata Steel, IndusInd Bank, Maruti and HDFC Bank. On the flip side, Bajaj Auto was the top gainer, up 1.46 per cent. Asian Paint, Tech Mahindra and HCL Tech were among other gainers on the index.

    09:32 (IST)04 Mar 2020
    Sensex, Nifty open in negative territory

    S&P BSE Sensex was trading 100 points or 0.25 per cent lower at 38,526, while the broader Nifty 50 index was ruling at 11,290, down 33 points or 0.29 per cent.

    09:10 (IST)04 Mar 2020
    Sensex, Nifty gain in pre-opening session

    Domestic equity benchmarks Sensex and Nifty were trading higher in the pre-opening session. S&P BSE the Sensex was up 91 points or 0.24 per cent at 38715, and the Nifty up 48 points or 0.43 per cent at 11,351.

    09:06 (IST)04 Mar 2020
    Rupee opens stronger against US dollar

    The Indian rupee opened higher at 73.07 a dollar against Tuesday's close of 73.29 a dollar

    08:51 (IST)04 Mar 2020
    Antony Waste’s IPO will not get traction: Nirali Shah, Senior Research Analyst, Samco Securities

    Antony Waste Handling Cell is a comparatively smaller IPO compared to the behemoth SBI Cards and due to the time clash we feel that Antony Waste’s IPO will not get traction. Fundamentally too, this company has delivered poor growth in the past 3 years. To add to it, it is completely dependent on the Government authorities for its revenues as top 5 of its clients contribute over 90% of its revenue. Hence it faces high concentration risk. Although Antony Waste has bright future opportunities over the long term, at this point looking at its past record investors should wait before getting into this stock. Investors can keep this stock in their watchlist and take positions depending on the company’s performance in the future. Hence, Antony Waste Handling is an unsubscribe at the moment, says Nirali Shah, Senior Research Analyst, Samco Securities 

    08:48 (IST)04 Mar 2020
    Covid-19 Outbreak: RBI, govt in action mode as more test positive for coronavirus and over 30 quarantined

    With the Indian markets of late joining a clutch of others where the foreign portfolio investors (FPIs) seek to withdraw from owing to the coronavirus scare, the Reserve Bank on Tuesday came out with a terse statement assuring investors of its ability and readiness to keep the stability of the country’s financial markets it stands guard to. Noting that markets across the globe was experiencing considerable volatility due to ‘risk-off sentiments’ and investors’ flight to safe havens, the RBI iterated that it “was monitoring global and domestic developments closely and continuously” and was committed to take appropriate actions to ensure orderly functioning of the markets.

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    08:43 (IST)04 Mar 2020
    AGR dues: Vodafone Idea pays Rs 3,043 crore to govt

    Vodafone Idea, which has so far paid only Rs 3,500 crore of its Rs 53,039 crore of adjusted gross revenue (AGR) dues, on Tuesday paid around Rs 3,043 crore towards its deferred spectrum dues, sources said. Deferred spectrum dues are essentially installment payments that are made by telecom operators for spectrum bought in past auctions. Operators like Bharti Airtel and Vodafone Idea have to pay such installments till 2031 but after the current payment they need not pay for the next two years.

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    08:28 (IST)04 Mar 2020
    FIIs sell Rs 2,416 crore worth of stocks

    On Tuesday, foreign portfolio investors (FPIs) were sellers of domestic stocks to the tune of Rs 2,416 crore while domestic institutional investors (DIIs) were net buyers to the tune of Rs 3,135 crore, as per the data available with NSE.

    08:23 (IST)04 Mar 2020
    Nifty50 sees nearly 10% erosion of dollar returns so far in 2020

    With foreign portfolio investors (FPIs) pulling out money from Indian equities amid global risk-off moves following the rapid spread of Covid-19 across the globe, the Nifty50 has given up close to 10% in dollar terms so far in 2020. The fall in dollar returns is more than the gains made by the broader gauge for the whole of 2019, Bloomberg data showed.

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    08:13 (IST)04 Mar 2020
    SBI Cards IPO subscribed 88% on second day of bidding; retail investors portion oversubscribed 21%

    SBI Cards and Payment Services initial public offering (IPO) was subscribed 88 per cent on the second day of bidding as retail investors subscribed more than 100 per cent of the shares offered along with SBI employees and shareholders. Of the total 10 crore shares that are being offered in the IPO, investors have bid for 8.75 crore shares translating to Rs 6,609 crore out of the total Rs 7,571 crore that SBI cards is trying to raise from the issue. On the first day of bidding SBI Cards IPO was subscribed 39 per cent.

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    08:11 (IST)04 Mar 2020
    Indian markets could open flat: Deepak Jasani- Head Retail Research, HDFC Securities

    Indian markets could open flat today despite US indices falling sharply on Tuesday and following mixed Asian markets today. Earlier on Tuesday, Group of Seven finance ministers and central bank governors pledged appropriate actions to support their economies. Technically, while the Nifty has bounced back sharply, the short term trend remains down. The Nifty will have to convincingly cross the recent highs of 11415 to reverse the downtrend, says Deepak Jasani- Head Retail Research, HDFC Securities.

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