Share Market Update: Sensex closes 939 points lower from day's high on fresh cases of coronavirus in Delhi, Telangana

Share Market Update: Equity market indices Sensex and Nifty slipped from highs in Monday's afternoon session and closed 0.40% lower after 2 new cases of coronavirus were detected in India. This takes the total number of infected from the virus outbreak to 5 in the nation. Extending fall for the seventh straight session, BSE 30-share S&P Sensex closed 153 points lower at 38,144 and Nifty50 ended 69 points lower at 11,132. All sectors barring IT fell in the red territory, with 4.5% decline in metal and PSU banking stocks, and over 2% decline in metal scrips. Earlier Sensex and Nifty had risen 1.6% each led by strong gains in index-heavyweights as domestic investors turned bullish on account of a sharp recovery overseas.

Here's a look at the live updates of the market action on BSE and NSE today:

Expert opinion

3: 55 PM

Speaking on the recovery loss in the broader market today, Amit Shah, Technical Research Analyst with Indiabulls Securities said," Markets witnessed strong gap up for the first half of the session however, index lost ground and corrected sharply closing sharply in the negative. We continue to maintain the recovery is likely to be shaky and fragile.

In terms of Nifty, he further added ,"Index is likely to face stiff resistance near the 11,550 zone. It's a classical sell on rise market and bottom fishing should be avoided for any longs. 10,900-11,000 is the next support zone on the downside."

Closing Bell

3: 45 PM

Equity market slipped from highs in Monday's afternoon session and closed 0.40% lower after 2 new cases of coronavirus were detected in India, taking the total number of infected to 5. Extending fall for the seventh straight session, BSE 30-share S&P Sensex closed 153 points lower at 38,144 and Nifty50 ended 69 points lower at 11,132. All sectors barring IT fell in the red territory, with 4.5% decline in metal and PSU banking stocks, and over 2% decline in metal scrips.

Gold rises

3: 40 PM

Gold Futures on MCX rose 767 points to the day's high of 42,164. Currently, the MCX gold traded at 42,129.

Coronavirus Update

3: 37 PM

Both the new cases of coronavirus have a travel history from Italy and from Dubai. This takes the total number of positive cases in India to 5

Sectors Today

3: 35 PM

All sectors barring IT fell in the red territory, with 4.5% decline in metal and PSU banking stocks, and over 2% decline in metal scrips.

Market Update

3: 30 PM

BSE 30-share S&P Sensex was trading 145 points lower at 38,154 and Nifty50 fell 42 points to 11,159.

Market Update

3: 00 PM

While Sensex has given up 1,200 points on Monday's trading session, Nifty has given up a gain of 350 points to trade at day's low.

Sensex, Nifty erase gains

2: 45 PM

Sensex was trading 300 points lower at 37,998. Nify too lost 67 points to 11,134.  Earlier, 30-share S&P Sensex traded 525 points higher at 38,850 and NSE 50-share index Nifty50 rose 156 points higher to 11,357.

Coronavirus Update

2: 35 PM

One positive case of COVID-19 has been detected in New Delhi, and one has been detected in Telangana. The person from Delhi has a travel history from Italy, while the one from Telangana has a travel history from Dubai.

Coronavirus affected sectors

2: 15 PM

The deadly coronavirus outbreak is expected to take its toll on Indian economy. The crisis, which began in China, has already crippled global supply chains. It is expected to have a major impact on several Indian industries, including pharmaceuticals, electronics, automobile, consumer durables, among others.

GST Collections stood at Rs 1.05 lakh cr

2:11 PM

February Goods and services tax collections stood at Rs 1.05 lakh crore, for the fourth consecutive month, falling short of the Rs 1.15 lakh crore target set by the government. Although it grossed 8% more than the revenue collection for the same month last year.

India's factory activity growth slows down in Feb over weak demand: PMI

2:00 PM

India's factory activity growth slowed in February from the previous month's eight-year high due to a modest weakening in demand and output, although overall conditions remained firm, a private survey showed on Monday.

The Nikkei Manufacturing Purchasing Managers' Index , compiled by IHS Markit, fell to 54.5 last month from January's 55.3, above a Reuters poll forecast of 52.8. It has stayed above the 50-point threshold mark, which separates growth from contraction, for over two years.

China's manufacturing sector contracts sharply in February

1: 55 PM

Activity in China's manufacturing sector contracted sharply in February, with the official gauge hitting the lowest level on record, highlighting the devastating impact of the coronavirus on the economy and raising the risk of a worsening global stock rout.

Gold climbs amid coronavirus pandemic

1: 30 PM

The gold price rose in the Indian commodity market on Monday, tracking positive trends from international Gold prices amid worries of the rising number of coronavirus cases, that are showing signs of hurting global growth. Following a steep fall across the precious metals complex in the previous session, Spot Gold rose internationally opened more than 1% higher on Monday to $1,602.90 per ounce. US gold futures traded 1.9% higher at $1,597.10.

On the Multi Commodity Exchange, Gold April 2020 Futures spurted by another Rs 593 or 0.4% to 41,990 per 10 gm, after opening at 41,397 today. Silver March contract, in a similar trend, traded Rs 636 points or 1.45% higher at 44,615 per kg.

Fed likely to cut interest rate in US

1: 15 PM

Goldman Sachs economists on Sunday predicted the Federal Reserve will cut rates aggressively, saying the head of the U.S. central bank sent a clear signal with his unscheduled statement on Friday.

On Friday, Fed Chair Jerome Powell issued a statement in which he said that while the US economy remained strong, the virus "posed an evolving risk" and the Fed stood ready to take action if needed.

(Reuters)

Bharti Airtel rises 2.5%

12: 45 PM

Bharti Airtel stock price touched an intraday high of Rs 535.9, rising 2.26% on BSE after the telecom major announced that has made an payment of Rs 8,004 crore towards adjusted gross revenue, in addition to Rs 10,000 crore paid on February 17, 2020. The filing added thatthe company has calculated the liabilities on a self-assessment basis till December 31, 2019 and the payment includes interest up to February 29, 2020.

Bajaj Auto falls 4% on weak sales data

12: 35 PM

Bajaj Auto shares touched an intraday low of Rs 2,774, falling 4.03% on BSE today, after the company reported drop of 10% in February sales 2020 on a yearly basis. the automaker reported 168,747 domestic united for February month as against 221,706 units reported in the same month last year. Export for the month of February 2020 fell to 186,166 as against 171,383 units in the February 2019.

SBI IPO raises Rs 2,769 cr from 74 anchor investors

12: 20 PM

SBI Cards and Payment Services, which will launch its IPO today, has raised  Rs 2,769 crore from 74 anchor investors. The IPO which aims to raise Rs 10,355 crore is likely to see a bumper response from investors. SBI, the parent firm of SBI Cards, plans to raise Rs 500 crore by selling 0.66 crore shares. Carlyle Group will offer up to 13.05 crore shares to raise Rs 9,855 crore.

GDP numbers on Friday

12:00 PM

India's gross domestic product (GDP) growth slipped to a nearly 7-year low of 4.7 per cent in October-December 2019, weighed by a contraction in manufacturing sector output.

Excorts rises 10%

11: 45 AM

Escorts share price opened with a gain of 5.11% today and later touched an intraday high of Rs 863.75, rising 10.7% as gainst the last closing value of Rs 780.10. This was following the update that company's Agri Machinery volumes grew by 18.8% yearly in February 2020. As per company's regulatory filing, Agri Machinery Segment (EAM) in February 2020 sold 8,601 tractors registering a growth of 18.8% against 7,240 tractors sold in February 2019. Domestic tractor sales in February 2020 at 8,049 tractors registering a growth of 16.3 % against 6,918 tractors in February 2019. Export for the month of February 2020 at 552 tractors registering a growth of 71.4% against 322 tractors sold in February 2019.

RIL climbs 3%

11: 30 AM

Reliance Industries stock price opened with a gain of 2.24% today and later touched an intraday high of Rs 1,368.75, rising 3.02% against the previous closing of Rs 1,328.65 on BSE. This follows the company update about investment on Alok Industries. As per the company's filing, it has acquired 37.7% stake in textile manufacturer Alok Industries Ltd for Rs 250 crore. Reliance had jointly with JM Financial Asset Reconstruction Co Ltd bid for acquiring Alok Industries that was auctioned under the insolvency and bankruptcy law by lenders to recover their unpaid loans.

Indiabulls Housing Finance shares climb 21% as RBI dismisses violation charge

11:00 AM

Shares of Indiabulls Housing Finance traded as the top gainer on BSE, rising 21% intraday on Monday's trading session after it informed the bourses BSE and NSE that the apex bank RBI has found no violations of any nature or kind regarding the housing finance company.

Following the statement by the company, shares of Indiabulls Housing Finance opened with a gap up chart pattern and traded as the top gainer on BSE, rising 9.99%. Later, the shares touched an intraday high of Rs 339.2, rising 60 points or 21.45% as against the previous closing value of Rs 279.20.

As per the company's regulatory filing submitted on Saturday, 28 March 2020, the RBI has submitted its affidavit in the court in the PIL matter, that highlights details of loans taken by the borrowers mentioned in PIL and the repayment dates of such loan.

SBI Cards IPO expert opinion

10: 45 AM

Commenting on the IPO opening of SBI Cards and Payment services, Santosh Meena, Senior Analyst at TradingBells said,

"SBI cards is going to be a very successful IPO both in terms of subscriptions and listing gain because reasons:

- The second-largest player in the Indian credit cards market with nearly 18 percent market share.

- India is under-penetrated in terms of credit card market and the government has a focus on digital transactions.

-  The first company to list from the credit card industry.

- It also has the strong parentage of SBI, which provides access to its extensive branch network.

- SBI Card's total credit card spends grew at a compounded annual growth rate of 54.2 percent over FY17-FY19 compared with an industry average of 35.6 percent.

- It has 18 co-branded partnerships, the highest in the industry compared to other players.

Where we are expecting a listing gain of more than 50% and investors should hold this stock post listing as well."

Coronavirus: Global toll crosses 3,000 as China reports 42 more deaths

10: 20 AM

China has reported 42 new fatalities from the novel coronavirus outbreak, taking the death toll from the rapid spread of the epidemic wreaked havoc globally to 3,000 and infecting more than 88,000 people on Monday.

Health officials in Washington state said Sunday night that a second person had died from the coronavirus. US now has 12 confirmed cases. The death toll from an outbreak of coronavirus in Italy has risen to 34.

Market Update

10: 16 AM

Market benchmark rebounded 1.6% each on Monday led by strong gains in index-heavyweights Reliance Industries, ICICI Bank and HDFC as  domestic investors turned bullish on account of sharp recovery in the Asian markets and US Futures. According to traders, following the recent selloff in global equity markets, investors are bottom-fishing recently-battered stocks. On the domestic front, stocks are expected to react to the GDP growth numbers released after market hours on Friday.

Maruti rises post Feb sales data

10: 15 AM

Maruti shares were trading 2.7% higher today, after the company reported a decline of 1.1 per cent in overall sales, including domestic and exports. Maruti sold 147,110 units in February 2020 as compared to 1,48,682 units in February last year.

FII/DII action on Friday

10: 11 AM

On a net basis, foreign institutional investors (FPIs) sold equities worth Rs 1,428.74 crore, while domestic institutional investors bought shares worth Rs 7,621.16 crore on Friday, data available with stock exchanges showed.

Gainers and Losers

10: 10 AM

Top gainers in the Sensex pack included ICICI Bank, HCL Tech, Reliance Industries, TCS, ONGC, Titan and Infosys. On the other hand, Kotak Bank, M&M and Tech Mahindra were in the red.

Global Market Update

10: 05 AM

Equity markets opened today on a positive note on account of sharp recovery in the Asian markets and US Futures. SGX Nifty also traded up 100 points at 11,267. Asian stocks reversed early losses after Japan's central bank promised to support markets.

On Wall Street, stocks closed mostly lower on Friday, amid intensifying fears over the potential degree of damage the spread of COVID-19 will inflict on the global economy and supply chains. on the reverse, US Futures (Dow Jones) traded at 29,305, up 65 points or 0.22%.

Auto companies on focus today

9: 55 AM

Shares of auto companies will remain in focus after they release their February sales numbers. Tata Motors, Mahindra and Mahindra (M&M) and MG Motor India on Sunday said they are facing challenges in terms of component supply from coronavirus hit-China.

SBI Cards IPO today

9: 45 AM

The much-awaited IPO (Initial Public Offering) of State Bank of India 's card subsidiary SBI Cards and Payments Services Ltd will open for subscription today. Market analysts are hoping the issue will get a bumper response and SBI Cards also aims to mop-up over Rs 10,000 crore.

SBI Cards and Payment Services, which will launch its IPO today, has raised  Rs 2,769 crore from 74 anchor investors. The IPO which aims to raise Rs 10,355 crore is likely to see a bumper response from investors. SBI, the parent firm of SBI Cards, plans to raise Rs 500 crore by selling 0.66 crore shares. Carlyle Group will offer up to 13.05 crore shares to raise Rs 9,855 crore.

Opening bell

9: 30 AM

After a heavy meltdown in the last trading session, equity market indices Sensex and Nifty recovered from declines to trade 1.49% each on Monday, tracking overseas trend, backed by heavy buying pressure in metal, realty and pharma stocks. BSE 30-share S&P Sensex traded 525 points higher at 38,850 and NSE 50-share index Nifty50 rose 156 points higher to 11,357.

Stocks to watch today on March 2

RIL,Adani Gas, Maruti, HPCL, M&M, Dr Reddy's Labs, Motherson Sumi, Sudarshan Chemicals among others are the top stocks to watch out for in Monday's trading session

Last Close

On last Friday, market indices took bearish cues from overseas trend and crashed 3%, amid a rise in cases Covid-19 infections in 6 continents, barring Antarctica. While Sensex ended 1,448 points lower at 38,297 and Nifty fell down 414 points at 11,219. Sensex made a low of 38,551.54, while Nifty fell to 11,291.90. Following a broad-based fall, 29 out of 30 constituents on BSE Sensex and 48 out of 50 scrips from NSE Nifty closed in the red. In terms of sector-based decline on NSE, Nifty metal fell the most, dropping 7.3%, followed by a 5.25% fall in IT. Media, and PSU Bank fell 4.9% each, while pharma, financial services, auto, banking closed 3% lower.