Share Market Update: Sensex ends 674 points lower, Nifty at 8,083; Kotak Bank, IndusInd Bank top losers

Sensex, Nifty Updates: Benchmark indices Sensex and Nifty closed on a bearish note on Friday, as market sentiments were weak amid the tightened lockdowns across the country to combat the virus spread. Extending decline for the second straight session, the 30-share index BSE Sensex fell 674 points lower to close at 27,590 and 50-share barometer NSE Nifty fell 170 points to end at 8,083. Overall 20 out of 30 on Sensex and 30 out of 50 stocks on Nifty were trading in red territory today.

Market closed 4% lower on Wednesday, amid heightened fears of economic depression, sparked by the coronavirus pandemic. Tracking bearish trend from global indices, the 30-share index BSE Sensex ended 1,203 points lower at 28,265 and 50-share barometer NSE Nifty closed 334 points lower at 8,263.

Globally indices traded in muted today, as investors sentiments turned risk averse amid the rising cases of COVID-19 and tightened lockdowns across the world to combat the virus spread. Worldwide, there are over 10.15 lakh confirmed cases and 0.53 lakh deaths from the coronavirus outbreak. Of these, over 2.6 lakh have recovered globally.

In India, coronavirus cases continued to rise despite a complete lockdown. India is consecutively reporting biggest single-day jumps in new COVID-19 cases since Monday. As of Wednesday, the number of infected cases in India has increased to 2,301, with 156 recovered cases. The death toll from coronavirus in India has risen to 56. The novel coronavirus is in the local transmission phase in India.

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

Closing bell

3: 45 PM

Benchmark indices Sensex and Nifty closed on a bearish note on Friday, as market sentiments were weak amid the tightened lockdowns across the country to combat the virus spread. Extending decline for the second straight session, the 30-share index BSE Sensex fell 674 points lower to close at 27,590 and 50-share barometer NSE Nifty fell 170 points to end at 8,083. Overall 20 out of 30 on Sensex and 30 out of 50 stocks on Nifty were trading in red territory today.

HUL clims over 3%

3: 30 AM

Hindustan Unilever rose 3.4% and touched an intraday high of Rs 2253.25 as the company completed merger of GlaxoSmithKline Consumer Healthcare (GSKCH) with itself, almost 15 months after the announcement of the mega deal.

MOFL on India's GDP impact and sectors affected by COVID-19

3: 20 PM

- The adverse effects on several sectors are already visible as most companies have shut their plants and wherever possible are allowing employees to work from home (WFH). Our calculations suggest that only 30-40% of the economy is currently operational at different intensities.

- A single day of complete national lockdown could shave off as much as 14-19 basis points (bp) from annual growth and 55-75bp from quarterly growth. With 14 days of complete lockdown in Apr'20 and assuming that things normalize from mid-May'20, real GDP could decline 12.2% YoY in 1QFY21.

- This will be the first-ever quarter of de-growth since the quarterly data became available since late-1990s, and with two consecutive quarters of GDP decline, the Indian economy could see its first technical recession since 1990s.

- We find that 20% of the economy ('Manufacturing', 'Hotels & restaurants', and 'Water/Air transport') is severely affected at this stage. Around half (48%) of the economy ('Agriculture', Construction', 'Railways', 'Business services', 'Education' and 'Other services') is moderately affected and the remaining 32% is only mildly affected at this stage. Accordingly, the economic effect at this stage is 'moderate.'

India Nivesh drops almost 20% to hit new 52-week low

3:00 PM

India Nivesh shares fell 19.89% to hit a new 52-week low of Rs 29.2 on BSE today after the company decided to disable all stockbroking (voluntary disablement) services due to liquidity cruch caused by the 21-days lockdown. Earlier company had announced closure of its PMS unit amid the lockdown.

PVR hits new 52-week low

2: 50 PM

PVR shares touched an intraday low as well as a new 52 week low of Rs 954.5 hit today, falling 9.48% on BSE as the brokergae house  ICRA retained rating at AA-/A1+, but placed the rating on watch with developing implications due to lockdown.

Global indices in red

2: 40 PM

European indices opened in red, with FTSE and CAC both falling 1% each, followed by DAx down 0.50% today. SGX Nifty was trading 2.5% lower, while DOw Jones Futures was trading 1.3% lower.

HDFC Securities on Banking industry

2: 30 PM

- After the surprising uptick seen in Jan-20, YoY non-food credit growth slowed to 7.3%, and MoM growth slowed to just 16bps.

- Agri credit growth showed slowing trends at 5.8%.

- Personal loan growth remained resilient at 17% YoY.

- After accelerating slightly in Jan-20, service credit growth slowed again to 6.9% (this segment has seen the most pronounced slowdown, as it grew at 23.7% YoY in Feb-19).

Kanoria Chemicals up almost 10%

2: 15 PM

Kanoria Chemicals shares gained 9.5% today to the day's high of Rs 27.05  after CARE revised rating for long-term bank loans of the company to A from A+ earlier.

Market update

2:00 AM

Benchmark indices Sensex and Nifty were trading near day's low by the afternoon session of Friday, as market sentiments were weak amid the tightened lockdowns across the country to combat the virus spread.

The 30-share index BSE Sensex fell 700 points lower at 27,550 and 50-share barometer NSE Nifty fell 176 points to 8,076.

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HDFC Securities on Industrials

1: 20 PM

- Leading global capital goods manufacturers have partially shut factories amidst Covid-19 led lockdown and weakening demand. Global supply chains are also getting impacted.

- Our coverage universe of L&T, Siemens and ABB have strong balance sheets and are well placed to endure these tough times. Players like Siemens, ABB etc have global supply chains and factories the demand has shrunk, while the supply chain is also moderately stressed. The turnaround time to normalcy may be quick in case of EPC players like L&T, as large part of the migrant labor force is still at site and reliance on global supply chain is limited.

- KEC and Kalpataru Power have large overseas presence with 40/45% ex-India order book. Dependence on India supply chain may impact overseas execution as 80-90% supply chain resides within India.

- The brokerage kept 'Buy' rating for L&T, KEC and Kalpataru Power

- The brokerage kept 'Add' rating for Seimens and ABB India.

Edelweiss on IT sector

1: 15 PM

- Amazon's and Walmart's resilient systems must have again caught the eyes of enterprises across the globe and once the dust settles other firms will look to emulate these best practices.

- While some loss of revenue will be visible in Q4FY20, majority of the impact of the Coronavirus crisis will be felt in H1FY21.

- The obvious short-term shock to revenue notwithstanding, we believe the depreciating INR may ameliorate some pain;

- We believe the current crisis will put the adoption of digital transformation practices on an accelerated path.

- Uncertainty about demand environment compels us to cut short-term growth forecasts for FY21.

- Maintain 'BUY' on Infosys, HCL Tech & Tech Mahindra

-'HOLD' on TCS & Wipro.

Anand Rathi on IT sector

1: 10 PM

- Indian IT growth in FY21 could be ~3% lower, assuming recovery in H2FY21 (thus, no immediate reduction in head-count).

- Companies have responded by moving 90% delivery home, resulting in ~5% loss in productivity days.

- Companies may take six months to adjust hiring/utilisation to neutralise the impact on margins (given expectations of a rapid recovery).

- We reduce our FY21/FY22 EBIT estimates ~14%/9% ,but keep our target multiples unchanged for most, barring where leverage/size may lead to higher risks. The sector, overall, has shown some resilience since 1st Feb

- We expect the sector to remain defensive. Top picks: Mphasis, LTI.

Eddelweiss on Oil and gas

1: 05 PM

- Oil demand to plunge 17%, GRMs negative as COVID-19 bites: Global oil demand is poised to plunge approx 17% YoY in April 2020 and 6% during CY20 as COVID-19 lockdowns impact at least a quarter of the world's population.

- GRMs have plunged to USD 0.6/bbl as all key product cracks have turned negative

- The trend in India is similar with modest refinery cutbacks ranging from 10-30%. We believe our recent 12-21% cut in FY21E EPS of OMCs is currently adequate.

- We believe Indian refineries will structurally gain in the long term as they enhance competitiveness. Our OMC pecking order is BPCL, HPCL and IOCL.

HDFC Securities on India equity strategy

12: 50 PM

- While the CoVid-19 situation remains fluid, we believe that Nifty correction of ~30% already factors in the impact of ~1 month lockdown and return to business normalcy by Q1 end.

- While government and RBI have announced stimulus packages, we expect further measures to tide over the crisis.

- However, if the lockdown is more severe and the business impact extends well into 2Q, we see further downsides.

- Recent sharp correction presents attractive opportunity for long term investing into high quality names.

- Our key picks include: Infosys, Bharti, ICICI Bank, Axis Bank, ITC, UNSP, UTCEM, IGL, CDSL, CIFC.

JM Financials for ACC and Ambuja Cement's outlook

12: 45 PM

- Both companies in expansion mode after a 5-year pause; growth outlook likely to see downward revision

- Improvement in working capital cycle/profitability helps FCF yield

- Operations improved on the back of better realisations:

- We maintain BUY for Ambuja (target price of Rs 190 from Rs 240 earlier)

- We maintain HOLD for ACC (target price of Rs 1,400 from Rs 1,670 earlier).

Edelweiss on Avation

12: 30 PM

- Outlook: Cautious due to COVID-19 uncertainty

-COVID-19 has proven to be the proverbial black swan for Indian airlines with the impact spreading from smaller international (25% of revenue) to a suspension of domestic operations till April 15.

- In the event of a full shutdown, while we estimate Indigo, with reserves, to sustain cash burn for a year, Spicejet (SJ), even post the Boeing refund, will need a bailout.

- According to press reports, the government is mulling a relief package for airlines, similar to plans announced in US and Europe.

- Factoring this, we cut FY21/22E EBITDAR 34%/18% for Indigo and 33%/6% for SpiceJet.

- We upgrade Indigo to 'HOLD' from 'REDUCE' with revised Target Price of Rs 961 per share from Rs 1,297 earlier

- Maintain 'BUY' on SpiceJet with revised price of Rs 79 as against Rs 120 earlier.

Lupin shares rise over 10%

12: 15 PM

Lupin shares were the top gainer on Nifty pharma on Friday, rising over 10% today after the company said it recieved Establishment Inspection Report from the USFDA for the it's Aurangabad, India facility.

The filing further added that the inspection for the facility carried out by the USFDA between February 10, 2020 and February 14, 2020 concluded with no observations.

Nifty Pharma only sector in green

12: 00 PM

Pharma stocks were gaining in today's bearish trade as ,many brokerage report as well as market excperts suggested that the the sector is least impact by COVID-19 pandemic. Nifty pharma was up 4.15%, with shares of Lupin risign 10%, followed by 7% gain in Cipla and Sun Pharma. Glenmark Pharma was risign 5%, followed by 3% gain in Biocon and 2% gain in Divi's Labs and Dr Reddy shares.

On the other hand, Priramal Enterprises was th eonly stock trading in red in Nifty pharma, down 4%.

Coronavirus toll in India

11: 50 AM

In India, coronavirus cases continued to rise despite a complete lockdown. India is consecutively reporting biggest single-day jumps in new COVID-19 cases since Monday. As of Wednesday, the number of infected cases in India has increased to 2,301, with 156 recovered cases. The death toll from coronavirus in India has risen to 56. The novel coronavirus is in the local transmission phase in India.

Long term investor opportunity

11: 40 AM

As per the Founder & CEO, Samco Securities, if you had invested Rs 100,000 at the lows of Swine Flu panic in April 2009 then it would be around Rs 2,10,000 by November 2010.

Similarly, if you entered the market around the lows in January 2016 when the Zika virus gripped the market, it would turn your investment into Rs 1, 50,000 by October 2018. It is extremely likely that five years from now we will all be looking back at this time as a great buying opportunity.

Coronavirus outbreak: The current crisis can be a great opportunity for stock market investors

Rupee above 76 per dollar mark

11: 20 AM

The rupee opened weak at 75.97 at the interbank forex market and then fell further to 76.08, down 48 paise over its last close.

Forex traders said weak opening in domestic equities dragged the local unit amid mounting fears of a coronavirus-led economic slowdown.

According to Reliance Securities "rising coronavirus cases in India and globally could also weigh on sentiments as investors could continue to buy the safe haven Dollars".

Rupee vs Dollar: Rupee slips 48 paise to 76.08 amid coronavirus scare

M-cap worth Rs 37.59 lakh cr lost in March month

11: 10 AM

Investors lost Rs 37.59 lakh crore in 2019-20 fiscal with Sensex and Nifty logging maximum losses in March. Market capitalisation of BSE-listed companies fell by Rs 37.59 lakh crore to Rs 113.48 lakh crore at the end of last fiscal. Market capitalisation on March 31, 2019 stood at Rs 151.07 lakh crore.

Investors lost Rs 37.59 lakh crore in FY20 amid coronavirus fears

Nifty 50 stocks current valuations by MOFL

11: 00 AM

As per Motilal Oswal's report, 17 out of the Nifty50 companies are trading at prices >5-year lows.

IndusInd Bank, Sun Pharma and Zee Entertainment are trading at 7-year lows while ITC is at its 8-year low.

M&M (9-year low), Tata Motors (10-year low), GAIL (10-year low), NTPC (14-year low), ONGC (16-year low) and Coal India (all-time low) are trading at their decade-low prices.

On the other hand, only four - HUL, Dr. Reddy's, Nestle and Asian Paints -out of the 50 Nifty companies are trading within 20% of their 52-week highs.

Hindalco, Tata Steel, Power Grid, NTPC, ONGC and Coal India are now trading at all-time low valuations.

Rupee falls by 47 paise to 76.07

10: 35 AM

The Indian rupee depreciated 47 paise to 76.07 against the US dollar in morning trade.

Sensex losers and gainers

10: 30 AM

Kotak Bank, IndusInd Bank, Hero MotoCorp, Asian Paints, Titan and ICICI Bank were among the top losers in the Sensex pack. On the other hand, PowerGrid, ONGC, HCL Tech and Sun Pharma were the gainers.

Bajaj Auto falls 4.5%, top loser on NSE

10: 20 AM

Bajaj Auto shares fell 4.5% to touch an intraday low of Rs 1,959 after the company's  2-wheeler sales slipped 35% to 2.1 lakh units and its 3-wheeler sales were down 35% to 31,599 units year-on-year basis.

Cipla gains 5%

10:00 AM

Cipla shares gained 5% on BSE and traded as the top gainer after the pharma major said it has successfully completed the Phase-3 clinical study for generic version of GSK's Advair Disku.

Cipla stock rises 6% on phase-3 clinical study of asthma drug

Indices decline 2% each

9: 50 AM

Benchmark indices Sensex and Nifty declined 1.2% each, as market sentiments were weak amid the tightened lockdowns across the country to combat the virus spread.

The 30-share index BSE Sensex fell 400 points lower at 27,868 and 50-share barometer NSE Nifty fell 110 points to 8,143. Overall 20 ouf of 30 on Sensex and 31 out of 50 stocks on Nifty were trading in red territory today.

Most indices in red

9: 40 AM

Barring Pharma, FMCG, and realty sector, all the other sectors were trading in red, with banking, auto and metal indices falling over 2% each, followed by 1% drop in IT and media sector.

Indices decline further

9: 35 AM

The 30-share index BSE Sensex fell 400 points lower at 27,868 and 50-share barometer NSE Nifty fell 110 points to 8,143.

Alert

9: 30 AM

World Bank has approved $1 billion emergency response fund for India to combat COVID-19. This is the largest ever health sector support from World Bank to India which will cover all states & UTs of the country.

Crude oil rises

9: 25 AM

Brent Crude trades at $29.20/bbl, down 2.47%. Oil prices surged after Trump said Russia and Saudi Arabia would cut production.

Opening Bell

9: 20 AM

Benchmark indices Sensex and Nifty pre-opened higher but erased early gains and opened in red territory on Friday as the announcements by PM today failed to generate optimism among investors, who turned risk averse amid the rising cases of COVID-19 and tightened lockdowns across the country to combat the virus spread. The 30-share index BSE Sensex fell 220 points lower at 27,911 and 50-share barometer NSE Nifty fell 100 points to 8,148.

Markets worldwide mixed today

9: 15 AM

Asian markets were mixed as the economic fallout from the coronavirus pandemic continues to weigh on investors. Where Shanghai Index, SGX Nifty, Strait Times and Hang Seng traded marginally lower, Nikkie and Kospi traded marginally higher

Both European indices also closed marginally higher, tracking 1% gain in Nasdaq. US stocks rallied, boosted by energy shares as oil surged after Trump said Russia and Saudi Arabia would cut production.

In the meanwhile, US Futures (Dow Jones) traded at 21080, down 193 points or 0.91%.

Pre-open session

9:00 AM

Benchmark indices Sensex and Nifty pre-opend higher on Friday amid mixed global cues. The 30-share index BSE Sensex traded 350 points higher at 28,618 and 50-share barometer NSE Nifty traded 155 points higher at 8,411.

Rupee's closing on Wednesday

8: 50 AM

On March 31, the Indian rupee ended flat at 75.62 per dollar against Monday's closing of 75.61

FII/DII action on Wednesday

8: 45 AM

On a net basis, FIIs sold Rs 1,116.79 crore & DIIs too offloaded Rs 450.36 crore in equities yesterday.

FII outflows at record high

8: 40 AM

Foreign institutional investors (FIIs) logged the worst sell-off ever in Indian market last month with equity markets witnessing record losses due to rising number of coronavirus cases in  India and the world. FIIs withdrew Rs 65,816 crore in a month which proved to be the worst ever for Sensex and Nifty.

FIIs log record outflows as Sensex, Nifty post worst show ever

PM Modi to address nation at 9 am

8: 30 AM

Investors are also anticipating announcements of measures by the Prime Minister Narendra Modi, who will the address the nation at 9 am today as the country recorded a spike in the total number of cases at around 500 on Thursday. It is widely speculated that the prime minister will announce a staggered exit from the 21-day lockdown.

Coronavirus in India Live Updates: PM Modi to address the nation at 9 am on COVID-19 crisis

Market Expectations

8: 25 AM

Benchmark indices Sensex and Nifty are likely to open muted on Friday amid mixed global cues. SGX Nifty traded 55 points lower at 8,228, indicating a negative start at domestic grounds.

Stocks to watch today on April 3

8: 20 AM

Kilpest India, Cipla, TVS Motor, Aurobindo Pharma, JB Chemicals, AIMCO Pesticides among others are the top stocks to watch out for in Friday's trading session

Stocks in news: Kilpest India, Cipla, TVS Motor, Aurobindo Pharma and more

Coronavirus toll in India

8: 10 AM

In India, coronavirus cases continued to rise despite a complete lockdown. India is consecutively reporting biggest single-day jumps in new COVID-19 cases since Monday. As of Wednesday, the number of infected cases in India has increased to 2,500, with 190 recovered cases. The death toll from coronavirus in India has risen to 70. The novel coronavirus is in the local transmission phase in India.

Closing on Wednesday

8:00 AM

Market ended in red territory on Wednesday, as investors panicked over the worst quarter ever experienced and turned risk averse amid heightened fears of economic depression, sparked by the coronavirus pandemic. Tracking bearish trend from global indices, the 30-share index BSE Sensex ended 1,203 points lower at 28,265 and 50-share barometer NSE Nifty closed 334 points lower at 8,263.

Share Market LIVE: Sensex ends 1,203 points, Nifty at 8,263; Tech Mahindra, Kotak Bank top losers