Nifty Ends Below 9,000 For The First Time Since March 2017
Catch all live updates on share prices, index moves, corporate announcements and more from the Sensex and Nifty, today.
KEY HIGHLIGHTS
Closing Bell: Last Hour Selloff Negates Early Gains
Indian equity markets, which held on to steady gains for most part of the day, ended sharply lower courtesy a last-hour selloff. Benchmark indices ended with losses for the second straight day.
The S&P BSE Sensex fell 2.58 percent to end at 30,579. These levels are the lowest since May 24, 2017.
The NSE Nifty 50 index too ended at 8,966, down by 2.51 percent. The index closed below the mark of 9,000 for the first time since March 10, 2017.
Barring FMCG & Pharma, all other sectoral indices ended with losses.
Market breadth turned adverse with 1,065 stocks ending with declines. 499 stocks ended with gains at the close of trade.
Nifty Bank Falls Over 1,000 Points
Large Trade Alert: ITC
75.2 lakh shares of ITC Ltd. have changed hands in a large trade on the National Stock Exchange, according to Bloomberg data. Buyers and Sellers were not immediately known.
The stock is off the highest point of the day but trades with gains of 1.9 percent at Rs 150.10.
F&O Snapshot: Active Options Contracts
Nifty: March 19 Expiry
- 10,000 Call: Premium falls 67.8 percent to Rs 26.15. The contract has added 2 lakh shares in open interest.
- 9,500 Call: Premium falls 50.6 percent to Rs 101.45. The contract has added 5.33 lakh shares in open interest.
- 8,100 Put: Premium falls 34.5 percent to Rs 74. The contract has added 2.3 lakh shares in open interest.
Nifty Bank: March 19 Expiry
- 21,000 Put: Premium falls 17 percent to Rs 376.75. The contract has added 1.71 lakh shares in open interest.
- 25,000 Call: Premium falls 78 percent to Rs 65. The contract has added 97,980 shares in open interest.
- 24,000 Call: Premium falls 69.9 percent to Rs 170.2. The contract has added 2.11 lakh shares in open interest.
Shoppers Stop Down For Ninth Straight Day
Shoppers Stop Ltd. is trading at the lowest level since January 2012. Prices are down for the ninth day in a row, falling 31 percent during the period. This is the longest losing streak seen by the stock since December 2015.
On technical parameters, the stock has its Relative Strength Index at 7. A reading below 30 indicates that the stock is in oversold territory.
Nine out of the 14 analysts tracked by Bloomberg have a ‘Buy’ rating on the stock while three of them have a ‘sell’ recommendation.
Trading Ideas From Angel Broking's Amar Singh
- Buy Dabur for target of Rs 467 and stop loss of Rs 432
- Sell DLF for target of Rs 139 and stop loss of Rs 155.5
Market Update At 2:15 PM
- Nifty down 0.1 percent, off the day's high to 9,193
- Nifty futures trade at a discount of 85.3 points, add 0.2 percent in open interest
- Nifty Bank down 1.3 percent to 22,789
- Nifty Bank futures trade at a discount of 165.6 points, add 20 percent in open interest
- Nifty Midcap index down 0.9 percent; Smallcap index down 1.2 percent
- Nifty Auto, Pharma, FMCG index trade with gains
- India Volatility Index up 4.5 percent at 61.58
- 664 stocks trade with advances while 883 stocks trade with losses
Sun Pharma Approves Buyback
Sun Pharma Ltd. approved a plan to buyback shares worth Rs 1,700 crore. The company will buyback 4 crore shares, representing 1.67 percent of the total number of shares of the company.
The company has set a buyback price of Rs 425 per share, a 10 percent premium to the current market price.
The stock cooled off from the highest point of the day and it now trades 3.8 percent higher at Rs 382.5 per share.
European Markets Open With Gains
Fourth Straight Lower Circuit For Future Retail
Future Retail Ltd. has fallen for the eighth straight day today. It is also the fourth straight day when shares are locked in a lower circuit of ten percent.
Share prices of the supermarket and hypermarket chain are down 70 percent from its 52-week high made on June 28, 2019.
The current Relative Strength Index for the stock is at 7 - the lowest ever. A reading below 30 indicates that the stock is in oversold territory.
8 out of the 11 analysts tracked by Bloomberg continue to have a ‘buy’ recommendation on the stock. The current return potential for the stock as per Bloomberg data is 239.3 percent.
Endurance Technologies Down For Seventh Day
Shares of the auto part maker are down for the seventh straight day. The stock currently trades five percent lower at Rs 720 per share, the lowest level seen since March 2017.
The stock has declined 30 percent in the last seven days, leading to a market-cap erosion of Rs 4,227 crore.
Nifty PSE Index Stages A Rebound
Markets At Noon
- Nifty trades 1 percent higher at 9,289
- Nifty futures are trading at a discount of 82 points with open interest flat
- Nifty Bank trades 0.2 percent higher at 23,150
- Nifty Bank futures trade at a discount of 159.15 points with 16.5 percent added in open interest
- Nifty Midcap and Smallcap index are down 0.3 percent each
- Nifty FMCG & Metals index are trading off the day's high but with gains of over 2 percent
- Nifty Media is the top sectoral laggard led by Zee Entertainment which is at an eight-year low
- India Volatility Index up 2 percent to 60
- 761 stocks are currently advancing as compared to 779 stocks that are trading with cuts
Yes Bank Press Conference
- Yes Bank Ltd. will hold a press conference at 3:45 PM today
- SBI Chairman and heads of those private banks who have invested in the bank to also be part of the press conference
- The stock is currently trading 57 percent higher at Rs 58.35 on the National Stock Exchange.
Stock Reaction: Titagarh Wagons
Shares of the railroad car manufacturer fell as much as 5.9 percent to Rs 26.4 on the National Stock Exchange.
The company in a statement to the exchanges said that the operations of its Italian arm have been severely affected due to the Coronavirus outbreak. It has also temporarily suspended operations at the said plant for a period of 15 days.
The stock fell for the seventh straight day. The seven-day fall resulted in a stock-price drop of close to 35 percent. It had also fallen to a six-year low of Rs 23.85 on March 13.
Stock Reaction: Delta Corp
Shares of the entertainment and gaming player fell as much as 7.88 percent to Rs 78.90 on the National Stock Exchange.
The company has decided to shut all the casinos operated in Goa by itself as well as its arms until March 31 in order to curb the impact of the Coronavirus outbreak.
The stock is down for the fifth straight session today, giving up 30 percent during the period. It has also seen a market cap erosion of Rs 979 crore during the last five days.
Zee Entertainment At Eight-Year Low
Shares of Zee Entertainment Ltd. are the top laggard on the Nifty 50 today. The Stock is now down for the fourth straight day, falling 30 percent during the period.
The stock currently trades 10.3 percent lower at Rs 149.10 per share - the lowest level since July 2012. Losses during the last four days have led to a market cap erosion of Rs 5,772 crore for the scrip.
10 lakh shares of the company exchanged hands in a large trade as per Bloomberg data. Buyers and sellers were not immediately known.
Remain In Wait And Watch Mode, Says Manish Chokhani
Manish Chokhani of Enam Holdings believes that recovery in the Indian markets is still sometime away. However, he also added that investments made at current levels will fetch good returns over the long-term.
Here are some of the other key takeaways from the interaction he had with BloombergQuint:
- Bear markets are sharp & swift which last for two to three years
- Next two quarters will be important to monitor
- Like larger banks at current levels
- Some companies to benefit from shift in global supply chains
- See good wealth creation opportunities in PSU companies
F&O Snapshot: Active Options Contracts
Nifty: March 19 Expiry
- 10,000 Call: Premium falls 19.56 percent to Rs 65.40. The contract has added 2.32 lakh shares in open interest.
- 8,100 Put: Premium falls 46.2 percent to Rs 60.85. The contract has added 4.56 lakh shares in open interest.
- 8,500 Put: Premium falls 42.8 percent to Rs 107.45. The contract has added 2.8 lakh shares in open interest.
Nifty Bank: March 19 Expiry
- 21,000 Put: Premium falls 29.85 percent to Rs 318.70. The contract has added 1.68 lakh shares in open interest.
- 25,000 Call: Premium rises 5.92 percent to Rs 312.95. The contract has added 52,640 shares in open interest.
- 26,000 Call: Premium falls 8.7 percent to Rs 143.55. The contract has added 92,300 shares in open interest.
Stock Reaction: UPL Falls To Lowest Since July 2018
Shares of UPL Ltd. are down for the fourth straight day. Prices fell as much as 9 percent to Rs 343.10 on the National Stock Exchange, the lowest level since July 2018.
Morgan Stanley downgraded the stock to equalweight from overweight. It also cut its price target to Rs 429 from Rs 654, citing increased uncertainty about the demand-supply dynamics.
The stock has fallen close to 30 percent in the last four sessions, with a market cap erosion of Rs 11,237 crore.
Markets Update At 10:05 A.M.
- Nifty up 1.83 percent to 9,366
- Nifty Futures add 1 percent in open interest and trade at a discount of 49.5 points.
- Nifty Bank up 1.1 percent to 23,340
- Nifty Bank futures add 11 percent in open interest and trade at a discount of 69.5 points.
- All sectoral indices barring Nifty Media trade with gains
- Nifty Metal and Nifty Pharma gain over 4 percent each
- Nifty Auto and Nifty FMCG gain over 2 percent each
- 897 stocks on the NSE are advancing while 593 stocks trade with losses
- India Volatility Index up 3.8 percent at 61.11
Most Sectoral Indices Trade With Gains
Retail Deposits Intact, Says RBL Bank
The private lender in a statement to the exchanges has clarified that rumours around its financial health and stability are misplaced, motivated and not based on facts. It has reiterated that it remains a well-capitalised, profitable and growing entity with a strong governance setup.
The statement further said that the bank's retail deposits are intact, although there has been some withdrawals on the institutional deposits front.
While there has been no material impact on our retail deposits, there have been some withdrawals from institutional depositors and a couple of state government organizations constituting about 3 percent of our total deposits in the last one week. However this issue is being addressed by us on a one-on-one basis with the State Governments and also at the Industry levels by RBI.Statement From RBL Bank
Shares gained as much as 6.14 percent to Rs 172.85 on the National Stock Exchange. Prices had fallen 21 percent on Monday, to an all-time low.
Stock Reaction: Third Day Of Gains For India Cements
Shares of the South-based cement player rose for the third straight day. Prices rose as much as 8.62 percent to Rs 104, the highest level in three-weeks.
Veteran Investor Radhakishan Damani increased his stake in the company to 16 percent from 11.98 percent as per the latest exchange filing.
The stock registered gains of over 9 percent in Friday and Monday's trading session respectively. The stock has gained 25 percent in the last three sessions, adding over 600 crore to its market capitalisation.
India VIX Near A 12-Year High
India Volatility Index is up for the seventh straight day in today’s trade. The gauge rose as much as 7.14 percent to levels of 63.14, the highest since December 18, 2008.
This is the longest gaining streak for the gauge since May 2018, when it rose for eight successive days.
Heavyweights Drag The Nifty Lower
Opening Bell: Second Day Of Losses For The Markets
Indian equity markets have had a volatile start to the trading day as Asian markets continue to fluctuate between gains and losses
The S&P BSE Sensex opened with gains only to slip into the red. Similar was the case with the NSE Nifty 50. The Sensex fell as much as 1.3 percent to 30,980 while the Nifty 50 fell 1.17 percent to 9,089.
India Volatility Index fell 0.4 percent to levels of 58.64.
Among sectoral indices - the Metal, FMCG & Pharma index opened with gains while the Nifty Bank, I.T. and media indices opened with cuts.
Market breadth was in favour of the declines. 479 stocks opened in trade with gains while 772 opened with losses.
Money Market Update: Rupee Opens Strong, Bonds Flat
The Indian Rupee opened stronger in Tuesday's trading session. The currency opened at 74.13 against the U.S. Dollar compared to Monday's closing level of 74.27.
Yield on the 10-year bond on the other hand was flat, falling 3 basis points to 6.24 percent, after the Reserve Bank of India on Monday, stopped short of cutting interest rates but announced measures to ensure adequate liquidity in foreign exchange and money markets.
Latest On The Coronavirus
- Cases worldwide cross 1.69 lakh, death toll crosses 6,600
- China has 80,860 confirmed cases while that in the rest of the world tops 86,000
- Canada shuts its border to most foreigners
- San Francisco Bay Area has asked people to stay home except for essential needs
- Total Cases In India At 114, passengers from U.K., Europe banned
Your Trade Setup For The Day
Key Stocks In Focus
- IndusInd Bank: Hindujas look to raise holding in IndusInd Bank to 26 percent, as reported in the Economic Times
- Indiabulls Housing: Moves Bombay High Court against Yes Bank and RBI. Files writ petition under provisions of the Banking Regulation Act, 1949.
- Grasim Industries: CCI imposes penalty of Rs 301.6 crore over its domestic man-made fibre turnover.
- India Cements: Radhakishan Damani raises stake to 16 percent from 11.98 percent.
- Reliance Industries: Saudi Aramco CFO says due diligence over potential deal is in progress, as reporte by Bloomberg News.
- Delta Corp: To close casinos operated by itself and its arms in Goa until March 31
- Yes Bank: Moody's Investors Service upgraded long-term foreign currency issuer and foreign currency senior unsecured MTN programme rating to Caa1 from Caa3 and (P)Caa1 from (P)Caa3 respectively.
For all the important cues going into today’s trade, click HERE!
U.S. Markets See Worst Day Since 1987
- The S&P 500 fell 12 percent after trading was halted on breaching its first circuit limit. The index is now down 30 percent from its all-time high
- The Dow Jones fell 3,000 points or almost 13 percent to end at a two-year low.
- The Russel 2000 had the worst day on record, falling over 14 percent
- All 11 sectors of the S&P 500 ended with cuts with eight of them falling at least 10 percent
- Treasury yields retreated across the curve
- Sell-off continued in Gold and Oil prices
- CBOE VIX ended at an all-time high level of 82.69
Volatile Session In Store
The Singapore-traded SGX Nifty, an early indicator of NSE Nifty 50 Index’s performance in India, rose 0.52 percent to 9,151 as 8:05 a.m.
Japanese markets remain volatile, swinging from loss of 3 percent to gains of 3 percent to loss of 1 percent. Shares of Hong Kong and China fluctuated.
Treasury yields rose after plummeting on Monday. Australian bond yields climbed with the markets after seeing their worst fall since 1992.
Crude oil prices traded near $30 per barrel after falling over 10 percent in New York.
Short on time? Well, then listen to this podcast for a quick summary of All You Need To Know before the opening bell.