Sensex, Nifty Post Worst Weekly Loss Since 2009
An employee looks at an index graph displaying Russian stock price fluctuations at the Moscow Exchange MICEX-RTS PJSC in Moscow, Russia. (Photographer: Andrey Rudakov/Bloomberg)

Sensex, Nifty Post Worst Weekly Loss Since 2009

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Closing Bell: Indices Post Weekly Loss Despite 5,381-Point Swing

India's equity markets saw an intraday recovery of 1,500 to 5,000 points from the lowest point of the day to report their biggest single-day gain since September 20, 2019 - the day of the announcement of the Corporate Tax Cut.

The S&P BSE Sensex ended with gains of 4 percent at 34,103. 26 out of the 30 index constituents ended with gains. For the week, the index reported a decline of 9.24 percent - the worst since 2009.

The NSE Nifty 50 recovered 1,500 points from the lowest point of the day. The index ended with gains of 3.81 percent at 9,955. The 50-stock index was down 9.41 percent for the week.

Market breadth was in favour of the advances. 889 stocks ended the day with gains while 673 stocks ended the session with cuts.

Sensex, Nifty Post Worst Weekly Loss Since 2009

The Fab Four Stocks Of The Day

Sun Pharma

  • Biggest one-day gain since 2011
  • Snaps five-day losing streak
  • To consider share buyback on March 17

Balkrishna Industries

  • Commences trial production of Carbon Black Project
  • Has capacity of 80,000 MT per annum at Gujarat Plant
  • Snaps six-day losing streak

HDFC Life

  • Open interest up 39 percent towards fresh longs
  • Volumes are 3 times its 20-day average

Welspun India

  • Biggest gainer in Nifty Small Cap Index
  • Biggest one-day gain in three months

Role Of Private Players In Curbing The Coronavirus Outbreak

Views From Kiran Mazumdar-Shaw, CMD of Biocon

  • Indian government has taken good preemptive steps
  • Government should reach out to private hospitals & diagnostic centres
  • Will need to screen a larger population to be ahead of the crisis
  • Extremely important for government and private sector to work closely and not put in place some knee-jerk reactions
  • Biotech companies can quickly increase capacity for rapid screening facilities

Views From Ameera Shah, MD of Metropolis Healthcare

  • Too soon for governments to get validated testing kits for COVID-19
  • Can carry out sufficient number of tests if India engages with the private sector
  • The more India delays involving the private sector, the resource crunch will get worse
  • Private sector infrastructure is ready; need government approval to begin
  • Around seven companies are producing kits to test for COVID-19 which are available in India

Views from Sangita Reddy, Joint MD of Apollo Hospitals

  • Discussing with the government on how can the private sector contribute
  • Confident of government coming out with a clear policy
  • Only ventilatory care or advanced care, happening to less than 20 percent of the people is costly

Trading Strategies From Sacchitanand Uttekar Of Tradebulls

  • Buy Bharti Infratel Futures around Rs 233 for target of Rs 260 and stop loss of Rs 225
  • Sell Jubilant Foodworks Futures around Rs 1,453 for target of Rs 1,360 and stop loss of Rs 1,477
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