Sensex, Nifty End Lower For Second Day After Last Hour Sell-Off
A street stands empty near the Bombay Stock Exchange (BSE), center, during a lockdown imposed due to the coronavirus in Mumbai. (Photographer: Dhiraj Singh/Bloomberg)

Sensex, Nifty End Lower For Second Day After Last Hour Sell-Off

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Markets At Close

  • Benchmark indices end lower for the second day in a row
  • Nifty ends 0.76 percent lower at 8,925
  • Nifty futures at a premium of 20 points
  • Sensex ends 1 percent lower at 30,379
  • The Sensex ended 1,189 points off the day's high while the Nifty ends 336 points off its high of 9,261.
  • Nifty Bank ends 2.2 percent lower at 19,057
  • Nifty Midcap and Smallcap Index end 1.2 percent higher
  • India Volatility Index ends 4 percent lower at 49.40
  • Most sectoral indices give up gains
  • Nifty FMCG best performing sectoral index; ends 4 percent higher
  • Nifty Auto (Down 2 percent), Nifty Pharma (Down 0.1 percent) and Nifty PSU Bank (Down 0.5 percent) end with losses
  • UPL ends as the top Nifty gainer; up 8 percent
  • Kotak Mahindra Bank ends as top Nifty laggard; down 6.2 percent
  • 1,208 stocks ended with gains while 588 stocks ended with declines.

Private Financials Drag The Nifty Lower

Closing Bell: The Last Hour Jinx

Indian equity markets ended lower for the second day in a row after trading with gains for majority of the trading day.

The S&P BSE Sensex ended 1 percent lower at 30,379. This in addition to the 1.5 percent decline on Monday.

The NSE Nifty 50 too ended 0.76 percent lower at 8,925, adding to Monday's 1.3 percent fall. Majority of the losses came from private banks, which saw a sharp correction in the final hour of trade after Macquarie cut their price targets by as high as 70 percent.

Among sectoral indices, the Nifty FMCG index managed to hold on to gains, ending 4 percent higher while the Nifty Bank and the Nifty Auto index ended 2 percent lower.

Market breadth remained in favour of the advances as broader markets outperformed. 1,208 stocks ended the day with gains while 588 ended with losses.

Stock Update: Indian Hotels

Shares of the company have gained as much as 17 percent to Rs 84.80. This is the biggest one-day gain seen by the stock since April 1992.

The company will look to raise Rs 150 crore via NCDs at its board meeting on April 17.

Shares currently trade 12 percent higher and on current levels, it will be the biggest single-day gain for the stock since February 2014. It currently trades at the highest level in a month.

Stock Update: Dilip Buildcon

  • Top gainer on the Nifty Smallcap Index
  • Trades at the highest level in a month
  • Gained as much as 20 percent to Rs 264.40
  • Biggest single-day gain on record
  • Up for the third straight day
  • Up almost 25 percent in the last three sessions
  • Stock gains today on strong volumes
  • Volumes are 3.5 times its 30-day average
  • 13 out of the 15 analysts tracking the stock have a buy recommendation
  • Return potential of the stock as per Bloomberg data at 102.7 percent

Macquarie Sees Tough Times For Indian Financials

In a recently released note, brokerage firm Macquarie has cut EPS estimates of private banks by 35-40 percent and price targets by nearly 45 percent. It expects the Covid-19 related pain to last for the next 12-18 months and expects PSU Banks barring SBI to report losses in FY21.

Some other key highlights of the note are:

  • Asset quality a key issue
  • Credit costs to be around 225 basis points for FY21E and FY22E
  • Loan growth to remain weak
  • Insurance companies can be good picks in the long-term but hefty valuations limit near-term upside.
  • Top Picks: ICICI Bank, ICICI Prudential and HDFC Bank
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