Sensex, Nifty Post Biggest One-Day Fall Ever
Markets At Close
Closing Bell: Sensex, Nifty End At Four-Year Low
Indian equity markets failed to show any recovery after trading resumed post the first circuit limit. Both S&P BSE Sensex and the NSE Nifty 50 ended with their worst ever one-day decline.
The 30-scrip Sensex fell 13.15 percent to 25,981. These are now the lowest levels since December 2016. All components of the index ended with declines.
The 50-stock Nifty fell 12.98 percent to end at 7,610. These are now the lowest levels since April 2016. All 50 stocks ended the day with cuts, with four of them falling over 20 percent.
All sectoral indices ended with declines, with 9 out of the 11 indices posting double-digit percentage decline.
Market breadth remained adverse with 1,703 stocks ending the day with losses while only 129 closed with gains.
Corporate Actions To Combat Covid-19 Impact
- Trent: To temporarily close all retail stores till March 31. Food stores operated by company's arms and JV to remain open.
- RBL Bank: Branches to work between 10 a.m. to 2 p.m. till March 31 with minimal staff.
- Axis Bank: Sets aside Rs 100 crore fund.
- Pidilite Industries: Operations in most of the company's locations are disrupted
- Balkrishna Industries: Shuts down manufacturing unit in Bhiwadi and Chopanki till March 31 and Bhuj unit till March 25.
- Polycab: Shuts manufacturing plant at Halol and Roorkee till further notice.
- Subros: Manufacturing operations in Uttar Pradesh, Haryana, Maharashtra, New Delhi temporarily shut till further notice.
- Endurance Technologies: To suspend operations at manufacturing units in Maharashtra and Uttarakhand till March 31.
- Sheela Foam: Operations at all locations shut till March 25.
Stocks Trading At 52-Week Low
- Nifty50 - 29
- Sensex - 15 out of 30
- Nifty Bank - 9 out of 13
- Nifty Midcap - 53
- Nifty Smallcap - 61
- Nifty 500 - 274
- Nifty Auto - 11 out of 15
- Nifty FMCG - 5 out of 15
- Nifty Metal - 12 out of 15
- Nifty I.T. - 4 out of 9
- Nifty Pharma - 3 out of 10
- Nifty PSU Bank - 11 out of 13
- Nifty Media - 8 out of 14
- Nifty Realty - 6 out of 10
Trading Ideas From Brijesh Bhatia of Dealmoney Securities
- Sell Nifty Futures at 7,680 - 7,700 for target of 7,510 and stop loss of 7,786
- Sell Canara Bank futures at Rs 78 for target of Rs 73.80 and stop loss of Rs 81
- Buy HUL at Rs 1,920 for target of Rs 2,036 and stop loss of Rs 1,880
Max Financial Falls Most In 22 Years
Shares of the company fell as much as 28.5 percent to Rs 291.55. This is the biggest one-day fall seen by the stock since June 1998. The stock now trades at the lowest level since December 2014. The fall comes on the back of the stock gaining for two straight days on Thursday and Friday.