Sensex, Nifty Erase Tuesday’s Gains; End 4% Lower
Markets At Close
- Nifty ends 4 percent lower at 8,253.8
- Sensex ends 4.1 percent lower at 28,265.3
- Nifty Bank ends 4.9 percent lower at 18,208.3
- Nifty Midcap Index ends 2.1 percent lower
- Nifty Smallcap Index ends 1.6 percent lower
- India Volatility Index falls 6 percent to 60.52
- All sectoral indices end with losses
- Nifty I.T. the top sectoral laggard, down 5.5 percent
- Nifty FMCG, Nifty PSU Bank index fall over 3 percent
- Nifty Auto, Nifty Metal and Nifty Pharma fall 2 percent
- Hero Motocorp ends as the top Nifty gainer, up 2.5 percent
- Only four out of the 50 Nifty stocks end with gains
- Tech Mahindra ends as top Nifty loser, down 9.4 percent
- 937 stocks ended with gains while 822 declined
What Dragged The Nifty Lower
Closing Bell: Weak Start, Weaker Close
Indian equity markets fell for the second time in the last three sessions, erasing the gains made on Tuesday.
The S&P BSE Sensex ended 4.1 percent lower at 28,265. The index had gained 3.6 percent on Tuesday. 27 out of the 30 index constituents ended the day with losses.
The NSE Nifty 50 ended 4 percent lower, erasing Tuesday's 3.8 percent surge at 8,253.80. As compared to the Sensex, the Nifty had 4 stocks that ended with gains.
All sectoral indices ended lower, led by the Nifty I.T. index, which fell 5.5 percent. The FMCG and Media index fell over 3 percent while others fell between 1-2 percent.
However, market breadth remained in favour of the advances. 937 stocks ended the day with gains while 822 posted declines.
March Auto Sales: M&M's Total Sales Fall 88%
Mahindra and Mahindra Ltd. reported a 88 percent drop in overall sales for the month of March. The company sold 7,401 units this month compared to 62,952 units during the same period last year.
CV sales fell 90 percent while three-wheeler sales declined 94 percent year-on-year. Farm equipment sales were down 31 percent compared to last year.
We have been able to clear our BS-IV inventory, but for fewer than 100 vehicles. However, there are many vehicles that are sold but not yet registered due to the closure of RTOs.Veejay Ram Nakra, CEO - Automotive Division, M&M
Shares traded 4.6 percent lower at Rs 281 on the National Stock Exchange.
Stock Update: Divi's Labs
The company has informed the exchanges that it is facing some supply chain disruptions during the 21-day lockdown imposed to combat the spread of the Covid-19 pandemic. The drugmaker anticipates certain delays in deliveries of products to customers.
We remain committed to the health and safety of our employees and their families, as well as business continuity to safeguard the interests of all stakeholders. All of the precautionary measures that are taken by the Company will remain in effect until required.Statement From Divi’s Labs
Shares fell as much as 7.2 percent to Rs 1,844.25 on the National Stock Exchange.
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