Sensex, Nifty Post Lowest Weekly Loss In Five Weeks
A currency trader looks at a computer screen at Tokyo Forex Ueda Harlow Ltd.’s currency trading offices in Tokyo, Japan. (Photographer: Akio Kon/Bloomberg)

Sensex, Nifty Post Lowest Weekly Loss In Five Weeks

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Markets This Week: Benchmarks Recover Most Of Monday's Record Fall

  • Nifty down 1 percent; down for sixth straight week
  • Sensex down 0.34 percent; down for sixth straight week
  • Nifty Bank down 1.7 percent; down for fifth straight week
  • Nifty Midcap index down 7 percent; down for fifth straight week
  • Nifty Smallcap index down 8.2 percent; down for fifth straight week

Sectoral Indices

  • Nifty Auto down 8 percent; down for seventh straight week
  • Nifty FMCG down 0.7 percent; down for seventh straight week
  • Nifty I.T. up 1.7 percent; snaps two-week losing streak
  • Nifty Pharma down 2 percent; down for third straight week
  • Nifty Metal down 8.1 percent; down for seventh straight week
  • Nifty Media down 6.5 percent; down for fifth straight week
  • Nifty PSU Bank down 8.4 percent; down for seventh straight week
  • Nifty Realty down 5.8 percent; down for seventh straight week

Closing Bell: Mixed End To A Volatile Session

Indian equity markets ended a volatile session mixed, after fluctuating for most parts of the day between gains and losses. Benchmarks turned volatile after the Monetary Policy Committee cut repo rate by 75 basis points, reverse repo by 90 basis points and CRR by 100 basis points.

The S&P BSE Sensex snapped a three-day winning streak to end 0.44 percent lower at 29,815. The index was down 0.34 percent this week, recovering most of Monday's 13 percent fall.

The NSE Nifty 50 managed to eke out minor gains, ending higher for the fourth straight day. The index closed 0.22 percent higher at 8,660. The index posted a weekly drop of 1 percent.

Both the Sensex and Nifty reported their sixth straight weekly loss, the longest weekly losing streak since July 2008.

Among Sectoral Indices, the Nifty Auto, Nifty Media and Nifty Realty index ended with losses while the rest eked out minor gains.

996 stocks ended the session with gains while 786 stocks ended with losses.

Samir Arora's Advise To Investors, Just Relax!

Tata Motors To Spin Off Cars Unit From Trucks, Buses

Tata Motors Ltd. plans to separate its cars business from trucks and business, including an Electric Vehicles business into a separate subsidiary through a scheme of arrangement.

This shall help provide differentiated focus for the PV and CV business and help each of them realise their potential, the company said in an exchange filing.

Implementation of the scheme will be subject to regulatory and statutory approvals.

The stock currently trades 0.5 percent lower at Rs 70.40 on the National Stock Exchange.

F&O Snapshot: Active Options Contract

  • Nifty futures add 11.9 percent in open interest and 11.87 lakh shares
  • Nifty Bank futures add 35 percent in open interest and 2.54 lakh shares

Nifty: April 1 Expiry

  • 9,000 Call: Premium up 9.8 percent to Rs 190.15. The contract has added 1.86 lakh shares in open interest.
  • 9,500 Call: Premium up 22.44 percent to Rs 58.65. The contract has added 7.1 lakh shares in open interest.
  • 10,000 Call: Premium up 23.2 percent to Rs 21.20. The contract has added 9.5 lakh shares in open interest.

Nifty Bank: April 1 Expiry

  • 22,000 Call: Premium up 82.44 percent to Rs 298.20. The contract has added 1.2 lakh shares in open interest.
  • 23,000 Call: Premium up 107.2 percent to Rs 166.90. The contract has added 78,800 shares in open interest.
  • 24,000 Call: Premium up 64.77 percent to Rs 82.55. The contract has added 1.65 lakh shares in open interest.

Bajaj Finance Falls After Bernstein Downgrade

Shares of the financial services provider fell as much as 10 percent to Rs 2,514 on the National Stock Exchange after brokerage firm Bernstein downgraded the stock to underperform from outperform. It has also cut its price target to Rs 1,740 from 4,820.

Some of the key highlights from the Bernstein note are:

  • Unsecured consumer financing business would become challenging in the current pandemic environment
  • Uncertain to project how long restrictions from the government would last beyond 21 days
  • Expect FY21 to be a year of consolidation with loan growth recovering only marginally in the second half
  • Expect credit costs to escalate by 100 bps
  • Compress valuation multiples to 15x earnings
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