Sensex, Nifty LIVE: Domestic indices Sensex and Nifty were trading 4.7% higher by the afternoon session on Tuesday, tracking rise in global key indices. Further investor sentiments were strengthened after PM Modi tweeted that he will be addressing the nation at 8 PM today, on the coronavirus outbreak. BSE 30-share index Sensex rose 1,220 points to trade at 27,202. Similarly, NSE 50-share barometer Nifty climbed 361 points higher to 7,970 mark.
Moreover, investors banked on hopes of measures after FM Nirmala Sitharaman tweeted on Tuesday,”Even as we are readying an economic package to help us through the Corona lockdown (on priority, to be announced soon) I will address the media at 2pm today, specifically on statutory and regulatory compliance matters. Via video conference.”
Overseas, SGX Nifty rose 3.2% higher. Hang Seng and Taiwan index traded higher by 4%. Nikkei and Kospi climbed the most, by 7% each. Shanghai was up by 0.7%.
Yesterday, Sensex and Nifty logged their biggest losses ever as lockdowns across the country took a heavy toll on financial markets. While Sensex lost 3,934 points to close at 25,981, Nifty closed 1,135 points lower at 7,610. Worldwide, there are currently 379,080 confirmed cases and 16,524 deaths from the coronavirus COVID-19 outbreak as of March 24, 2020. In India, panic escalated as coronavirus (Covid-19) cases rose to 499. The death toll from coronavirus has risen to 10 in the country.
Here’s a look at the updates of the market action on BSE and NSE today:
European markets open higher
2: 15 PM
European indices opened sharply higher on Tuesday, in-line with global peers, with FTSE gaining 2.5%, France’s CAC index rising 3.51% and Germany’s DAX rising 5.6%.
Market gains further momentum
1: 45 PM
Domestic indices Sensex and Nifty were trading 4.7% higher by the afternoon session on Tuesday, tracking rise in global key indices. BSE 30-share index Sensex rose 1,220 points to trade at 27,202. Similarly, NSE 50-share barometer Nifty climbed 361 points higher to 7,970 mark.
Overseas, SGX Nifty rose 3.2% higher. Hang Seng and Taiwan index traded higher by 4%. Nikkei and Kospi climbed the most, by 7% each. Shanghai was up by 0.7%.
IT, Pharma, FMCG drop less than other sectors in one month period
1: 30 PM
Besides the mayhem the market, invetor seeked safety in IT, FMCG and heathcare sectors, last one month data suggests. During last one month of decline, least fall as registered in sectoral indices such as BSE IT that dropped 26%, Teck sector that fell 22%, FMCG down 20% and Healthcare that was down 19%.
In the meanwhile Oil & gas dropped 32%, followed by 33% in PSU, 35% in auto, 39% in finance, 39% in metal, 40% fall in realty, and 42% decline in Bankex sector.
On a similar note on NSE, pharma fell 16%, FMCG fell 20%, and IT fell 28%. On the other hand, 43% fall was seen in NSE Bank, 42% in realty, 29% in financials, 38% in metal, 37% in PSU Bank and 35% in auto.
GNFC shares climb 10%
1: 10 PM
Share price of GNFC climbes 10% higher to Rs 109 after falling nearly 4% in early trade. The company announced that its TDI-II Plant has now resumed its normal production after completion of scheduled maintenance.
Gujarat Narmada Valley Fertilizers & Chemicals Ltd (GNFC) had earlier announced regarding temporary TDI production suspension and advancement of shutdown of TDI-II Plant at Dahej.
IndusInd Bank shares gain over 7%
1:00 PM
IndusInd shares erased all losses from 30% fall in the early session and rose 7.26% to an intraday high of Rs 361 on BSE today.
The company promoters today told Bloomberg that the International Holdings has repaid 80% of a loan that is backed by shares of the bank and added that the balance 20% will be settled in the next few days.
Earlier, the bank had announced that Ramesh Sobti had demitted the office of managing director and CEO of the Bank from March 23, 2020 and that Sumant Kathpalia was appointed as MD & CEO of the bank for a period of 3 years.
Market gains further momentum
12: 50 PM
Domestic indices Sensex and Nifty were trading 3% higher by the afternoon session on Tuesday, tracking rise in global key indices. Further investor sentiments were strengthened after PM Modi tweeted that he will be addressing the nation at 8 PM today, on the coronavirus outbreak.
Moreover, investors banked on hopes of measures after FM Nirmala Sitharaman tweeted on Tuesday,”Even as we are readying an economic package to help us through the Corona lockdown (on priority, to be announced soon) I will address the media at 2pm today, specifically on statutory and regulatory compliance matters. Via video conference.”
BSE 30-share index Sensex rose 850 points to trade at 26,830. Similarly, NSE 50-share barometer NSE Nifty climbed 233 points higher to 7,843 mark.
CRISIL revises PVR rating
12: 45 PM
PVR shares fell earlier after the company annoucned that its rating has been placed on ‘Watch Negative’ by CRISIL. Shares of PVR earlier fell 6.7% lower to hit an intraday low of Rs 1125.05. Although later shares of PVR erased losses and gained 8.57% to Rs 1,310.
PVR announced that CRISIL, the credit rating agency has placed its rating on the long-term bank facilities and debt instruments of PVR Limited (PVR) on ‘Rating Watch with Negative Implications’.
The rating action follows the closure of movie theatres across India by orders of state governments to contain the spread of Novel Coronavirus (Covid-19), the filing further added.
Global stocks on rise
12: 40 PM
Asian stocks rallied on Tuesday as the U.S. Federal Reserve’s sweeping pledge to spend whatever it took to stabilize the financial system eased debt market pressures, even if it could not offset the immediate economic hit of the coronavirus.
In its latest drastic step, the Fed offered to buy unlimited amounts of assets to steady markets and expanded its mandate to corporate and muni bonds.The numbers were certainly large, with analysts estimating the package could make $4 trillion or more in loans to non-financial firms.
Coronavirus impact: Asian stocks rally, US Federal Reserve launches limitless spending
Infosys updates on SEC investigation
12: 30 PM
Infosys shares weree rising 10% intraday on Tuesday after the company updated on the SEC investigation.
The IT major’s regulatory filing said,” In connection with the Audit Committee’s investigation into certain whistleblower complaints which concluded in January 2020, the company cooperated with an investigation by the United States Securities & Exchange Commission regarding the same matters.
The company received notification from the SEC that it has concluded its investigation and the company does not anticipate any further action by the SEC on this matter. The company has also responded to all the inquires received from the Indian regulatory authorities and will continue to cooperate with the authorities should there be any additional requests for information, the filing further added.
Shares of Infosys gained to the intraday high of Rs 579.35, rising 10% on BSE after the update.
Global indices on freefall
12: 20 PM
In terms of global key indices, DOW Jones and DAX have declined over 34% each since the start of year 2020, while Japan’s Nikkei and Hong Kong’s Hang Seng has dropped 23%. Shanghai index has dropped 16.77% year to date.Compared to this, Indian equity indices Sensex and Nifty have dropped 37% since the beginning of year.
Investors gain Rs 4 lakh cr
12:00 PM
Investors gained Rs 4.35 lakh crore within minutes of market opening today after Sensex and Nifty attempted a pullback following the worst session of fall in their history. Market capitalisation on BSE rose to Rs 106.21 lakh crore today compared to Monday’s close of Rs 101.86 lakh crore.
Investors gain over Rs 4.35 lakh crore as Sensex, Nifty attempt recovery
Market gains momentum
11: 50 AM
In a volatile trading session of Tuesday, domestic indices Sensex and Nifty turned green, tracking rise in global key indices. Further investor sentiments were strengthened after PM Modi tweeted that he will be addressing the nation at 8 PM today, on the coronavirus outbreak. BSE 30-share index Sensex rose 688 points to trade at 26,737. Similarly, NSE 50-share barometer NSE Nifty climbed 195 points higher to 7,833 mark.
Accorting to market experts, extreme lockdown measures taken by the government of India and authorities across the world has put immense pressure in investor sentiment and turned global markets bearish.
Global markets in green
11: 45 AM
Overseas, SGX Nifty rose 3.2% higher. Hang Seng and Taiwan index traded higher by 4%. Nikkei and Kospi climbed the most, by 7% each. Shanghai was up by 0.7%
PM to address nation at 8 PM
11: 20 AM
Prime Minister Narendra Modi will address the nation today at 8 pm on the coronavirus outbreak, which has infected almost 500 people in the country and led to full lockdowns in 24 states/UTs.
PM Modi tweeted,” Will address the nation at 8 PM today, 24th March, 2020, on vital aspects relating to the menace of COVID-19.
Losers and gainers today
11:15 AM
Top losers in the Sensex pack included IndusInd Bank, Titan, L&T, Tata Steel, Asian Paint and ICICI Bank, while HCL Tech, HUL, Infosys and Tech Mahindra were the gainers.
Sustained FII outflows
11:05 AM
Amid the current global risk-off sentiments, foreign investors have been offloading investmentfromequity market on a continued basis.
FIIs have sold USD 6,698 million worth of equities in the March month. Since the beginning of the year, foriegn investors have offloaded USD 4,911 million worth of domestic equities.
Rupee trades at 76.20 per dollar
11:00 AM
The domestic unit Rupee gave up early gains and traded 10 paise lower at 76.20 per US dollar on Tuesday. The local currency has declined by 513 basis points in 3 months, 436 points in one month to the lowest level of 76.4 per US dollar, hit on March 23, 2020.
Rupee vs Dollar: Rupee gains 18 paise, still below 76 per US dollar mark
Sensex and Nifty freefall
10: 55 AM
The 30-share barometer Sensex has erased 37.3% gains since the last 3 months. It has dropped 35.6% in one month and 13.2% over the last week. On a similar note, Nifty, the 50-share barometer has dropped 37.7% in 3 months, 35.7% in one month and 13% in the last week itself.
Nifty outlook
10: 50 AM
Reliance Securities in its daily report said,” As mentioned earlier, our bearish view will remain intact as its key technical indicators (on the longer-term timeframe charts) were remained below their averages. However a pullback cannot be ruled out after such a sharp decline. In case of a pullback, the index will face hurdle around 8,900 level. On the lower side, NIFTY will find major supports around 6,850 and 6,300 levels. As for the day, support is placed at around 7,520 and then at 7,250 levels, while resistance is observed at 8,200 and then at 8,900 levels.”
Indices turn green as global market volatile
10: 45 AM
In a volatile trading session of Tuesday, domestic indices Sensex and Nifty turned green and traded higher, tracking rise in global key indices. BSE 30-share index Sensex rose 100 points to trade at 26,109. Similarly, NSE 50-share barometer NSE Nifty climbed 46 points higher to 7,656 mark.
SGX Nifty Futures on Singaporean Exchange traded 1.45% higher. Taiwan and Nikkei index rose 5% higher, while Hang Seng, Shanghai and Strait Times gained in the range of 1-3%. Although, Coronavirus fears continued its panic among investors due to the disruption of businesses and forced lockdowns and kept market sentiments volatile.
Sectors turn red
10: 35 AM
Sector-wise, banking indices dropped 5%, followed by 4-3% fall in media, auto and realty stocks. On the other hand, pharma, IT were rising 3%, while FMCG was up 1.5%.
Market falls further
10: 30 AM
BSE 30-share index Sensex fell 250 points to trade at 25,814. Similarly, NSE 50-share barometer NSE Nifty fell 85 points lower to 7,525 mark
Markets back in red
10: 25 AM
Market indices Sensex and Nifty turned volatile, in line with global counterparts that erased gains on Tuesday, as investors panicked over the global economic damage from COVID-19 pandemic. BSE 30-share index Sensex fell 180 points to trade at 25,804. Similarly, NSE 50-share barometer NSE Nifty fell 52 points lower to 7,550 mark. Overseas, global markets erased early losses as fears sparked among investors due to the disruption of businesses and forced lockdowns.
Market sentiments improve on RBI’s liquidity boost
10:00 AM
Traders said investor sentiments improved after the Reserve Bank as part of its effort to boost liquidity on Monday said it will conduct Rs 1 lakh crore of short-term variable repo auction.
The repo auctions will be conducted in two tranches. The first repo auction of Rs 50,000 crore was held on Monday.
The second tranche of Rs 50,000 crore of repo auction will be conducted on Tuesday.
Commodities, currencies in green today
9: 55 AM
In line with global equity markets, commodity and emerging market currencies also benefited from the Fed’s announcements.
Rupee recovered marginally on Tuesday and rose 18 paise to 76.02 against US dollar in early trade.
Gold surged in the wake of the Fed’s promise of yet more cheap money, and was last up 1.7% at $1,578.45 per ounce having rallied from a low of $1,484.65 on Monday.
Oil prices also bounced after recent savage losses. Brent crude firmed 97 cents to $28.00.
Amid the coronavirus panic, the bearish trend has pervaded with most markets like bonds, currencies, equities, and commodities all witnessing sell-off conditions. Other markets have also notably underperformed in recent trades, mirroring the drop in the equity market.
Fed announcement that led the rally today
9: 45 AM
On the major announcement from Fed, V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services said,”The Fed is now leading from the front with its historic package which includes open-ended purchase of securities, direct loans to companies, purchase of corporate bonds, lending against student loans & credit card loans etc.”
He further added,” This comprehensive package for the Wall Street and the main street is unprecedented and gives the message that the World’s largest central bank will ‘do whatever it takes’ to mitigate the economic crisis. Other central banks can be expected to follow suit with bold measures to ease the severely strained credit and financial markets. A major package from the GOI and RBI can be expected shortly. Markets likely to remain hugely volatile with rising possibility of V shaped recovery occasionally. However, the calamity facing humanity is enormous.”
CSR spending
9: 40 AM
V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services shared his views on spending of CSR funds for India’s fight against Covid-19. “This is a most welcome & desirable initiative. A major deficiency in India’s fight against Covid-19 is the grossly inadequate testing. There are private labs which can do the testing for a fee. Now, this can be funded by CSR and will certainly help in timely testing, early detection and “flattening of the curve.”
Asian markets in green today
9: 35 AM
Overseas, Asian counterparts followed bullish trend in Dow Futures that surged after Fed announced programmes to support the market. US Federal Reserve has announced that it will launch a barrage of programs aimed at helping markets function more efficiently in the wake of the virus pandemic.
Nifty near-term outlook
9: 30 AM
“7,850-8,000 zone is likely to act as near term resistance zone for the Nifty,” said Amit Shah, Technical Research Analyst with Indiabulls Securities and added that, “Markets are oversold in the near term but they can continue to remain oversold for a considerable amount of time before it reverses.”
Santosh Meena, Senior Analyst, TradingBells suggested,” Levels are meaningless in such kind of market but 7500 is one psychological level for the Nifty while 7250-6825 is the next important support zone where we can expect a probable bottom.” Although he added that,” If any minor relief comes in front of Coronavirus then we can expect a smart recovery in the market.”
Markets, meanwhile, are close to its lowest points on trailing Price to book value and a true bottom could be formed only when the cases in US plateau and after assessing the economic impact, JM Financial added in its report.
Opening Bell
9:20 AM
Reversing losses from multiyear lows recorded yesterday, Sensex and Nifty gained 4% at the pre-open session of Tuesday and opened 5% higher, following overseas trend.
BSE 30-share index Sensex rose 1,250 points to trade at 27,260. Similarly, NSE 50-share barometer NSE Nifty climbed 410 points higher to 8,027 mark.
Factories shutdown all over the country as cases rise to 499
9: 10 AM
Coronavirus fears sparked worries among market participants as a growing number of infections led to the disruption of businesses and forced several districts into lockdown. In India, panic escalated as coronavirus (Covid-19) cases rose to 499. The death toll from coronavirus has risen to 10 in the country.
Companies from all-sectors have announced temporary suspension production to safeguard its employees and announced the closure of operations and shutdown of service facilities until further notice, as COVID-19 continued to spread despite lockdowns. This has led to fears of a deep recession in investors, which is likely to continue until the second half of the year.
SEBI extends due date for regulatory filings
9:05 AM
Yesterday, market regulator SEBI extended the due date for regulatory filings, compliances for REITs & InvITs in order to enable issuers who intend/propose to list NCDs, NCRPs, commercial paper.
Pre open session: Market turns green
9:00 AM
At pre-open session, BSE 30-share index Sensex rose 1,000 points to trade at 26,985. Similarly, NSE 50-share barometer NSE Nifty climbed 140 points higher to 7,750 mark.
FII/DII action on Monday
8: 55 AM
On a net basis, foreign portfolio investors (FPIs) sold equity shares worth Rs 2,989 crore from the equity market while domestic investors added 1,082 crore in the equtiy segment on Monday.
FIIs have pulled out Rs 51,240 for one month and Rs 67,930 since the beginning of the year. The domestic currency dropping to 76 levels against the American currency has further raised fears of further foreign outflows.
Coronavirus update
8: 50 AM
With concerns about the high population density, the Indian government imposed lockdown in 75 districts all over the country to mitigate the threat of rising coronavirus cases. As of today, 24 states/UT have announced full lockdowns in major districts while exempting essential services till 31 March 20. These states combined account for c.96% of country’s GDP, JM Financial said in its report.
The report added,” We do note that India is heading for a lockdown at an earlier stage in terms of- i) absolute numbers, and ii) also in terms of growth rate when compared to Asian nations like Iran and China, but at a later stage when compared to EU nations such as Italy, France and Spain.”
IMF warns coronavirus recession could be worse than 2009
8: 45 AM
In global cues, IMF has said that the global recession will be imminent in 2020, that could be worse than the one triggered by the global financial crisis of 2008-2009, but world economic output should recover in 2021.
“The human costs of the coronavirus pandemic are already immeasurable and all countries need to work together to protect people and limit the economic damage,” IMF Managing Director Kristalina Georgieva said.
India Ratings on Rupee
8: 40 AM
India Ratings has said that it sees the ongoing global risk-off sentiment further weakening the Indian Rupee. As per the global brokerage house, it sees the local unit averaging at 77 per dollar in 2020 and 80 per US dollar in 2021.
Trading on Black Monday
8: 35 AM
Sensex and Nifty halted trading on Monday for the second time this month on Monday after falling 10% withing few minutes of the opening bell. Later both the barometers fell to fresh 52-week lows and closed over 13% lower after the government imposed lockdown in 75 districts with COVID-19 cases zooming to 415 in the country.
Coronavirus figures for today
8: 30 AM
Worldwide, there are currently 379,080 confirmed cases and 16,524 deaths from the coronavirus COVID-19 outbreak as of March 24, 2020. In India, panic escalated as coronavirus (Covid-19) cases rose to 499. The death toll from coronavirus has risen to 10 in the country.
Global equities in green
8: 25 AM
Asian indices rebound in early trade today, with 6% gain in Nikkei and Kospi, 5.7% rise in Taiwan and SGX Nifty and 3% gain in others. Dow Futures also changed the trajectory and is trading 600 points higher.
SGX Nifty trades positive
8:20 AM
SGX Nifty Futures on the Singaporean Exchange was trading 442 points higher at 7,989, indicating positive start in domestic equity market.
Global scenario
8: 15 AM
Market trend turned bullish overseas as Fed’s extraordinary measures briefly lifted US stock index futures before Monday’s trading session began. Later, the Dow Jones Industrial Average dropped 3.12%, while the S&P 500 lost 2.96%. The Nasdaq Composite dropped 0.27%.
Following the positive cues, E-Mini futures for the S&P 500 rose by 1.9% and Japan’s Nikkei by 4.9%. MSCI’s broadest index of Asia-Pacific shares outside Japan added 1.2%.
Stocks to watch today on March 24
8: 10 AM
YES Bank, Axis Bank, Federal Bank, RIL among others are the top stocks to watch out for in Tuesday’s trading session
Monday’s Close
8: 00 AM
Yesterday, Sensex and Nifty logged their biggest losses ever as lockdowns across the country took a heavy toll on financial markets. While Sensex lost 3,934 points to close at 25,981, Nifty closed 1,135 points lower at 7,610.
Sensex, Nifty crumble on coronavirus woes: Stocks that bled the most today