INSUBCONTINENT EXCLUSIVE:
Mumbai: The domestic equity indices resumed their slide, after a one-day hiatus, as new coronavirus cases rattled the investor sentiment
There are a total of 28 positive cases of coronavirus in India, the Union Health Minister Harsh Vardhan informed on Wednesday during a
press conference, sending jitters across the stock market.
Hopes of a Fed rate cut restricting the market slide vanished into thin air, as
economists felt fiscal measures, and not monetary measures, are the need of the hour
rebound.
The 30-share Sensex closed the highly volatile session 0.55 per cent or 214 points lower at 38,409, while the 50-share Nifty closed
0.43 per cent or 49.10 points lower at 11,254
Earlier in the day, BSE barometer Sensex fell as much as 2.01 per cent or 777.60 points to 37,846.10 while its NSE counterpart Nifty
declined 1.95 per cent or 221.15 points to 11,082.15 points.
Relentless selling by foreign portfolio investors (FPI) is another factor
FIIs have pulled out Rs 13,400 crore from domestic equities in the last six sessions.
Market at a glanceThe market breadth on BSE was very
weak, with four out of every five shares declining.
The broader market was bruised badly, with BSE Midcap and BSE Smallcap indices dropping
1.61 per cent each.
Only three of 19 sectoral indices on BSE ended in the green
BSE IT bucked the trend to emerge as the best sectoral gainer, rising 1.33 per cent
It was followed by BSE Healthcare, up 1.13 per cent, and BSE Teck, up 1.03 per cent.
On the other hand, BSE Bankex and BSE Finance lead the
YES Bank was the worst loser in the Bankex pack, as it slid 6.72 per cent amid reports that suggested the private lender has approached
mutual funds to raise some capital
Financier IIFL Finance was the biggest loser in the BSE Finance index and dropped 6.05 per cent.
A total of 18 Sensex stocks closed in the
red, with bank and financial stocks contributing the most to losses.
Lender HDFC Bank with a fall of 130 points was the biggest drag on
The scrip closed 2.74 per cent lower
ICICI Bank and State Bank of Index dropped 1.54 per cent and 1.57 per cent, respectively
Financier Bajaj Finance shed 3.79 per cent.
Private lender IndusInd Bank was the biggest Sensex loser as it slipped 4.56 per cent.
Sun
Pharma, Asian Paints, Tech Mahindra, Power Grid and Mahindra - Mahindra were among the biggest gainers, rising up to 3.14 per cent
Shares of airline companies tumbled as traders expected coronavirus fears would make people travel less which in turn will hit their top
Spice Jet was down 7.06 per cent while Interglobe Aviation fell 4.34 per cent.
The only piece of good news was that the mega initial public
offer (IPO) by SBI Cards and Payment Services (SBI) saw 15.06 times subscription on Day 3 of the bidding process despite a weak environment
Despite mixed global cues, the domestic market took a hit fuelled by weakness in metals, banks and auto stocks
sentiment across the globe thus the monetary measures by various central banks are going unnoticed
Markets are currently witnessing roller-coaster ride and we do not see this ending anytime soon
50 has support at 10,925 levels while a breach of 11,400 on the higher side can trigger short covering
We believe this correction is a very attractive opportunity for investors to accumulate stocks as the structural uptrend is intact
SecuritiesGlobal marketsEuropean shares struggled for direction on Wednesday as investors wondered if the European Central Bank and euro
zone governments would green light stimulus measures after the US Federal Reserve cut interest rates in an emergency move, Reuters
record in February.
Earlier, Asian shares too struggled to find their footing and bonds held stunning gains, as an emergency rate cut from
Asia-Pacific shares outside Japan rose 0.2 per cent, though most of the gains were confined to South Korea where the government announced a
