INSUBCONTINENT EXCLUSIVE:
NEW DELHI: Global gloom and unabated panic over the coronavirus pandemic continued to hammer equities, as steps taken by global central
banks to arrest the economic fallout from the virus outbreak failed to calm investors.
BSE Sensex ended at 28,288.23, down 581.28 points
against the previous close of 28,869.51
Likewise, 50-share Nifty settled 205.35 points down at 8,263.45.
The indices briefly entered the positive territory, but could not hold on
to the gains as worries about a case of community spread of the virus spooked investors and prevented the bulls from bouncing back giving
bears back the control.
Analysts are seeing more pain ahead as market participants are preferring to sit on cash than staying invested as
eroding investor confidence is crippling life and businesses globally.
Vinay Panit, Head - Institutional Equities, IndiaNivesh said: "While
most investors and analysts were writing off Q4FY20, the current correction seems to be writing off FY21
Most sectors will have to take the brunt of the global slowdown due to coronavirus
Crude correcting sharply to sub $25 is going to impact refiners and crude derivative user industries due to inventory losses for most
Minister Narendra Modi on Thursday constituted a Covid-19 Economic Response Task Force, which will look into the economic fallout of this
The task force, which is headed by Finance Minister Nirmala Sitharaman, will get in touch with all stakeholders and take their feedback to
make decisions accordingly.
US stocks rebound after early lossesWall Street rebound as policymakers pulled out all the stops to try and
stave off a deep and lasting coronavirus-driven recession and its damaging fallout on corporate America
At 9.30 PM (IST), Dow Jones was trading 1.80 per cent up at 20,257.04, while Nasdaq Composite and S-P 500 were up to 3.43 per cent
At 9.30 PM (IST), Euro Stoxx was trading 2.30 per cent higher, while indices from Germany, France and the UK were up to 2 per cent in the
green.
Tech View: Nifty may see support in 7,800-8,000 rangeNifty50 tanked 2 per cent, taking its losing streak into the fourth straight
That said, the index staged an intraday rebound and closed above the opening level
In the process, the index formed a bullish candle on the daily chart
Analysts said levels in the 7,800-8,000 zone may offer some support to the index
The NSE barometer may face resistance around its recent swing low of 8,555, they said.
F-O: Nifty trading range at 7,800 to 9,000 levels.On
the options front, maximum Call open interest was at 12,000 and then 10,000 while Maximum Put OI was at 8,500 then 9,000 strike
Option OI data was scattered and shifted at various strikes as many Put writers got trapped in recent market fall and even unwinding
pressure could keep the street under the pressure
Call writing was seen at 10,000 and 9,500 strike, while Put Unwinding was seen at all the immediate strikes with minor Put writing at 8,000
Option data indicates a shift in wider trading range in between 7,800 and 9,000 levels.
Stocks showing bullish biasMomentum indicator Moving
Average Convergence Divergence (MACD) on Thursday showed bullish trade setup on the counters of Nalco, Aurionpro Solutions, Asian Hotels
(North), Panacea Biotec, TV 18 India, Technofab Engineering, DB (International), Computech Intern, GSL Nova Petrochemicals and Reliable Data
The MACD is known for signalling trend reversals in traded securities or indices
It is the difference between the 26-day and 12-day exponential moving averages
When the MACD crosses above the signal line, it gives a bullish signal, indicating that the price of the security may see an upward movement
and vice versa.
Stocks signalling weakness aheadThe MACD showed bearish signs on the counters of JSW Ispat Steel, KCP Sugar, GlaxoSmithKline
Pharma, Somi Conveyor, Opal Luxury Time, Aditya Birla Nuvo and Suumaya Lifestyle
Bearish crossover on the MACD on these counters indicated that they have just begun their downward journey
Most active stocks in value termsHDFC Bank (Rs 2879.86 crore), RIL (Rs 2576.71 crore), Bajaj Finance (Rs 2310.66 crore), ICICI Bank (Rs
1976.92 crore), SBI (Rs 1939.87 crore), HDFC (Rs 1780.30 crore), Axis Bank (Rs 1464.91 crore), ITC (Rs 1375.71 crore), IndusInd Bank (Rs
1280.11 crore) and Maruti Suzuki (Rs 1245.04 crore) were among the most active stocks on Dalal Street on Thursday in value terms
Higher activity on a counter in value terms can help identify the counters with highest trading turnovers in the day
Most active stocks in volume termsVodafone Idea (Shares traded: 60.90 crore), YES Bank (Shares traded: 14.73 crore), SBI (Shares traded:
9.35 crore), ITC (Shares traded: 8.91 crore), IDFC First Bank Ltd
(Shares traded: 8.47 crore), Ashok Leyland (Shares traded: 8.32 crore), Ibull HousingFin (Shares traded: 7.40 crore), Tata Motors (Shares
traded: 6.81 crore), GMR Infra (Shares traded: 6.33 crore) and ONGC (Shares traded: 6.12 crore) were among the most traded stocks in the
strong buying interest from market participants as they scaled their fresh 52-week highs on Thursday signalling bullish sentiment.
Stocks
witnessing selling pressureIndiabulls Housing Finance, Ashok Leyland, Future Lifestyle , Aster DM Healthcare and IIFL Wealth Management
counters.
Sentiment meterOverall, market breadth remained in favour of bears
As many as 90 stocks on the BSE 500 index settled the day in green, while 410 settled the day in red.