StockMarket

Market crash wipes out Rs 15.72 lakh crore investor wealth in 3 days
New Delhi: Indian equities declined for a third day in a row on Wednesday, making investors poorer by a whopping Rs 15.72 lakh crore in the three-day crash since Monday.

Intense selling engulfed the equity market for yet another day, with the benchmark index Sensex plummeting 1,709.58 points or 5.59 per cent on Wednesday.

Since Monday, the index

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Free fall! Sensex, Nifty back at early 2017 levels; Voda dives 35%, IndusInd 24%
The domestic equity market continued its downward journey on Wednesday with benchmark indices tumbling to fresh three-year closing lows as fast-spreading coronavirus pandemic ensured risk was off the table, and Supreme Court’s harsh words for telcos spooked investors.

The 30-share Sensex closed 5.59 per cent or 1,710 points lower at 28,870, while

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European shares fall as virus fears outweigh stimulus

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TCS again overtakes Reliance to become most valued firm
New Delhi: Tata Consultancy Services on Wednesday went past Reliance Industries Limited yet again to become the most valued Indian firm by market valuation.

At close of trade on the BSE, the market capitalisation (m-cap) of TCS was at Rs 6,19,499.95 crore, which is Rs 5,320.02 crore more than that of RIL's Rs 6,14,179.93 crore valuation.

RIL

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ECB says it has more firepower to fight crisis
MADRID/FRANKFURT: The European Central Bank is ready to take further measures to support the crisis-stricken euro zone economy, it said on Wednesday, attempting to dispel growing concerns that the bank is out of ammunition.

While the ECB agreed on wide range of stimulus measures last week, markets have questioned whether it has any potent tools

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Buy NTPC, price target Rs 165: ICICI Securities
ICICI Securities has a buy rating on NTPC with a target price of Rs 165/share. The stock is currently trading at FY22E P/BV of 0.67 time (P/E of 5.1 time) with an expected earnings CAGR of 16.9 per cent over FY19-FY22E and a dividend yield of6.5 per cent.

In times of demand-related disruptions, NTPC is trading at attractive dividend yields with

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How YES Bank stock turned into an outlier
MUMBAI: State Bank of India (SBI) and its eight lending partners driving an unprecedented reconstruction in the country’s banking history saw their investments more than double in a matter of days, with the Yes Bank stock soaring amid the smouldering ruins of the broader equity markets charred by the Covid-19 outbreak.

Yes Bank shares closed at Rs

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US stock futures slide again as stimulus high fades
US stock index futures tumbled on Wednesday, pointing to another volatile session for Wall Street on fears that even dramatic stimulus measures would not be able to avert a deep coronavirus-driven recession.

S-P 500 futures were down 92 points, or 3.69%, at their daily down trading limit, while the SPDR S-P 500 ETFs tumbled 5.6%.

Wall

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Buy Bajaj Finance, target price Rs 4,300: Haitong
Haitong has given a buy to Bajaj Finance with a target price of Rs 4,300. Bajaj Finance has continued to deliver exceptionally strong performance in terms of its financial metrics. Since FY17, the year of demonetisation, when the company saw some increase in credit costs, Bajaj Finance has managed to grow its AUM by over 2 times and PAT by around
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In an extremely bearish session on Wednesday, NSE Nifty ended below the previous low of 8,555, which it had formed a couple of days back. The domestic stock market made a stable opening, however, the index soon pared all its gains. After establishing a firm downtrend, the 50-stock pack came off over 500 points from the day’s high to end with a d
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By Ronojoy Mazumdar

Assets at Indian hedge funds slumped by a record last year, and their managers are getting ready for more pain to come.

A July tax increase on returns from alternative investments was the main reason for the slide, according to Vaibhav Sanghavi, who oversees funds at Avendus Capital Public Markets Alternate Strategies LLP. The

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Dow Jones ends 1050 points up on expectations for huge US stimulus
Wall Street stocks rallied Tuesday on expectations for massive federal stimulus to address the economic hit from the coronavirus, partially recovering some of their losses from the prior session.

The Dow Jones Industrial Average finished up 5.2 percent or around 1,050 points at 21,237.38, a day after shedding almost 3,000 points.

The broad-based

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ICICI Pru Balanced advantage fund raises equity allocation to 70.4%, highest since April 2016
MUMBAI: ICICI Prudential Mutual fund has sharply increased its allocation to equity in its balanced advantage fund to 70.4% the highest since April 2016, after markets fell sharply on fears of Corona Virus speading. As of February 28, the equity equity allocation stood at 58.5%, while in January it stood at 49.67% .

ICICI Prudential Balanced

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No work-from-home for brokerages, MFs
Mumbai: Even as several new-age companies as well as manufacturing players have asked employees to work remotely to limit the spread of the coronavirus, regulatory, infrastructure and compliance constraints are holding back brokerages, mutual funds and other stock market participants to recommend work-from-home to traders and dealers. Some,
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By Christopher Condon and Jeff KearnsGoldman Sachs Group Inc. and Morgan Stanley economists joined the rush on Wall Street to declare that the coronavirus has triggered a global recession, with the debate now focusing on its likely length and depth.

A day after President Donald Trump conceded the U.S. slump alone is set to be “a bad one,” eco

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Wall St extends recent selloff, Dow all but erases 'Trump-bump'
NEW YORK: US stocks deepened their selloff on Wednesday and the Dow effectively erased the last of its gains since U.S. President Donald Trump's 2017 inauguration, as repercussions of the coronavirus pandemic threatened to cripple economic activity.

The benchmark S-P 500 index ended off of its lows of the session but still down 5.2%, extending

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BofA cuts India's growth forecast; sees RBI slashing rates by 75bps
Global brokerage Bank of America Securities cut growth forecasts for India and suggested a sharp benchmark rate cut to cushion the damage to businesses from the coronavirus outbreak.

The broker trimmed India’s growth forecasts by 30 basis points(bps) to 4 per cent for the March quarter and 80bps to 4 per cent for the June quarter on Covid-19 r

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US plans to keep markets open, considering shorter hours
By Saleha Mohsin

The Trump administration plans to keep U.S. stock markets open despite volatility, though trading hours may be shortened, Treasury Secretary Steven Mnuchin said.

“We absolutely believe in keeping the markets open,” Mnuchin said at a Tuesday news conference at the White House. “Americans need to know they have access to their money

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Sebi imposes Rs 11.4 lakh fine on 2 entities for fraudulent trading in BSE's illiquid stock options
New Delhi: Markets regulator Sebi on Wednesday levied a total fine of Rs 11.4 lakh on two entities for indulging in fraudulent trading in illiquid stock options on the BSE.

In two separate orders, Sebi imposed a penalty of Rs 5 lakh and 6.4 lakh on Arindam Shekhar Garment and Anandi Bhupendrabhai Vekaria, respectively, after observing large scale

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Investment via SIP rises 5.2% to over Rs 8,500 crore in Feb
The mutual fund industry garnered over Rs 8,500 crore through systematic investment plans (SIPs) in February, a rise of 5.2 per cent from the year-ago period, even as the broader market witnessed heavy volatility amid concerns over the impact of coronavirus pandemic. With this, the total SIP contribution in the first 11 months of the current
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Emami buyback size likely to be Rs 900-1,000 crore
Kolkata: The size of proposed buyback of shares by Emami Ltd is likely to be in the range of Rs 900- 1,000 crore, sources said on Monday.

The promoters currently hold 52.74 per cent stake in the company and 83 per cent of their holding is pledged.

The buyback could raise promoter stake to about 58 per cent, sources said.

The company's board will

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Market Movers: IndusInd, Voda bleed; ZEE jumps; 1,056 shares at 52-week lows
Stocks got battered left, right and centre on Wednesday as a rise in the number of coronavirus cases and an adverse order from the Supreme Court on the AGR issue spooked investor sentiment.

Bank shares took the heaviest beating with IndusInd Bank, Kotak Mahindra Bank, HDFC Bank tumbling like a pack of cards to hit multi-year lows.

BSE benchmark

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Aplab to remove Zee Entertainment from promoter list
New Delhi: Electric equipment maker Aplab on Wednesday said it will reclassify debt-ridden Zee Entertainment Enterprises Ltd (ZEEL) from promoter category to public category.

The company's board is scheduled to meet on March 26 to approve the reclassification process, Aplab said in a regulatory filing.

For the quarter ended December 31, 2019,

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Emami buyback size likely to be Rs 900-1,000 crore
Kolkata: The size of proposed buyback of shares by Emami Ltd is likely to be in the range of Rs 900- 1,000 crore, sources said on Monday.

The promoters currently hold 52.74 per cent stake in the company and 83 per cent of their holding is pledged.

The buyback could raise promoter stake to about 58 per cent, sources said.

The company's board will

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Tech View: As Nifty breaches 8,555 level, analysts say more pain in offing
Nifty on Wednesday tumbled over 5 per cent to form a new swing low. The index breached its recent low of 8,555, which analysts had thought would be a short-term bottom for the market.

“More pain is in the offing,” they warned.

The index has been trading far below its key moving averages and the 14-day RSI at 14 suggests the index is in the deep

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Australian shares drop more than 6% as virus sparks recession fears
Australian shares closed more than 6 per cent lower on Wednesday on fears that policy impetus against the coronavirus pandemic would ultimately not be enough to stop the economy from slipping into its first recession in nearly three decades.

The S-P/ASX 200 index lost 340.2 points to settle at 4,953.20, wiping out gains copped on Tuesday when

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US Fed revives commercial paper facility to boost lending
NEW YORK/WASHINGTON: The U.S. Federal Reserve said on Tuesday it would reinstate a funding facility used during the 2008 financial crisis to get credit directly to businesses and households as fears over a liquidity crunch due to the coronavirus have grown in recent days.

The reintroduction of the so-called Commercial Paper Funding Facility (CPFF)

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F O: Nifty Bank in the -lsquo;make or break- zone; Nifty next stop 7,900
By Chandan TapariaOnce gain the bears used Nifty’s gap-up opening as a shorting opportunity and started dragging the index lower from first trade. The fall accelerated as the day progressed and the index continued to make lower lows throughout the session.

Nifty broke its recent low and closed below the 8,500 mark to form a big bearish candle on

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Nikkei hits 3-1/2-year low as investors flee equities; SoftBank Group tumbles
Japan's Nikkei share benchmark saw its lowest finish since November 2016 on Wednesday despite an overnight rally on Wall Street, as worries about the coronavirus outbreak eclipsed hopes that broad policy support would combat the economic fallout.

The Nikkei average shed 1.7 per cent to 16,726.55, a 3-1/2-year closing low, having reversed earlier

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On expected lines, NSE Nifty on Tuesday failed to sustain at higher levels, and after coming off 500 points from the day’s high, the index slipped below the psychologically important 9,000 level. It finally settled with a net loss of 230.35 points or 2.50 per cent at 8,967.05.

Volatility index or India VIX surged another 6.88 per cent to 62.93.

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