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CNBC-TV18 Market Highlights: Sensex ends below 29,000, Nifty breaches 8,500 as coronavirus scare continues

CNBC-TV18 Market Highlights: Sensex ends below 29,000, Nifty breaches 8,500 as coronavirus scare continues

CNBC-TV18 Market Highlights: Sensex ends below 29,000, Nifty breaches 8,500 as coronavirus scare continues
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Summary

Indian shares erased early gains to sink lower on Wednesday, with heavy losses in financial stocks, amid fears of the economic damage from the coronavirus pandemic. The BSE Sensex shed 1,709 points to close at a three-year low of 28,869, and the Nifty tumbled 498 points to close at 8,469.

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Thank you, readers! Here are the main highlights from today’s trading session##Thank you, readers! Here are the main highlights from today’s trading session


- Sell-off Continues, Market Breaches Friday’s Lows To End At Over 3-year Lows


- Last-hour Gains Help Market Make Minor Recovery From Intra-day Lows


- Nifty Slips 498 Points To 8,469, The Lowest closing Level Since January 23, 2017


- Sensex Drops 1,709 Points To 28,869, The Lowest Closing Level Since March 3, 2017


- Nifty Bank Ends At A 3-year Low and Midcap Index At A 4-year Low


- Midcap Index Slips 755 Points To 12,595 and Nifty Bank 1,575 Points To 20,580

- All Indices End In The Red; Banks and Infra Top Losers


- 45 Nifty Stocks Close Lower, IndusInd & Bharti Infra Top Losers


- ICICI Bank At A 1-year Low, Down 21 percent In 3 Sessions


- Axis Bank Sees A Recovery Of 21 percent From Lows


- IndusInd Bank At A 6-year Low, Posts The Biggest Single-day Fall Ever


- Tata Motors Slips To A 11-year Low, Bajaj Finance At A 7-month Low


- Titan Ends At A 14-month Low and HDFC Bank At A 27-month Low


- TCS, ITC, Coal India and NTPC In The Green In A Weak Session


- PSUs See A Major Move In The Last hour; ONGC Up 14 percent, Oil India Up 16 percent

Closing Bell: Sensex ends below 29,000, Nifty at over 3-year low dragged by banking stocks##Closing Bell: Sensex ends at a 3-year low, Nifty below 8,500 dragged by banking stocks

Indian shares erased early gains to sink lower on Wednesday, with heavy losses in financial stocks, amid fears of the economic damage from the coronavirus pandemic. The BSE Sensex shed 1,709 points to close at a three-year low of 28,869, and the Nifty tumbled 498 points to close at 8,469. In intra-day deals, Sensex fell below 29,000 for the first time since March 2017, while the Nfty50 also breached 8,500-mark for the first time since January 2017.

On the Nifty50 index, Zee, YES Bank, ITC, Tata Steel, and TCS were the top gainers, whereas IndusInd Bank, Bharti Infratel, Kotak Bank, Bajaj Finance, and Bajaj Finserv led the losses. Midcap and small-cap shares too buckled under the selling fury that swept the market. The Midcap index fell to its 4-year low, down 5.2 percent, smallcap index also slip 5.5 percent in today's trade.

Nifty Media was the only sectoral indexx in the green for the day, however, Nifty PSU Bank index also trimmed losses to turn flat in the last hour of trade. Meanwhile, Nifty Bank shed 5.9 percent, Nifty Auto slumped 4.4 percent, Nifty FMCG and Nifty IT lost over 2.5 percent each. Nifty Metal and Nifty Pharma also eclined over 3.3 percent for the day.

Market expert SP Tulsian is looking at these 2 themes in the current challenging environment##Market expert SP Tulsian is looking at these 2 themes in the current challenging environment


Speaking about stocks, SP Tulsian of sptulsian.com said, “I will have 2 things. One of consumption and second of HDFC family, if you wish to buy them because maybe on daily basis or if you take a call on hourly daily basis, you may observe mark to market in those cases as well, but these 2 are the most comforting things whether its HDFC, HDFC Bank, HDFC Life or HDFC AMC, all seems to have bottomed out. It’s difficult to take a call whether they should be bought today or tomorrow or next week, but start buying them in staggered way.”


“The other theme is of consumption and stock like Colgate, Bata, Marico, Dabur, Godrej Consumer, HUL, Britannia all seem to be very good because all of them have corrected by ab out 25-30 percent across the board; in fact, one can include Asian Paints also which has not been corrected much but that can also be included. Remain away from high price or expensive consumption theme like Titan, PVR, Jubilant Food,” he added.

Here's what UR Bhat, Director of Dalton Capital Advisors has to say about the market mayhem##Here's what UR Bhat, Director of Dalton Capital Advisors has to say about the market mayhem


Speaking about what is plaguing the Indian financials, UR Bhat, Director of Dalton Capital Advisors said, “Two things -- one is the telecom issue. At least some of them have reasonable exposure to telecom companies and especially the weaker ones among them. So, that could be one reason. But other more important reason is these are the FII favorites. So, most FIIs are loaded on the financials. Financials anyway most of them are overweight and if they are getting out at the rate of USD 5 billion a month, at least this month, these are the stocks they can sell. They cannot sell the smallcap and midcap stocks that they have because there is no liquidity. These are the ones with liquidity, there will be at least some DIIs wanting to buy this. So, these are the ones who are getting sold and that is why they are being hammered out of shape. But that is what we should expect that FII heavy stocks will suffer more.”

ALERT: Can't meet because of coronavirus advisory, says Kapil Wadhawan as ED declares DHFL promoters untraceable##ALERT: Can't meet because of coronavirus advisory, says Kapil Wadhawan as ED declares DHFL promoters untraceable

Yes Securities lists its top picks amid this market mayhem; how many do you own?

CNBC-TV18 Market Highlights: Sensex ends below 29,000, Nifty breaches 8,500 as coronavirus scare continues

JUST IN: L&T announces interim dividend of Rs 10/Share##JUST IN: L&T announces interim dividend of Rs 10/Share

FPIs pull $4.5 billion from stocks in March so far after buying selectively in February##FPIs pull $4.5 billion from stocks in March so far after buying selectively in February

Foreign portfolio investors (FPI) have been selective in buying in the Indian stock market during the month of February 2020. However, the economic disruption caused due to coronavirus outbreak globally has led to a massive outflow of foreign capital from Indian equities in March. During February, the FPIs have bought Rs 24 billion worth retail sector stocks, Energy sector saw buying of Rs 13 billion and Telecom Rs 7 billion.

Coronavirus cases in country climb to 147##Coronavirus cases in country climb to 147

Here's a quick update on coronavirus, the major thing responsible for this mayhem. The number of novel coronavirus cases in the country rose to 147 on Wednesday, with 10 fresh cases reported from various parts of the country, according to the Health Ministry. The cases include 25 foreign nationals and the three persons who died in Delhi, Karnataka and Maharashtra. Over 5,700 people, who had come in contact with these positive cases, are under rigorous surveillance, the Ministry said.

19 stocks that look attractive on 2 powerful valuation parameters
CNBC-TV18 Market Highlights: Sensex ends below 29,000, Nifty breaches 8,500 as coronavirus scare continues

IndusInd Bank shares plunge 28% despite bank’s clarification on market rumours##IndusInd Bank shares plunge 28% despite bank’s clarification on market rumours


IndusInd Bank shares nosedived 28 percent even after the bank informed the stock exchanges that it was well-capitalized and profitable. In its filing, IndusInd Bank rubbished market speculations and said that figures about individual exposures doing the rounds were “bloated and outlandish.”

Shankar Sharma says about 25 chemical stocks will emerge as big winners from the coronavirus crisis

CNBC-TV18 Market Highlights: Sensex ends below 29,000, Nifty breaches 8,500 as coronavirus scare continues

Dhiraj Agarwal of Ambit Capital on market selloff##Dhiraj Agarwal of Ambit Capital on market selloff

“This looks like a deeper cycle to me comparable to what we saw in 2000-2001 and 2008-2009 and hence the valuation benchmark will have to get shifted to very different level.”

“Whether corona last for another two or three months or diagnosed in three-four week time or settles down, I don’t know; it’s impossible to call, but for at least 6-12 months the economic damage is done. So companies clawing back on investments, on future plans at this point of time are not going to immediately start reinvesting from next month onwards or two months down. One should brace for a slightly deeper cycle this time,” he added.

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