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    Stock Market Highlights: Sensex ends over 1,000 points lower, Nifty below 9,000; financials, auto stocks top laggard

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    Stock Market Highlights: Sensex ends over 1,000 points lower, Nifty below 9,000; financials, auto stocks top laggard

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    Stock Market Highlights: Indian indices slipped over 3 percent on Monday after the Street remained unimpressed with the mega stimulus package announced by the Finance Minister Nirmala Sitharaman. The nation-wide lockdown extended till May 31 also remained another negative factor for the equities to plunge today. Among sectoral indices, Nifty Bank and Nifty Media ended with losses nearly 7 percent.

    Stock Market Highlights: Sensex ends over 1,000 points lower, Nifty below 9,000; financials, auto stocks top laggard
    • Here are the key highlights from today's trading session:

      1. Financials drag market to over 1-month low

      2. Sensex and Nifty slip over 3 percent each, Nifty Bank declines 7%

      3. Nifty ends 314 points lower to 8,823 and Sensex 1,069 points lower to 30,029

      4. Midcap Index falls 583 points to 12,409

      5. 45 Nifty stocks end in the red with IndusInd Bank, Zee Entertainment and Axis Bank being top losers

      6. HDFC twins, ICICI Bank, Kotak Bank and RIL drag Nifty by 164 points

      7. IT stocks (Infosys and TCS) support Nifty with 24 points as rupee slips to 76/$

      8. Cipla gains over 5% on positive management commentary after Q4 earnings

      9. Banks slip after governemnt says no fresh insolvency proceedings for 1 year

      10. Except IT and Pharma, all indices close lower

      11. Volatility Index, India VIX surges nearly 8% to close at 41

      12. Market Breadth favours declines; advance-decline ratio at 1:4

    • Closing Bell: Indian market ends over 3% lower due to stimulus package, extension of nation-wide lockdown

      Indian equity market ended with sharp losses on Monday despite positive cues in the global markets. The Rs 20 lakh crore stimulus package remained ineffective in impressing the investors. Also, spike of over 5,000 COVID-19 cases in the country also dented the Street's sentiment today, along with national lockdown extended till May 31. 

      As a result, the Sensex slumped 3.44 percent lower at 30,028, while the NSE Nifty 50 ended at 8,823, down 3.32 percent.

      Among sectoral indices, Nifty Bank and Nifty Media ended with losses nearly 7 percent. 

      Cipla, TCS, Bharti Infratel, Infosys and HCL Technologies were the Nifty50 top gainers while IndusInd Bank, Zee Entertainment, Eicher Motors, BPCL and UltraTech Cement remained the index top losers. 

    • Diageo exploring option to delist United Spirits?

      After Vedanta, United Spirits could be the next in line seeking to delist from the bourses. Diageo, the British liquor giant holding roughly 56 percent stake in United Spirits through its Indian arm, is exploring the option of buying out minority shareholders and delisting the company, CNBC-TV18 learns from sources familiar with the matter. Read more!

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      Stock Market Highlights: Sensex ends over 1,000 points lower, Nifty below 9,000; financials, auto stocks top laggard
    • Stocks Update: Zen Technologies share price surged 9% to Rs 36.10 on the NSE after the company said that it will commercially manufacture ventilators, both for the Indian as well as the foreign market. This step taken by the company is a CSR initiative and will support efforts towards fighting COVID-19 in India.

    • Rupee Update: The Indian currency ended lower at 75.91 against the US dollar as compared to Friday's close of 75.56. The Indian rupee ended in the red after taking weak cues from the equity market. The global markets traded higher but the Indian market lagged today after the Street remained unenthused with the relief measures announced by the Finance Minister Nirmala Sitharaman in her last 5 press conferences. 

    • Reliance Industries' rights issue to open on May 20: Key things to know
      The net debt of RIL was Rs 1.61 lakh crore as on March 31, 2020, and it plans to become net debt-free by March 2021.Get latest Market online at cnbctv18.com
      Stock Market Highlights: Sensex ends over 1,000 points lower, Nifty below 9,000; financials, auto stocks top laggard
    • Nippon Life AMC's shares slip 8% post weak Q4 earnings

      The asset management company's net profit in the quarter ending March 2020 declined 98 percent YoY to Rs 3.7 crore due to mark-to-market losses in treasury operations. The revenue also slipped 20 percent YoY to Rs 274.5 crore. 

      The stock traded as much as 8 percent lower to Rs 225 on the NSE. 

      Emkay Research in its research report maintained a 'hold' rating on the stock but raised the target price to Rs 271 from earlier Rs 232. Limited credit risk is what prompted the brokerage to like the AMC business. 

    • Aviation stocks plunge after no relief measures announced by the FM Nirmala Sitharaman for the sector

      Aviation stocks- IndiGo and SpiceJet took a deep plunge in today's trading session after the sector received no relief measures by the Finance Minister Nirmala Sitharaman in her last five press conferences. 

      Furthermore, the Indian government also extended the lockdown till May 31, which weakened the investors sentiment even more.

      As a result, the shares of IndiGo slipped 14 percent to Rs 850 on the NSE while SpiceJet was locked in a lower circuit of 5 percent at Rs 43.35.

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      Stock Market Highlights: Sensex ends over 1,000 points lower, Nifty below 9,000; financials, auto stocks top laggard
    • European markets open sharply higher as lockdown lifting continues

      European stocks opened sharply higher Monday as investor confidence rises cautiously with lockdown restrictions around the world being lifted.

      The pan-European Stoxx 600 jumped 1.8 percent at the start of trading, with basic resources climbing 3.3 percent to lead gains as all sectors and major bourses entered positive territory.

      All European markets traded over 2 percent higher today.DAX and FTSE traded 2 percent each at 10,706 and 5,932 respectively. CAC traded 2.18 percent higher at 4,371. 

      Economies across the continent continue to lift lockdown restrictions, allowing more businesses to cautiously open. There is growing discontent among swathes of the public at the speed of the lifting of restrictions, however, with large-scale anti-lockdown protests seen in Germany this weekend.

    • Stocks Update: Praj Industries recovered from day's low to trade 2 percent higher after the company announced that it has signed a cooperation agreement with Sweden-based Sekab-E-Technology AB to upgrade and commercialize its base technology to produce advanced biofuels and biochemicals. 

    • Coal India's shares fall 6% 


      Shares of Coal India Ltd (CIL) plunged 6 percent on Monday after the government decided to open the mining sector for private companies, allowing wider participation to increase coal production in the country. The stock fell 6.02 percent to hit intraday low of Rs 121.70 apiece on the BSE. The stock has declined over 47 percent in last one year. At 12.25 pm, shares of Coal India traded 4.90 percent lower at Rs 123.15 per share. To curb coal import and enhance coal production in India, the Finance Minister Nirmala Sitharaman on Sunday announced the auction of coal blocks for commercial mining, allowing private sector investment with relaxation on entry barrier, and under a revenue sharing model. The auction for commercial mining will now not restrict bidders on the basis of minimum net worth or technical qualification.

    • Diageo exploring option to delist United Spirits?


      After Vedanta, United Spirits could be the next in line seeking to delist from the bourses. Diageo, the British liquor giant holding roughly 56 percent stake in United Spirits through its Indian arm, is exploring the option of buying out minority shareholders and delisting the company, CNBC-TV18 learns from sources familiar with the matter. Sources said Diageo has initiated talks with investment bankers and consultants seeking advice on a delisting offer. "The investment bankers will be giving a proposal and advising on the benefits, timing, and pricing of the offer," said a senior executive who did not want to be named.

    • A deeper recession for India? Goldman Sachs expects India GDP growth of -5% in FY21


      Global brokerage Goldman Sachs has made a further significant adjustment to its GDP forecasts for India. The brokerage expects a GDP growth of -3.6 percent in 2020 as compared to its earlier forecast of -2.5 percent with risk remaining on the downside. For FY21, it expects real GDP to fall by 5 percent versus -0.4 percent in its previous forecast. The -5 percent growth forecast for FY21 would be deeper compared to all 'recessions' India has ever experienced, Goldman Sachs noted in a recent report.

    • Reliance Industries gains after General Atlantic deal, CLSA bullish on net zero debt target

      Shares of Reliance Industries (RIL) gained in the early trade on Monday after the announcement that US-based private equity firm General Atlantic will invest Rs 6,598.38 crore for a 1.34 percent stake in Jio Platforms. This will be the fourth large investment in Jio Platforms in four weeks. The oil-to-retail-telecom conglomerate's stock, however, gave up early gains amid sustained selling in line with the benchmark indices, BSE Sensex and NSE Nifty50. The RIL stock has fallen 2.77 percent YTD. With that said, the share price of Reliance Industries has jumped over 67 percent since its recent low of Rs 867.43 hit on March 23.

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      Stock Market Highlights: Sensex ends over 1,000 points lower, Nifty below 9,000; financials, auto stocks top laggard
    • Defence stocks rise after FDI limit via automatic route hiked to 74%


      Shares defence manufacturing companies surged on Monday after the government hiked foreign direct investment (FDI) via automatic route from 49 percent to 74 percent as a part of the economic stimulus announced to help the economy during the COVID-19 crisis. Major defence stocks rose up to 10 percent in intra-day deals. HAL surged 10 percent to Rs 576 per share, while BEL added 5.5 percent to Rs 71.50 per share on BSE. BEML was also up 5.3 percent to Rs 630 per share and Bharat Dynamics advanced 4.7 percent to Rs 250.90 per share.

    • Private companies which list NCDs on stock exchange not to be regarded as listed companies, says FM


      The government on Sunday said private companies that list non-convertible debentures (NCDs) on stock exchanges will not be regarded as listed companies. "Companies can now directly list their securities in foreign jurisdictions," Finance Minister Nirmala Sitharaman said while announcing the fifth and final tranche of Rs 20 lakh crore stimulus package. On ease of doing business, she said a new "coherent" public sector enterprise policy will be formulated that will define strategic sectors that will have not more than four PSUs. List of strategic sectors requiring the presence of public sector undertakings (PSUs) in the public interest will be notified, Sitharaman said.

    • We have lost a big opportunity of creating demand: Biocon's Kiran Mazumdar Shaw on govt's package

      Stock Market Highlights: Sensex ends over 1,000 points lower, Nifty below 9,000; financials, auto stocks top laggard
    • Japan slips into recession, worst yet to come as pandemic wreaks havoc


      Japan's economy slipped into recession for the first time in 4-1/2 years, GDP data showed on Monday, putting the nation on course for its deepest postwar slump as the coronavirus crisis takes a heavy toll on businesses and consumers. The world's third-largest economy shrank for the second consecutive quarter in the three months to March, intensifying the challenge for policymakers battling a once-in-a-century pandemic that has already caused widespread disruptions.

      Gross domestic product (GDP) contracted an annualised 3.4 percent in the first quarter as private consumption, capital expenditure and exports fell, preliminary official data showed, following a revised 7.3 decline in the October-December period, meeting the technical definition of a recession. The median market forecast was for a 4.6 percent contraction in the first quarter.

    • RBI asks HDFC to reduce stake in insurance subsidiaries to 50%

      The Reserve Bank of India (RBI) has asked mortgage lender Housing Development Finance Corporation Ltd (HDFC) to reduce stake in HDFC Life Insurance and HDFC Ergo -- post-merger with HDFC Ergo Health Insurance -- to 50 percent or below from 51.43 percent and 50.58 percent, respectively. At present, the corporation holds 52.25 percent in HDFC Ergo Health and 50.48 percent in HDFC Ergo and based on the share exchange ratio, HDFC Ltd is entitled to 50.58 percent in the merged entity, HDFC Ergo. The stake needs to be reduced within a period of six months from the date of the merger. In the case of HDFC Life Insurance Company, the corporation needs to lower the stake by December 16, 2020, to 50 percent or below form existing 51.43 percent holding.

    • Centre relaxes state borrowing limits, but applies conditions on adopting certain reforms


      An increase in state borrowing limits will not impact the Centre’s FRBM law and no amendment is required for the same, government officials told CNBC-TV18. Officials mentioned that the hike in the borrowing limit may need amendments only to state FRBM Act, depending on how much additional borrowing the states opt for after factoring in revenues and other grants of the 15th Finance Commission. Similarly, although the higher borrowing limit allows states for a higher fiscal deficit, each state will calibrate their requirements to go beyond the 3 percent borrowing cap set by the Centre. Many states are expected to report a higher fiscal deficit in FY20-21 as the COVID-19 pandemic continues to disrupt revenues.

    • Opening Bell: Sensex, Nifty open lower dragged by banking stocks.

      Indian indices are opened lower despite rise in Asian peers after the nationwide lockdown was extended till May 31 to curb coronavirus. At 9:18 am, the Sensex was trading 171 points lower at 30,926, while the Nifty50 index fell 28 points to 9,108 dragged by banking stocks. HDFC Bank, ICICI Bank, Axis Bank, HDFC, and Kotak Bank were the top index draggers at the opening. 

      Meanwhile, RIL rose over a percent after it announced that General Atlantic has said it will invest Rs 6,598.38 crore for a 1.34 percent stake. 

      Sectors were mixed at opening deals. Nifty Bank and Nifty Fin Services fell over 1 percent each, while Nifty Auto lost 0.6 percent in early morning deals. Losses were caped by gains in Pharma, IT and FMCG indices.

    Stock Market Highlights: Indian indices slipped over 3 percent on Monday after the Street remained unimpressed with the mega stimulus package announced by the Finance Minister Nirmala Sitharaman. The nation-wide lockdown extended till May 31 also remained another negative factor for the equities to plunge today. Among sectoral indices, Nifty Bank and Nifty Media ended with losses nearly 7 percent.

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