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CNBC-TV18 Market Highlights: Sensex, Nifty end 2% lower dragged by private bank, RIL

CNBC-TV18 Market Highlights: Sensex, Nifty end 2% lower dragged by private bank, RIL

CNBC-TV18 Market Highlights: Sensex, Nifty end 2% lower dragged by private bank, RIL
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Summary

The BSE Sensex shed 581 points to close at 28,288, and the Nifty tumbled 205 points to close at 8,263.

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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


- Frontline Indices Close With A Cut Of 2-4 percent Amid Volatility


- Sensex, Nifty and Nifty Bank End At Over 3-year Lows


- Sensex Slips 581 Poits To 28,288 After Trading In The Range Of 2,656 Points


- Nifty Falls 205 Points To 8,263 After 743-point Trading Range


- Nifty Bank Drops 497 Points To 20,083 After 2,360-point Trading Range


- Midcap Index Ends At A 4-year Low, Falls 531 Points To 12,064


- All Sectoral Indices Close Lower, Volatility Index Jumps To 12-year High


- HDFC Bank, ITC, Infosys and Kotak Bank See Major Recovery From Lows


- Reliance Industries, ICICI Bank, Axis Bank, Bajaj Finance Major Contributors To Nifty Fall


- Auto Index At 6-year Low, FMCG At A 3-year Low, Metal Index At 4-year Low


- Nifty Small Cap Index Slips 224 Points To Close At A 6-year Low


- Market Breadth Improves From Opening Level, But Still Favours Declines


- Advance-Decline Ratio Is 1:4 At Close Against 1:10 At The Opening

Closing Bell: Sensex  ends 581 points lower, Nifty below 8,300; RIL, private banks drag##Closing Bell: Sensex  ends 581 points lower, Nifty below 8,300; RIL, private banks drag

Indian stocks ended lower after a volatile session on Thursday, in line with Asian peers, dragged mainly by financial stocks and index heavyweights like RIL, L&T, and Maruti Suzuki. The BSE Sensex shed 581 points to close at 28,288, and the Nifty tumbled 205 points to close at 8,263. In intra-day deals, the benchmarks fell almost 7 percent in early morning deals but later recovered almost 10 percent. However, the indices fell again the in later half of the trade to end 2 percent lower.

Among the Nifty50 index,ITC, Bharti Airtel, Infosys, HDFC Bank, and PowerGrid were the top gainers on the Nifty50 index, while Bharti Infratel, Zee, Shree Cements, ONGC, and BPCL led the losses. Broader markets also lost, in line with benchmarks. Nifty Midcap declined 4.3 percent and Nifty Smallcap shed 5.5 percent. All sectors were also in the red with Nifty Auto declining the most, down 5.8 percent. Nifty Metal also shed 5.3 percent, while Nifty Realty lost 3.5 percent. Nifty IT fell 3 percent for the day and Nifty Bank was down 2.6 percent.

Market mayhem continues! No stock in the Nifty Midcap100 index positive in last 1 month
CNBC-TV18 Market Highlights: Sensex, Nifty end 2% lower dragged by private bank, RIL

75% stocks from BSE100 index trade in the red today. Here are the top intraday losers##75% stocks from BSE100 index trade in the red today. Here are the top intraday losers


In the BSE100 index, around 25 stocks were positive in intraday deals, whereas the remaining 75 gave negative returns up to 26 percent. YES Bank shed the most, down 26 percent, followed by Indiabulls Housing, down 19.3 percent, Bharti Infratel 19 percent, Ashok Leyland 19 percent, Apollo Hospitals 17 percent, Zee 16 percent, Bajaj Holdings 15 percent, and Bharat Forge 13 percent. Other stocks like Coal India, M&M, Tata Motors-DVR, Maruti Suzuki, BCL, NMDC, UPL, Axis Bank, Pidilite Industries, and Infoedge also shed between 5 percent and 15 percent in intraday deals.

Global market update: Dow Futures turn green, up more than 1,000 points from lows##Global market update: Dow Futures turn green, up more than 1,000 points from lows

Two brokerages upgraded this stock amid market selloff; find out which##Two brokerages upgraded this stock amid market selloff; find out which

PVR shares rose over five percent on Thursday after two brokerages Kotak Institutional Equities and IDFC Securities upgraded the stock after the recent correction in its stock price. In this coronavirus-led market mayhem, the company lost half its value, falling over 50 percent from its 52-week high of Rs 2,121 hit on February 20, 2020. It hit its 52-week low of Rs 1,045.85 on March 16, 2020. Kotak Institutional Equities upgraded the stock to 'buy' from 'reduce' but cut its target to Rs 1,800 per share from Rs 1,850 earlier. Meanwhile, IDFC Securities also upgraded the stock to 'outperform' with a target at Rs 1,809 per share.

Coronavirus Update: Total cases in India rise to 178, Maharashtra stands as the worst-hit state with 49 positive cases##Coronavirus Update: Total cases in India rise to 178, Maharashtra stands as the worst-hit state with 49 positive cases

IndiGo announces pay cuts for employees due to COVID-19##IndiGo announces pay cuts for employees due to COVID-19

IndiGo has announced salary cuts across various levels of its organization as revenue severely falls due to weak demand amid coronavirus spread.

In a mail written to employees, IndiGo CEO Ronojoy Dutta has said that he will take a pay cut of 25% and senior Vice-presidents and above will take a pay cut of 20%. All the changes in salaries will come into effect from April 1, 2020.

Band C employees will take a pay cut of 5%, IndiGo CEO informed, adding that there will be no salary cuts for Band A and B. 

At 2:15 pm, the stock price traded 3 percent higher at Rs 975.80. 

Edelweiss remains positive on these two telcos, here's why!##Edelweiss remains positive on these two telcos, here's why!

The Supreme Court's order on Wednesday has eroded the market's optimism in the telecom industry. The report noted, "We believe considering DoT is the aggrieved party and the proposal does not reduce the amount payable by telecom companies, there is possibility of the SC accepting the deferred payment plan."

The brokerage believes that further consolidation in the telecom market will reduce the competitive intensity, benefitting Bharti and Reliance Jio (RJIO) by granting them better pricing power and much higher revenues. Therefore, Edelweiss remains positive on both the stocks due to their ability to fund the liabilities and gain market share.

RBI should cut rates and cash reserve ratio, says President of Confederation of Indian Industry (CII)##RBI should cut rates and cash reserve ratio, says President of Confederation of Indian Industry (CII)

Vikram Kirloskar, CII President said to CNBC-TV18: 

1. Supply chains have been disrupted for some time; worried about SMEs

2. RBI should cut rates and cash reserve ratio

3. Requesting industry to pay SMEs at the earliest

4. Requesting government to expedite dues clearance

5. Government is asking for suggestions and analysis on coping with commercial vehicles

6. Have asked members to relook their own salaries but hold on to people

7. India story is still intact, hope to bounce back strongly

Nifty PSU Bank trades in the green, up over a percent led by the gains in Canara Bank, PNB, Indian Bank among others##Nifty PSU Bank trades in the green, up over a percent led by the gains in Canara Bank, PNB, Indian Bank among others

Find out how coronavirus is impacting all industries; aviation, hospitality worst hit
The novel coronavirus outbreak is causing serious concerns across India with three deaths reported as of March 18 and confirmed cases rising to 151.
CNBC-TV18 Market Highlights: Sensex, Nifty end 2% lower dragged by private bank, RIL

US Pre-Market Alert: Dow futures up 700 points from lows##US Pre-Market Alert: Dow futures up 700 points from lows

Amidst COVID-19 epidemic, SEBI relaxes listing disclosure obligations##Amidst COVID-19 epidemic, SEBI relaxes listing disclosure obligations

The Securities and Exchange Board of India provided some relief to the corporates via disclosure obligations. The major relief for the companies is that they can submit their Q4 and FY20 results by June 30. 

Here are more relaxations that the SEBI announced today:

1. One-month on half-yearly compliance certificate on share transfer

2. Three weeks on the quarterly statement of investor complaints

3. One month on submission of annual compliance report

4. One month in filing quarterly corporate governance report

5. Three weeks in releasing a quarterly shareholding pattern              

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