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CNBC-TV18 Market Highlights: Sensex ended 214 points lower, Nifty50 closed at 11,250; pharma stocks gain

CNBC-TV18 Market Highlights: Sensex ended 214 points lower, Nifty50 closed at 11,250; pharma stocks gain

CNBC-TV18 Market Highlights: Sensex ended 214 points lower, Nifty50 closed at 11,250; pharma stocks gain
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Summary

CNBC-TV18 Market Highlights: Benchmark indices ended lower but recovered from the day’s low in the volatile trade with Nifty50 below 11,300 level. At close, Sensex ended 214 points lower to 38,409.48 while the Nifty50 index closed at 11,251, down 52 points. 

Live Updates

Here are the main highlights and trends from Wednesday's trade##Here are the main highlights and trends from Wednesday's trade



Thank you readers, and before we end our live coverage of the stock markets today, here are the main highlights and trends from Wednesday's trade:


- Market ended lower but off lows on growing cases of COVID-19 

- Sensex ended lower but up more than 550 points off lows

- Nifty reclaimed 11,250, concluded 0.4 percent lower

- Broader indices underperformed benchmarks, Midcap index ended 1.6 percent lower

- Nifty Bank dropped 500 points with YES Bank and IndusInd Bank as top losers

- IT stocks ended higher as the rupee weakened against the dollar; Wipro remained the top gainer

- Cipla, Dr Reddy's Laboratories and Sun Pharma were the top Nifty gainers

- Aviation stocks were under pressure due to the coronavirus scare

- Market breadth remained in favour of advances; advance-decline ratio at 1:3

Mar 4, 2020 3:46 PM

Closing bell: Sensex ends 214 points lower, Nifty settles below 11,300; banking stocks lead losses##Closing bell: Sensex ends 214 points lower, Nifty settles below 11,300; banking stocks lead losses

Domestic stock markets closed in the negative zone on Wednesday after the country's health minister confirmed that the number of coronavirus cases had risen sharply to 28, fuelling worries that economic activity may be affected further. The Sensex closed 214.22 points, or 0.55 percent lower at 38,409.48. The broader NSE Nifty depreciated 52.30 points or 0.46 percent to end at 11,251.

The Nifty MidCap 100 index fell 1.52 percent, while the banking gauge- Nifty Bank - dropped 1.79 percent.

Top percentage laggards on the 50-scrip index were Yes Bank, Bajaj Finance, Eicher Motors, IndusInd Bank and ITC, ending between 3.46 percent and 6.25 percent lower. HDFC Bank ICICI Bank and ITC contributed the most to the losses on the Sensex.

Stock markets in Asia and Europe too struggled as an emergency rate cut on Tuesday from the US Federal Reserve seemed to stoke rather than soothe fears over the virus' widening global economic fallout.

Mar 4, 2020 3:36 PM
Mar 4, 2020 3:33 PM

Ayon Mukhopadhyay of IIFL expects a demand side hit for Indian economy, thinks the supply chain would be disrupted at least for a few months##Ayon Mukhopadhyay of IIFL expects a demand side hit for Indian economy, thinks the supply chain would be disrupted at least for a few months

Key highlights from the conversation:

1. Markets are mirroring the confusion amongst investors            

2. Markets are volatile as investors are not sure of the impact of coronavirus   

3. Expect a demand-side hit for Indian economy 

4. Supply chain would be disrupted at least for a few months        

5. Don’t think discretionary consumption and auto is going to see a sharp rebound            

6. Don't think sell-off is India specific         

7. Outflows from India is on account on emerging markets basket sell-off

Mar 4, 2020 3:22 PM

IRCTC's share price locked in a lower circuit##IRCTC's share price locked in a lower circuit

The share price of IRCTC hits lower circuit of 10 percent of Rs 1,565.40 per share on the NSE. 

In the last 6 trading sessions, the stock has plunged 20 percent in-trade. 

The stock began to slump after cases of coronavirus escalated in India. Due to travel restrictions and canceled trips, the business of travel and tourism have particularly taken a huge hit, thus impacting the railways business negatively. 

Mar 4, 2020 3:16 PM

Nifty50 Sectoral Indices Update: All sectors in red except Nifty Pharma##Nifty50 Sectoral Indices Update: All sectors in red except Nifty Pharma

The Nifty50 sectoral indices traded in red with only Nifty Pharma in the positive zone. Among the sector, Cipla, Dr Reddy's  and Sun Pharma were trading up to 4 percent. Others like Aurobindo Pharma, Glenmark and Lupin rose only up to 2 percent. 

Meanwhile, on the other hand, most sectors including Nifty Financial Services, Nifty Media, Nifty Bank, Nifty Private Bank and Nifty Realty were trading lower by 2 percent 

CNBC-TV18 Market Highlights: Sensex ended 214 points lower, Nifty50 closed at 11,250; pharma stocks gain
Mar 4, 2020 2:53 PM

Yellow metal falls as US Fed cuts interest rates##Yellow metal falls as US Fed cuts interest rates

Gold prices in India traded lower today on the Multi Commodity Exchange (MCX) Tuesday after the US Federal Reserve’s surprise cut in its benchmark interest rate to cushion the economic impact from the coronavirus outbreak.

At 9:45 am, gold futures for April delivery fell 0.18 percent to Rs 43,397 per 10 grams as against the previous of Rs 43,474 and opening price of Rs 43,357 on the MCX.

Silver futures traded 0.06 percent lower at Rs 46,349 per kg. The prices opened at Rs 46,346 as compared to the previous close of Rs 46,387 per kg.

In an emergency move, the US Federal Reserve slashed interest rates by 50 basis points to 1.00-1.25 percent on Tuesday in order to tackle the impact of the epidemic.

Meanwhile, the rupee rose against the US dollar in early trade.

Mar 4, 2020 2:35 PM

India's services sector growth hits seven-year high in Feb: PMI##India's services sector growth hits seven-year high in Feb: PMI

Marking its quickest rise in over seven years, India's services sector activity expanded for the fifth successive month in February, tracking the spike in business orders, renewed export demand and strengthening business confidence, a monthly survey showed on Wednesday.
The IHS Markit India Services Business Activity Index rose from 55.5 in January to 57.5 in February. This is the fastest expansion in services output since January 2013.
Service providers saw a marked increase in new work intakes during February, the second-fastest in over seven years. 
A return to growth of new orders from abroad contributed to the increase in total sales. The pace of expansion in international demand for Indian services was moderate, but above its long-run average.
"Growth in India's service sector accelerated further halfway through the final quarter of fiscal year 2019-20, with the trend for business activity improving in each month since last September when the sharpest contraction for 19 months was recorded," said Pollyanna de Lima, Principal Economist at IHS Markit.

(Inputs from PTI)

Mar 4, 2020 2:20 PM

BSE Stocks Update: 23 out of 30 stocks in red, Bajaj Finance top loser##BSE Stocks Update: 23 out of 30 stocks in red, Bajaj Finance top loser

The Indian market tanked over reports on fresh coronavirus cases in India. The total number of reported cases of coronavirus climbed to 28 so far, of which three people from Kerala have been cured. 

The BSE Sensex index plunged over 620 points during the day, dragged by the losses in HDFC Bank, Reliance Industries, ICICI Bank, ITC and Bajaj Finance.  

CNBC-TV18 Market Highlights: Sensex ended 214 points lower, Nifty50 closed at 11,250; pharma stocks gain
Mar 4, 2020 2:15 PM
Mar 4, 2020 2:02 PM

RBI repo rate cut hopes gather steam after US Fed’s emergency move##RBI repo rate cut hopes gather steam after US Fed’s emergency move

Central banks across the globe are expected to take action in a bid to combat crisis due to the spread of coronavirus. In an emergency move, the United States Federal Reserve slashed its benchmark interest rates by 50 basis points on Tuesday to shield the world's largest economy from the impact of the global epidemic. It was the Federal Reserve’s first emergency rate cut since the 2008 global financial crisis. In a statement, the Fed said it was cutting rates by a half percentage point to a target range of 1.00 percent to 1.25 percent. READ MORE

Mar 4, 2020 1:52 PM
Mar 4, 2020 1:48 PM
Mar 4, 2020 1:43 PM

Coronavirus will provide many opportunities to invest, says Blackstone’s Steve Schwarzman##Coronavirus will provide many opportunities to invest, says Blackstone’s Steve Schwarzman

Blackstone having invested $15 billion in India of its $550 billion global corpus is looking for more opportunities in the country at a time of massive cash crunch across sectors, revealed Stephen Schwarzman chairman, CEO and co-Founder of the private equity firm. Amit Dixit, co-head Asia acquisitions at Blackstone and Schwarzman talked about the impact of the coronavirus on the economy in an interview with CNBC-TV18. Schwarzman said coronavirus will provide many opportunities to invest. READ MORE

Mar 4, 2020 1:37 PM
Mar 4, 2020 1:22 PM