Market sentiment also took a hit as new coronavirus infections continued to rise in India with cases now near 2.9 lakh.

“The statement from the US Fed that recovery from pandemic would take longer than expected triggered a weak start which worsened with a deep cut in the European indices in the latter half,” said Ajit Mishra, VP – Research, Religare Broking Ltd.

Indian markets also extended their losses after Supreme Court asked telecom operators to file replies on a roadmap for payment of government dues.

The Nifty banking index fell 2.72% following the hearing as many banks have large exposure to the telecom sector.

HDFC Bank, ICICI Bank and Kotak Mahindra Bank were the top drags, falling between 2.3% and 3.3%. The country’s top lender State Bank of India ended down 5.62%.

Shares of telecom operators Bharti Airtel fell 2.7%, while Vodafone Idea tumbled 14.75%
US Markets

Wall Street plummeted on Thursday as investors reacted to renewed fears of a pandemic resurgence and digested dour economic forecasts from the U.S. Federal Reserve.

The Dow Jones Industrial Average fell 1,861.82 points, or 6.9%, to 25,128.17, the S&P 500 lost 188.04 points, or 5.89%, to 3,002.1 and the Nasdaq Composite dropped 527.62 points, or 5.27%, to 9,492.73.
Asian Markets

Asian equities are set to fall sharply on Friday after Wall Street stocks and oil tumbled over growing concerns that a resurgence of coronavirus infections could stunt the pace of reopening economies.

Australian S&P/ASX 200 futures were down 3.04% at 20:59 GMT, while Japan’s Nikkei 225 index closed down 2.82% at 22,472.91 on Thursday. Hong Kong’s Hang Seng index futures were down 2.06%.

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The ICICI has a $100 million exposure to Singapore-based oil trading company Hin Leon Trading Pte, which has filed for bankruptcy protection in the Singapore courts, a report by S&P-owned Platts agency said. Shares of the bank fell 5.9% to ₹339.95 on the BSE.

State-owned Bharat Heavy Electricals (BHEL) received an order to manufacture and supply heavy material handling equipment for its thermal power plant at Yadadri in Telangana. The stock was down 2.3% at ₹895 on the BSE.

Aurobindo Pharma the pharmaceutical company jumped 10% to ₹594.60 on the BSE after it said the US Food and Drug Administration (USFDA) has classified the inspection conducted at Unit IV, an injectable manufacturing formulation facility, as Voluntary Action Indicated (VAI). The inspection was held during 4-13 November, 2019

The Indian rupee opened at 76.74 against the US dollar, compared with Monday’s close of 76.54.
Top Nifty gainers, laggards Dr Reddy’s Laboratories, Cipla, Sun Pharmaceutical, Britannia and Nestle were the top gainers on the Nifty 50 index, while IndusInd Bank, Hindalco, Axis Bank, ICICI Bank and Bajaj Finance fell the most.

US stocks tumble as oil prices crash Key Wall Street indices fell after US crude futures turned negative for the first time in history, underscoring the chaos the coronavirus pandemic has unleashed on the global economy. A devastating supply glut of oil has forced traders to pay others to take the crude off their hands.

A deal announced last week between the Organization of the Petroleum Exporting Countries (OPEC) and independent producers to cut output by about 10 million barrels per day starting in May has failed to boost investor sentiment.

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Oil prices rallied Monday after top producers agreed to slash output and shore up coronavirus-ravaged energy markets, but some analysts were concerned the cuts did not go far enough.

US benchmark West Texas Intermediate was up 7.7% at USD 24.52 a barrel in Asian trade while Brent crude, the international benchmark, put on 5% to USD 33.08 a barrel.

The shares of India’s largest mortgage lender slipped into the red. At 09:53am the shares of HDFC Ltd traded 3% lower at ₹1654 apiece on the BSE while the benchmark Sensex dropped nearly 2%.

China’s central bank has raised its stake in HDFC Ltd to 1.01% from 0.8% earlier.

Zydus Cadila has received tentative approval from the USFDA to market Empagliflozin Tablets, in the strengths of 10 mg and 25 mg. The medication is used together with diet and exercise to improve blood sugar control in adults.

The Hyderabad-based company has received an establishment inspection report from the US health regulator for its Nalgonda-based active pharmaceutical ingredient manufacturing unit. “… we would like to inform you that we have received the EIR from the USFDA, for the above-referred facility, indicating closure of the audit,” it said in a regulatory filing.

The Indian rupee fell 15 paise to 76.43 against the US dollar in opening trade on Monday, tracking weak domestic equities and sharp rise in coronavirus cases in the country.

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Among headline indices, the S&P BSE Sensex was up 570 points, or 1.95 per cent, at 30,440 and the Nifty50 index hovered around 8,920 level, up 175 points, or 2 per cent. Index heavyweight HDFC, up 5 per cent, was the top contributor to the Sensex’s gain. Besides, Bajaj Finance, ICICI Bank, Axis Bank, and ONGC were all up over 4 per cent.

All the Nifty sectoral indices were in the green, led by Nifty Auto index, up 7 per cent. Besides, Nifty Pharma index gained 5 per cent. Among the index’s components, Cipla (up 15%) and Lupin (up 10%) were the top gainers.

The broader market also tracked gains in the main indices. The S&P BSE MidCap and SmallCap indexes were both up over 2.5 per cent each.

Gold-backed exchange traded funds (ETFs) witnessed a net inflow of $23 billion, or 298 tonnes (t), in the January – March 2020 quarter across all regions, suggests the latest data from World Gold Council (WGC).

This is the highest quarterly amount ever in absolute US dollar terms and the largest tonnage additions since 2016.

“During the past year, gold ETFs added 659 tonnes, the highest on a rolling annual basis since the financial crisis, with assets under management (AUM) growing 57 per cent over the same period,” WGC said.

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At around 9:35 am, BSE Sensex was trading 407.81 points or 1.44 per cent lower at 27,857.50, while NSE Nifty was down 110.70 points at 8,143.10 points. Bank and financial stocks suffered as volatility remains high in the domestic markets.

Some of the top losers in early trade are Kotak Mahindra Bank, Induslnd Bank, IDFC Bank, ICICI Bank, HDFC Bank, Hero MotoCorp and Asian Paints.

On the NSE, all sectoral indexes were trading in red except Nifty Pharma, highlighting a marked weakness in most sectors.

Analysts say that the stock markets in India could see choppy trade till there is clarity on the situation after the lockdown ends of April 14.

While markets were closed on account on Ram Navami on Thursday, factory activity data released yesterday also weighed in on the markets today. On Wednesday, Sensex had fallen over 1,200 points while Nifty plunged over 340 points.

Globally, stocks rose on expectations of a possible oil deal between Saudi Arabia and Russia, but doubts are already rising over the deal brokered by US President Donald Trump.

Market could go into recession and Nifty may touch 6,500 in next 6 months but now the parameters show that the economy may enter into depression period (where GDP turns into negative territory, means it could be in between -1 percent and -5 percent) and the period could be quite long in comparison to slowdown/recession period.

It may be 2 years or more and in this period, Nifty is likely to touch 5,500 and the stocks are likely to be available at 10-50 percent (depends upon small cap-large cap) discount from their peak.

The good thing is the reason of recession would be coronavirus. However, depression territory would be due to an extreme drop in crude oil prices (likely to touch $12–15 per barrel) and there is again a chance of an acceleration of the US-China trade war. Probably, it would not convert into great depression (where multiple economies deliver drop in GDP by 15-20 percent) because tailspin crude oil prices affect many major economies but at the same time, it would be positive for emerging nations. So, be cautious, try to keep more patience and be ready to invest in lower levels.

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Investors were encouraged by reports that the US Senate has passed a $2 trillion coronavirus relief package while a separate report said the Indian government was likely to agree an economic stimulus package of more than Rs 1.5 trillion to fight the downturn caused by the coronavirus outbreak.

Frontline index S&P BSE Sensex was up 1300points, or 5.05 per cent, at 29,900 levels, and the Nifty50 index hovered around 8,620 level, up 301 points, or 3.62 per cent.

Among individual stocks, IndusInd Bank bucked its downtrend to surge 35 per cent intra-day. Besides, ICICI Bank and HDFC (both up 12 per cent) and HDFC Bank (up 8 per cent) were among the top contributors to Sensex’s up move.

All the Nifty sectoral indices were trading in the green, led by Nifty Private Bank index, up over 10 per cent. Nifty Bank index also rose 9 per cent.

In the broader market, the S&P BSE MidCap index was up 3.8 per centand the S&P BSE SmallCap index surged 4.7 per cent.

Shares of IndusInd Bank rallied as much as 30% and was the top gainer on the Nifty 50 index. Bajaj Finserv, Axis Bank, Bajaj Auto and Bajaj Finance were the other top performers. Indian Oil Corporation, GAIL India, HCL Technologies, NTPC and ITC were the biggest laggards.

The US Senate has passed a stimulus package worth $2 trillion to mitigate the economic damage likely to be caused by the coronavirus pandemic.

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Monday’s trading halt was a second within a period of seven trading sessions, as world markets continued to suffer the worst selloff since the 2008-09 global financial crisis.

The Nifty Bank index – comprising stocks of 12 major lenders in the country including heavyweights SBI, HDFC Bank and ICICI Bank – was down 12.74 per cent.

Asian stock markets sank as a rising tide of national lockdowns threatened to overwhelm policymakers’ frantic efforts to cushion what is likely to be a deep global recession. MSCI’s broadest index of Asia-Pacific shares outside Japan lost 3.8 per cent, with New Zealand’s market shedding a record 10 per cent as the government closed all non-essential businesses. Shanghai blue chips dropped 2.3 per cent, though Japan’s Nikkei rose 0.8 per cent aided perhaps by expectations of more aggressive asset buying by the Bank of Japan.

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At around 9:30 am, BSE Sensex was down by 1,785.28 or over 6 per cent at 27,084.23 while Nifty was down almost 600 points or 6.90 per cent at 7,884.65, which is the lowest since December 27, 2016. By 10 am, Sensex was down by almost 1,900 points at 26,977.

All shares on the Sensex pact apart from NTPC and Powergrid were trading in red due to heavy selloff in the stock market. As far as Nifty is concerned, all sectoral indexes are trading in the red.

The fresh fall on Thursday is another alarming day on Dalal Street, reflecting the wider sentiments of global markets, which have suffered deep wounds while tackling the novel coronavirus outbreak.

While governments around the world have tried to boost sentiments, it has hardly helped in boosting investor sentiments as there is too much panic around how much damage the virus can cause and whether it triggers a global recession.

Meanwhile, the spread of coronavirus seems to be intensified in several countries outside China. Italy on Wednesday reported 475 deaths while cases in the US rose by over 1,000. In India, the pandemic has claimed three lives while 170 have been infected.

At present, market analysts are uncertain when the market would bottom out and have told investors to stay calm and avoid panicking as it could lead to further losses.

Some analysts now say that the next 15 days would be crucial for stock markets around the world including India.

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Market indices erased earlier gains and trended bearish by Tuesday’s afternoon session, tracking overseas equity markets that traded cautious as coronavirus infected cases continues to rise globally. On Tuesday, markets traded volatile as investors banked up on hopes of liquidity infusion given by apex lender RBI by late Monday (post market hours), although stayed pessimistic over rising cases of virus.

Overseas, trend has been strongly negative amid the heightened fears of COVID-19 cases. Policymakers worldwide have continued to ensure a globally coordinated response to the coronavirus pandemic by closing borders, banning travel and assuring liquidity infusion into the system, in a move to curb economic fallout from the virus. On Monday, market indices recorded the second biggest single-day fall and ended 8% lower. Where Sensex ended 2,713 points lower at 31,390, Nifty closed 756 points lower at 9,199.

Besides the outbreak in China, the Covid-19 infection cases have risen drastically outside China, hurting major economies and disrupting supply chains. There are currently 182,605 confirmed cases and 7,171 deaths from the coronavirus outbreak as of March 17, 2020. Of this, 79,881 have been recovered globally. The number of infected cases in India has increased to 129. The death toll from coronavirus in India has risen to 3 on Tuesday.

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State Bank of India, Tata Steel and HDFC are the top gainers while SBI, Reliance Industries and HDFC Bank are the most active stocks.

MEANWHILE The government and the RBI will take all necessary steps to quell the “fear sentiment” created due to coronavirus, Chief Economic Advisor Krishnamurthy Subramanian said on Friday.

He said the fall in Indian stock indices is lower than the decline witnessed globally and the situation in India will stabilise over the next few weeks as focus shifts to economic fundamentals like declining inflation, growing industrial production and adequate forex reserves.

“The government is seriously considering and looking at all aspects of this situation and the government together with the regulator will definitely respond when it is necessary. Market reaction is not reflecting fundamentals, fundamentals (of Indian economy) are improving,” Subramanian told reporters here.

The Indian rupee staged a recovery in the afternoon session on Friday, trading 36 paise higher against the US dollar, after the Reserve Bank stepped in to maintain sufficient liquidity in the panic-stricken currency market.
Seeing the heavy rush for the US dollar among participants, the RBI announced liquidity measures such as buy-sell swap of USD 2 billion to increase dollar availability with banks and ease pressure on the rupee.

At the interbank foreign exchange, the rupee opened at 74.39 and went on to hit the day’s low of 74.50 against the US dollar as investors panicked weighing turmoil in financial markets globally due to coronavirus pandemic

Asian shares plunged, then recovered slightly as Friday the 13th brought still more turmoil to markets reeling from uncertainty over the coronavirus crisis.

Benchmarks in Japan, Thailand and India sank as much as 10 percent following Wall Street’s biggest drop since the Black Monday crash of 1987. Tokyo’s Nikkei 225 fell nearly 6 percent. Sensex swayed between gains and losses after a 10 percent crash briefly halted trading. In Bangkok, the Thailand SET gained 0.5 percent after a temporary suspension of trading earlier in the day.

Markets worldwide have retreated as fears of economic fallout from the coronavirus crisis deepen and the meltdown in the US, the world’s biggest economy, batters confidence around the globe.

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