At 09:16 AM, Nifty was down 169 points (1.05%) to trade at 15997 while Sensex was down 589 points (1.09%) to trade at 53499. The indices weakened further as the Nifty was down by more than 250 points at 9:30 AM and briefly slipped below 15,900. Sensex declined over 850 points to trade below 53,200.

From the Sensex firms, UltraTech Cement, Tata Steel, Bajaj Finance, M&M, IndusInd Bank, HDFC Bank, Bajaj Finserv and Larsen & Toubro were among the major laggards. In contrast, Power Grid emerged as the only gainer.

Meanwhile, Rupee declined 30 paise to 77.55 against US dollar in early trade, according to news agency . Global oil benchmark Brent crude futures declined 1.11 per cent to USD 106.32 per barrel.

A lacklustre trend in the domestic equity markets and a firm American currency weighed on investor sentiment. Besides, persistent foreign fund outflows and elevated crude oil prices impacted the domestic unit.

In the previous trade, the BSE Sensex ended at 54,088.39, lower by 276.46 points or 0.51 per cent. The NSE Nifty dipped 72.95 points or 0.45 per cent to settle at 16,167.10. Foreign institutional investors remained net sellers in the capital market as they offloaded shares worth Rs 3,609.35 crore, as per stock exchange data.

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Finance minister Nirmala Sitharaman has said the current upturn in economic activity in last two months is not just pent up demand and recovery is likely to sustain coming months.

“I am not just sure if just the pent up demand or festival demand will explain consistent more than ₹1 trillion collection in GST for two months. Yes, this is the season when festive demand adds a bit more fervor to demand which prevails through in a year, but I also talk to industry leaders like in core sector industries such as cement, iron and steel, who are looking at capacity expansion. It is an indication that additional demand is what is coming in and is likely to sustain,” Sitharaman said speaking at the Hindustan Times Leadership Summit.

On rising inflation which has forced the central bank to pause its rate cut cycle, Sitharaman said she is not worried about the current high level of inflation as it is seasonal in nature. “Rise in prices in commodities are largely seasonal.

“Government is very frequently looking at changes and taking conscious calls for imports, and sorting out logistical issues. The blip in inflation will ease out. I don’t see food item inflation continuing,” she added.

Asked whether the reluctance by RBI to further cut policy rates puts additional pressure on the government to take more fiscal measures to revive the economy, Sitharaman said it would need delicate, continuous real time balance by both the monetary and fiscal authorities to revive the economy. “Lot of calibration and coordination has to be worked out and we are continuing to do that,” she added.

The RBI on Friday projected the Indian economy to contract 7.5% in FY21, shallower than 9.5% contraction it projected just two months ago, on the back of a host of lead indicators suggesting sustained economic recovery.

Indian stocks hit fresh highs on Friday after the Reserve Bank of India revised upwards its GDP target for the current fiscal year. The central bank kept the interest rates steady and pledged to ensure adequate liquidity in the system.

Sensex settled at 45,079.55, up 446.90 points or 1.00%, while Nifty climbed 124.65 points or 0.95% to end at 13,258.55.

ICICI Bank, closing over 4% higher, was the top Sensex gainer followed by Ultratech Cement, Sun Pharma, Bharti Airtel and SBI. RIL, Bajaj Finserv, HCL Tech and HDFC were among the laggards. Of 30 Sensex shares, 25 closed in the green.

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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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Similarly, the broader NSE Nifty advanced 75.85 points to 11,966.45, inching closed to the 12,000 mark.

Top gainers in the Sensex pack included Vedanta, Tata Steel, ICICI Bank, Tata Motors, SBI, HCL Tech, Sun Pharma and Bharti Airtel, rising up to 3.20 per cent.

On the other hand, Yes Bank, Infosys, Hero MotoCorp, Bajaj Auto and HUL fell up to 4.80 per cent.

In the previous session, the 30-share Sensex settled 35.98 points, or 0.09 per cent, higher at 40,165.03. The Nifty advanced 13.15 points, or 0.11 per cent, to close at 11,890.60.

Foreign institutional investors (FIIs) purchased a Rs 533.37 crore in the capital market, on Friday, while domestic institutional investors sold shares worth Rs 136.50 crore, data available with stock exchange showed.

According to experts, better liquidity from FIIs and mutual funds will maintain a positive sentiment in the market given de-escalation in geopolitical risks and focus on upcoming reforms to revive growth.

Globally, bourses in Shanghai, Hong Kong and Seoul were trading higher on optimism over the US-China trade deal after China’s commerce ministry on Saturday announced that top Chinese and US trade negotiators “reached consensus on principles”.

Indices in Tokyo, however, were in the red.

Shares on Wall Street too ended higher after data showing the US economy continued to add jobs at a steady clip despite turbulence from the trade war with China.

On the currency front, the rupee appreciated 16 paise against the US dollar to trade at 70.65 in early session.

Brent futures, the global oil benchmark, fell 0.53 per cent to USD 61.36 per barrel.

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Meanwhile, equities in other Asian markets edged higher after data showed the US unemployment rate dropped to the lowest in almost 50 years, easing concerns of a slowdown in the world’s largest economy. MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.25 per cent and Japan’s Nikkei stock index climbed 0.29 per cent. 

Shares of BPCL fell over 3 per cent on Monday after the government repealed the legislation that had nationalised the company. On the BSE, the stock declined 3.53 per cent to Rs 497. The shares of the PSU fell 3.21 per cent to Rs 499 on the NSE. Ahead of a proposed move to fully privatise state-owned fuel retailer, the government has repealed the legislation that had nationalised the company, doing away with the need to seek Parliament nod before selling it off to private firms.

Drug firm Indoco Remedies on Monday said it has received approval from the US health regulator for Rasagiline tablets, used for treatment of Parkinson’s disease. The company has received last nod for its abbreviated new drug application (ANDA) for Rasagiline tablets in the strengths of 0.5 mg and 1 mg from the United States Food and Drug Administration (USFDA), Indoco Remedies said in a regulatory filing.

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Last Friday, the S&P BSE Sensex index had surged 1921.15 points – or 5.32 per cent – to end at 38,014.62, in its best single-day gain in past 10 years.                                                                                                                         

The Nifty Bank, Auto and FMCG sectoral indices on the NSE were up 3.60 per cent, 1.72 per cent and 4.98 per cent at the time. On the other hand, the Nifty IT and Pharma indices were down 2.37 per cent and 1.31 per cent respectively.ITC, Britannia, L&T, HDFC Bank Top Gainers.

At 9:21 am, the S&P BSE Sensex index traded 1,045.98 points – or 2.75 per cent – higher at 39,060.60, while the broader NSE Nifty benchmark was at 11,569.65, up 295.45 points – or 2.62 per cent – from the previous close. ITC, Britannia, L&T, HDFC Bank Top Gainers

Corporate Tax Cut Sent Positive Message “Not Just In India”: Nirmala Sitharaman

Finance Minister Nirmala Sitharaman said on Twitter that the government’s move on corporate tax has sent a positive message “not just in India” but around the globe. On Friday, the GST Council decided to more than double the tax on caffeinated beverages to 40 per cent while lowering the tax rate applicable to hotel room tariffs. Finance Minister Nirmala Sitharaman said the GST on caffeinated beverages was hiked to 28 per cent plus more cess of 12 per cent as against the existing rate of 18 per cent.

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The S&P BSE Sensex and NSE Nifty 50 indices recovered from intraday low levels led by gains in ICICI Bank, Infosys, Kotak Mahindra Bank, Reliance Industries, Axis Bank and Maruti Suzuki. The S&P BSE Sensex index moved in a range of 244.25 points, between 37,244.34 and 37,000.09, as against its earlier close of 37,104.28. The broader NSE Nifty benchmark rose as much as 41.05 points to hit 11,023.85 at the day’s strongest level, and declined as much as 78.1 points from that mark to 10,945.75. Government data on Thursday showed growth in industrial production was at 4.3 per cent in July, as against 2 per cent the previous month. Meanwhile, separate data showed that inflation rose to a 10-month high of 3.21 per cent in August. Analysts say the latest macroeconomic data leaves room for a rate cut in the Reserve Bank of India’s next bi-monthly review due in October.

Meanwhile,Consumer price inflation is likely to inch up further in the coming months. It would however continue to be within the RBI’s target. Industrial production (IIP) growth has come higher than market expectations and is a good sign, though capital and durable goods performance has not been good,” credit ratings agency CARE said in a note. 

“Food price inflation needs to watched for as there is potential for higher prices in the coming months and the kharif output will hold the clue… For the rest of the financial year we expect policy rates to be cut by another 40 bps,” the agency added.

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