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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After touching a low of 34,010.86, the 30-share index was trading 214.42 points, or 0.63 per cent, lower at 34,032.63.

Similarly, NSE Nifty fell 57.90 points, or 0.57 per cent, to 10,058.25.

Shares of Vodafone Idea fell 10% on the stock exchanges, hitting the lower circuit, ahead of a Supreme Court hearing on the adjusted gross revenue (AGR) case. The hearing may include the government’s application that telecom firms be allowed to spread the payment of their dues over 20 years or less.

Sun Pharma was the top laggard in the Sensex pack, shedding around 2 per cent, followed by HDFC Bank, Titan, NTPC, Kotak Bank, TCS and Infosys.

On the other hand, IndusInd Bank, Hero MotoCorp, Nestle India and Axis Bank were among the gainers.

In the previous session, the BSE barometer settled 290.36 points, or 0.86 per cent, higher at 34,247.05, and the broader Nifty climbed 69.50 points, or 0.69 per cent, to 10,116.15.

On a net basis, foreign institutional investors sold equities worth Rs 919.26 crore in the capital market on Wednesday, provisional exchange data showed.

According to analysts, market started on a negative note amid foreign fund outflow and weak cues from global markets after US Federal Reserve policy outcome.

The US central bank on Wednesday cut its benchmark short-term rate to near zero, and said nearly all its policymakers foresee no rate hike through 2022.

It also said that it will keep buying bonds to maintain low borrowing rates and support a US economy mired in a deep recession with high unemployment.

Stock exchanges on Wall Street ended on a mixed note in overnight trade.

Bourses in Hong Kong, Tokyo and Seoul were in the red, while those in Shanghai were trading with gains.

International oil benchmark Brent crude futures fell 2.66 per cent to USD 40.62 per barrel.

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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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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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Benchmark indices ended lower on Monday with Nifty slipped below 9,200 level on the back of increasing fears of Coronavirus.

At close, the Sensex was down 2,713.41 points or 7.96% at 31390.07, and the Nifty was down 757.80 points or 7.61% at 9197.40. About 430 shares have advanced, 1987 shares declined, and 152 shares are unchanged.

IndusInd Bank, JSW Steel, Tata Steel, Vedanta and HDFC were among major losers on the Nifty, while Yes Bank is the only gainers.

Shares of RBL Bank plunged over 24 percent to hit their fresh all-time low of Rs 156.45 on BSE and looked on course to extend their losing run into the third consecutive session on March 16.

The markets are showing no signs of stability as the economic impact of the Coronavirus is likely to be significant for many major economies. Even after US Fed’s slashing of interest rates to a range of 0% to 0.25% and the introduction of a USD 700 billion stimulus programme, investor sentiments remain weak.

On the domestic front too, certain measures are expected from the government and RBI to protect the economy. However, given the uncertainty and increasing spread of the virus domestically, we expect that current choppiness could continue in the coming days.

The RBI has been taking some calibrated measures to ensure financial markets and institutions remain sound and resilient. The RBI propose to conduct another 6 months US dollar/ Rupee sell-buy swap on March 23.

It will also conduct LTRO in multiple tranches upto a total amount of Rs 1 lakh crore at the policy rate. This will be followed by a review of performance of LTRO.

n the mayhem, the Sensex plummeted over 2,713.41 points or or 7.96 percent to close at 31,390.07 and the Nifty also tanked 758 points to end at 9,197.40.  lower

Representational image. News18

All Sensex components ended in the red. IndusInd Bank was the top loser, followed by Tata Steel, HDFC, ICICI Bank, Axis Bank, Infosys and ITC.

According to traders, market became more volatile after the Reserve Bank of India’s (RBI) surprise press conference announcement.

Many analysts, over the past week, have said the RBI has legroom to cut rates to the tune of 65 bps by June. Some like Barclays and BofA have also spoken about the likelihood of an inter-meeting cut (before the April 3 policy meeting).

Global markets have been roiling in fears of a global economic recession led by restrictions in wake of the coronavirus (COVID-19) pandemic.

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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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बाजार के विशेग्य मानते हैं कि अगले एक महीने में कोरोना का असर कम होगा और मार्च के बाद सरकारी खर्च बढेगा जिससे बाजार में सुधार आ सकता है . विशेग्यो को ये भी लगता है कि सरकार को इसमे हस्तक्षेप करना होगा खासतौर पर आरबीआई के जरिये बाजार मे लिक्विडीटी बढानी होगी .

देश में गैर बैंकिग वित्तीय कंपनियो के समूह एफआईडीसी के महासचिव महेश ठक्कर मानते है कि बाजार में कोरोना और विदेशी बिकवाली का दवाब के चलते तेजी से गिरावट आयी है लेकिन सरकार ने कोरोना को रोकने के लिए कई कदम उठाये है. अगले एक महीने में हालात सुधर सकते हैं. जो सूचनायें चीन से भी आ रही है उसके हिसाब से वहां भी हालात नियंत्रण में आ रहे हैं .

वित्तीय जोखिम विशेग्यऔर एक्चुरी गोपाल कुमार के अनुसार इस समय घबडाहट मे शेयर या म्युचुअल फंड बेचने का समय नही है बल्कि निवेशकों को रुककर इंतजार करना चाहिये ताकि बाजार में सुधार आ सके. उनका ये भी कहना है कि शुरुआती तेजी से गिरावट के बाद ही दोपहर में बाजार 250 अंक सुधरा भी है ये एक सकारात्मक संदेश हैं.

निवेश सलाहकार पुरुषोत्तम के अनुसार ये समय तो निवेश का है पैसा लगाने है .ये एक तरह से लाईफ टाईम अपार्चुयुनिटी है जिसमें निवेशकों को भारी फायदा हो सकता है. मसलन यस बैक की क्राईसिस के बाद उसका शेयर पांच रुपये तक पहुंच गया था लेकिन एसबीआई के आश्वासन के बाद अब ये 22 रुपये तक आ गया है जो आगे बढेगा ही . समय इस बात का है कि रुककर देखा जाये.
इस समय जरुरत है कि सरकार बाजार में हस्तक्षेप करे और बजट के तुंरत बाद सरकारी खर्च बढाये . बैंको को ज्यादा लिक्विडिटी करने कहा जाये . कर्ज की दरें कम की जाये और इन्फ्रा सेक्टर में निवेश बढाया जाये .

विशेग्यों की सलाह .

1. हडबडी में शेयर ना बेचें मार्केट गिरा है तो सुधरेगा भी

2. कंपनियों में निवेश सोच समझकर करें

3. उन्ही कंपनियों में निवेश करें जिनका पिछला रिकार्ड मजबूत रहा हो .

4. कंपनियो के लोन और डिफाल्टर बैंक से संबंध जरुर जांच ले

5. निवेश करते समय भावुक ना हो विशेग्य की राय लें

                                                                                   -संदीप सोनवलकर 

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