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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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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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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Among the Sensex stocks, Hero MotoCorp fell 4.4%, Axis Bank 3.75% while ICICI Bank, SBI, Bajaj Auto, Tech Mahindra, Tata Steel, Maruti, HDFC and Bharti Airtel declined between 2% and 3%.

Analysts say that a jump in oil prices could hurt the recovery in the economy after GDP growth for the June quarter fell to a six-year low of 5%.

 India’s current account and fiscal deficit could take a hit if oil prices continue to rise after the attack, RBI governor Shaktikanta Das had said on Monday.

Oil prices remained near 4-month highs today with the market remaining on tenterhooks over the threat of a military response to attacks on Saudi Arabian crude oil facilities that halved the kingdom’s output and prompted a price spike. Saudi Arabia is the world’s top oil exporter and has been the supplier of last resort for decades.

On Monday, the oil prices surged nearly 20% in intraday trading in response to the attacks, the biggest jump in almost 30 years, before closing nearly 15% higher at four-month highs.

“The sharp surge in crude oil prices has definitely changed sentiments as it has an adverse impact on Indian economy. Going forward, investors would keep a close watch on geo-political developments as any further escalation could take oil prices even higher and it would be harmful for Indian markets and economy,” said an expert. 

 Also on the radar is US Fed’s policy announcement tomorrow. However, Mishra says that commentary on growth and rate outlook would be a key reason to watch out for. On the domestic front, he adds, the recent announcements of new measures to boost economy are positive, but the expectations of GST rate cut are high, especially for the auto sector.

 “The GST meet is scheduled on September 20. Hence, given the current scenario, we expect the markets would stay volatile in the near term

 Oil marketers BPCL, Indian Oil and HPCL extended losses to a second day, shedding 2% to 3%.

 Trading companies MMTC Ltd and State Trading Corporation of India Ltd plunged today after trade minister Piyush Goyal today said the government will shut state-owned trading companies such as State Trading Corporation (STC), Project and Equipment Corporation (PEC) and MMTC one by one as “the government has no business of remaining in such businesses”.

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