Stock Market Latest Updates: Market erases gains in previous sessions as Sensex tanks over 1,300 points, Nifty below 8,300-mark; Bajaj Finance, HDFC among top losers

Sensex tanks over 1,300 points, Nifty below 8,300-mark

The Sensex plunged 1,375.27 points or 4.61 percent at 28,440.32 and the Nifty was down 379.15 points or 4.38 percent at 8281.10 at close. 

As many as 924 shares have advanced, 1,320 shares declined, and 168 shares are unchanged.

Bajaj Finance was the top loser in the Sensex pack plunging nearly 12 percent. Other major losers included HDFC, Tata Steel, HDFC Bank, ICICI Bank, Kotak Mahindra Bank, Maruti and Mahindra & Mahindra.

Don't consider lockdown-related loan repayment delays as default: SEBI to credit rating agencies

RBI changes SLBC convenors in view of bank mergers

Ola Cabs gives 500 vehicles to transport doctors

World shares extend losses as toll from pandemic surges

Automobile manufacturers asked to make ventilators: Health ministry

China ramps up manufacturing to full capacity to makeup coronavirus losses

Isuzu defers launch of BS-VI vehicles to 2nd quarter of 2020-21

Oyo partners with Apollo Hospitals to offer support for quarantine facilities

Oyo announced that it has been working closely with Apollo Hospitals to develop and support accommodation requirements of suspected COVID-19 patients requiring quarantine/self-isolation.

This is part of Project Stay I (Stay isolated) where Apollo hospitals are partnering with select hotel brands to create isolation rooms in hotels with light medical supervision for quarantine and creating a barrier before people come into the hospitals.

The objective is to create isolation and quarantine facilities away from the main hospitals in cities across the country and reduce the burden on hospitals providing acute care.

As part of the partnership envisaged, OYO is offering sanitised beds and facilities in certain Covid19 exclusive hotels it's identified within its network in the proximity of Apollo Hospitals in 6 cities namely, Mumbai, Delhi, Hyderabad, Chennai, Bengaluru and Kolkata for the purposes of self-quarantine and isolation for suspected Covid19 patients that require medical observation and supervision.  

Rupee extends losses against dollar

Taiwan seeks formation of WTO dispute panel in case against India

Taiwan has sought establishment of a dispute panel by the World Trade Organisation (WTO) in a case against India''s import duties on certain information and communication technology (ICT) products, including mobile phones.

Separate customs territory of Taiwan, Penghu, Kinmen and Matsu had filed a case against India, September last year, over imposition of import duties by India on certain ICT products, including telephones for cellular networks; machines for reception, conversion and transmission or regeneration of voice, images or other data; and parts of telephone sets, alleging breach of global trade norms.

As per the process of resolution of a trade dispute under the WTO dispute settlement mechanism, after filing a case both the trading partners would engage in consultations for the resolution of the issue. If both the sides fail to do so, the complainant can ask WTO to set up a dispute panel to resolve the dispute.

According to a communication of the WTO, the consultations took place on 21 November last year in Geneva with a view to reach a satisfactory settlement of the matter.

Need for temporary relaxation in compliance by CRAs, says SEBI

Sensex plummets over 1,300 points, Nifty below 8,400-mark 

Sensex tanked 1,304.08 points or 4.37 percent to 28,511.51 while the Nifty was down 353.55 points or 4.08 percent at 8,306.70 at around 2.45 pm.

Bajaj Finance shares plunged over 12 percent in the afternoon trade.

BSE Brokers' Forum hails participants for smooth functioning of capital markets

Tea industry seeks financial package from Centre

The tea industry has sought a financial package from the Centre to tide over the coronavirus crisis as production in the gardens came to a halt in the wake of the ongoing 21-day nationwide lockdown, an official said on Monday.

The Consultative Committee of Plantation Associations (CCPA), the largest body of tea producers in the country, wrote a letter to the Union commerce ministry, seeking a relief package for the sector which is "passing through an acute financial crisis" in the last five years.

In view of the production loss during peak season and disruption in value chain due to the lockdown, the sector is facing a severe cash flow problem, impeding its ability to cope with wage and other related obligations, CCPA chairman Vivek Goenka said in the letter on Sunday.

Fitch Solutions cuts India GDP growth forecast to 4.6% for FY21

Australia pledges $80 billion wages subsidy to protect jobs

Australia will spend A$130 billion ($79.85 billion) to subsidise the wages of an estimated 6 million people, marking a third tranche of stimulus designed to limit the fallout of the coronavirus pandemic on the country’s economy.

Prime Minister Scott Morrison said the six months of funding was necessary to ensure businesses were able to retain staff and were able to bounce back when the crisis had passed.

“We must have a running economy to get through this,” Morrison said in a televised news conference.

“This is an incentive to keep people on, doing actual work ... they can keep them on the books, on the payrolls,” the prime minister said.

Mother Dairy supplies 250 tonnes of fruits, vegetables in Delhi-NCR 

UP govt issues licences to 42 firms to make sanitisers

Uttar Pradesh government has issued licences to 42 companies to make 40,000 litres of sanitisers every day in order to ensure adequate supply, officials said on Monday.

There has been a spurt in the demand for sanitisers following the outbreak of coronavirus in the state and to deal with this, the government issued licences to 27 distilleries and 15 sanitiser-manufacturing companies, principal secretary, Excise, Sanjay Bhoosreddy said.

These companies are currently producing 40,000 litres of sanitisers per day and it will be increased to 60,000 litres soon, he said.

Ind-Ra cuts economic growth forecast for India to 3.6%

Domestic credit rating agency India Ratings (Ind-Ra) on Monday cut its FY21 growth forecast to 3.6 per cent amid coronavirus-related worries.

It has assumed that a full or partial lockdown will continue till end of April and economic activities will be gradually restored only after May.

The report comes amid a crippling impact on economic activity due to the three-week lockdown till 14 April which is expected to only aggravate the difficulties around growth that were existing before the pandemic. Some watchers are also estimating for a contraction of the economy in the June quarter.

Ind-Ra said it expects India to clock a 2.3 percent growth for the June quarter, down from its expectation of a 4.7 percent gross domestic product (GDP) expansion in March quarter.

Civil aviation ministry says coordinating with states to ensure cargo flight operations

All banks ensure to keep their branches open: Nirmala Sitharaman

European markets trade broadly lower

Transunion Cibil says data reporting to be in line with moratorium norms

Standard Chartered commits $1 billion to finance firms helping tackle coronavirus

Standard Chartered announced today that it will commit $1 billion of financing for companies that provide goods and services to help the fight against COVID-19, and those planning the switch into making products that are in high demand to fight the global pandemic.

Companies in scope include all those associated with helping to tackle Covid-19, including manufacturers and distributors in the pharmaceutical industry and healthcare providers, as well as non-medical companies that have volunteered to add this capability to their manufacturing output - goods in scope include ventilators, face masks, protective equipment, sanitisers and other consumables.

Simon Cooper, CEO of Corporate, Commercial & Institutional Banking at Standard Chartered, said: “Clearly there’s a cost for companies to switch into these hugely in-demand items, so it’s an area where we can help them get up and running more quickly. At the same time, we want to make sure that existing manufacturers and service providers get the support they need.”

Marico announces Rs 2.5 cr prize for healthcare solution to combat COVID-19

Concerns over global lockdown amid mounting coronavirus cases dent sentiments 

Market started the week on a lower note tracking weakness in global peers as number of coronavirus cases increased around the globe, said Sundar Sanmukhani, head of Fundamental Research Desk, Choice Broking.

"Fears mounted that the global shutdown due to coronavirus could last for months which dented the sentiments. Further fall in crude oil prices extending last week losses as the coronavirus pandemic worsened and the Saudi Arabia-Russia price war showed no signs of abating kept the sentiments sober. Market although was trading down by 3 percent, it showed some recovery from early losses on report that there were no plans to extend the country-wide lockdown which gave some relief to Investors," he said.

Barring IT all sectors were trading in red, broder indices too witnessed selling pressure and were trading with down fall of 2 percent.volatility likely to persist in the market in the near term as investors assess the impact of the corona virus-induced lockdown on the economy, Sanmukhani said.

PM-CARES Fund is eligible for 50% deduction under Section 80G: Tax Department

Sensex tanks over 1,000 points, Nifty below 8,400-mark

Sensex plummeted 1,028.07 points or 3.45 percent to 28,787.52 while the broader Nifty was down 274.20 points or 3.17 percent at 8,386.05 at around 1.10 pm.

Bajaj Finance was the top loser in the Sensex pack tanking over 10 percent followed by HDFC at 8.90 percent

Japan to boost govt bond issuance by $149 billion to fund stimulus

Japan will boost government bond issuance by $149 billion from July to fund a massive stimulus package aimed at combating the hit to the economy from the coronavirus pandemic, two government sources told Reuters on Monday.

The additional 16 trillion yen ($149 billion) in bonds comes on top of the government’s existing plan to sell nearly 129 trillion yen of Japanese government bonds (JGBs) in the fiscal year beginning in April.

The increase would roughly match the nearly 17 trillion yen in additional bonds Japan sold in 2009 to fund stimulus measures during the global financial crisis.

PM CARES Fund: Finance ministry receives representations 

ADB to invest $100 million in Indian infrastructure sector via NIIF

Multilateral institution Asian Development Bank (ADB) on Monday announced a $100 million funding for the Indian infrastructure sector through the government-promoted NIIF.

The Manila-based body will be investing in the National Investment and Infrastructure Fund's (NIIF) “fund of funds” which will ensure that the actual money invested will be a few times more than the $100 million.

The investment announcement comes at a critical time for India, as the already sagging economic growth is feared to be taking a heavy hit due to the coronavirus pandemic.

Tata power Delhi Discom issues clarification on rumours of power connection cut

India's vegetable oil demand set to drop for first time in decades

Demand for vegetable oil in India is poised to fall for the first time in decades as restaurants have pulled down their shutters to comply with a government order that imposed a 21-day nationwide lockdown to stem the spread of the coronavirus.

Edible oil consumption in India, the world’s biggest importer of the cooking medium, trebled over the past two decades as the population grew, incomes rose, and restaurants sprang up to cater to a crowd that started eating out more often.

Most trade and industry officials now agree that India’s vegetable oil demand - predominantly palm oil and soyoil - will fall below previous year’s 23 million tonnes.

TRAI asks telcos to extend prepaid validity for uninterrupted services to users

Sector regulator TRAI has asked telecom operators to extend the validity period of prepaid users to ensure that subscribers get uninterrupted services during the 21-day nationwide lockdown.

Telecom Regulatory Authority of India (TRAI) has also sought details of the steps being taken to ensure availability of uninterrupted telecom services to such customers on a "priority basis".

"...you are required to take necessary steps as deemed fit including extending the validity period to ensure that all prepaid subscribers can enjoy uninterrupted services during the period of lockdown," TRAI said in a communication to all operators on Sunday.

The communication on "measures regarding ensuring availability of recharge vouchers and payment options for prepaid services" comes in the backdrop of 21-day lockdown imposed in the country to deal with the outbreak and spread of coronavirus pandemic.

Tata Power starts commercial operations of Georgia hydro plant

Private utility Tata Power on Monday said it has commenced commercial operations of 178 MW Shuakhevi hydro power project in Georgia.

Adjaristsqali Georgia - a joint venture between Tata Power, Norway''s Clean Energy Invest (CEI) and International Financial Corporation- is setting up a 187 MW of hydro project at a cost of around USD 500 million. It has now commissioned 178 MW of the total capacity.

AGL will soon commission the remaining 9 MW Skhalta hydro power project, which is also a component of the overall Shuakhevi project scheme, it said in a statement.

HCL Tech says it does not expect major impact on business

Bank of Baroda cuts personal, retail loan rates by 75 bps to 7.25%

Bank of Baroda on Monday said it has slashed the interest rate on loans for retail, personal and Micro, Small and Medium Enterprises (MSMEs) to 7.25 percent with effect from March 28. Bank of Baroda, has reduced its Baroda Repo Linked Lending Rate (BRLLR) by 75 basis points with effect from 28 March 2020, it said in a statement.

The BRLLR linked to RBI Repo Rate is revised downwards in line with the reduction on Reserve Bank of India Repo Rate from 5.15 percent to 4.40 percent, it said.

The BRLLR for all new floating rate loans for all personal loans and retail loans of all asset classes and floating rate loans to MSMEs, shall be 7.25 percent effective from 28 March 2020, the state-owned lender said.

Sensex tanks over 800 points, Nifty below 8,400-mark in afternoon trade

Sensex plunged 843.44 points or 2.83 percent to 28,972.15 in the afternoon trade while the broader Nifty was down 231.55 points or 2.67 percent at 8,428.70 at around 12.10 pm.

Bajaj Finance was the top loser in the Sensex pack tanking nearly 9 percent followed by HDFC at 8.04 percent

Taiwan sees room for more rate cuts, may raise SME funding

There is room for more interest rate cuts in Taiwan, but they will not be reduced to zero or into negative territory, and the government will offer more funds for small- and medium-sized companies if needed, its central bank said on Monday.

The central bank this month cut interest rates for the first time in more than four years to a new low of 1.125 percent, and reduced its growth forecast for the export-oriented economy amid growing fears that the coronavirus could trigger a global recession.

It also said it would provide banks with T$200 billion ($6.61 billion) of financing to support companies hit hard by the virus’ impact.

Coffee importers stockpiling on fears over coronavirus lockdowns

Coffee importers in some of the largest consuming countries are stockpiling, bringing forward orders by up to a month to avoid shortages if supply chains are disrupted by coronavirus lockdowns.

The global pandemic has prompted governments around the world to impose severe restrictions on movement in a bid to stem the spread of the virus. Supply chains are backing up as air freight capacity plunges and companies struggle to find enough truck drivers and shipping crews.

In contrast to sharp price declines in many commodities, coffee prices are higher on strong demand and expectations that supplies, which were tight even before the virus spread, will tighten further. Growers in major exporters Brazil and Colombia, among other countries, have seen prices rise.

Gold futures fall 0.81% on weak global cues

Gold futures on Monday fell 0.81 percent to Rs 43,217 per 10 gram as participants offloaded their holdings tracking weak global trend.

On the Multi Commodity Exchange, gold prices for April delivery fell by Rs 354, or 0.81 percent, to Rs 43,217 per 10 gram in a business turnover of 85 lots.

The yellow metal for June delivery declined by Rs 462, or 1.06 percent, to Rs 43,083 per 10 gram in 975 lots.

Market analysts said the fall in gold futures was mostly in tune with weak spot demand.

Maruti Suzuki extends warranty policy for some clients till 30 June 

TVS Motor pledges Rs 25 cr donation for PM Relief Fund

TVS Motor Company on Monday said it will donate Rs 25 crore to the prime minister's Relief Fund (PM-CARES) for battle against COVID-19 pandemic.

The company is contributing on behalf of various group firms like TVS Credit Services Ltd, Sundaram-Clayton Ltd and others, it said.

This is in line with the company''s continuous endeavour to ensure prosperous and sustainable communities, TVS Motor Company said in a statement.

The contribution is in addition to the ongoing activities being already undertaken through Srinivasan Services Trust (SST), the CSR arm of the group, it added.

Sun Pharma trading at day's high with gains of more than 1%

L&T announces Rs 150 cr donation to PM-CARES Fund

Engineering and construction giant Larsen & Toubro (L&T) on Monday announced Rs 150 crore donation to the PM-CARES Fund to fight the coronavirus outbreak and said it has set aside over Rs 500 crore per month to support about 1.60 lakh contract workers.

L&T joins a list of other corporates including Tata Group and Reliance Industries who have come forward to offer their support to fight this unprecedented crisis.

The company said it has set aside an outlay of over Rs 500 crore per month to support about 1.60 lakh contract workers by continuing to pay their wages during the ongoing lockdown and providing them with food and basic amenities at labour camps, while maintaining the COVID-19 prevention and containment protocol.

"Responding to the call given by Prime Minister of India, the company will donate Rs 150 crore to the PM-CARES Fund," the company said in a statement.

Authorities hold meeting on restarting industries in Ludhiana

Investors lose Rs 1.42 lakh cr wealth in early trade

The investors lost about 1.42 lakh crore worth wealth in early trade on Monday as market fell sharply in the opening session.

Sensex plunged 1,000 points to  to 28,708 while broader Nifty was down below 8,400-level, reported Financial Express.

The market capitalisation of all BSE-listed companies stood at Rs 1.11 lakh crore in the early seeion on Monday, down from Rs 1.12 lakh crore on Friday.

Govt likely decide on H1 market borrowing plan on Tuesday

Major airlines urge US Treasury to disburse aid quickly

Major US airlines asked the US Treasury to move quickly to release up to $58 billion in government grants and loans and recommended a formula to divide up the money.

In a letter dated Saturday and seen by Reuters, carriers wrote that “given the urgent and immediate need, it is essential that these funds be disbursed as soon as possible.”

The letter was signed by the chief executives of American Airlines, Delta Air Lines, United Airlines, Alaska Air Group, JetBlue Airways Corp, Southwest Airlines Co, Hawaiian Airlines and Atlas Air Worldwide. It was also signed by senior executives at UPS Corp and FedEx and the head of an airline trade association.

Singapore eases monetary policy

Singapore’s central bank aggressively eased its monetary policy on Monday, as widely expected, with the city-state’s bellwether economy bracing for a deep recession due to the coronavirus pandemic.

The Monetary Authority of Singapore (MAS) manages monetary policy through exchange rate settings, rather than interest rates, letting the Singapore dollar rise or fall against currencies of its main trading partners within an undisclosed band.

Economists said the changes are the most aggressive easing since the 2009 financial crisis and also come as the central bank forecast deflation and a sharp economic contraction in 2020.

Sensex trims losses, Nifty above 8,500 

Sensex trimmed the losses in the early morning session and was trading 388 points or 1.30 percent at 29,426.67 while the broader Nifty was down 105.30 points or 1.22 percent at 8,554.95 at around 10.50 AM.

Axis Bank was the top gainer in the Sensex pack jumping nearly 6 percent

Tokyo stocks fall more than 3% at open

Shanghai tops world's IPO league table despite coronavirus

Shanghai has topped global initial public offering (IPO) league table for the first time in nearly three years, even as the coronavirus epidemic which originated in China rocked markets around the world.

A total of 33 companies raised $7.31 billion floating on the Shanghai main board and the city’s start up-focused STAR market, according to Refinitiv data for the first quarter, easily outstripping New York’s Nasdaq where 17 companies raised $5.13 billion via IPOs.

But even as Shanghai basks in success, for cash-seeking companies and their bankers the question is whether China can maintain this momentum as the coronavirus continues to cause massive disruption in global financial markets.

Gold gains as dollar weakens, fears of economic damage mount

Gold prices edged up on Monday as the U.S dollar hovered near a two-week low touched in the previous session, while coronavirus lockdowns tightened across the world and stoked fears of economic damage, lifting demand for safe-haven bullion.

Spot gold was up 0.3 percent at $1,621.85 per ounce. US gold futures rose 1 percent to $1,641.80.

The dollar was holding close to its lowest since 17 March, touched on Friday, making gold cheaper for investors holding other currencies.

Physical gold dealers struggled to meet surging safe-haven demand last week, especially in Singapore, as the outbreak choked global supply chains, while massive discounts were offered in India amidst a lockdown.

China unexpectedly cuts reverse repo rate by most in 5 years

China’s central bank unexpectedly cut the rate on reverse repurchase agreements by 20 basis points on Monday, the largest in nearly five years, as authorities stepped up measures to relieve pressure on an economy ravaged by coronavirus pandemic.

The People’s Bank of China (PBOC) said on its website that it was lowering the 7-day reverse repo rate to 2.20 percent from 2.40 percent.

The central bank did not give a reason for the move.

Ma Jun, a central bank adviser told state media that China still has ample room for monetary policy adjustment and the rate decision took into consideration the return of Chinese companies to work, the global virus situation and a deterioration in the external economic environment.

Donald Trump backs off plan to reopen businesses by mid-April 

President Donald Trump on Sunday extended his stay-at-home guidelines until the end of April, dropping a hotly criticized plan to get the economy up and running by mid-April after a top medical adviser said more than 100,000 Americans could die from the coronavirus outbreak.

The reversal by Trump, which he said would be disclosed in greater detail on Tuesday, came as the US death toll topped 2,460 from the respiratory disease, according to a Reuters tally, with more than 141,000 cases, the most of any country in the world.

Rupee slips 32 paise to 75.21 against dollar in early trade 

The rupee fell 32 paise to 75.21 against the US dollar in opening trade on Monday, as investors braced for a prolonged period of uncertainty as coronavirus-induced lockdowns tightened across the world and in India.

Forex traders said weak opening in domestic equities dragged the local unit amid mounting fears of a coronavirus-led economic slowdown.

The rupee opened weak at 75.17 at the interbank forex market and then fell further to 75.21, down 32 paise over its last close.

The rupee had settled at 74.89 against the US dollar on Friday.

Crude oil futures drop as pandemic darkens demand outlook

Crude oil benchmarks fell sharply on Monday, with Brent hitting its lowest since November 2002, as the global coronavirus pandemic worsened and the Saudi Arabia-Russia price war showed no signs of abating.

Brent futures were down 6.7 percent, or $1.68, to $23.25 a barrel after earlier dropping to $23.03, the lowest since November 2002.

US West Texas Intermediate (WTI) crude futures fell as far as $19.92, near an 18-year low hit earlier this month, and was last trading down 5.4 percent, or $1.17, at $20.34 a barrel.

The oil markets have been slammed by demand destruction caused by the coronavirus pandemic and the Saudi Arabia-Russia price war that is flooding markets with extra supply.

Have capacity to scale up beds, says Fortis Healthcare

Gold gains as dollar weakens

Gold prices edged up on Monday as the US dollar hovered near a two-week low touched in the previous session, while coronavirus lockdowns tightened across the world and stoked fears of economic damage, lifting demand for safe-haven bullion.

Spot gold was up 0.3 percent at $1,621.85 per ounce. US gold futures rose 1 percent to $1,641.80.

The dollar was holding close to its lowest since 17 March, touched on Friday, making gold cheaper for investors holding other currencies

No plans to extend 21-day lockdown: Official

RBL Bank among top losers on Nifty Bank index

Sectoral indices were trading in a negative territory.

The Nifty Realty Index was down nearly 4 percent, while Nifty Bank index dropped 3.25 percent or 660 points dragged by RBL Bank, IDFC First Bank and Bandhan Bank.

Muthoot Finance closes all 500 branches

Strides Pharma gets EIR

Strides Pharma Science has received the Establishment Inspection Report (EIR) for the inspection conducted by the USFDA in January 2020 at Company’s flagship facility KRS Gardens, Bangalore. 

Sectoral indices trading low

All the sectoral indices were trading over 2-4 percent lower.

Bajaj Finance, M&M, IndusInd Bank, UPL and ONGC led the decline among Nifty constituents while Cipla, TCS and ITC were the top gainers.

Market recovers

FinMin, RBI meet tomorrow

The Finance Ministry and RBI will hold a meeting tomorrow (Tuesday) to decide on the government's borrowing plan for the first half of 2020-21 amid the lockdown to contain the spread of coronavirus.

According to sources, the government would resort to front-load its borrowing plan to deal with the challenges posed by COVID-19 on the economy.

The meeting between the Finance Ministry and Reserve Bank of India (RBI) will be held through video conferencing for the first time as there is lockdown across the country, the sources said.

Rupee opens weak

Sensex, Nifty open lower

Asia shares suffer virus chills

Asian shares slid on Monday and oil prices took another tumble as fears mounted that the global shutdown for the coronavirus could last for months, doing untold harm to economies despite central banks’ best efforts.

“We continue to mark down 1H20 global GDP forecasts as our assessment of both the global pandemic’s reach and the damage related to necessary containment policies has increased,” said JPMorgan economist Bruce Kasman. They now predict global GDP could fall at a 10.5% annualized rate in the first half of the year.

There was much uncertainty about whether funds would have to buy or sell for month- and quarter-end to meet their benchmarks, many of which would have been thrown out of whack by the wild market swings seen over March.

China may issue new policies to stimulate auto demand

China may issue new policies to stimulate demand for automobiles, with the country’s auto industry still facing difficulties, Xin Guobin, vice minister of industry and information technology, said on Monday.

There is still not enough demand for autos, Xin told reporters according to Reuters, as the outbreak of the coronavirus has dramatically cut private consumption.

Autos account for a big portion of China’s overall industrial production, and are the main driver of the country’s retail sales.

China is also working to help its auto spare parts manufacturers resolve cash flow problems, Xin said.

Godfrey Phillips suspends operations

Corporate Insolvency Regulation process amended

Zydus gets tentative nod from USFDA

Indices trade weak in pre-opening session; Nifty below 8,400-level

Benchmark indices are trading weak in the pre-opening session with Nifty below 8400.

At 09:01 hrs IST, the Sensex is down 236.43 points or 0.79% at 29579.16, and the Nifty down 301.00 points or 3.48% at 8359.25.