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Stock Market Today LATEST Updates: Sensex ends day's session tanking over 3,900 points, Nifty plunges 1,135 points; Axis Bank, IndusInd, Bajaj Finance among top losers

Stock Market Today LATEST Updates: Sensex ends day's session tanking over 3,900 points, Nifty plunges 1,135 points; Axis Bank, IndusInd, Bajaj Finance among top losers

FP Staff March 23, 2020 15:50:49 IST
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Stock Market Today LATEST Updates: Sensex ends day's session tanking over 3,900 points, Nifty plunges 1,135 points; Axis Bank, IndusInd, Bajaj Finance among top losers

Highlights

LIVE NEWS and UPDATES

Mar 23, 2020 - 16:17 (IST)

Market takeaways


Everything was in a shambles on Dalal Street on Monday, as if a hurricane had passed through its alleys in today's session creating a havoc such as was never-seen before. The market ended down 13 percent down. said Shrey Gandhi, Fundamental Research Associate, Choice Broking.

After the opening session, the market resumed  after a  45-minute halt in trading after it hit the lower circuit in the first hour of trade.  Investors sentiments continued to remain sober amid fear of rising coronavirus cases and major companies announcing shutdown.

Investors feared that more such closures would bring economic activity to a grinding halt. Curbs imposed by SEBI in cash and F&O segment may prove insufficient to tame the volatility as it will affect only a limited number of stocks.

The rising number of  coronavirus cases worldwide  has rattled markets everywhere. Broad-based severe selling was witnessed in the market with all sectors ending deep in red. Investors at this point are panicking and waiting helplessly for more clarity on the coronavirus situation.

Mar 23, 2020 - 16:21 (IST)

Sensex losers for day

Mar 23, 2020 - 15:53 (IST)

Sensex tanks over 3,900 points; Nifty plunges 1,135 points

Sensex ended 3,934.72 points or 13.15 percent in the red at 25981.24, and the Nifty plunged 1,135.20 points or 12.98 percent at 7610.25.

Axis Bank, IndusInd Bank and Bajaj Finance were the top losers. HDFC Bank, Reliance Industries, ICICI Bank, HDFC and TCS were the most active stocks.

Mar 23, 2020 - 15:42 (IST)

Govt asks banks to provide liquidity support to corporates: Report

The government has asked all state-owned lenders to extend emergency credit lines to corporate borrowers, three government and banking sources said, as it rushes to tackle the fallout from the coronavirus outbreak that has grounded business across the globe.

Banks have been asked to make available an additional 10% in funds over and above sanctioned working capital loans, but not exceeding 2 billion rupees ($26.33 million) per loan account as part of the emergency measures, a senior government official, who did not want to be named, said.

State Bank of India has already rolled out this emergency credit line and the other state-owned lenders are also expected to follow suit shortly, industry officials said. None of the sources wanted to be named as the plan is not yet public, Reuters reported.

Mar 23, 2020 - 15:24 (IST)

Sensex trades below 26,000

Mar 23, 2020 - 15:16 (IST)

Europe stocks sharply down

Mar 23, 2020 - 15:12 (IST)

Sensex plunges over 3,800 points, Nifty below 7,700-level

Sensex plunged over 3,900 points around 3 PM. The benchmark Sensex plunged 3,959.60 points or 13.24 percent down at   25,956.36


 

The Nifty was below 7,700-level. It nosedived 1,133..75 points or 12.96 percent down at  7,611.70 points.

BSE Midcap and Smallcap indices, too, were down 12 percent each around 14:50 hours. 

Mar 23, 2020 - 15:03 (IST)

Hang Seng ends at lowest levels since December 2016

Mar 23, 2020 - 14:24 (IST)

Sensex crashes in mid-afternoon session

Both the Sensex and Nifty continued to trade in the negative in mid-session on the bourses today.

Sensex was trading 3600.98 points or 12.04 percent at 26,314.98.   

The Nifty again slipped below 7,800-mark. Nifty was trading 1,051.80 points or 12.03 percent down at 7,693.65.
 

Mar 23, 2020 - 14:19 (IST)

Goldman Sachs sees 1% drop in global GDP due to 'coronacrisis'

Goldman Sachs said it expected global real gross domestic product to contract by about 1% in 2020, a sharper economic decline than in the year following the 2008 global financial crisis. Global governments have been taking unprecedented measures to contain the coronavirus outbreak which is threatening to spark a worldwide economic contraction.

“The coronacrisis — or more precisely, the response to that crisis — represents a physical (as opposed to financial) constraint on economic activity that is unprecedented in postwar history,” the investment bank said in a note to its clients published late on Sunday.

It sees the real GDP in advanced economies contracting “very sharply” in the second quarter, including a 24% drop in the United States, a whopping two-and-a-half times as large as the previous postwar record.

Stock Market Today LATEST Updates: Sensex ends day's session tanking over 3,900 points, Nifty plunges 1,135 points; Axis Bank, IndusInd, Bajaj Finance among top losers

The stock indices have started the week on a negative note. Sensex sank nearly 3,000 point to hit its lower circuit limit in morning session. It was down 2991.85 points or showed a 10 percent dip at 26,924.11.This triggered a 45-minute trading freeze as coronavirus -led lockdowns across the world stoked fears of a massive global recession. The Nifty50 index fell below the 8,000-mark, down 790 points, or 9.04 percent.

Equity benchmark Sensex sank nearly 3,000 points to hit its lower circuit limit in morning session on Monday, triggering a 45-minute trading freeze as coronavirus -led lockdowns across the world stoked fears of a massive global recession.

After opening 2,718 points lower, the BSE barometer plunged 2,991.85 points or 10 percent to 26,924.11. Similarly, the NSE Nifty fell 842.45 points, or 9.63 per cent, to 7,903.

All Nifty stocks are in the red.

All Sensex components were trading in the red, with Axis Bank tanking up to 20 per cent, followed by ICICI Bank, IndusInd Bank, Bajaj Finance, Hero MotoCorp and M&M.

According to traders, extreme lockdown measures taken by government in India and world over has put immense pressure in investor sentiment.

As the virus cases climbed, the central and state governments in the country decided to lock down 75 districts from where COVID-19 cases have been reported to break the chain of transmission, and the Health Ministry said states would earmark hospitals to exclusively treat coronavirus patients.

Putting in place a tighter framework to curb high market volatility, Securities and Exchange Board of India (Sebi) on Friday announced revising market wide position limit for stocks in the derivatives segment, flexing dynamic price bands and other measures for one month starting from March 23.

These steps would limit short selling of shares as well as reduce volatility in individual stocks.

Meanwhile, Brent crude oil futures fell 3 per cent to USD 26.17 per barrel.

The number of global COVID-19 infections has shot past 3,00,000. Worldwide fatalities topped 14,000.

Cases in India rose to 390 over the weekend, according to the Health Ministr

Stock exchanges and regulatory officials, however, dismissed suggestions about curtailment of trading hours in wake of the pandemic.

The rupee too plunged 92 paise against US dollar to 76.12.

Asian shares sink

Asian shares sank on Monday as a rising tide of national lockdowns threatened to overwhelm policymakers’ frantic efforts to cushion what is likely to be a deep global recession, Reuters said.

In a foretaste of the pain to come, E-Mini futures for the S&P 500 dived 5% at the open to be limit down, while EUROSTOXXX 50 futures tumbled 6.4%.

MSCI’s broadest index of Asia-Pacific shares outside Japan lost 3.8%, with New Zealand’s market shedding a record 10% as the government closed all non-essential businesses.

Shanghai blue chips dropped 2.3%, though Japan’s Nikkei rose 0.8% aided perhaps by expectations of more aggressive asset buying by the Bank of Japan.

There was little to cheer in coronavirus news as the global death toll exceeded over 14,000 with more than 300,000 infections.

Airlines canceled more flights as Australia and New Zealand advised against non-essential domestic travel, the United Arab Emirates (UAE) halted flights for two weeks and Singapore and Taiwan banned foreign transit passengers.

Nearly one in three Americans were ordered to stay home on Sunday to slow the spread of the disease, while Italy banned internal travel as deaths there reached 5,476.

U.S. President Donald Trump went on TV to approve disaster deceleration requests from New York and Washington, while St. Louis Federal Reserve President James Bullard warned unemployment could reach 30 percent unless more was done fiscally.

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