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Stock Market Today LIVE Updates: Sensex, Nifty breach 3-year lows; telecom, banking stocks in red

Stock Market Today LIVE Updates: Sensex, Nifty breach 3-year lows; telecom, banking stocks in red

FP Staff March 18, 2020 10:05:16 IST
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Stock Market Today LIVE Updates:  Sensex, Nifty breach 3-year lows; telecom, banking stocks in red

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LIVE NEWS and UPDATES

Mar 18, 2020 - 14:39 (IST)

Sensex, Nifty breach 3-year lows

Mar 18, 2020 - 13:41 (IST)

Gold futures fall on weak global cues

Gold prices on Wednesday fell by Rs 444 to Rs 39,800 per 10 gram in futures trade as participants cut down their positions tracking a weak trend overseas. On the Multi Commodity Exchange, gold prices for April delivery fell by Rs 444, or 1.1 percent, to Rs 39,800 per 10 gram in a business turnover of 4,662 lots.
 
 
The yellow metal for June delivery declined by Rs 606, or 1.5 percent, to Rs 39,844 per 10 gram in 403 lots. Analysts said subdued overseas cues mainly influenced sentiments here. Globally, gold was trading 0.78 percent lower at $1,513.90 per ounce in New York. 

Mar 18, 2020 - 13:36 (IST)

Boeing seeks $60 bn in US support for aerospace industry

 
 
Boeing is seeking at least $60 billion in federal support for the aerospace industry to help it navigate a battered aviation environment due to the new coronavirus, company officials said on Wednesday.
 
 
The funds would include federal loan guarantees to provide liquidity for Boeing and companies in its supply chain at a time when the virus pandemic has obliterated near-term airline demand and destroyed the industry's profitability.
 
 
Boeing's near-term outlook had already been dimmed by the 737 MAX crisis, which was grounded a year ago following two deadly crashes. The jet has still not been cleared to resume service and continues to face some important regulatory hoops before it will fly again.

Mar 18, 2020 - 13:31 (IST)

Association urges restaurants to pull down shutters

In view of rising health risks following the spread of coronavirus, the National Restaurant Association of India on Wednesday asked all members to shut down their restaurants till March 31 or till such time when no new cases are reported.


                 

“In view of the serious health risk to employees and patrons in the food service sector amidst ever-worsening situation around COVID-19 in India, we as a responsible industry body, have sent out an advisory to all our members to shut down their restaurant operations from March 18 till March 31 or till such time when there are no new cases reported for a few days,” NRAI said in its advisory.
               

In India, the number of novel coronavirus cases has risen to 147 on Wednesday, with 10 fresh cases reported from various parts of the country, according to the Health Ministry.
               

 

Mar 18, 2020 - 13:25 (IST)

Banking shares hit hard as markets continue to reel under pressure

In massive market sell-off, banking shares bore the biggest brunt, tumbling up to 9 per cent and were also instrumental in dragging the BSE's key bellwether index lower.
   

Among frontline companies, ICICI Bank tumbled 8.95 percent, IndusInd Bank dropped 8.89 percent, HDFC 4.74 percent, Kotak Mahindra Bank 4.53 percent, AXIS Bank 3.95 percent, SBI 3.74 percent and HDFC Bank 2.38 percent on the BSE. Also, Federal Bank declined 7.99 percent and City Union Bank fell by 3.02 percent.


Tracking drop in these companies, the BSE Bank index fell by 4.46 percent. "Indian equity markets traded in the positive for the majority of the day, before falling sharply in the last hour of the session, mirroring the global markets," according to Siddhartha Khemka, head - Retail Research, Motilal Oswal Financial Services.

Mar 18, 2020 - 13:22 (IST)

Oil prices resume losses 

 
 
 
Oil prices fell Wednesday, as concerns about the rapidly spreading coronavirus pandemic and an escalating price war eclipsed pledges by major economies to launch stimulus measures.  Both main contracts initially opened higher in Asian trade but slipped into the red in the afternoon, tracking falls on most bourses in the region.
 
 
US benchmark West Texas Intermediate was down 2.5 percent at $26 a barrel, while international benchmark Brent lost 1.5 percent to $28.
 
 
Crude has slumped close to 17-year lows in recent days, with travel restrictions and other measures aimed at combating the virus hitting demand and major producers Saudi Arabia and Russia locked in a price war. Both main contracts suffered fresh elling after Riyadh said it plans to boost exports to more than 10 million barrels per day.
 
 
The world's biggest exporter said it would free up an additional 250,000 bpd of oil for exports by using gas for domestic consumption.

Mar 18, 2020 - 13:05 (IST)

All sectoral indices in red

BSE Midcap and Smallcap indices shed over 3 percent each.

Mar 18, 2020 - 12:51 (IST)

Silver futures fall Rs 722 to Rs 34,731 per kg

Silver futures on Wednesday plunged Rs 722 to Rs 34,731 per kg as participants cut down their bets taking weak cues from overseas markets.

On the Multi Commodity Exchange, silver contracts for May delivery tumbled by Rs 722, or 2.04 percent, to Rs 34,731 per kg in a business turnover of 6,201 lots. Besides, the white metal to be delivered in July fell by Rs 714, or 1.99 percent, to Rs 35,228 per kg in 443 lots.
 
 
 
In the international market, silver prices traded 0.12 percent lower at $12.48 an ounce in New York. Analysts said weak trend overseas mainly kept pressure on silver prices here. ​

Mar 18, 2020 - 12:44 (IST)

Crude oil futures fall Rs 116 to Rs 1,979 per barrel

 
 
 
 
Crude oil futures on Wednesday plunged Rs 116 to Rs 1,979 per barrel as participants trimmed their positions in line with weak trend overseas.
 
 
On the Multi Commodity Exchange, crude oil for March delivery slumped by Rs 116 or 5.54 percent, to Rs 1,979 per barrel with a business volume of 39,756 lots. Crude oil for April delivery was quoting lower by Rs 96, or 4.42 percent, to Rs 2,077 per barrel with an open interest of 6,242 lots.
 
 
Analysts said the fall in crude oil futures was mostly due to trimming of positions by participants amid weak demand. Globally, West Texas Intermediate crude oil fell 0.82 per cent to USD 26.73 per barrel and, Brent Crude slipped 0.28 percent to $28.65 per barrel in New York.

Mar 18, 2020 - 12:35 (IST)

IndusInd Bank stocks nosedive, at 6-yr low

Stock Market Today LIVE Updates:  Sensex, Nifty breach 3-year lows; telecom, banking stocks in red The Sensex and Nifty touched 3-year lows in late noon. Sensex was at 9,333.51 or 1245.58  points or 4.07 down. Nifty was below 9,000-mark at 8,727.85 points, 239.20points or2.67 percent down.

Shares of IndusInd Bank plunged 36 percent to hit a six-year low of Rs 382.55 amid weak market conditions and no relief from Supreme Court to telecom players in the AGR case. The Supreme Court strongly said it would not accept any objections to its orders given earlier with respect adjusted gross revenue (AGR) and all dues will have to be paid as per the order.

The Sensex hit a 3-year low at 1 PM at 29,378.38, down 1200.71 points or 3.93 percent. Similarly, the Nifty breached 13 March low of 8,555.15.

Both the Sensex and Nifty was in the negative at 11.58 AM. Sensex nosedived 1005.61 points or 3.29 percent to 29,573.48 and the Nifty tanked 311.40 points or 3.47 percent at 8,655.65. Nifty Bank was 6.54 percent or  1448.55 points down at 20,706.60.

After opening on a positive note, Sensex was down 293.83 points or 0.96 percent down at 30,285.26 at 9.53 AM. Nifty was 52.30 points or 0.58 percent down at 8,914.75.

At 09:17 AM, the Sensex is up 501.46 points or 1.64 percent at 31080.55, and the Nifty up 148.70 points or 1.66% at 9115.75.

Yes Bank, Glenmark Pharma, Zee Entertainment, IndusInd Bank, Bharti Infratel, Sun Pharma, Vedanta, Tata Steel, JSW Steel, Titan and UPL are among major gainers on the Indices, while losers are PVR, Kotak Mahindra Bank and Axis Bank.

: US stock futures stepped back in choppy early Asian trade on Wednesday as concerns about the widening coronavirus epidemic weighed against hopes policy support would combat its economic fallout.

US stock futures ESc1 fell 2.0 percent after the S&P gained 6 percent on Tuesday, paring a little under half of its huge losses on Monday.

Tuesday’s lift in the S&P 500 came as policymakers around the world cobbled together packages to counter the severe restrictions on various economy-boosting activities aiming at slowing the spread of the virus. “While markets react to positive news on stimulus, that doesn’t last long. I think there are a lot of banks and investors whose balance sheet was badly hit and they will have lots of positions to sell,” said Shin-ichiro Kadota, senior currency and rates strategist at Barclays. The Trump administration on Tuesday unveiled a $1 trillion stimulus package that could deliver $1,000 cheques to Americans within two weeks to buttress an economy hit by coronavirus while many other governments look to fiscal stimulus. “That would be bigger than a $787 billion package the Obama administration came up after the Lehman crisis, so in terms of size it is quite big,” said Masahiro Ichikawa, senior strategist at Sumitomo Mitsui Asset Management. “Yet stock markets will likely remain capped by worries about the spreading coronavirus ,” he said. The US Federal Reserve moved on Tuesday to ease funding stress among corporates by reopening its Commercial Paper Funding Facility to underwrite short-term corporate loans. All in all, S&P500 futures are still down more than 9 percent so far this week. In Asia, MSCI's broadest index of Asia-Pacific shares outside Japan dipped 0.1 percent while Japan's Nikkei gained 1.9 percent.

Talk of big stimulus is raising some concerns about the long-term outlook of US fiscal health, putting pressure on long-term US government bonds.

The spread between 30-year and five-year yields rose to almost 1 percent, the highest since September 2017.

The US 30-year bonds yield jumped 38 basis points on Tuesday to 1.648 percent .

In the currency market, a shortage of dollar cash supported the US currency.

The Australian dollar licked wounds at $0.5990, having hit a 17-year low of $0.5958.

The kiwi traded at $0.5946 after hitting an 11-year trough of $0.5919.

The dollar held firm against most currencies but dipped 0.25 percent against the safe-haven yen to 107.28 yen.

Oil prices sank near their 2016 troughs as the prospects of slow oil demand due to the pandemic added to pressure from a Saudi-instigated price war.

US benchmark oil futures CLc1 dropped to as low as $26.61 per barrel, not far off 2016 low of $26.05, a break of which would push them to levels last seen in 2003.

Updated Date:

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