Market Update: Rs 15.72 lakh cr investor wealth wiped out in 3 days

18:59 March 18

Market crash wipes out Rs 15.72 lakh cr investor wealth in 3 days

Indian equities declined for a third day in a row on Wednesday, making investors poorer by a whopping Rs 15.72 lakh crore in the three-day crash since Monday.

Since Monday, the index has plunged 5,233.97 points to hit a one-year low of 28,613.05 as fears of global recession due to coronavirus pandemic hit investor sentiment.

The market capitalisation of BSE-listed companies eroded by Rs 15,72,913.52 crore in three days to reach Rs 1,13,53,329.30  crore on Wednesday. 

At the BSE, 1,882 companies declined, while 963 advanced and 186 remained unchanged.

In the broader market, the BSE mid-cap and small-cap tumbled 4.84 per cent and 6.09 per cent, respectively.

More than 1,056 companies hit their one year low mark on Wednesday.

18:47 March 18

British pound nosedives against dollar to 1985 low

Sterling tanked on Wednesday against the dollar, hitting its lowest level since 1985 as investors snapped up the safe haven US currency in markets panicked by the coronavirus outbreak.

The pound slid about 1.9 per cent to USD 1.1828 according to Bloomberg data. It later stood at USD 1.1861.

18:41 March 18

Rupee settles 2 paise lower at 74.26 against US dollar

The Indian rupee pared initial gains to close 2 paise lower at 74.26 (provisional) against the US dollar on Wednesday amid sustained foreign fund outflows and heavy selling in domestic equities.

At the interbank foreign exchange market, the local currency opened at 73.98. During the day, it shuttled between a high of 73.92 and a low of 74.42 against the greenback.

The domestic unit finally finished at 74.26, down 2 paise over its previous close.

17:05 March 18

Biggest falls in Sensex

Yes Bank shares trim early gains, close over 4% higher

Shares of Yes Bank on Wednesday trimmed most of the sharp early gains and closed the day over 4 per cent higher, mainly due to profit-booking in a weak broader market.

The scrip, which had jumped 49.95 per cent to Rs 87.95 during the day on the BSE, gave up most of the gains later and closed at Rs 60.80, up 3.67 per cent.

On the NSE, it rose 4.18 per cent to Rs 61.10.

The scrip has risen a whopping 142 per cent in four days.

16:15 March 18

Gold gains Rs 311 on higher demand, rupee depreciation

Gold prices on Wednesday rose by Rs 311 to Rs 40,241 per 10 gram in the national capital amid rupee depreciation and higher buying, according to HDFC Securities.

The precious metal had closed at Rs 39,930 per 10 gram on Tuesday.

"Spot gold for 24 karat in Delhi was trading up by Rs 311, reflecting Tuesday's gains of international gold prices. Gold prices in India also got support from rupee depreciation with spot rupee trading around 13 paise weaker against the dollar during the day," HDFC Securities Senior Analyst (Commodities) Tapan Patel said.

Silver prices, however, fell by Rs 468 to Rs 35,948 per kg against the previous close of Rs 36,416 per kg.

16:14 March 18

WTI oil price slides to lowest in 17 years

Benchmark WTI oil slumped to the lowest level since 2003 to just above USD 25 per barrel as the coronavirus slashes global demand for crude.

WTI slid to USD 25.08 per barrel at one point before recovering slightly to trade at USD 25.55, down 5.19 per cent on Tuesday's close. Brent North Sea oil was down 3.0 per cent at USD 27.88 per barrel. 

16:05 March 18

Top gainers and losers

Top gainers and losers

IndusInd Bank was the top loser in the Sensex pack, plummeting over 23 per cent. PowerGrid, Kotak Bank, Bajaj Finance, HDFC Bank and NTPC also finished significantly lower.

ONGC and ITC were the only stocks in the index that ended with gains.

15:41 March 18

Sensex movement on Wednesday, Source:Google

Sensex crashes 1,709 points; Nifty tanks below 8,500

Equity benchmark Sensex plunged over 1,709 points on Wednesday as talks of stimulus measures to cushion the economic blow of the Covid-19 pandemic failed to cheer markets across the globe.

Sell-off intensified in the Indian stock market, as both Sensex and Nifty dropped to their lowest levels in three years.

The BSE barometer swung over 2,488.72 points in a highly volatile session, before ending 1,709.58 points or 5.59 per cent lower at 28,869.51.

Similarly, the broader NSE Nifty settled 498.25 points, or 5.56 per cent, down at 8,468.80.

Traders said domestic equities failed to hold on to early gains as concerns over an economic recession continued to hammer investor sentiment.

Earlier in the day, S&P Global Ratings lowered India's economic growth forecast to 5.2 per cent for 2020, saying the global economy is entering a recession amid the coronavirus pandemic.

The agency had earlier projected a growth rate of 5.7 per cent during the 2020 calendar year.

Asia-Pacific economic growth in 2020 will more than halve to less than 3 per cent as the "global economy enters a recession", S&P said in a statement.

Bourses in Shanghai, Hong Kong, Seoul and Japan too plunged up to 4.86 per cent.

Equity benchmarks in Europe tumbled up to 4 per cent in early trade.

US President Donald Trump has proposed an economic package which could approach USD 1 trillion, a rescue initiative not seen since the great recession of 2008.

Further, the Asian Development Bank (ADB) has announced a USD 6.5 billion package for its developing member countries to fight the pandemic.

The number of deaths around the world linked to Covid-19 has topped 7,400, with over 1,80,000 infections recorded globally so far.

In India, the number of infected cases stood at 130, as per the union health ministry.

The rupee depreciated 12 paise to 74.36 against the US dollar (intra-day).

Meanwhile, global oil benchmark Brent crude futures fell over 3.48 per cent to USD 27.73 per barrel.

15:03 March 18

Sensex movement at 3:01 pm, Source: Google

The BSE Sensex was trading 1655 points or 5.41 per cent lower at 28,924 at 3:01 pm.

13:30 March 18

Telecom shares crack; Vodafone Idea plunges 40%

Telecom shares came crashing on Wednesday, led by Vodafone Idea which plunged 40 per cent, after the Supreme Court pulled up the Centre and telcos for doing self-assessment or reassessment of the AGR dues fixed by the apex court. 

Vodafone Idea plunged 40 per cent to Rs 2.91 and Bharti Airtel declined 5 per cent to Rs 431.25 on the BSE. Both the companies erased their early gains and were trading with losses.

The Supreme Court on Wednesday pulled up the Centre and telecom companies for doing self-assessment or reassessment of the Adjusted Gross Revenue (AGR) dues fixed by the apex court in its verdict given on October 24 last year.

12:45 March 18

Sensex movement at 12:41 pm, Source: Google

The BSE Sensex trading 1109 points or 3.63 per cent at 29,469 at 12:41 pm.

11:17 March 18

Sensex movement at 11:13 am, Source:Google

The BSE Sensex was trading 581.58 points or 1.90 per cent lower at 29,997 at 11:13 am

10:46 March 18

Yes Bank rally for for fourth consecutive day; shares zoom 50%

Shares of Yes Bank continued to rally for the fourth consecutive day on Wednesday, sharply rising by 50 per cent after SBI chairman said the bank was keel to to up stake to 49 per cent in the private lender.

The scrip jumped 49.95 per cent to Rs 87.95 on the BSE. On the NSE, it zoomed 48.84 per cent to Rs 87.30.

In four days, the scrip has risen a whopping 251 per cent.

10:21 March 18

Rupee rises 32 paise to 73.92 against US dollar in early trade

The Indian rupee appreciated by 32 paise to 73.92 against the US dollar in early trade on Wednesday tracking positive opening in domestic equities.

At the interbank foreign exchange the rupee opened at 73.98, then gained further ground and touched a high of 73.92 against the US dollar, registering a rise of 32 paise over its previous close.

On Tuesday, rupee had settled at 74.24 against the greenback.

10:15 March 18

Top gainers and losers

Top gainers and losers

Axis Bank, PowerGrid, Kotak Bank, IndusInd Bank, TCS, HDFC Bank and Nestle India were the top laggards, while Sun Pharma, Bharti Airtel, HCL Tech and ITC were among the gainers.  

09:27 March 18

Market update: Sensex loses 400 points

Sensex movement at 10 am, Source:Google

Mumbai: Equity benchmark Sensex surged over 500 points in opening session on Wednesday as global markets turned positive on hopes of stimulus packages by governments world over to cushion the economic blow of the Covid-19 pandemic.

However, invertors began booking profits pushing the BSE barometer in the red.

The 30-share BSE  was trading 514 points or 1.68 per cent, lower at 30,064.49. Similarly, the broader NSE Nifty was 103 points or 1.16 per cent lower at 8863.30 at 10 am.

In the previous session, the Sensex closed 810.98 points or 2.58 per cent lower at 30,579.09, while the Nifty slumped 230.35 points or 2.50 per cent to finish at 8,967.05. 

On a net basis, foreign institutional investors sold equities worth Rs 4,044.69 crore on Tuesday, data available with stock exchanges showed.

According to traders, domestic equities followed global stocks as hopes of economic stimuli from governments gave some respite to the increasing woes of investors.

US stocks recovered in overnight trade after reports that US President Donald Trump will ask Congress to approve a massive USD 850 billion emergency spending package to contain the growing economic damage from the coronavirus (Covid-19) pandemic that will include a payroll tax cut and a bailout for airlines.

It is the most far-reaching economic rescue package since the great recession of 2008.

Elsewhere in Asia, bourses in Shanghai, Hong Kong, Seoul and Japan were trading on a positive note.

However, investors were still on edge as fear of an impending global recession is leading company heads to plead for billions in government help to prevent them going under, experts said.

Traders are looking at every spike to book profits in this market, they added.

The number of deaths around the world linked to Covid-19 has topped 7,400, with over 1,80,000 infections recorded globally so far.

In India, the number of infected cases stood at 130, as per union health ministry log.

Meanwhile, global oil benchmark Brent crude futures rose over 1.50 per cent to USD 29.16 per barrel.

(Inputs from agencies)