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Indices trades near day's low
03-Apr-20   10:29 Hrs IST

Key benchmark indices were trading near day's low in morning trade. Barometers witnessed a bout of volatility as market opened after a day's holiday. Selling pressure was broad based with metal stocks declining the most.

At 10:27 IST, the barometer index, the S&P BSE Sensex, was down 313.28 points or 1.11% at 27,952.03. The Nifty 50 index was down 99.75 points or 1.21% at 8,154.05.

In the broader market, the S&P BSE Mid-Cap index was down 0.62% while the S&P BSE Small-Cap index was down 0.77%. The decline in both these indices was lesser than the Sensex.

The market breadth was almost even. On the BSE, 808 shares rose and 814 shares fell. A total of 130 shares were unchanged.

PM Modi's Message To India:

Prime Minister Narendra Modi on Friday (3 April 2020) appealed everyone to voluntarily adopt a blackout at 9 pm on Sunday (5 April 2020) and light a lamp, candle or shine a mobile flashlight for nine minutes. Social distancing Lakshman Rekha should never be crossed and should not be broken in any case, Modi said in a national address on Friday, his third address since 19 March on covid-19.

Economy:

IHS Markit announced Purchasing Managers' Index (PMI) numbers for India yesterday, 2 April 2020. The headline seasonally adjusted IHS Markit India Manufacturing PMI fell from 54.5 in February 2020 to 51.8 in March 2020. Weighing on the headline figure was slowdown in production growth during March.

Commenting on the latest survey results, Eliot Kerr, Economist at IHS Markit, said: The Indian manufacturing sector remained relatively sheltered from the negative impact of the global coronavirus outbreak in March, however, there were pockets of disruption and a clear onset of fear amongst firms. New orders and output both grew at softer rates, but those readings were relatively tame compared to those seen at goods producers in Europe and other parts of Asia. The most prominent signs of trouble came from the new export orders and future activity indices, which respectively indicated tumbling global demand and softening domestic confidence. Should the trajectory of injections continue in the same vein, the Indian manufacturing sector can expect a much sharper negative impact in the coming months, similar to the scale seen in other countries.

Buzzing Index:

The Nifty Metal index tumbled 2.78% to 1,510.40, falling for second consecutive trading session. The index was the worst performer on NSE. It lost 4.76% in two trading days.

JSW Steel (down 4.44%), Tata Steel (down 4.18%), Coal India (down 3.95%), Hindustan Zinc (down 3.18%), Hindalco Industries (down 2.51%), Jindal Steel & Power (down 1.85%), Steel Authority of India (down 1.58%) and National Aluminium Company Ltd (down 1.23%) were top losers in metal segment.

Stocks in Spotlight:

Shares of Eicher Motors fell 0.99%. Eicher Motors on Wednesday, 1 April 2020, said its total two-wheeler (Royal Enfield) sales declined 41% to 35,814 units in March 2020 as against 60,831 units in March 2019. On a month-on-month basis, total Royal Enfield sales declined 43.63% in March 2020 from 63,536 units in February 2020. Total two-wheeler exports jumped 33% to 3,184 units in March 2020 compared with 2,397 units in March 2019.

Shares of Bajaj Auto fell 2.72%. Bajaj Auto reported 38% slide in total sales (commercial vehicles+two-wheelers) to 2.42 lakh units in March 2020 as against 3.93 lakh units in March 2019. Bajaj Auto registered a 35% fall in the two-wheeler sales to 2.10 lakh units in March 2020 over 3.23 lakh units in March 2019. Sale of commercial vehicles slumped 55% to 31,599 units in March 2020 as compared to 69,813 units in March 2019.

Shares of PVR were down 7%. ICRA has placed the company's ratings on watch with developing implications due to lockdown. The company's non-convertible debenture programme worth Rs 360 crore and its fund based-term loan worth Rs 219 crore, both instruments continued to bear [ICRA]AA- rating while the firm's commercial paper worth Rs 200 crore retained its [ICRA]A1+ rating. Offering the ratings rationale, ICRA said that the ratings have been placed on watch with developing implications following the nation-wide lockdown and consequent extension in the period of shutdown till 14 April 2020.

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