May 26, 2020 Tuesday, 01:27 Hrs
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Market at day's low; banks tumble
01-Apr-20   11:30 Hrs IST

Key barometers further extended losses and hit fresh intraday low in mid-morning trade. The Nifty slipped towards 8300 mark. Trading was volatile due to expiry of weekly index options.

At 11:27 IST, the barometer index, the S&P BSE Sensex, tanked 977.65 points or 3.32% at 28,490.84. The Nifty 50 index was down 293.15 points or 3.41% at 8,304.60.

The broader market traded with losses. The S&P BSE Mid-Cap index was down 1.47% while the S&P BSE Small-Cap index was up 0.4%.

The market breadth continued to remain positive. On the BSE, 908 shares rose and 880 shares fell. A total of 120 shares were unchanged. In Nifty 50 index, the breadth was weak with 4 stocks advancing and 46 stocks declining.

Rising coronavirus numbers across the globe exerted downside pressure on equities. Globally, there have been over 859,700 confirmed cases of COVID-19. At least 42,340 people have died so far while 178,333 have recovered. The total number of confirmed COVID-19 cases in India stands at 1,590.

Buzzing Index:

The Nifty Bank index slumped 4.72% to 18,240.15. It was the worst performing sectoral index on NSE.

Kotak Mahindra Bank (down 9.75%), IndusInd Bank (down 5.01%), Punjab National Bank (down 4.79%), Bandhan Bank (down 4.56%), HDFC Bank (down 4.18%), SBI (down 3.99%), Axis Bank (down 3.64%), Bank of Baroda (down 3.36%), ICICI Bank (down 3.1%), RBL Bank (down 2.8%), IDFC First Bank (down 2.13%) and Federal Bank (down 0.49%) were top losers in banking segment.

Stocks in Spotlight:

Adani Enterprises in a regulatory filing informed that it has received a letter of award (LOA) from NHAI for Four laning of Nanasa to Pidgaon section of NH-47 in Madhya Pradesh. The company's bid for the project is at Rs 866.64 crore with a construction period of 2 years and operation period of 15 years. Shares of Adani Enterprises were down 2.4% at Rs 134.25.

Maruti Suzuki India's total sales tumbled 47% to 83,792 units in March 2020 from 158,076 units in March 2019. The company's domestic sales dropped 46.4% to 79,080 units in March 2020 from 147,613 units in March 2019. Exports stood at 4,712 in March 2020, slumping 55% from 10,463 units in March 2019. On a month-on-month (M-o-M) basis, Maruti Suzuki India's total sales tanked 43.04% to 83,792 units in March 2020 from 147,110 units in February 2020. Shares of Maruti Suzuki were down 0.83% at Rs 4252.

Sterling and Wilson Solar (SWSL) hit an upper circuit of 5% at Rs 80.70 after the company said its promoters facilitated repayment of Rs 500 crore towards the dues they owed to the firm. An amount of Rs 1,000 crore had already been repaid from the date of listing till 31 December 2019. With this the total repayment stands at Rs 1,500 crore (inclusive of principal and interest).

Global Markets:

Asian markets were trading lower on Wednesday following the negative cues overnight from Wall Street amid lingering concerns about the economic impact of the coronavirus pandemic.

In US, stocks ended lower on Tuesday as concerns remain over the spread of COVID-19 in the US and Europe in particular, with economic activity under lockdown amid a rising tally of infections and a mounting death toll

In his latest appearance on Tuesday evening, early Wednesday in Asia, US President Donald Trump issues guidelines for 30-day social distancing while citing fears of a surge in the virus cases during the upcoming two weeks.

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