May 26, 2020 Tuesday, 02:05 Hrs
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Market breadth turns negative, Europe opens lower
01-Apr-20   13:32 Hrs IST

Key equity market barometers further extended losses in afternoon trade with the Nifty slipping below 8,300 mark. At 13:29 IST, the barometer index, the S&P BSE Sensex, tanked 1168.49 points or 3.97% at 28,300.00. The Nifty 50 index was down 338 points or 3.93% at 8,259.75.

In the broader market, the S&P BSE Mid-Cap index fell 2.11% while the S&P BSE Small-Cap index shed 0.94%.

The market breadth turned negative. On the BSE, 988 shares rose and 1041 shares fell. A total of 153 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.


The government's fiscal deficit touched 135.2% of the full-year target at February-end, according to an official data released on Tuesday. In actual terms, the fiscal deficit or the gap between expenditure and revenue was Rs 10,36,485 crore, the data by the Controller General of Accounts (CGA) showed.

The output of Eight Core Industries, carrying 40.27% weight in the Index of Industrial Production (IIP), increased by 5.5% in February 2020 while output increased 1% in April to February 2019-20.

Meanwhile, the interest rate on small savings scheme has been cut. The Public Provident Fund will now offer 7.1%, after an 80 basis points cut in its interest rate. The interest rate on National Savings Certificate has been slashed by 110 bps to 6.8%. The interest rate on Kisan Vikas Patra has also been cut by 70 bps to 6.9%.

Stocks in Spotlight:

Kotak Mahindra Bank (down 9.34%), Tech Mahindra (down 7.51%), UPL (down 6.32%), Mahindra & Mahindra (down 6.39%) and BPCL (down 5.89%) were major losers.

Bajaj group shares were in demand. Bajaj Consumer Care (up 1.39%), Bajaj Auto (up 1.09%), Bajaj Finance (up 0.98%) and Bajaj Finserv (up 0.41%) advanced.

Maruti Suzuki India slipped 1.16% to Rs 4238.15. The company'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.

Hero MotoCorp rose 1.76% to Rs 1622.20. The two-wheeler maker informed that members of the promoter and promoter group bought 2.76 lakh shares (0.14% of capital) of the company. With the purchase of these shares, the promoter and promoter group shareholding in the company increased from 34.63% to 34.77%.

Global Markets:

Shares in Europe and Asia fell across the board 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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