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Nifty slides below 8,100; IT shares extend losses
03-Apr-20   14:36 Hrs IST

Key benchmark indices slipped further and hit fresh intraday low in mid-afternoon trade. At 14:31 IST, the barometer index, the S&P BSE Sensex, was down 669.48 points or 2.37% at 27,595.83. The Nifty 50 index was down 163.75 points or 1.98% at 8,090.05.

In the broader market, the S&P BSE Mid-Cap index was down 1.10% while the S&P BSE Small-Cap index was down 0.97%. The decline in both these indices was lesser than the Sensex.

The market breadth was negative. On the BSE, 1054 shares rose and 1064 shares fell. A total of 166 shares were unchanged. In Nifty 50 index, 19 stocks advanced while 31 stocks declined.

Buzzing Index:

The Nifty IT index fell 2.43% to 11,753, extending decline for second day. The index has fallen 7.91% in two sessions.

MindTree (down 5.38%), Wipro (down 5.09%), Persistent Systems (down 3.45%), TCS (down 2.78%), Infosys (down 2.47%) and Hexaware Technologies (down 2.21%) declined.

Oracle Financial Services Software (up 6.06%), MphasiS (up 3.94%), Tech Mahindra (up 2.51%) and HCL Technologies (up 0.69%) advanced.

Stocks in Spotlight:

J.B. Chemicals & Pharmaceuticals surged 7.69% to Rs 465.95. The orders passed by the National Green Tribunal (2016) directed closure of the industrial activities at the company's bulk drugs plant at Panoli, Gujarat. A stay order was passed by Supreme Court on the same based on an appeal filed by the company. In its latest judgment date 1 April 2020, the Supreme Court has set aside the orders of NGT directing revocation of environmental clearance and closure of company's bulk drugs Unit at Panoli, Gujarat. Thus, company's said bulk drugs Unit, operating under the name Unique Chemicals, shall continue to function as before. However, the Supreme Court has directed for deposit of compensation of Rs 10 crore with Gujarat Pollution Control Board (GPCB) for use in preserving the environment. The issue now stands closed and the Plant will continue to function unhindered

Tata Motors declined 4.12% to Rs 65.15. S&P Global Ratings has downgraded company's Long Term Issuer Credit Rating from B+/Negative to B/Stable. The credit rating agency has also downgraded Jaguar Land Rover Automotive's Long Term Issuer Credit Rating from B+/Negative to B/Negative. The rating agency said downgrade of company's credit rating is on the back of weaker than expected Credit Matrix owing to the disruptions and economic impact from the COVID-19 outbreak.

NTPC fell 1.42% to Rs 79.95. The power generation company will start the commercial operations of Unit-2 of 660 MW of Khargone super thermal power station (2 x 660 MW) from Saturday, 4 April 2020. With this, the commercial capacity of Khargone super thermal power station, NTPC and NTPC Group will become 1,320 mega-watt (MW), 50,355 MW and 61,786 MW respectively.

Numbers to Track:

In the foreign exchange market, the partially convertible rupee edged lower to 76.02 compared with its previous closing of 75.60.

The yield on 10-year benchmark federal paper rose to 6.276% at 14:35IST compared with 6.138% in the previous trading session.

In the commodities market, Brent crude for June 2020 settlement was up $1.27 to $31.21 a barrel. The contract rose $5.20 to settle at $29.94 a barrel in the previous trading session.

As per reports, the OPEC+ alliance has planned an extraordinary meeting for Monday (6 April 2020) via webinar to try and broker a deal on production cuts following mediation by US President Donald Trump this week between Saudi Arabia and Russia on their oil price war. The Russian energy minister Alexander Novak is yet to confirm his participation.

OPEC+ consists of OPEC, Russia and nine other allies, who have been coordinating a series of production cuts aimed at propping up the market since 2017. But the alliance was nearly terminated at its last meeting on 6 March 2020, when Russia rejected a Saudi-led OPEC proposal for deeper cuts to combat the coronavirus outbreak's impact on the oil market.

MCX Gold futures for 3 April 2020 settlement rose 1.10% to Rs 43716.

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