Bloodletting continues on Day 7; Sensex ends 939 pts lower from day's high on fresh coronavirus cases

The Indian rupee ended at 72.73 against the US dollar, down 55 paise from Friday's close.

Taking Stock: A 1,000-point intraday swing! Sensex closes below 39K, Nifty holds 11,100

D-Street witnessed one of the most volatile sessions in the recent past on March 2. A 1000-point intraday swing which wiped out most of the gains made on the Sensex during the day.... Read More

Index opened a day with strong gains but unable to sustain on highs and again showed strong sell off in second half and closed a day at 11,133 with loss of 69 points forming a bearish candle on daily chart. Index has stiff support of 11k mark if managed to breach said level can see more drag down on the other hand index has resistance near 11,210-11,300 zone.

Technically, Nifty bounced back from major support zone of 11,200-11,100 but failed to sustain at higher levels while Nifty manages to hold 11,100 on a closing basis. Tomorrow would be important day post today's panic sell-off because generally market tries to bounce back after a panic sell-off where FIIs net long position in F&O market at historic low which may cause a short-covering rally but there is a need for smart pullback in global market otherwise psychological level of 11,000 is under threat where 10,700 would be the next important support level. In the upside 11,450/11,700 are important resistance levels.

The hope that central banks across the globe may come up with stimulus measures to revive global growth held markets higher. However, domestic manufacturing growth for February indicated weakness due to supply concerns indicating that short term concerns could keep market volatile.

Markets witnessed strong gap up for the first half of the session however, index lost ground and corrected sharply closing in the negative. We continue to maintain the recovery is likely to be shaky and fragile. Index is likely to face stiff resistance near the 11,550 zone. It’s a classical sell on rise market and bottom fishing should be avoided for any longs. 10,900-11,000 is the next support zone on the downside. Severe damage has been done and repair will take considerable time.

Indian indices ended lower for the seventh consecutive session on March 2 as they wiped out all the intraday gains after fresh Coronavirus cases reported in India.

The BSE Sensex closed 939 points lower from its day's high of 39,083.17, while Nifty50 fell 300 points from its day's high level of 11,433.

At close, the Sensex was down 153.27 points or 0.40% at 38144.02, while Nifty was down 69 points or 0.62% at 11132.80. About 944 shares have advanced, 1469 shares declined, and 153 shares are unchanged.

Yes Bank, SBI, Tata Steel, GAIL and Hindalco were among major losers on the Nifty, while gainers include HCL Tech, Eicher Motors, Nestle, ICICI Bank and Infosys.

Among sectors, except IT, all other indices ended in the red, while BSE Midcap and Smallcap down 0.3 to 0.7 percent respectively

The company has received one new order for Rs 85 crore (exclusive of GST) in the month of February, 2020.

Kotak fund invests Rs 500cr in Jindal Stainless

The investment will help Jindal Stainless to come out of the corporate debt restructuring (CDR) process and repay its loans and debt obligations to banks, the company said in a statement.... Read More

Spectrum Johnson Tiles, a JV of the company, has decided to permanently close its wall manufacturing plant with capacity of 5 MSM per annum with effect from March 1, 2020 due to an aging unviable plant.

Sensex and Nifty erased all its intraday gains and trading in the red with Nifty below 11,150 level.

The Sensex is down 151.32 points or 0.40% at 38145.97, and the Nifty down 58.10 points or 0.52% at 11143.70. About 1012 shares have advanced, 1294 shares declined, and 121 shares are unchanged.

The company has received new export orders of approximately Rs 450 crore. With this the total unexecuted order book of the company at approximately Rs 2,000 crore to be executed in 8 to 9 months.

Benchmark indices erased more of its early gains as fresh Coronavirus cases reported in Delhi and Telangana.

At 14:53 hrs IST, the Sensex is up 370.45 points or 0.97% at 38667.74, and the Nifty up 96.90 points or 0.87% at 11298.70. About 1278 shares have advanced, 1007 shares declined, and 118 shares are unchanged.