Sell-off in banks, IT drags Nifty below 9K; Sensex see-saws 1,400 pts from day's high, ends at 36-month low

The Indian rupee ended at 74.25 against the US dollar, rising 2 paise compared to Monday's close of 74.27 a dollar.

Taking Stock: Indices hit fresh 3-yr low as Nifty breaches 9,000; support likely at 8,555

Indian market reversed in the last hour the gains it had made during the day on March 17 tracking muted global cues.... Read More

8,550 zone is important on the downside and a breach of the mentioned support will add further pressure on the downside. On the way up 9,400 is likely to act as resistance zone. We continue with our advice of avoiding any bottom fishing in such kind of scenario.

On monthly chart index has good support near 8500 zone and 100 DMA is also place at 8435 zone hinting any break below said levels can create some more pressure in indices, resistance for index is coming near 9150-9300 zone. Traders can use said levels to create fresh short near these levels.

After trading in the positive for the majority of the day, the indices turned red during the last hour of trading, with selling mainly seen in Financials. European markets and Dow futures added to the negativity. Covid-19 showed no signs of abatement and with Central Banks monetary policy actions having limited impact, calls were out for more actions to contain the spread of the virus.

It is difficult to protect equity portfolios in these volatile times and retail investor should hold on to their portfolios without throwing in their prized silver to the volatilities and risk aversion. Instead of getting carried away by the risk aversion, the retail investor should look at it as an opportunity by the market, to buy and select good quality companies/ stocks at reasonable valuations, if one has an investment horizon of more than 2 years. It is difficult to time the market, hence one should stagger their purchases and hold on to it through the rough ride.

Benchmark indices ended lower for the second consecutive session on March 17 with Nifty closed below the psychological level of 9000.

At close, the Sensex was down 810.98 points or 2.58% at 30,579.09, and the Nifty was down 230.70 points or 2.51% at 8,966.70. About 765 shares have advanced, 1624 shares declined, and 152 shares are unchanged.

Yes Bank, Eicher Motors, HUL, Maruti Suzuki and Hero MotoCorp were among major gainers on the Nifty, while losers include Zee Entertainment, ICICI Bank, IndusInd Bank, Bharti Infratel and UPL.

Among sectors except FMCG and Pharma, all other indices ended in the red. BSE Midcap and Smallcap indices shed 1-2 percent.

Over 500 stocks hit 52-week low on BSE; Zee tumbles 20%, 450 stocks at lower circuit

Coronavirus pandemic continues to batter the global equity markets. The Indian market after trading in the green slipped into the red with Sensex down 815.32 points or 2.6 percent at 30574.75, and the Nifty tanked 232.80 points at 8964.60.... Read More

The company has received two work orders from Public Health Engineering Department (PHED), Jaipur, Rajasthan worth Rs 355 crore. The projects is to be completed within 30 months.

There isn't much space for an RBI rate cut, says former chief statistician Pronab Sen

The Reserve Bank of India (RBI) has undertaken liquidity measures, including another $2 billion worth of dollar swap and long-term repo operations worth Rs 1 lakh crore.... Read More

Dr. Reddy's Laboratories launched Ziprasidone Mesylate for Injection, 20 mg (base)/ml Single-dose Vials, the therapeutic generic equivalent of Geodon Injection, 20 mg/ml, approved by the US Food and Drug Administration (USFDA).

Dow Futures erased all the gains and slipped over 900 points from the day's high.

Falling crude a boon for tyre makers: Apollo Tyres, CEAT and MRF in sweet spot

The tailwind for tyre sector is expected to continue as long as the coronavirus issue does not come under control. Brokerages point out that the sharp decline in crude prices will further dent crude derivative prices.... Read More