Rupee Closing
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
Amit Shah, Technical Research Analyst with Indiabulls Securities:
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.
Rohit Singre, Senior Technical Analyst at LKP Securities:
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.
Vinod Nair, Head of Research at Geojit Financial Services:
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.
Pankaj Bobade, Head- Fundamental Research, Axis Securities:
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.
Market Close:
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.
Indian Hume bags 2 orders
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.
Dr Reddy's launches Ziprasidone Mesylate in US market
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.
Market Update
Benchmark indices extended losses with Nifty breached 9000 level.
The Sensex is down 694.30 points or 2.21% at 30695.77, and the Nifty down 198.75 points or 2.16% at 8998.65. About 773 shares have advanced, 1531 shares declined, and 114 shares are unchanged.
Goldman cuts GDP estimate for China
Goldman Sachs cut its estimate for China's first quarter gross domestic product to a year-on-year contraction of 9% from a previous forecast of 2.5% growth, citing "strikingly weak" economic data in January and February, reported Reuters.
310 securities at 52-week low
Rupee off day's high
The Indian rupee has erased some of its gains but trading higher by 17 paise at 74.10 per dollar against Monday's close 74.27.
Market Update
Benchmark indices erases all its intraday gains and trading lower with Nifty below 9,200 level.
The Sensex is down 56.96 points or 0.18% at 31333.11, and the Nifty down 13.05 points or 0.14% at 9184.35. About 925 shares have advanced, 1324 shares declined, and 122 shares are unchanged.
Delta Corp closes casinos in Sikkim
The share price of Delta Corp fell 8 percent on March 17 after it decided to close Casinos at Sikkim to combat the outbreak of Covid-19.
European markets open higher
Sun Pharma approves buyback
Sun Pharmaceutical Industries share price rose over 7 percent on March 17 after company board approved buyback of its equity shares.
Sensex erases gains; Nifty Pharma index rose over 4%:
Nomura maintains buy on GAIL
Nomura maintain buy but cut target to Rs 140 from Rs 190 per share. The low commodity prices are likely to impact petchem/ LHC/ marketing segments, however the worst seems priced in; assume 8% cut in tariff due to lower tax rate.
Nomura maintains buy on GAIL
Nomura maintain buy but cut target to Rs 140 from Rs 190 per share. The low commodity prices are likely to impact petchem/ LHC/ marketing segments, however the worst seems priced in; assume 8% cut in tariff due to lower tax rate.
Crude oil has fallen 50% in 2020 but Indian markets are not excited, here's why
Brent Crude oil prices have crashed more than 50 percent, so far, in 2020, touching a new four-year low on March 16 amid fears of a recession due to the coronavirus outbreak that has now spread to 150 countries and territories. The emergency rate cuts by the US Federal Reserve and policy measures initiated by other central bankers have failed to calm investors, pushing the crude below $30 a barrel. Brent Crude fell to $29.52 a barrel on March 16, its lowest since January 2016.
Market cap-to-GDP ratio has fallen swiftly from 79 percent as on FY19 to 58 percent (FY20E GDP) – much below long-term average of 75 percent and closer to levels last seen during FY09.
Two persons have test positive for the novel coronavirus, one in Sector 78 and another in Sector 100 with travel history to France:News agency ANI
Moody's Investors Service has said that global spread of novel coronavirus will significantly slow economic growth, which will in turn amplify its financial impact on several key free movement-driven sectors.
Morgan Stanley downgrade Gujarat Gas
The share price of Gujarat Gas slipped 5.7 percent on March 17 after Morgan Stanley downgraded the stock to equal-weight and cut target price to Rs 210 from Rs 301 per share.
Coronavirus updates | The number of active reported cases of novel coronavirus in India has risen further to 126, according to the Union Health Ministry.
Yes Bank gains 85% in March
Yes Bank share price rose 72 percent on March 17 after rating agency Moody's upgraded its ratings with a positive outlook. It has upgraded bank's long-term foreign currency issuer and foreign currency senior unsecured MTN programme ratings to Caa1 from Caa3 and (P)Caa1 from (P)Caa3 respectively.
4 securities at 52-week high
Rupee extends gains
The Indian rupee has extended the early gains and trading higher by 29 paise at 73.98 per dollar versus previous close 74.27.
Yes Bank to hold press conference at 3:45 pm today
Technical Trend:
Market Update
Benchmark indices erased most of its intraday gains with Nifty below 9,300 level.
At 11:48 hrs IST, the Sensex is up 205.56 points or 0.65% at 31595.63, and the Nifty up 72.60 points or 0.79% at 9270.About 965 shares have advanced, 1055 shares declined, and 116 shares are unchanged.
JUST IN |
India has prohibited travel of passengers from Afghanistan, Philippines and Malaysia till March 31, with immediate effect.
Alembic Pharma gets EIR
The company has received Establishment Inspection Report (EIR) from US Food and Drug Administration (USFDA) for the inspection carried out by them at our API facility at Karakhadi during the period from January 13 to 17, 2020.
JUST IN:
A 64-year-old COVID-19 patient has passed away at Mumbai's Kasturba Hospital, news agency ANI has reported.This is the third novel coronavirus-related death in India.
