The BSE Sensex fell below the psychological 40,000-mark, down 392.24 points at 39,888.96, taking the total four-day loss to over 1,400 points.
The Nifty 50 closed below the 200-day simple moving average (which was placed at 11,685), declining 119.40 points or 1.01 percent to 11,678.50, forming a bearish candle on daily charts.
Experts feel the market may remain volatile in the near term given the F&O expiry and spread of coronavirus outside China. The 200-day SMA would be a crucial level to watch out for.
According to the pivot charts, the key support level for Nifty is placed at 11,617.67, followed by 11,556.83. If the index continues moving up, key resistance levels to watch out for are 11,761.27 and 11,844.03.
Nifty Bank fell 0.41 percent to close at 30,306.80. The important pivot level, which will act as crucial support for the index, is placed at 30,120.64, followed by 29,934.47. On the upside, key resistance levels are placed at 30,504.14 and 30,701.47.
Stay tuned to Moneycontrol to find out what happens in currency and equity markets today. We have collated a list of important headlines across news platforms which could impact Indian as well as international markets:
The S&P 500 fell for a fifth straight day on Wednesday and while its decline was slower than the last few days, the session was volatile as investors reacted to headlines about coronavirus and sought to gauge its economic fallout.
The Dow Jones Industrial Average fell 123.77 points, or 0.46%, to 26,957.59, the S&P 500 dropped 11.82 points to 3,116.39 and the Nasdaq Composite added 15.16 points, or 0.17%, to end at 8,980.78.
Asian share markets slipped on Thursday, struggling to find a footing as the rapid global spread of the coronavirus left investors on edge and seeking safety in gold and bonds.
MSCI's broadest index of Asia-Pacific shares outside Japan traded either side of flat. Australia's S&P/ASX 200 was 0.5% lower, for a loss of more than 6% this week so far. Japan's Nikkei fell 1.4%.
Trends on SGX Nifty indicate a negative opening for the broader index in India, with a 93 points loss or 0.79 percent. The Nifty futures were trading around 11,725-level on the Singaporean Exchange.
Rupee gains 20 paise to settle at 71.65 against US dollar
The Indian rupee settled for the day higher by 20 paise at 71.65 (provisional) against the US dollar on Wednesday in line with other Asian currencies, helped by lower crude oil prices. At the interbank foreign exchange market, the local currency opened at 71.76 to the US dollar. During the day, the local unit saw a high of 71.59 and a low of 71.79. The domestic unit finally settled at 71.65, up 20 paise from its previous close.
Indian retail market may cross trillion-dollar mark by 2025: Report
The Indian retail market is likely to cross the trillion-dollar mark by 2025, driven by multiple structural, socio-demographic and economic drivers fueling consumption, according to a report by Boston Consulting Group (BCG). This report was unveiled at the Retail Leadership Summit. The report highlights how retail has evolved over the past decades, and likely forces that could shape the industry going forward.
"The market is still fragmented and offers an opportunity for the top five retailers to more than double their share from <5% to 10+% in the next decade. Winning in the 20s will require retailers to rethink their value proposition and operating model. Precipitating and participating in ecosystems will be a key driver of success," said Abheek Singhi, Managing Director and Senior Partner, BCG.
Global stocks outlook still positive, but vulnerable to coronavirus: Reuters poll
Global stocks have further to run this year, but the likelihood of a correction of 10% or more is high, according to Reuters polls of market strategists, with the severity of the economic hit from the coronavirus outbreak being the biggest risk.
Last year was a bumper year for stocks, with all 17 top global indexes polled by Reuters ending the year higher than where they started. Only one did not rise by a double-digit percentage.
SEBI allows investors to access stock exchange infra to transact in MFs
Capital markets regulator Sebi on Wednesday allowed investors to directly access the infrastructure of stock exchanges for purchasing and redeeming mutual fund units directly from mutual fund and asset management companies. The move is aimed at further increasing the reach of the platform, Sebi said in a circular.
No uncertainty on merger of PSU banks: FM Nirmala Sitharaman
Finance Minister Nirmala Sitharaman on February 26 said that there is no uncertainty related to the merger of public sector banks. Speaking to the media after a meeting with PSU bank officials, Sitharaman also said that more than 5.53 lakh stressed Medium and Small Enterprises (MSMEs) accounts have been identified as of January 6.
"Of these (stressed MSME accounts), close to 5.28 lakh have been restructured. The rest are to be cleared by March 15," she said.
GDP growth to stay flat at 4.5% in October-December: SBI economists
The GDP growth will stay flat at 4.5 percent in the October-December 2019, economists at SBI said on Wednesday, two days ahead of the release of official data. They also said that India faces the risk of getting impacted by coronavirus epidemic economically because of its high reliance on Chinese imports for various goods.
The GDP growth is set to slip to a decadal low of 5 percent in 2019-20, driven majorly by a fall in domestic consumption and sluggish world markets that have impacted Indian exports.
The SBI economists revised up their FY2019-20 growth estimate to 4.7 per cent from the earlier estimate of 4.6 per cent because of the base effect triggered by a downward revision in the FY2018-19 growth number by the government.
FII and DII data
Foreign institutional investors (FIIs) sold shares worth Rs 3,336.6 crore, while domestic institutional investors (DIIs) bought shares of worth Rs 2,785.67 crore in the Indian equity market on February 26, provisional data available on the NSE showed.
Stocks under F&O ban on NSE
Yes Bank is under the F&O ban for February 27. Securities in the ban period under the F&O segment include companies in which the security has crossed 95 percent of the market-wide position limit.With inputs from Reuters & other agencies