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Markets will remain closed on 2nd April, 2020 on account of Ram Navami.

Indian Stock Market Crash: Sensex Sinks 2,713 Points; Nifty Ends Below 9,200 Mark
Mon, 16 Mar Closing | Monish Vora, TM Team

The mayhem continued on Dalal Street today as well as India share markets traded deep in the red with Sensex and Nifty witnessing sharp fall.

Losses were see tracking a sell-off in global markets as a new wave of fear about the spread of the coronavirus and its economic impact gripped investors.

At the closing bell, the BSE Sensex stood lower by 2,713 points (down 7.9%) and the NSE Nifty stood down by 756 points (down 7.6%).

The BSE Mid Cap index ended the day down 5.9%, while the BSE Small Cap index stood down by 5.7%.

All sectoral indices ended deep in the red with stocks in the metal sector, banking sector and realty sector witnessing maximum selling pressure.

The rupee was trading at 74.28 against the US$.

Asian stock markets finished on a negative note. As of the most recent closing prices, the Hang Seng was down by 4.03% and the Shanghai Composite was down by 3.40%. The Nikkei 225 was down 2.46%.

European markets were also trading on a negative note. The FTSE 100 was down by 6.68%. The DAX was trading down by 8.02%, while the CAC 40 stood down 9.01%.

Our bluechip stock analyst at Equitymaster, Tanushree Banerjee, believes that the ongoing market crash could, in fact, be an inflection point for what she calls the irreversible Rebirth of India megatrends.

Here's what she has to say more on this...

  • Companies across the globe, will seek to diversify geographic risks after this crisis.

    India could see a big spurt in new factory capacities and fresh fund inflows. This trend, can widen the moats of the strongest bluechips.

    I believe, it can also help multiply their profits 4 to 8 times over the next decade.

    The time is ripe for StockSelect subscribers to begin buying some of the safest bluechips, right now.

    There is safety in valuations as the market offers them at deeper and deeper bargains.

Tanushree is recommending her subscribers, to buy stocks selectively, a few at a time, by taking partial exposures to begin with. She has already recommended 4 safe bluechips in the past month and there are several more in her watchlist. You can access them here: Here's How You Could Trade the Coronavirus Crisis Safely (requires subscription)

And if you are not a StockSelect subscriber, here's where you sign up.

In the video below, Tanushree has also explained how buying the above stocks at bargain prices is a once in a decade opportunity.

Our smallcap analyst at Equitymaster, Richa Agarwal, believes this is a time to not panic and remain invested in the good quality smallcap stocks, irrespective of the volatility.

She believes the best approach is to consider investing in stocks that are fundamentally strong and promise steady income along with strong upside in the long term.

Richa's latest webinar - Smallcap Rebound Opportunity in the Times of Coronavirus shares a list of open positions where the rebound potential is strong... And until the rebound, one can enjoy regular income from the dividend stocks with yields up to 9%.

Speaking of the gloomy economy, coronavirus fears, falling markets and crude oil prices, Ajit Dayal has written an insightful piece, sharing his views in the latest edition of The Honest Truth.

Here's a snippet of what he wrote:

  • Is the meltdown over?

    While the unravelling of the debt excess in the US and the developed world may have some more to play out, the question on an investor's mind in India is: Is the mayhem over and what should I do next?

    On the face of it, there is some interesting Upside Potential, or potential profit, if you were to buy the specific stocks now and assume, they get back to their past peak levels over, say, the next 2 to 3 years.

    With the help of either some jaadu mantar or some good policy.

    But there are some "bets" I would be very cautious about: Yes Bank, Reliance and the INR, for instance.

You can read his entire article here: The Market Gets a Viral Attack.

In news from macroeconomic space, amid wild speculation that the Reserve Bank of India (RBI) may follow its global peers and announce an emergency rate cut, the banking regulator has called a press conference at 4 pm today.

As per the news, in a communication to media houses, RBI said Governor Shaktikanta Das would hold a press conference post market hours at 4 pm.

The news has further fueled the buzz over an emergency rate cut.

RBI's regular monetary policy review is scheduled for March 31 to April 3, 2020.

We will be sharing the major takeaways from this press conference in a special commentary today. Stay tuned!

The above move by RBI comes as the Federal Reserve, in a bold, emergency action to support the economy during the coronavirus pandemic, on Sunday announced it would cut its target interest rate near zero. It also launched a massive US$ 700 billion quantitative easing program to shelter the US economy from the effects of the virus.

In addition, in a global coordinated move by centrals banks, the Fed said the Bank of Canada, the Bank of England, the Bank of Japan, the European Central Bank, the Federal Reserve, and the Swiss National Bank took action to enhance dollar liquidity around the world through existing dollar swap arrangements.

The banks lowered the rate on these swap line loans and extended the period for such loans.

Bank of Japan announced it would hold a one-day policy meeting later in the day, to replace the scheduled meeting on Tuesday and Wednesday.

The Reserve Bank of Australia also said it stands ready to purchase Australian government bonds to support the market. It said further policy measure will come out on Thursday.

The People's Bank of China on pumped 100 billion yuan (US$ 14.3 billion) into the financial system by offering one-year medium-term lending facility (MLF) loans to banks.

The coronavirus threat has meant sharp losses for global stock markets.

We have written a piece around how deep this impact has been felt in the global financial markets.

You can check out the same here: Worst Week for Global Stock Markets: Coronavirus Impact in 10 Points

In news from the IPO space, SBI Cards and Payment Services share price made a tepid debut on bourses today.

The stock of the company got listed at Rs 658, a discount 12.85% over its issue price of Rs 755.

This was the first listing in the current calendar year.

The credit card issuer had fixed final IPO price at Rs 755 per share, the higher end of price band (of Rs 750-755) and the employees received shares at a discount of Rs 75 per share to the final price.

The public issue was subscribed 26.5 times during March 2-4 but was less looked after than market expectations due to weak market conditions after wide-spreading novel coronavirus.

If you recall, the market correction had started a week prior to the opening of the SBI Cards IPO. Just the week before the IPO opened for subscription, the Sensex had tanked 7% in unison with the global stock market sell-off.

Have a look at the chart below. It shows the trend in the total market capitalisation of all BSE-listed companies since the start of 2020.

Coronavirus Triggers Massive Wipeout of Investor Wealth

Here's what Ankit Shah wrote about this in today's edition of The 5 Minute WrapUp...

  • As you can see, through most of January and February, the total market capitalisation hovered between Rs 150-160 trillion.

    It was only in the last week of February that a massive sell-off started on rising fears of the coronavirus outbreak escalating into a global pandemic.

    On 2 March, the day the SBI Cards IPO opened for subscription, the total market capitalisation of BSE-listed companies closed at about Rs 146 trillion. Do recall that this was after the 7% crash in the Sensex the previous week.

    By 13 March, this figure plunged even lower to Rs 129 trillion.

    So, from the time of the IPO opening for subscription to a day prior to listing, investor wealth worth Rs 17 trillion got wiped out, representing a plunge of over 11%.

But investors were still optimistic about the IPO. The grey market premiums were in the range of Rs 250-300 per share. Investors were expecting listing-day gains of about 25-30% or more.

But as the market crash got deeper, the market sentiments have completely changed.

If you received allotment in the IPO, you're most likely evaluating if you should bite the bullet and exit the stock on the listing day itself, or hold it for the long run.

Ankit Shah has offered some insights on what should one do with the IPO if you have received the allotment. You can read his entire article here: Did the SBI Cards IPO Test Positive for Coronavirus?

In news from the banking sector, Yes Bank share price was in focus today as the crisis hit bank on Saturday reported a record loss of Rs 185.6 billion for Q3 FY20 due to a sharp jump in bad loans and higher provisioning.

Also, as per the final reconstruction scheme for Yes Bank, 75% of the shareholding of the shareholders holding 100 or more shares will be locked-in for three years.

To know more, you can read Yes Bank's Q3FY20 result analysis on our website.

In one of the articles, we have written about the entire timeline of how YES Bank went from a stock market darling to a pariah. Read the article here: How the YES Bank Collapse Unfolded - 10 Points.

And to know what's moving the Indian stock markets today, check out the most recent share market updates here.

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

Read the latest Market Commentary

What else is happening in the markets today? Dig in...

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Stock Market Updates

PRESTIGE ESTATES Surges by 6%; BSE REALTY Index Down 3.0% (Today's Market)

Apr 1, 2020 03:33 PM

PRESTIGE ESTATES share price has surged by 6% and its current market price is Rs 185. The BSE REALTY is down by 3.0%. The top gainers in the BSE REALTY Index are PRESTIGE ESTATES (up 6.5%) and SOBHA LIMITED (up 5.6%). The top losers are OMAXE LTD (down 0.5%) and GODREJ PROPERTIES (down 1.0%).

NESCO Plunges by 5%; BSE CAPITAL GOODS Index Down 2.6% (Today's Market)

Apr 1, 2020 03:33 PM

NESCO share price has plunged by 5% and its current market price is Rs 491. The BSE CAPITAL GOODS is down by 2.6%. The top gainers in the BSE CAPITAL GOODS Index are FINOLEX CABLES (up 7.2%) and GRAPHITE INDIA (up 5.0%). The top losers are NESCO (down 5.4%) and BHARAT ELECTRONICS (down 6.6%).

CAPRI GLOBAL CAPITAL Plunges by 8%; BSE 500 Index Down 3.3% (Today's Market)

Apr 1, 2020 03:33 PM

CAPRI GLOBAL CAPITAL share price has plunged by 8% and its current market price is Rs 172. The BSE 500 is down by 3.3%. The top gainers in the BSE 500 Index are JINDAL SAW LTD (up 8.3%) and GUJ. STATE PETRONET (up 7.5%). The top losers are CAPRI GLOBAL CAPITAL (down 8.5%) and MRF LTD. (down 5.2%).

HCL TECHNOLOGIES Plunges by 5%; BSE IT Index Down 5.6% (Today's Market)

Apr 1, 2020 03:33 PM

HCL TECHNOLOGIES share price has plunged by 5% and its current market price is Rs 440. The BSE IT is down by 5.6%. The top gainers in the BSE IT Index are NIIT TECHNOLOGIES (up 2.9%) and FIRSTSOURCE SOL. (up 2.5%). The top losers are HCL TECHNOLOGIES (down 5.2%) and ORACLE FINANCIAL (down 5.2%).

MAHINDRA HOLIDAYS Plunges by 6%; BSE 500 Index Down 3.3% (Today's Market)

Apr 1, 2020 03:31 PM

MAHINDRA HOLIDAYS share price has plunged by 6% and its current market price is Rs 141. The BSE 500 is down by 3.3%. The top gainers in the BSE 500 Index are PRESTIGE ESTATES (up 8.0%) and JUBILANT LIFE SCIENCES (up 7.9%). The top losers are MAHINDRA HOLIDAYS (down 6.5%) and MRF LTD. (down 5.2%).

Indian Indices Extend Fall; Kotak Mahindra Bank & Tech Mahindra Top Losers (Today's Market)

Apr 1, 2020 12:30 pm

The BSE Sensex is trading down by 1,064 points, while the NSE Nifty is trading down by 304 points.

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