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Bloodbath on Dalal Street, Crude Oil at 17-Year Low, IndusInd Bank Crash, and Top Cues in Focus Today
Thu, 19 Mar Pre-Open | Monish Vora, TM Team

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It was another day of bloodbath on Dalal Street yesterday. India share markets traded deep in the red as Sensex and Nifty hit a fresh 3-year low tracking negative trend seen in Asian markets.

Losses were seen amid heightened worries of COVID-19 virus outbreak.

Yesterday's fall led to the market-capitalisation of BSE listed companies getting reduced to Rs 114.48 trillion, its lowest level since February 15, 2017.

Selling pressure was also seen as the Supreme Court in its hearing rapped telcos and the department of telecommunication (DoT) for going through self-assessment. The apex court questioned the Solicitor General on telcos' self-assessments without permission of the court, calling it a contempt of court.

At the closing bell yesterday, the BSE Sensex stood lower by 1,709 points (down 5.6%) and the NSE Nifty stood down by 425 points (down 4.8%).

The BSE Mid Cap index ended down 4.8%, while the BSE Small Cap index stood down by 6.1%.

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

And here's some futures and options data from Vijay Bhambwani, editor of Fast Income Alerts...

Here's what Vijay wrote about the same...

  • NSE F&O turnover was Rs 10,10,921 Crs (yesterday Rs 7,95,772 Crs). Initial strength roped in traders sitting on the fence.

    The marketwide average MWPL was 18.63% (previous 18.92%). The gradual unwinding of positions continues. A shallow market is highly volatile.

    Tomorrows weekly expiry will add to the froth. Stay sharp.

To track such data on a daily basis and get our latest views on stock markets and more, you can join our Telegram channel here.

Also, amid the gloomy economy and coronavirus fears, what's next for the Indian stock markets?

You have the answer to this!

Participate in Equitymaster's "State of the Markets" poll and make your opinion count.

60 seconds is all that this anonymous poll will take.

Participate here: Equitymaster's "State of the Markets" Poll

Speaking of coronavirus impact on Indian stock markets, the chart below 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

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.

So, what should you do in such times?

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READ: FULL Transcript of Our Urgent Broadcast

The full transcript of our urgent broadcast on India's Revival is available for a limited time now.

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------------------------------

In this emergency episode of the Investor Hour, Rahul Goel talks to Vijay Bhambwani, who he calls India's #1 trader.

Vijay dives deep in this "coronavirus" situation and presents a picture which we believe would be extremely beneficial to any investor or trader.

Whatever you do, don't miss this emergency issue of the Investor Hour!

Listen in here...

investor-hour

Our Views on the Ongoing Stock Market Crash

Here's what Richa Agarwal, our smallcap analyst at Equitymaster, has to say about the ongoing market crash and what it means for stock market participants...

  • ...at a time when you see the Sensex and large cap stocks taking big knocks, you will be completely surprised at another feature of the market.

    It has flown under the radar for most investors so far...

    Small cap stocks, which were already cheap and attractive, have now become downright ridiculously priced!

    Many of them offer massive gains to those who will buy at current prices.

    And I'm not even talking about the weak companies...

    I'm talking about strong companies with ultra-strong balance sheets. Businesses strong enough to weather the oncoming coronavirus storm - whatever it throws at them.

    Looks like the perfect time for the opportunistic investor to pick up some good bargains!

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

She has identified one such stock that has the potential to return crores in the long term. To know more, click here for all the details.

Also, 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%.

And here's what Tanushree Banerjee wrote about the coronavirus pandemic and its effects on the global economy in yesterday's edition of The 5 Minute WrapUp...

  • ...pandemics have had profound economic effects. But in the longer term, the economic effects can be positive.

    Is the assumption that Coronavirus could lead to such a massive social and economic change too farfetched?

    Not at all!

    In fact, the outbreak of Coronavirus exposed the underbelly of the fragile global supply chains, over dependent on China.

    And therefore, global manufacturers are bound to seek geographic diversification of resources and imports.

    That could mean a massive change in the way businesses are run.

Tanushree believes that the ongoing market crash could, in fact, be an inflection point for what she calls the irreversible Rebirth of India megatrends.

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.

Crude Oil Hits 17-Year Low

Crude oil prices fell for the third session yesterday with US crude oil futures tumbling to a 17-year low as travel and social lockdowns sparked by the coronavirus epidemic knocked the outlook for demand.

In domestic markets, crude oil plunged Rs 116 to Rs 1,979 per barrel yesterday. On the Multi Commodity Exchange, crude oil for March delivery slumped by Rs 116 or 5.54%, to Rs 1,979 per barrel.

As per the news, Iraq's oil minister has pleaded for an emergency meeting between members of the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC producers to discuss immediate action to support the market.

Iraqi oil minister, Thamer al-Ghadhban, asked OPEC to help "urgently achieve" extraordinary meetings of the OPEC+ group - OPEC plus partners including Russia - to "discuss all possible ways" to rebalance the oil market.

A price war between OPEC leader Saudi Arabia and Russia after talks on coordinated output cuts collapsed this month is adding pressure to the market.

Note that, crude oil prices had crashed last week in what was the worst price dip since the 1991 Gulf War with Brent prices plunging to US$ 31 per barrel.

In a recent article, we have written the entire timeline showing economics of falling crude oil prices. You can check the same here: All About the 30% Crash in Crude Oil - 10 Points

Going ahead, market participants are expecting crude oil prices to remain low until OPEC+ resets oil production again.

Vijay Bhambwani, editor of Weekly Cash Alerts at Equitymaster, states that at this point in time, short selling natural gas & crude oil at significantly higher levels for the coming summer are high conviction trades. To know more about his view and positions, you can check out his recent article here: Energy Markets Get Muddy (requires subscription).

IndusInd Bank Crashes; Yes Bank Jumps 50%

From the banking sector, IndusInd Bank share price crashed around 30% in yesterday's trade on the back of rumors surrounding its financial health of the bank.

The bank has, however, provided an assurance that it has strong financials and healthy governance.

The bank in a press release said that in wake of the significantly higher level of market rumours and speculation around lnduslnd Bank stock, we would like to reiterate that the Bank is financially strong, well-capitalized, profitable, and a growing entity with strong governance.

The bank also sought to allay fears with regard to its asset quality and said that last quarter, the bank's gross NPA at 2.18% was the 2nd lowest in the industry amongst large private sector Banks. It further added that it expects current quarter Gross NPA to be pretty much in line with that of last quarter.

Apart from IndusInd Bank, Yes Bank share price was also in focus yesterday as the stock of the lender jumped 50% in early trade yesterday. Buying was seen as the bank was all set to resume full banking services.

Yes Bank CEO-designate Prashant Kumar said there are absolutely no worries on the liquidity front and that complete operational normalcy would be restored from 6 pm on Wednesday.

The private lender is also hoping to recover about Rs 85 billion from its loan defaulters in the coming financial year.

Kumar added that only a third of customers have withdrawn the entire amount of Rs 50,000 allowed during the moratorium.

On March 5, the RBI had imposed a moratorium on the private lender, restricting withdrawals to Rs 50,000 per depositor till April 3, in view of its poor financial health due to bad loans.

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. You can read the entire 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


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