Sensex Posts Biggest One-Day Fall; Nifty Ends Below 7,650 Mark

Mon, 23 Mar Closing

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It was mayhem on Dalal Street today. Indian share markets traded deep in the red as Sensex posted its biggest one-day fall ever in absolute terms.

Benchmark indices crumbled after India went into the lockdown to contain the spread of Coronavirus pandemic.

In the early deals, trading was once again halted for 45 minutes as the Sensex hit a lower circuit limit of 10%. The sell-off continued when the trading resumed.

Note that this was the second instance of trading halt in a span of 10 days. Earlier, on March 13, Nifty hit lower circuit in the opening deals for the first time since May 2009.

At the closing bell, the BSE Sensex stood lower by 3,934 points (down 13.2%) and the NSE Nifty stood down by 1,135 points (down 13%).

The BSE Mid Cap index ended the day down 12.9%, while the BSE Small Cap index stood down by 12.3%.

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

Speaking of sectoral impact, in the article titled Worst Hit Indian Sectors Amid Coronavirus Pandemic: 10 Points to Know, we dive deeper and look at how the impact has been on individual sectors...

Asian stock markets finished on a mixed note. As of the most recent closing prices, the Hang Seng was down by 4.9% and the Shanghai Composite was down by 3.1%. The Nikkei 225 was up 2%.

The rupee was trading at 76.08 against the US$.

Speaking of stock markets, in the video below, Ajit Dayal, founder of Quantum group, shares his views on the impact of the Coronavirus crisis and the oil price war on the Indian economy and the stock market.

He also talks about the market crash and how to invest your hard-earned money across various assets in these difficult times.

Watch now...

Meanwhile, here's what Tanushree Banerjee wrote about the coronavirus pandemic and its effects on the global economy in a recent 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.

For bluechip stocks, she believes the time is ripe to begin buying some of the safest bluechips as there is safety in valuations and the market is offering them at deeper and deeper bargains.

The profits of bluechips (BSE 200 companies) are currently at a decade low as can be seen in the chart below.

A Rebound in Profits Overdue?

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 news from the automobile sector, shares of automobile companies witnessed huge selling pressure today as some of the country's top automakers took the lead in suspending production to safeguard its employees as Covid-19 continues to spread despite lockdowns.

Mahindra & Mahindra (M&M) said it had suspended manufacturing at its Nagpur plant and would halt production at Chakan (Pune) and Kandivali (Mumbai).

Bajaj Auto is preparing itself for an eight-week halt. The auto major's MD and CEO, Rajiv Bajaj told that the company's plants at Akurdi, Chakan, Aurangabad and Pantnagar will shut from March 23.

In an interview to CNBC-TV18, he said, "safety of employees is paramount, we are preparing for an 8-week halt. We should all be focused on how to minimise the spread of the problem.'

Meanwhile, Maruti Suzuki said it was suspending production at its facilities in Haryana till further notice. The company's research and development centre at Rohtak would also remain closed, it said.

The company added that the government policy now requires closure of production and, accordingly, the company has taken a decision on production closure.

Bajaj Auto share price and Maruti Suzuki share price ended the day down by 14% and 17%, respectively.

Apart from the above companies, shares of Motherson Sumi Systems tumbled 20%. The company said it is well-prepared to deal with the crisis stemming from the novel coronavirus outbreak.

Meanwhile, Tata Motors and TVS Motors shed 10-14%, intraday.

In news from the commodity space, gold prices in India fell sharply today, tracking a decline in global rates. On MCX, April gold futures fell 1% to Rs 39,895 per 10 gram, after rising as much as to Rs 40,937 earlier in the session.

Gold prices in India have seen a sharp correction since hitting a record high of about Rs 45,000 per 10 gram.

In global markets, gold prices were lower today as investors rushed for cash despite announcement of stimulus measures by many central banks to limit the economic damage from the coronavirus outbreak.

On Friday, prices had risen as much as 3% as a wave of fiscal and monetary stimulus from central banks across the globe temporarily halted a run for cash.

In one of his videos, Vijay Bhambwani shares his view on gold and silver prices. He talks about how the bullion prices will move in the short term.

You can check the same here: Will Gold and Silver Prices Fall because of the Coronavirus?

Moving on to news from the pharma sector, shares of Dr Lal Path Labs and Thyrocare Technologies soared as much as 17% in early trade today after the government allowed private laboratories to conduct blood tests for the coronavirus.

However, shares of both the companies pared gains and ended the day 10% lower.

According to the guidelines issued by the Indian Council of Medical Research over the weekend, all private laboratories that have National Accreditation Board for Testing and Calibration Laboratories accreditation for real-time polymerase chain reaction assay for RNA virus will only be allowed to conduct Covid-19 tests.

Apart from the above companies, shares of IPCA Labs and Metropolis Healthcare surged in the range of 5-7%.

In other news, Glenmark Pharma's subsidiary - Glenmark Pharmaceuticals Inc., USA has been granted tentative approval by the United States Food & Drug Administration (USFDA) for Dapagliflozin Tablets, 5 mg and 10 mg, the generic version of Farxiga Tablets, 5 mg and 10 mg, of AstraZeneca AB.

According to IQVIATM sales data for the 12 month period ending January 2020, the Farxiga Tablets, 5 mg and 10 mg market achieved annual sales of approximately US$ 1.8 billion.

Glenmark Pharma share price ended the day down by 11%.

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!

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