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Sensex Crashes 1,203 Points; IT and Banking Stocks Witness Selling
Wed, 1 Apr Closing | Monish Vora, TM Team

Indian share markets extended losses in the first trading session of FY21, as the number of coronavirus cases in the country continued to rise.

Benchmark indices witnessed selling pressure throughout the day, as investors panicked over the worst quarter ever experienced and turned risk averse amid heightened fears of economic depression, sparked by the coronavirus pandemic.

All sectoral indices ended on a negative note, with stocks in the IT sector, banking sector and telecom sector, leading the losses.

At the closing bell, the BSE Sensex stood lower by 1,203 points (down 4.1%) and the NSE Nifty closed down by 334 points (down 3.9%).

The BSE Mid Cap index and the BSE Small Cap index ended the day down by 2.2% and 1.1%, respectively.

Asian stock markets finished on a negative note, with coronavirus-related concerns continuing to weigh on markets as a new quarter began.

As of the most recent closing prices, the Hang Seng was down by 2.2% and the Nikkei stood lower by 4.5%.

Gold Prices are currently trading down by 0.2% at Rs 43,167.

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Also, speaking of the current stock market scenario, note that the Sensex saw its biggest one-day fall last month on Monday 23 March.

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The coronavirus pandemic has created a sense of fear among investors and traders worldwide.

What is different about this market crash unlike others before it, is the pace of fall.

The Indian share market has fallen more than 35% from its peak in just over a month, which is the fastest crash in history.

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The sharp decline can be attributed to algorithmic trading as well as foreign institutional investor (FII) outflows.

Co-head of Research, Tanushree Banerjee believes, in this new era of sharp declines, the rebound rally can be equally sharp and quick as well. It is important to remember this.

A part of this decline is due to the coronavirus impact, a part of it is due to external factors as well.

Look at fundamentally strong stocks in this market correction. As per Tanushree, these stocks will likely rebound the fastest when the coronavirus threat passes.

And here's some data from Apurva Sheth, editor of Breakout Profits...

Worst Quarter Ever for Sensex

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

  • Sensex ended first quarter of calendar year 2020 today at 29,468 down by 28.6%. This is the worst quarterly performance for the Sensex since 1992. The June quarter of 1992 ended with a cut of 28.1%. In 2008, the December quarter ended with a drop of 25%.

    We have broken all the past records and are living in an unprecedented environment. A lot could change in our lives once the crisis is over including the way you invest. Are you prepared for it?

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.

In news from the automobile sector, Maruti Suzuki India has reported a 47% year-on-year fall in its total sales during March to 83,792 units, as automakers in the country were forced to suspend operations amid a nationwide lockdown aimed to contain the spread of the coronavirus pandemic.

The country's largest passenger car manufacturer ended FY 2019-20 with total sales of 1.563 million units, down 16.1% from 1.862 million in the previous fiscal.

The company said that sales of March 2020 are not comparable with sales in March 2019 due to suspension of operations from March 22 in line with national policy.

The company sold 76,976 vehicles last month, 47.4% less than 145,000 in March last year. Export sales were down 55% to 4,712 units from 10,463 in the year-ago period.

In the domestic market, light commercial vehicle sales were down 71.5% to 736 units in March 2020 compared to 2,582 units in March 2019.

Sales of the company's popular models such as Swift, Baleno, WagonR, and Dzire among others, saw a decline of 51%, YoY.

In the mini category, where it sells Alto and S-Presso, the company reported sales of 15,988 units, down 5%.

Maruti Suzuki share price ended the day down by 1.4%.

In other news, TVS Motors share price witnessed selling pressure today amid concerns that sales volume in the month of April could decline significantly due to the lockdown until April 14 amid the outbreak of coronavirus pandemic.

The stock of the company, which primarily makes two-wheelers and three-wheelers, was trading at its lowest level since March 2016.

The auto sector has been experiencing a slump for several months with nearly all manufacturers reporting falling sales due to subdued consumer sentiment amid an economic slowdown.

We will keep you updated on the latest developments from this space. Stay tuned.

Moving on to news from the steel sector, shares of steel manufacturing companies witnessed selling pressure today amid concerns that the first quarter of the current financial year (Q1FY21) could be a record-low quarter in terms of sales and operating profit on the back of exceptionally weak demand.

Shares of Jindal Steel & Power declined 10%, while Steel Authority of India (SAIL), JSW Steel, and Tata Steel ended down in the range of 3-4%.

In other news, Union Petroleum & Natural Gas and Steel Minister Dharmendra Pradhan on Tuesday informed about the donation of Rs 5 billion by the steel sector to the PM-CARES Fund.

The Union Minister said that steel companies, both in public and private sector together have pledged contribution of more than Rs 5 billion by way of one day salary, CSR and other funds.

The companies which made a major contribution to the PM-CARES Fund are SAIL (Rs 300 million), Rashtriya Ispat Nigam (Rs 50 million) and NMDC (Rs 1.5 billion) among others.

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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Stock Market Updates

THE INDIAN HOTELS Surges by 10%; BSE 500 Index Up 0.8% (Today's Market)

Jun 3, 2020 03:33 PM

THE INDIAN HOTELS share price has surged by 10% and its current market price is Rs 93. The BSE 500 is up by 0.8%. The top gainers in the BSE 500 Index are THE INDIAN HOTELS (up 10.2%) and TEAMLEASE SERVICES (up 12.5%). The top losers are MAHINDRA LIFESPACE and ADANI PORTS & SEZ .

VIP INDUSTRIES Surges by 11%; BSE CONSUMER DURABLES Index Up 1.0% (Today's Market)

Jun 3, 2020 03:31 PM

VIP INDUSTRIES share price has surged by 11% and its current market price is Rs 265. The BSE CONSUMER DURABLES is up by 1.0%. The top gainers in the BSE CONSUMER DURABLES Index is VIP INDUSTRIES (up 10.8%). The top losers are RAJESH EXPORTS and SYMPHONY (down 0.3%).

KEC INTERNATIONAL Surges by 5%; BSE CAPITAL GOODS Index Up 1.6% (Today's Market)

Jun 3, 2020 03:31 PM

KEC INTERNATIONAL share price has surged by 5% and its current market price is Rs 229. The BSE CAPITAL GOODS is up by 1.6%. The top gainers in the BSE CAPITAL GOODS Index are KEC INTERNATIONAL (up 5.2%) and BHARAT ELECTRONICS (up 6.0%). The top losers are LAKSHMI MACHINE (down 1.1%) and BHEL (down 1.6%).

BASF INDIA Plunges by 5%; BSE 500 Index Up 0.6% (Today's Market)

Jun 3, 2020 03:23 PM

BASF INDIA share price has plunged by 5% and its current market price is Rs 1,188. The BSE 500 is up by 0.6%. The top gainers in the BSE 500 Index are SOUTH IND.BANK (up 20.0%) and INDIAN OVERSEAS BANK (up 17.0%). The top losers are BASF INDIA (down 5.0%) and ADANI POWER (down 6.5%).

MAHANAGAR GAS Surges by 6%; BSE OIL & GAS Index Up 2.1% (Today's Market)

Jun 3, 2020 03:05 PM

MAHANAGAR GAS share price has surged by 6% and its current market price is Rs 1,025. The BSE OIL & GAS is up by 2.1%. The top gainers in the BSE OIL & GAS Index is MAHANAGAR GAS (up 6.0%). The top losers is CASTROL INDIA (down 0.4%).

Indian Indices Trade Higher; Bajaj Finance, ICICI Bank & SBI Top Gainers (Today's Market)

Jun 3, 2020 12:30 pm

The BSE Sensex is trading up by 497 points, while the NSE Nifty is trading up by 158 points.

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