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Sensex Ends 674 Points Lower; Banking and Finance Stocks Witness Selling
Fri, 3 Apr Closing | Monish Vora, TM Team

Indian share markets witnessed selling pressure throughout the day and ended lower. Investors were worried about the economic impact and uncertainty over the coronavirus pandemic.

Benchmark indices extended losses, as coronavirus cases continued to rise despite a complete lockdown. India is consecutively reporting biggest single-day jumps in new COVID-19 cases since Monday.

Sectoral indices ended on a mixed note, with stocks in the finance sector and banking sector, leading the losses, while healthcare stocks witnessed buying interest.

At the closing bell, the BSE Sensex stood lower by 674 points (down 2.4%) and the NSE Nifty closed down by 170 points (down 2.1%).s

The BSE Mid Cap index and the BSE Small Cap index ended the day down by 1.2% and 1%, respectively.

Asian stock markets finished on a negative note. As of the most recent closing prices, the Hang Seng was down by 0.4% and the Shanghai Composite stood lower by 0.6%.


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Speaking of Indian share markets, in the article titled How Corona Crash Hit Indian Financial Markets in March 2020 - 6 Charts, we dive deeper and look at how Indian financial markets performed in March 2020.

Also, speaking of the current stock market scenario, stock markets around the world witnessed one of the most painful correction phases in the month of March 2020.

Indian stock markets too mirrored the trend. In the month of March 2020, the Sensex fell as much as 23%.

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Moving on, the rupee is trading at 76.12 against the US$.

Gold Prices are currently trading up by 2.1% at Rs 44,249.

In domestic markets, gold prices rose sharply today tracking global rates. Further, a weaker rupee helped lift prices.

Speaking of gold, you will be surprised to know that the safe haven has outperformed equities over a 15-year period.

Have a look at the chart below:

An equal amount of Rs 100 invested in both gold and Sensex in 2004 would have generated higher returns in gold by a wide margin.

Your total investment in gold and Sensex would be valued at Rs 687 and Rs 410, respectively.

So, investors in gold are happier than investors in Sensex or equities at this moment.

In news from the automobile sector, shares of automobile companies witnessed selling pressure today on the back of disappointing March sales numbers, largely due to the nationwide lockdown to prevent the spread of coronavirus.

Reportedly, India's automobile sales are down by an average 64% as all manufacturing plants have been shut since the lockdown announced on March 24.

Shares of TVS Motors and Ashok Leyland slipped over 7% to hit new 52-week lows, while Hero MotoCorp, Tata Motors and Bharat Forge declined in the range of 5-6%.

Earlier this week, Maruti Suzuki said it had sold 83,792 in March, down 47% from a year earlier. However, the company said the number was not comparable with 2019 due to the suspension of operations from March 22.

Tata Motors' passenger vehicle sales for March fell 68%, while sales of commercial vehicles, including trucks and buses, slumped 87%.

The company said in the future, it would report sales numbers once a quarter instead of monthly to avoid needless short-term volatility and help investors focus on the long-term drivers of the business.

Mahindra & Mahindra (M&M) reported 88% year-on-year fall in its passenger vehicle (PV) sales for March. The company's passenger vehicle sales stood at 3,384 units in March.

The company also posted a 90% decline in its commercial vehicle sales, which stood at 2,325 units in March as against 24,423 units during the year-ago period.

Meanwhile, Bajaj Auto today reported a 38% decline in total sales to 2,42,57 units in March as against 3,93,351 in the same month last year.

Total domestic sales fell 55% to 1,16,541 units last month as compared to 2,59,185 units in March 2019.

The company, in a statement, said that its total two-wheeler sales were down 35% at 2,10,976 units as compared to 3,23,538 units in the year-ago month.

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 finance sector, data released by PRIME Database showed that financial year 2019-2020 saw a 62% jump in equity fundraising, with Rs 203.5 billion of funds raised by initial public offerings (IPOs) and Rs 512.2 billion of funds raised by already listed companies through the qualified institutional placement (QIP) route.

Overall, equity fundraising via various routes stood at Rs 916.7 billion in FY20, compared to Rs 564.9 billion in the previous financial year.

IPOs during FY20 saw strong appetite by institutional investors as well as retail investors.

QIP activity was up nearly fivefold, largely driven by issuances by Axis Bank and Bajaj Finance.

Funds mopped up through rights issues surged to Rs 560 billion.

Fundraising through public issuances of bonds saw 59% decline in FY20. As many as 35 issues raised Rs 149.9 billion, compared to 20 issues raising Rs 367.9 billion last year.

IPO activity this year is expected to see a sharp slowdown amid the coronavirus outbreak.

As many as 26 companies with approval from the markets regulator are looking to raise nearly Rs 260.6 billion from IPOs, while another six companies yet to receive nod have IPO fundraising plans of Rs 75 billion.

Stay tuned for more updates from this space.

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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Stock Market Updates

Sensex Ends 260 Points Lower; Finance and Banking Stocks Witness Huge Selling (Today's Market)

May 22, 2020 Closing

The BSE Sensex ended the day down by 260 points, while the NSE Nifty closed down by 67 points.

ESCORTS LIMITED at 52 Week High; BSE 500 Index Down 0.5 % (Today's Market)

May 22, 2020 03:27 PM

ESCORTS LIMITED share price has hit a 52-week high. It is presently trading at Rs 918. BSE 500 Index is down by 0.5% at 11,905. Within the BSE 500, ESCORTS LIMITED (up 3.9%) and TVS SRICHAKRA (up 20.0%) are among the top gainers, while top losers are MAHINDRA HOLIDAYS and TCI EXPRESS LTD.

INDIABULLS HOU. FIN. Plunges by 5%; BSE 500 Index Down 0.8% (Today's Market)

May 22, 2020 03:21 PM

INDIABULLS HOU. FIN. share price has plunged by 5% and its current market price is Rs 124. The BSE 500 is down by 0.8%. The top gainers in the BSE 500 Index are TVS SRICHAKRA (up 20.0%) and ZEE ENTERTAINMENT (up 6.0%). The top losers are INDIABULLS HOU. FIN. (down 5.1%) and HDFC (down 5.1%).

TVS SRICHAKRA Surges by 11%; BSE 500 Index Down 0.6% (Today's Market)

May 22, 2020 02:33 PM

TVS SRICHAKRA share price has surged by 11% and its current market price is Rs 1,214. The BSE 500 is down by 0.6%. The top gainers in the BSE 500 Index is TVS SRICHAKRA (up 10.5%). The top losers are RAJESH EXPORTS and SKF INDIA .

FEDERAL BANK Plunges by 5%; BSE BANKEX Index Down 2.5% (Today's Market)

May 22, 2020 02:31 PM

FEDERAL BANK share price has plunged by 5% and its current market price is Rs 40. The BSE BANKEX is down by 2.5%. The top gainers in the BSE BANKEX Index is KOTAK MAHINDRA BANK (up 0.4%). The top losers is FEDERAL BANK (down 5.2%).

CANFIN HOMES Plunges by 5%; BSE 500 Index Down 0.8% (Today's Market)

May 22, 2020 02:15 PM

CANFIN HOMES share price has plunged by 5% and its current market price is Rs 287. The BSE 500 is down by 0.8%. The top gainers in the BSE 500 Index are TVS SRICHAKRA (up 6.7%) and NIIT TECHNOLOGIES (up 6.4%). The top losers are CANFIN HOMES (down 5.0%) and BAJAJ FINSERV (down 5.5%).

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