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Asian stock markets are lower today as Chinese and Hong Kong shares fall. The Shanghai Composite is off 0.7% while the Hang Seng is down 0.6%. The Nikkei 225 is trading down by 1.3%.

Wall Street's major indices tumbled more than 2% on Friday as several US states-imposed business restrictions in response to a surge in coronavirus cases.

Back home, Indian share markets opened on a negative note.

The BSE Sensex is trading down by 276 points. The NSE Nifty is trading down by 68 points.

Meanwhile, the BSE Mid Cap index has opened down by 0.5%.

BSE Small Cap index is trading lower by 0.7%.

All sectoral indices are trading in the red with BSE Bankex witnessing maximum selling pressure.

Speaking of the current stock market scenario, note that the coronavirus impact has shaken markets worldwide.

For the BSE Sensex, FY20 was the second worst year post FY08, the year of the global financial crisis.

Here's a look at the chart showing year-to-date (YTD) Sensex gainers and losers.

Largest Positive and Negative Point Contributions of Sensex Components

Moving on, the rupee is currently trading at 75.62 against the US$.

Gold prices are currently trading up by 0.8% at Rs 48,305.

Moving on to the stock specific news...

Axis Bank and Piramal Enterprises are among the top buzzing stocks today.

Axis Bank came in focus after the bank on Saturday clarified that global rating agency Standard and Poor had made an error by inadvertently mentioning that the bank was on credit watch and that it is on Stable outlook.

The bank clarified that S&P had made an editorial error.

As per the rating action letter by S&P Global Ratings Axis Bank's current issuer ratings stands at BB+/Stable/B from previous BBB-/Negative/A-3 rating.

The S&P stated that, it lowered ratings on Axis to reflect the expectation that heightened economic risks facing India's banking system will affect the bank's asset quality and financial performance. While Axis' asset quality is superior to the Indian banking sector average, its level of non-performing assets (NPAs) will likely remain high compared to international peers'.

The stable rating had been given considering that the bank must have factored in the deterioration in its asset quality over the next 12 months, the reports noted.

S&P had recently downgraded the ratings of Axis Bank along with four non-bank financiers (NBFC)s stating that the increased risks posed by the Covid-19 pandemic will worsen operating conditions.

Axis Bank share price opened the day down by 3.5%.

In another news, Piramal Enterprises informed that US-based investment firm Carlyle Group will purchase a 20% stake in its pharmaceutical unit for around US$490 million.

Piramal Enterprises will integrate its pharmaceuticals businesses into its wholly owned subsidiary Piramal Pharma, which will use the capital raised through the deal to accelerate its organic and inorganic growth plans.

The conglomerate said the transaction, expected to close in 2020 and subject to regulatory clearance, is one of the largest private equity deals in the country's pharmaceutical sector.

Reportedly, the deal values its pharma business at an enterprise value of US$2,775 million, with an upside component of up to US$360 million depending on the company's performance in the current financial year.

The final amount of equity investment will depend on the net debt, exchange rate and performance against the pre-agreed conditions at the time of closing of the deal.

Piramal Enterprises share price opened the day down by 0.2%.

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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INDICESBSE (Rs 0 to 1)BSE (Rs 1 to 2)BSE (Rs 2 to 4)BSE (Rs 4 to 10)BSE (Rs 10 to 20)BSE (Above Rs 20)BSE - AllBSE-30BSE-100BSE-200BSE-500BSE AutoBSE BankexBSE Capital GoodsBSE Consumer DurablesBSE FMCGBSE HealthcareBSE ITBSE MetalBSE Oil & GasBSE PSUBSE TeckBSE RealtyBSE PowerBSE A GroupBSE B GroupBSE Mid-CapBSE Small-CapBSE Basic MaterialsBSE Consumer DiscretionaryBSE IndustrialsBSE UtilitiesBSE Sensex 50BSE Sensex Next 50BSE Bharat 22BSE 150 MidCapBSE 250 SmallCapBSE 250 LargeMidCapBSE 400 MidSmallCapBSE AllCapBSE LargeCapBSE SmallCap SelectBSE 100 LargeCap TMCBSE InfraBSE ManufacturingBSE CPSEBSE Private BankBSE Diversified FinancialsBSE MomentumBSE Low VolatilityBSE QualityBSE Enhanced ValueBSE Divident StabilityS&P BSE IPOBSE SMEIPOBSE 100 ESGBSE CarbonexBSE GreenexNSE (Rs 0 to 10)NSE (Rs 10 to 20)NSE (Above Rs 20)NSE - AllNSE-50NSE ITNSE Nifty Midcap 50NSE JR. NiftyNSE Bank NiftyNIFTY Next 50NIFTY 100NIFTY 200NIFTY 500NIFTY MidCap 100NIFTY SmallCap 250NIFTY SmallCap 50NIFTY SmallCap 100NIFTY LargeMidCap 250NIFTY MidSmallCap 400NIFTY AutoNIFTY Consumer DurablesNIFTY FinanceNIFTY FMCGNIFTY MediaNIFTY MetalNIFTY PharmaNIFTY Private BankNIFTY PSU BankNIFTY RealtyNIFTY Oil & GasNIFTY SME EmergeNIFTY CommoditiesNIFTY CPSENIFTY EnergyNIFTY India ConsumptionNIFTY InfraNIFTY MNCNIFTY PSENIFTY Serv SectorNIFTY100 Liquid 15NIFTY Midcap Liquid 15NIFTY Midcap 150 Quality 50NIFTY50 Equal WeightNIFTY100 Equal WeightNIFTY100 Low Volatility 30NIFTY100 Alpha 30NIFTY Alpha 50NIFTY Dividend Opportunities 50NIFTY High Beta 50NIFTY Low Volatility 50NIFTY200 Quality 30NIFTY 500 Value 50NIFTY 100 Quality 30SECTORSAgricultureAirlinesAluminiumAsset Management CompaniesAutomobilesAuto AncillariesBanks (Private)Banks (PSU)BankingCementChemicalsDefenceDiagnosticsDronesEngineeringElectric VehicleElectric Vehicle BatteryEnergy SourcesESGEthanolFertilizersFintechFMCGFoodGreen HydrogenHotelsInfrastructureInsuranceInvestment and FinanceInvITIT (Large)IT (Others)LogisticsMediaMetalMiningIndia's Big Tech StocksIndian PharmaMNC PharmaPSUPaintPaperPlasticPowerRating AgenciesReal EstateREITsRenewable EnergyRetailingSemiconductorShippingSteelSugarSupply ChainTelecomTextilesTravel Support Services

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