Sensex Slips 450 Points; Axis Bank & Bajaj Finance Top Losers

Mon, 29 Jun 12:30 pm

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Share markets in India fell nearly 1.5% today, tracking weak global cues as coronavirus cases continue to surge across the world.

The Standard and Poor's warning that the Indian economy is in deep trouble also weighed on investor sentiment. The rating agency has projected the Indian economy's growth to contract by 5% this fiscal.

Barring FMCG stocks, all sectoral indices are trading on a negative note with stocks in the realty sector and metal sector witnessing most of the selling pressure.

The BSE Sensex is trading down by 423 points (down 1.3%), at 34,700 levels.

Meanwhile, the NSE Nifty is trading down by 143 points (down 1.4%).

The BSE Mid Cap index is trading down by 1.7%. The BSE Small Cap index is trading down by 1.5%.

Gold prices are currently trading up by 0.2% at Rs 48,400.

The rupee is trading at 75.56 against the US$.

The domestic currency opened 3 paise higher today at 75.62 against the US dollar following some selling in American currency by banks and exporters.

On Friday, the rupee settled flat at 75.65 against the greenback as concerns about rising Covid-19 cases weighed on investor sentiment.

So far in 2020, the currency has dropped 5.6%.

As per an article in The Economic Times, the growth shock to India's economy from the coronavirus pandemic will trigger more weakness in the rupee, dragging it toward an unprecedented 80-per dollar level.

Here's an excerpt from the article:

• That's the view from Venkat Thiagarajan, who has traded currency markets for 26 years, and most recently served as the head of forex at Reliance Industries Ltd., which runs India's largest corporate treasury. The rupee, he argues, has a stronger link with economic growth, and metrics like the current account, balance of payments and global dollar dynamics have a marginal impact in the medium term.

Thiagarajan has seen Reliance emerge as one of the most prolific issuers and borrowers in the global debt markets during his 17-year stint at the oil-to-telecom giant.

Controlled by Mukesh Ambani, Asia's richest man, Reliance alone accounts for about 10% of India's exports, which explains why traders closely watch its forex flows. Last year, the company is said to have sold bulk of the US$ 5 billion in a forex swap with the central bank.

Note that, massive sell-off in equities and bonds led to a huge fall in rupee against the dollar in 2020. In April, the domestic currency fell to a record low of 76.92.

Most of the selling pressure for rupee was seen on the back of slump in equities and currencies globally. Investors were concerned that support measures from governments and central banks may be insufficient to halt the economic damage caused by the coronavirus pandemic.

Rupee's Downtrend

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Moving on, market participants are tracking Emami share price. Shares of the company slipped 6% today after it reported disappointing set of numbers for the quarter ended March 2020, impacted severely by the Covid-19 pandemic.

The personal products company's profit before tax (PBT) declined by 70% year on year (YoY) to Rs 253.7 million in Q4FY20, from Rs 847.7 million in Q4FY19.

Profit after tax during the quarter under review more-than-halved to Rs 233.6 million from Rs 561.5 million.

In news from the banking sector, IDBI Bank and Axis Bank are among the top buzzing stocks today.

Shares of IDBI Bank gained 5% intraday today after the bank said its board has approved a plan to offload 27% stake in IDBI Federal Life Insurance at a combined value of Rs 6 billion.

IDBI Bank has 48% stake in IDBI Federal Life Insurance, which started operations in 2008. Federal Bank and its Dutch partner Ageas Insurance International NV have 26% stake, each.

The stake sale is subject to all regulatory approvals to be taken by all related parties and agreements which are yet to be finalised.

Shares of the lender touched a new 52-week high today on back of the above news.

In the last one month, the stock has zoomed over 100% from the level of Rs 20.30.

Last month, the lender had posted a profit before tax (PBT) of Rs 2.9 billion for the fourth quarter ended March 2020 (Q4FY20) on a healthy rise in net interest income and a sharp drop in provisions and contingencies.

The bank had posted a loss before tax of Rs 71.4 billion in quarter ended March 2019 (Q4FY19).

IDBI Bank share price is presently trading up by 2%.

To know more, you can read IDBI Bank's Q4FY20 result analysis on our website.

And to know what's moving the Indian stock markets today, check out the most recent share market updates here.

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Indian Share Market Update: Top Gainers and Losers