Sensex, Nifty likely to open lower as coronavirus pandemic infects global indices

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Share Market LIVE: Domestic Benchmarks are expected to open on a lower note, continuing the downward spiral trend, following weak cues from global stocks, that extended losses over coronavirus fears. Equities worldwide dropped drastically yesterday after the World Health Organization declared the new coronavirus a pandemic, heightening fears of a global economic recession.

Besides the outbreak in China, the Covid-19 infection cases have risen drastically outside China, hurting major economies and disrupting supply chains. It has now reached almost 122 countries, causing around 4,630 deaths, with the number of infected cases rising to 126,136 today. Of this, 68,219 have been recovered globally. The reported number of infected cases from coronavirus in India has risen to 73 on Thursday. Of this, 56 covid cases are India nationals, while 17 cases are foreigners in India. The nation has also reported its first death due to coronavirus on Thursday night.

On Thursday’s trade, benchmark indices closed nearly 8% lower. Where 30-share index BSE Sensex has hit a fresh 52-week low at 32,493.10 on Thursday, the 50-share index NSE Nifty has dropped to the intraday low of 9,508.00.

Here’s a look at the updates of the market action on BSE and NSE today:

Retail inflation drops

8: 35 AM

In domestic cues, Retail inflation (CPI), has slipped down to 6.58% in February, compared to 7.59 per cent retail inflation in January, as prices of food prices came down sharply, showed data released by National Statistics Office (NSO) on Wednesday. Despite the downturn, this is the third month that consumer price inflation remained above the upper limit of 6 per cent set by Reserve Bank of India (RBI).

RBI cautions states against abandoning private banks

8: 30 AM

Reserve Bank of India (RBI) has stepped in to restore faith YES Bank. RBI said in a letter addressed to chief secretaries of various state governments that “It has been observed from certain media reports that some of the State Governments have advised government bodies and other entities under their jurisdiction to transfer their funds held with Private Sector Banks to Public Sector Banks. It is also learnt that a few other State Governments are contemplating similar action.”

RBI expressed concerns that such a step on part of state governments will cause unnecessary panic in banking sector, leading to liquidity issues.

Market capitalisation drops

8: 25 AM

The market capitilisation of BSE stood at Rs 157.6 lakh crore on 30 January, when India reported its first confirmed case of coronavirus. A little over a month since then, the market capitalisation of BSE now stands at Rs 125.3 lakh crore.

Sensex falls over 8,400 points since first coronavirus case in India

Coronavirus update

8: 25 AM

Besides the outbreak in China, the Covid-19 infection cases have risen drastically outside China, hurting major economies and disrupting supply chains. It has now reached almost 122 countries, causing around 4,630 deaths, with the number of infected cases rising to 126,136 today. Of this, 68,219 have been recovered globally. The reported number of infected cases from coronavirus in India has risen to 73 on Thursday. Of this, 56 covid cases are India nationals, while 17 cases are foreigners in India. The nation has also reported its first death due to coronavirus on Thursday night.

Stocks to watch today on March 13

8: 20 AM

PVR, Arvind Fashions, Lakshmi Vilas Bank, Coal India among others are the top stocks to watch out for in Friday’s trading session.

Stocks in news: PVR, Arvind Fashions, Lakshmi Vilas Bank, Coal India and more

Last Close

8: 15 AM

After witnessing one of the worst single day fall in recent times, benchmark indices on Thursday closed nealry 8% lower. The 30-share index BSE Sensex closed 2,919 points lower at 32,778, while 50-share index NSE Nifty ended 868 points lower at 9,590.

Sensex ends 3,000 points lower, Nifty at 9,590: 5 factors behind the market crash today





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