All the 13 major sectoral indexes declined with high weightage financials and information technology (IT) falling 0.7% and 1.4%, respectively.
Forty-five of the Nifty 50 constituents logged losses. All the Adani group stocks fell on a report that the group suspended work on $4.2 billion petrochemical project at Mundra in Gujarat.
The Nifty 50 fell nearly 2% last week, its biggest drop in nearly a month.
Over the weekend, UBS said it will buy Credit Suisse for 3 billion francs ($3.2 billion), and assume up to $5.4 billion in losses, in a deal engineered by Swiss authorities.
Soon after the announcement, global central banks came out with statements to reassure markets. But investor sentiment remained fragile.
At least two major banks in Europe are examining scenarios of contagion, two senior executives close to the discussion told Reuters.
Among individual stocks, Tata Consumer Products fell over 2% after the company dropped acquisition talks with Bisleri.
Cochin Shipyard jumped over 6% after winning 5.50 billion Rupees order for zero emission feeder container vessels from Samskip Group.
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Sensex Today | Index off day’s low, trades 550 points lower
SpiceJet chief Ajay Singh on Monday said the airline is significantly restructuring its balance sheet and will aggressively push for fleet expansion. The airline will also be having a significant number of dedicated cargo aircraft, he said, adding that the cargo business has helped the airline pay off its liabilities.
Price as on 20 Mar, 2023 02:07 PM, Click on company names for their live prices.
These stocks tumble to fresh 52-week lows today
These pharma stocks tank the most, fall up to 5% today
Price as on 20 Mar, 2023 02:05 PM, Click on company names for their live prices.
Relief over Credit Suisse rescue short-lived as bank shares plummet
In a package engineered by Swiss regulators on Sunday, UBS Group AG will pay 3 billion Swiss francs ($3.23 billion) for 167-year-old Credit Suisse Group AG and assume up to $5.4 billion in losses.
Credit Suisse shares slumped 62% in premarket trade to a new low while UBS lost 7.1%. Those sharp moves followed a day of heavy selling in Asian financial markets as early investor optimism about official efforts to stem a banking crisis quickly evaporated.
Bank stocks drag FTSE 100 lower at open as banking crisis jitters persist
By 0802 GMT, the blue-chip FTSE 100 was down 0.7%, after falling 1% on Friday.
British banks fell 2.9%, extending declines from last week, which was their worst weekly performance in more than a year.
European stocks slide as Credit Suisse buyout fails to soothe investors
The pan-European STOXX 600 index fell 0.8% by 0807 GMT, after having recorded its biggest weekly decline of the year on Friday.
Shares of Credit Suisse slumped 62.3% after rival UBS Group AG said it will pay 3 billion Swiss francs ($3.23 billion) for the 167-year-old bank and assume up to $5.4 billion in losses, in a package orchestrated by Swiss regulators on Sunday.
Shares of UBS dropped 8.8%.
Credit Suisse Group AG shares down 62.09%, at open, on track for biggest daily decline ever
Udayshivakumar Infra IPO subscribed 18% so far on Day 1 as GMP rises
The initial public offering (IPO) of Udayshivakumar Infra was subscribed 18% so far on Day 1 with non-institutional investors (NIIs) dominating the bidding. The issue will be available for subscription till March 23. The NII part was subscribed 26%, while retail investors’ category was subscribed 17%. Qualified Institutional Buyers (QIBs) stayed away from the issue so far.
Gold, a safe haven asset, is currently in a very favourable financial and economic situation. We anticipate a significant increase in price if gold closes over $2000 (spot), which could potentially occur at levels of $2070 and $2185. For domestic gold, the levels to watch after a close above Rs 60540 are Rs 61920 and Rs 64000. Yet, this week’s expected US Fed discussion is extremely significant.
– Rahul Kalantri, VP Commodities, Mehta Equities
Ahluwalia Contracts (India) has secured an order for Construction of Cancer Hospital Building – Platinum Jubilee Block for Tata Memorial Centre at Parel, Mumbai worth of Rs 723.34 crore.
Price as on 20 Mar, 2023 12:40 PM, Click on company names for their live prices.
Sensex plunges 800 pts; all the top stocks turn red
Brent crude slips below $71/bbl
The crude oil prices highest lowest level since Nov 2021
Check out the top 5 losers from IT pack
Price as on 20 Mar, 2023 12:27 PM, Click on company names for their live prices.
Market LIVE Updates | Krsnaa Diagnostics in consortium has been qualified as L1 bidder for tender worth Rs 450 crore
Price as on 20 Mar, 2023 11:57 AM, Click on company names for their live prices.
Tokyo shares end lower on banking worries
Tokyo shares ended lower on Monday, weighed by concerns about the global banking sector as well as a stronger yen. The benchmark Nikkei 225 index fell 1.42 percent, or 388.12 points, to 26,945.67, while the broader Topix index lost 1.54 percent, or 30.12 points, to 1,929.30.
Westlife Foodworld elevates Saurabh Kalra as Managing Director
Price as on 20 Mar, 2023 11:32 AM, Click on company names for their live prices.
Gold Price Today: Yellow metal hits new lifetime high, eyes Rs 60,000 mark
The April Gold futures were trading at Rs 59,561, up Rs 137 or 0.23% at 10:40 am. Meanwhile, May Silver futures were trading flat around this time at Rs 68,493 per kg, though the bias was slightly negative.
Forex Watch | Safe haven yen, dollar regain footing as caution builds over bank contagion
Japan’s currency, which is particularly sensitive to long-term Treasury yields, rebounded from losses as steep as 0.6% to last be flat against the dollar as the U.S. 10-year yield pared an early decline in Tokyo trading and headed back toward a nearly two-month low.
Market LIVE Updates | These stocks defy global market mood, rise up to 5%
Price as on 20 Mar, 2023 10:56 AM, Click on company names for their live prices.
Sensex Today | Check out how top stocks are doing as Sensex falls 700 points
The morning star finish on Friday encourages us to stick with the 17470 trajectory that we had embarked on, late last week, anticipating a relief rally. Alternatively, stalling in the 17100-185 band could signal that the recovery attempt is short lived, but we would wait for a break of 16800, to re-assess the prospects of a 16200-15500 plunge. This is not our favoured view for nowthough, and will continue to hope that upswings will gain momentum without stretching much beyond 17000, but we do need a break beyond 17224 to be more confident.
– Anand James – Chief Market Strategist at Geojit Financial Services
Cochin Shipyard jumped over 6% after winning 5.50 billion Rupees order for zero emission feeder container vessels from Samskip Group.
Price as on 20 Mar, 2023 10:17 AM, Click on company names for their live prices.
Paras Defence and Space Technologies wins contract worth Rs 64 crore for Avionics Suite for Saras MK – 2 Aircraft from Council of Scientific & Industrial Research (CSIR) – National Aerospace Laboratories (NAL), Bengaluru.
Price as on 20 Mar, 2023 10:13 AM, Click on company names for their live prices.
Udayshivakumar Infra IPO opens for subscription. Should you bid?
Religare broking has a “neutral” rating on the IPO. The brokerage said the company has expertise such as an in-house design and engineering team which reduces dependency on outsourcing, a fleet of modern construction machinery and equipment to ensure high-quality construction and skilled manpower to execute projects in a timely manner.
Check out the top 10 losers in morning trade
Price as on 20 Mar, 2023 10:03 AM, Click on company names for their live prices.
Sector Watch: All sectors trade in red; Nifty Metal & PSB’s shed 2% each
The morning star finish on Friday encourages us to stick with the 17470 trajectory that we had embarked on, late last week, anticipating a relief rally. Alternatively, stalling in the 17100-185 band could signal that the recovery attempt is short lived, but we would wait for a break of 16800, to re-assess the prospects of a 16200-15500 plunge. This is not our favoured view for nowthough, and will continue to hope that upswings will gain momentum without stretching much beyond 17000, but we do need a break beyond 17224 to be more confident.
– Anand James – Chief Market Strategist at Geojit Financial Services.
Take a look at the top losers!
Price as on 20 Mar, 2023 09:36 AM, Click on company names for their live prices.
Market Live Updates: Sensex tanks over 500 points!
Glenmark Pharmaceuticals receives ANDA approval for Prochlorperazine Maleate Tablets USP, 5 mg and 10 mg.
Price as on 20 Mar, 2023 09:22 AM, Click on company names for their live prices.
Rupee rises 10 paise to 82.49 against US dollar in early trade.
Check out the top movers in morning trade
Price as on 20 Mar, 2023 09:20 AM, Click on company names for their live prices.
Opening Bell: Sensex slips over 350 pts, Nifty below 17,000; TCS drops 3%, Infy 2%
The fears of financial contagion rising from the banking crisis in US and Europe appear to be largely contained by the quick response of the governments and central banks. The big learning from the global financial crisis of 2008 is that failure of large financial institutions will lead to systemic issues leading to financial contagion and ultimately to recession. Learning from this crisis, this time there has been a concerted global action – the latest being the buyout of Credit Suisse by UBS – to contain the crisis. The volatility index in the US at around 25 doesn’t indicate any panic like in 2008. However, investors may remain cautious and wait for stability. The boost to India’s macros arising from reduction in trade deficit and big decline in Brent crude to $73 are positives from the market perspective.
– Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
SGX Nifty 50 signals a negative start
Nifty futures on the Singapore Exchange traded 69 points or 0.40% lower at 17,093, indicating a negative start for Dalal Street.
Asian markets steady
- Nasdaq 100 futures rose 0.5%
- Euro Stoxx 50 futures rose 1%
- Japan’s Topix index fell 0.3%
- Hong Kong’s Hang Seng Index fell 1.7%
- Australia’s S&P/ASX 200 Index fell 0.3%
Wall Street ends sharply lower on Friday
- S&P 500 lost 1.10%
- Nasdaq Composite lost 0.75%
- Dow Jones Industrial Average fell 1.20%
Oil edges up on historic Swiss banks deal
Brent crude futures rose 35 cents, or 0.5%, to $73.32 a barrel by 0007 GMT after a near 12% loss last week, its biggest weekly fall since December. US West Texas Intermediate crude was at $67.11 a barrel, up 37 cents, or 0.6%, after a 13% decline last week, its biggest since last April.
Stocks in F&O ban today
- Indiabulls Housing Finance
- Gujarat Narmada Valley Fertilizers and Chemicals
FII/DII action
Foreign portfolio investors (FPIs) have net sold shares worth Rs 1,766 crore on Friday. DIIs, on the other hand, bought shares worth Rs 1,817 crore.
Rupee rose by 18 paise
The rupee reversed its four-day losing streak and rose 18 paise to 82.58 (provisional) against the US dollar on Friday, tracking positive sentiments in the domestic equity markets.
Sensex, Nifty end higher on Friday
Indian equity indices ended in the green in a volatile session on Friday, tracking the rebound in global equities after authorities took a slew of steps to support the global banking system, whetting risk appetite. Led by banking, financial and IT stocks, the 30-share BSE benchmark Sensex rose 355 points or 0.62% to settle at 57,990. The broader NSE Nifty surged 114 points or 0.67% to end at 17,100.
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