Bears continued to be in the driver’s seat on Friday as markets witnessed another bout of across-the-board sell-off due to Coronavirus fears. Further, YES Bank crisis was another major factor that dragged the markets lower.
The S&P BSE Sensex tanked 894 points or 2.32 per cent to settle the day at 37,577. During the day, the index hit a low of 37,011 levels. Bajaj Auto emerged as the biggest gainer on the index while Tata Steel (down over 6.5 per cent) was the top loser.
On NSE, the broader Nifty50 index ended at 10,989, down 279.5 points or 2.48 per cent.
On a weekly basis, Sensex dropped 1.8 per cent while Nifty lost 1.89 per cent.
Among individual stocks, YES Bank cracked as much as 85 per cent during the day after RBI suspended the bank’s board and placed it under moratorium for 30 days and capped withdrawal limit to Rs 50,000 for the one-month period. The stock eventually settled at Rs 16, down 56 per cent.
State Bank of India (SBI) closed around 6.5 per cent lower at Rs 270, after it informed that its board has given in-principle approval to consider an “investment opportunity” in YES Bank. In a late night statement on Thursday, SBI, however, said no decision had yet been taken to pick up stake in the bank.
Besides, other banking stocks, too, tumbled in the trade. The Nifty Bank index ended at 27,781, down over 1,000 points or 3.6 per cent.
Volatility index India VIX rose around 12 per cent to 25.96 levels.
In the broader market, the S&P BSE MidCap index declined 343.5 points or over 2 per cent to 14,227 levels while the S&P BSE SmallCap index ended at 13,330, down 261.5 points or around 2 per cent.
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Equity market came under pressure on Friday after the Supreme Court (SC) rejected the telecom companies’ plea seeking new schedule of adjusted gross revenue (AGR) payments and directed them to clear their dues to the government by March 17.
The S&P BSE Sensex slid 202 points or 0.49 per cent to settle at 41,258, with IndusInd Bank (down 4 per cent) being the top loser and Bharti Airtel (up nearly 5 per cent) the biggest gainer.
On the NSE, the benchmark Nifty50 index ended at 12,113, down 61 points or 0.5 per cent.
Among telcos, Vodafone Idea tumbled over 23 per cent to Rs 3.44 apiece on the BSE post the AGR verdict. Bharti Infratel settled nearly 6 per cent lower at Rs 231. On the other hand, Bharti Airtel jumped 5 per cent to a fresh lifetime high of Rs 565 on the BSE as investors bet on a potential duopoly in the Indian telephony market after the Supreme Court today rejected the telcos’ review plea on adjusted gross revenues (AGR) payments. The stock settled at Rs 564, up around 4.5 per cent.
Financial and banking stocks, too, took a beating following the decision as, according to reports, they have high exposure to Vodafone Idea’s debt. Nifty Bank tumbled 395 points or over 1 per cent to 30,835 points.
In the broader market, the S&P BSE MidCap index slipped 0.8 per cent while the S&P BSE SmallCap index settled 0.4 per cent lower at 14,683.
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Bulls held their reigns for the second consecutive day on Friday, as markets decisively stayed in the positive territory after a mild blip in the early morning trade. Pre-budget rally and decent Q3FY20 results throughout the day were the biggest factors driving the markets today. Banking counters were leading the charge from the front with HDFC twins, ICICI Bank, Kotak Mahindra Bank, and Axis Bank being the top contributors of the gains today.
The benchmark S&P BSE Sensex surged 421 points off day’s low to hit an intra-day high of 41,697.03. At close, the Sensex settled at 41,613.19 level, up 226.79 points or 0.55 per cent. UltraTech Cement, L&T, Tech Mahindra, and Kotak Mahindra Bank were the top gainers on the 30-share index, while Power Grid, IndusInd Bank, TCS, and Reliance Industries were the top laggards.
On the NSE, the Nifty50 reclaimed the 12,250-mark in the intra-day trade today and hit a high of 12,272.15. The 50-share index ended 67.90 points, or 0.56 per cent, higher at 12,248.25 mark. Sectorally, all the key indices settled in the positive territory barring Nifty IT and Pharma indices. Nifty Metal index settled 1.02 per cent higher, followed by Nifty Financial Services index (up 0.9 per cent) and Nifty Bank index (up 0.8 per cent).
Broader markets continued their outperformance on Friday as well, with the S&P BSE mid-cap index hitting its fresh 52-week high in the intra-day trade today. At close, the index was at 15,826.57 level, up 0.8 per cent. The S&P BSE small-cap index, meanwhile, settled 0.5 per cent higher at 14,848.49.
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