Sensex, Nifty Erase Tuesday’s Gains; End 4% Lower

• Nifty ends 4 percent lower at 8,253.8
• Sensex ends 4.1 percent lower at 28,265.3
• Nifty Bank ends 4.9 percent lower at 18,208.3
• Nifty Midcap Index ends 2.1 percent lower
• Nifty Smallcap Index ends 1.6 percent lower
• India Volatility Index falls 6 percent to 60.52
• All sectoral indices end with losses
• Nifty I.T. the top sectoral laggard, down 5.5 percent
• Nifty FMCG, Nifty PSU Bank index fall over 3 percent
• Nifty Auto, Nifty Metal and Nifty Pharma fall 2 percent
• Hero Motocorp ends as the top Nifty gainer, up 2.5 percent
• Only four out of the 50 Nifty stocks end with gains
• Tech Mahindra ends as top Nifty loser, down 9.4 percent
• 937 stocks ended with gains while 822 declined

Indian equity markets fell for the second time in the last three sessions, erasing the gains made on Tuesday.

The S&P BSE Sensex ended 4.1 percent lower at 28,265. The index had gained 3.6 percent on Tuesday. 27 out of the 30 index constituents ended the day with losses.

The NSE Nifty 50 ended 4 percent lower, erasing Tuesday's 3.8 percent surge at 8,253.80. As compared to the Sensex, the Nifty had 4 stocks that ended with gains.

All sectoral indices ended lower, led by the Nifty I.T. index, which fell 5.5 percent. The FMCG and Media index fell over 3 percent while others fell between 1-2 percent.

However, market breadth remained in favour of the advances. 937 stocks ended the day with gains while 822 posted declines.

Mahindra and Mahindra Ltd. reported a 88 percent drop in overall sales for the month of March. The company sold 7,401 units this month compared to 62,952 units during the same period last year.

CV sales fell 90 percent while three-wheeler sales declined 94 percent year-on-year. Farm equipment sales were down 31 percent compared to last year.

Shares traded 4.6 percent lower at Rs 281 on the National Stock Exchange.

The company has informed the exchanges that it is facing some supply chain disruptions during the 21-day lockdown imposed to combat the spread of the Covid-19 pandemic. The drugmaker anticipates certain delays in deliveries of products to customers.

Shares fell as much as 7.2 percent to Rs 1,844.25 on the National Stock Exchange.

• Suprajit Engineering: Snaps 3-day losing streak after HDFC MF acquired 2.14 percent stake in the company
• Biocon: Malaysia facility gets EIR from U.S. FDA
• Spicejet: Implements pay cut for its top and mid-level employees
• GM Breweries: Gets license to manufacture hand sanitisers from the Food and Drug Administration of the state of Maharashtra

• Sell Cholamandalam for target of Rs 130 and stop loss of Rs 146
• Sell Bandhan Bank for target of Rs 186 and stop loss of Rs 200

• Nifty April futures add 11.3 percent in open interest and 11.2 lakh shares
• Nifty Bank April futures add 20 percent in open interest and 1.75 lakh shares

Active Stock Options

• Reliance Industries 1,200 Call: Premium falls 35.4 percent to Rs 37.25. The contract has shed 29,000 shares in open interest.
• State Bank of India 180 Put: Premium rises 18.9 percent to Rs 17. The contract has added 4.71 lakh shares in open interest.
• IndusInd Bank 300 Put: Premium falls 10 percent to Rs 59.80. The contract has shed 50,000 shares in open interest.

European markets opened sharply lower tracking weakness across Asia and the Dow Futures that trade lower by as much as 700 points.

The Stoxx Europe 600 index fell after HSBC and Standard Chartered suspended dividend and buybacks.

Here is a look at how indices across Europe are faring:

• Euro Stoxx 50 down 2.9 percent at 2,706
• DAX down 2.5 percent at 9,686
• CAC down 3.3 percent at 4,252
• FTSE 100 down 3.5 percent at 5,475
• IBEX 35 down 1.7 percent at 6,667

• Nifty down 4 percent at 8,260
• Sensex down 4 percent at 28,300
• Nifty Bank down 4.8 percent at 18,225
• Nifty Midcap Index down 2.1 percent
• Nifty Smallcap Index down 1.3 percent
• India Volatility Index down 4.4 percent to 61.54
• All sectoral indices trade with losses
• Nifty I.T. Index down 4.6 percent
• Nifty FMCG and Nifty PSU Banking index down over 3 percent
• Nifty Auto, Nifty Pharma Index down 2 percent
• Hero Motocorp top Nifty gainer, up 2 percent
• Only four Nifty 50 stocks trade with gains
• Kotak Mahindra Bank remains top Nifty laggard; down 9.3 percent
• 858 stocks are advancing while 850 trade with losses

The stock fell as much as 8.88 percent to Rs 180, after the company said that the current lockdown scenario will have a cascading effect on its cash flows and business performance.

The company said that estimating the timeline for this is unpredictable at this point of time.

The disruption impact is expected to continue at least till the first quarter of FY21, it added.

The stock trades 6.9 percent lower at Rs 184.

• Sixth straight day of losses
• Down 20 percent in last six sessions
• Down 51 percent from 52-week high of Rs 2,125 on February 25, 2020
• Trades at lowest level since December 2016
• Volumes at 1.1x its 30-day average
• Relative Strength Index (RSI) at 27; indicating stock may be oversold
• 23 out of the 26 analysts tracked by Bloomberg have a 'buy' recommendation
• Return potential of the stock as per Bloomberg data now at 72 percent

• Gains for sixth day in a row
• Up 28 percent in last six sessions
• Longest losing streak since July 2019
• Locked in an upper circuit of 5 percent
• Fifth upper circuit in last six sessions
• Snapped a nine-day losing streak on Wednesday, March 25
• Fell 52 percent during the nine-day losing streak
• 12 out of the 13 analysts tracked by Bloomberg have a 'buy' recommendation
• Return potential of the stock as per Bloomberg data is at 111 percent

• Benchmark indices remain near day's low
• Nifty down 3.6 percent at 8,288
• Sensex down 3.6 percent at 28,402
• Nifty Bank down 4.8 percent at 18,238
• Nifty Midcap Index down 1.9 percent
• Nifty Smallcap Index down 1.1 percent
• India Volatility Index down 5.3 percent to 60.94
• All sectoral indices trade with losses
• Nifty I.T. and PSU Banking index down 3 percent each
• Nifty Auto, Media, Metal and Pharma Index down 2 percent
• Kotak Mahindra Bank remains top Nifty loser, down 9.2 percent
• 829 stocks are advancing while 845 trade with losses

Hero Motocorp ltd. is one among the four stocks on the 50-stock benchmark that are currently holding on to gains.

The two-wheeler maker in a conference call on Tuesday said that it has managed to clear most of its BS-IV inventory through discounts and online sales. The current inventory stands at 15,000 units.

Brokerage house JPMorgan maintained its overweight rating on the stock, stating that the BS-IV risk is less than what the market fears and that the liquidity position for the company is at a comfortable stage. It has maintained its price target of Rs 2,200 on the stock.

Shares are trading 1.2 percent higher at Rs 1,616, up for the second day in a row.

Ashok Leyland Ltd.'s overall sales in the month of March declined 90 percent to 2,179 units as compared to 21,535 units during the same period last year.

Total domestic sales were down 91 percent while M&HCV sales in the domestic market fell 90 percent year-on-year.

Most of the operations for automakers have been shut since the 21-day lockdown announced by the government to combat the spread of the Coronavirus.

Shares are trading 2.3 percent lower at Rs 42 on the National Stock Exchange.

Shares of the integrated pharma and life sciences company surged as much as 10 percent to Rs 274.1 on the National Stock Exchange.

The company received an Establishment Inspection Report (EIR) from the U.S. FDA with a VAI (Voluntary Action Initiated) status for its solid dosage facility in the U.S. The inspection now stands successfully closed.

Shares are up for the second straight day, but off the day's high at Rs 257.55, up 3.4 percent.

Shares of ONGC Ltd. fell as much as 4.7 percent to Rs 65.1 on the National Stock Exchange, while that of Oil India Ltd. too fell 4.7 percent to Rs 78.80.

India revised its gas prices lower by 26 percent on Tuesday to $2.39 per mmBtu starting today. These prices are lower than ONGC's cost of production which is $3.59 per mmBtu.

Gas prices for difficult fields too were cut by more than 33 percent to $5.61 per mmBtu.

Shares of City Gas Distributors - IGL, MGL and Gujarat Gas too were trading with losses of over 1 percent.

Shares of the liquor manufacturer and distributor rose as much as 9.45 percent to Rs 338.30.

The company got a licence to manufacture hand sanitisers from the Food and Drug Administration of the state of Maharashtra. This will be valid till June 30. The company will begin production of hand sanitisers on a commercial basis shortly.

Shares are off the day's high but trade 5.6 percent higher at Rs 326.35 on the National Stock Exchange.

• Nifty April futures add 9.6 percent in open interest and 9.53 lakh shares
• Nifty Bank April futures add 8 percent in open interest and 70,100 shares

Nifty: April 1 Expiry

• 8,500 Call: Premium falls 88.1 percent to Rs 22. The contract has added 16.7 lakh shares in open interest.
• 8,600 Call: Premium falls 93 percent to Rs 8.7. The contract has added 13.61 lakh shares in open interest.
• 8,400 Put: Premium rises 26.2 percent to Rs 88.25. The contract has added 4.27 lakh shares in open interest.

Nifty Bank: April 1 Expiry

• 19,000 Call: Premium falls 93.1 percent to Rs 30.2. The contract has added 6.66 lakh shares in open interest.
• 18,000 Put: Premuium falls 33.4 percent to Rs 58.65. The contract has added 3.92 lakh shares in open interest.
• 19,500 Call: Premium falls 98.3 percent to Rs 3.85. The contract has added 5.1 lakh shares in open interest.

Maruti Suzuki India Ltd. reported a 47 percent fall in overall sales for the month of March, the automaker said in a press statement.

India's largest passenger car maker sold 83,792 units in the month gone by as compared to 1.58 lakh units during the same period last year. Passenger car sales fell 43 percent while UV sales fell 53 percent year-on-year.

The company ended FY20 with overall sales of 15,63,297 units, a drop of 16 percent compared to the year-ago period.

Shares trade 2.3 percent higher at Rs 4,375 on the National Stock Exchange, snapping a four-day losing streak.

• Benchmark indices extend their losses
• Nifty down 2.3 percent at 8,400
• Only two Nifty constituents - IndusInd Bank and Britania trade with gains
• Sensex down 2.3 percent at 28,793
• Nifty Bank down 3.2 percent at 18,535
• Nifty Midcap Index down 0.8 percent
• Nifty Smallcap Index down 0.6 percent
• India Volatility Index down 4.8 percent to 61.29
• All sectoral indices trade with losses
• Nifty Auto, I.T., Metal and PSU Banking Index fall over 2 percent each
• Nifty FMCG gives up early gains, trades 0.8 percent lower
• IndusInd Bank, top Nifty gainer but off the day's high, up 2 percent
• Kotak Mahindra Bank top Nifty laggard, down 8 percent
• 842 stocks are trading with gains while 707 are declining

The stock is up for the second day in a row today, rising as much as 8.8 percent to Rs 566.

In a statement to the exchanges on Tuesday, the company said that it has recorded a turnover of Rs 21,100 crore for FY20. This implies a revenue growth of 7 percent compared to the previous year.

“The order book is likely to attain a healthy position in FY21,” the company statement said.

Shares however have cooled off from their opening highs and trade 2.53 percent higher at Rs 533.45.

Shares of the Pharma company rose as much as 5.6 percent to Rs 285.70, after the company's insulin manufacturing facility in Malaysia received an Establishment Inspection Report (EIR) with a VAI (Voluntary Action Initiated) status from the U.S. FDA.

The U.S. FDA had inspected the facility in February 2020 and issued three observations for the same. The inspection now stands closed with the VAI status, Biocon said in its exchange filing.

Shares of the private bank rose as much as 11 percent to Rs 390 on the National Stock Exchange. It is also the top gainer on the Nifty 50 index. This follows a 15 percent fall that the stock saw in Tuesday's trading session.

Promoters of the lender fully repaid a debt commitment for which they had pledged 23.8 million equity shares to Citibank in London.

IndusInd Ltd., Mauritius is now a debt free entity, the bank's notice to the exchanges said.

Shares of the Mumbai-based private lender fell as much as 8.2 percent to Rs 1,189 on the National Stock Exchange. It is also the top loser on the 50-stock NSE Nifty 50.

The bank in a conference call on Tuesday warned of slippages rising and significant issues on the recovery front if the 21-day lockdown is extended for a period of three months.

The bank also expressed concerns about the retail unsecured business. “Generally, the recovery infrastructure is set up to handle up to 5-7 percent of default rate, but in times like these, it may rise to 15 percent,” the bank said.

Indian equity markets opened on a negative note after posting healthy gains on Tuesday tracking weak cues from Asian equities as well as the dow futures.

The S&P BSE Sensex index opened 0.13 percent higher at 29,505, before turning negative after a 3 percent surge on Tuesday.

The NSE Nifty 50 index fell as much as 1.2 percent to 8,494. Both Sensex and Nifty are coming off their worst ever March and one of their worst ever quarterly performance.

All the sectoral indices barring the Nifty Realty index opened with losses. The real estate index is up 0.1 percent.

762 stocks have begun the trading day with gains while 613 stocks are declining.

• Buy Hindustan Unilever for target of Rs 2,430 and stop loss of Rs 2,220
• Sell PNB for target of Rs 28 and stop loss of Rs 34

• Sell Nifty futures on rise to 8,700 - 8,750 for target of 8,300 and stop loss of 8,900
• Sell Infosys futures at Rs 645 for target of Rs 610 and stop loss of Rs 662
• Sell Max Financial futures at Rs 388 for target of Rs 365 and stop loss of Rs 400

• Gas Stocks: India cuts gas prices by 26 percent to $2.39 per mmBtu, with effect from April 1. Lower gas prices are negative for producers like ONGC and Oil India.
• Hero Motocorp: Company has cleared bulk of the BS-IV inventory using online sales and discounts. Current inventory stands at around 15,000. It wil take back all the unsold stock where the Supreme Court has not given any relaxation, the company stated in a conference call.
• Kotak Mahindra Bank: Says slippages may inch higher if the lockdown is extended to three months.
• Hindustan Aeronautics: Records turnover of Rs 21,100 crore in FY20 with a revenue growth of 7 percent
• Spicejet: Chairman and MD Ajay Singh to take a 30 percent pay cut. Other employees barring the lowest pay grade will take a 10-30 percent pay cut.
• Orient Electric: Says impact of the disruption due to Covid-19 will extend at least till the first quarter of FY21.

Find out all that you need to know going into today’s trading session here.

• Benchmark indices ended lower on Tuesday after concerns continued to rise over the Covid-19 pandemic and the efforts to contain the spread.
• The Dow Jones Industrial Average Index saw its worst quarterly performance since 1987.
• Cboe Volatility Index averaged 57 in March, triple the mean in the last decade
• Gold posted its sixth straight quarterly gain
• West Texas Intermediate fell 67 percent in the quarter, the worst ever.

The Singapore-traded SGX Nifty, an early indicator of NSE Nifty 50 Index’s performance in India, fell 1.12 percent to 8,524 as of 8:00 a.m.

Futures on the S&P 500 were down over 1 percent after President Donald Trump warned of a 'painful' two weeks ahead.

Stocks in Japan and South Korea are declining, while those in Australia are bucking the trend. Markets in Hong Kong declined as Standard Chartered and HSBC Holdings both suspended dividend payments due to the Covid-19 outbreak.

Short on time? Well, then listen to this podcast for a quick summary of All You Need To Know before the opening bell.