All sectoral indices were trading higher in Wednesday’s trade. Nifty IT, Nifty Metal and Nifty Pharma, were up over 2 per cent each. Nifty Bank index was too trading higher led by gains in Yes Bank, RBL Bank and IndusInd Bank.
On the corporate front, Yes Bank will be in focus after reporting a staggering Rs 18,654-crore loss for the December quarter due to higher recognition of dud assets on the books, and an erosion of capital buffers to the brink.
Top gainers in the Sensex pack included Hero MotoCorp, Reliance Industries, ICICI Bank and L&T, while Tata Steel, IndusInd Bank, ONGC, SBI and Infosys ended significantly lower.
The rupee on Monday slipped past the 74-level against the US dollar to settle at 74.14 (provisional), down 27 paise tracking heavy selling in domestic equity market amid rising concerns over coronavirus-led economic slowdown.
At 9.36 a.m., the BSE Sensex trimmed some losses and was trading at 37,376.66, lower by 1,093.95 points or 2.84 per cent from the previous close of 38,470.61.
The IMF on Wednesday said will make available about USD 50 billion through its rapid-disbursing emergency financing facilities for low income and emerging market countries that could potentially seek support on account of coronavirus.
At 1.43 p.m., the BSE Sensex was trading at 37,879, lower by 744.70 points or 1.93 per cent from the previous close of 38,623.70. It had opened at 38,715.72 and has so far touched an intra-day high of 38,791.70 and a low of 37,846.10.
In the previous session, the 30-share BSE barometer surged 479.68 points or 1.26 per cent to end at 38,623.70, and the broader Nifty jumped 170.55 points or 1.53 per cent to close at 11,303.30.
In the previous session, the 30-share BSE barometer closed 153.27 points or 0.40 per cent lower at 38,144.02, and the broader Nifty closed lower by 69 points or 0.62 per cent at 11,132.75.
Top gainers in the Sensex pack included ICICI Bank, HCL Tech, Reliance Industries, TCS, ONGC, Titan and Infosys, rising up to 3 per cent. On the other hand, Kotak Bank, M&M and Tech Mahindra were in the red.
According to analysts, till last week the market was of the view that coronavirus was going to have a minimum impact on the global economy as the situation in China was being contained. But the increase in the number of new cases is changing the view and investors are worried about an intense slowdown.
According to analysts, intense spread of coronavirus is pushing investors away. There is sharp foreign fund outflow led by a strong dollar index, as investors reduce their exposure to emerging markets amid global uncertainty.
Equities on Wall Street plunged in overnight trade after American health authorities said they ultimately expect the novel coronavirus to spread in the United States and are urging local governments, businesses, and schools to develop plans like cancelling mass gatherings or switching to teleworking.
In the previous session, the Sensex settled at 40,363.23, dropping 806.89 points or 1.96 per cent -- the second biggest one-day fall in 2020, while the broader NSE Nifty sank 251.45 points or 2.08 per cent to 11,829.40.
According to traders, domestic equities advanced tracking significant foreign fund inflow ahead of the release of wholesale inflation data. Globally, concerns over rising cases of coronavirus patients kept investors on edge, they said.
According to analysts, domestic investors are likely to stay focused on the last batch of Q3 numbers, factory output and CPI inflation for the month of January. As per the consensus, inflation is expected to remain elevated confirming the recent action by the central bank.
In the previous session, Sensex closed 164.18 points or 0.40 per cent lower at 41,141.85, and the Nifty settled at 12,098.35, down by 39.60 points or 0.33 per cent.
According to experts, the RBI is likely to maintain status quo on rates as well as its monetary policy stance, and to continue an accommodative stance to support growth.
According to analysts, markets were trading in the positive territory on the back of encouraging data points related to the domestic economy. Other factors like substantial fall in crude prices, a rise in Indian rupee and positive Asian markets also helped the market move higher, they added.
Asian markets traded higher on Tuesday after a recovery in Chinese stock markets. Shanghai Composite Index fell over 8 per cent on Monday. Investors reacted to the Coronavirus related deaths which has crossed 400 in China.
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