We had mentioned in last week’s closing report that Nifty, Sensex were still under the attack of bears. The major indices crashed on Monday but recovered over the remaining week, and ended with minor losses over previous Friday’s close. The trend of the major indices in the course of the week’s trading was:
On Monday, the major indices posted its worst ever decline in a single day. On the NSE, there were 129 advances, 1,703 declines and 292 unchanged.
Key Indian equity indices traded deep in the red on late Monday afternoon with the S&P BSE Sensex plunging around 4,000 points. In the early hours, trade had halted for 45 minutes, as both BSE Sensex and the Nifty50 hit the 10% lower circuit.
Asian Paints said it has shut operations in all its manufacturing units and sales locations in view of the corona virus crisis and lockdown announced in several states.
Toyota’s India joint venture halted production of cars at its Bidadi plant over the coronavirus outbreak and consequent lockdown till March 31.
Honda Motorcycle & Scooter India announced temporarily shutdown of operations across all its four manufacturing plants with immediate effect till further notice.
On Tuesday, the major indices rallied, as markets all over the world rallied strongly, with US premarket futures remaining limit up (5%). On the NSE, there were 799 advances, 987 declines and 324 unchanged.
In a major relief for small and medium enterprises, the central government has raised the threshold for default under the IBC to Rs 1 crore from the current Rs 1 lakh. Addressing the media through videoconferencing on Tuesday, Union Finance Minister Nirmala Sitharaman said that the decision has been taken to prevent triggering of insolvency proceedings against MSMEs.
The Finance Ministry announced the extension of the deadline for filing returns of goods and services tax (GST) for March, April and May 2020 till June 30.
Sterlite Technologies has announced buyback of maximum 96,66,666 shares at a price not exceeding Rs150 per share for an aggregate amount of Rs145 crore.
On Wednesday, amid a rebound in the global markets, Indian equity indices surged with the BSE Sensex gaining over 1,800 points to close above the 28,000-mark.
GoAir decided to institute a limited pay reduction measure across the board to deal with the economic fallout of Covid-19 and the lockdown.
Ashok Leyland acquired 3.62% of the paid-up equity share capital of Hinduja Leyland Finance, a subsidiary at a price of Rs.119/- per share. Consequently, the company’s shareholding in HLFL stands increased from 61.83% to 65.45%.
Sarda Energy & Minerals shut down all its production facilities and offices temporarily.
On Thursday, the major indices rallied with major gains. On the NSE, there were 1,275 advances, 503 declines and 342 unchanged.
Finance Minister Nirmala Sitharaman indicated that concerns of India Inc, small-to-medium enterprises (SMEs) segments and other segments hit by the lockdown might be looked at and the government could announce a plan later. Meanwhile, the FM announced a Rs 1,70,000 crore package, aimed at providing food security to the poor and money in their hands to fight the Covid-19 pandemic issues.
Caplin Point Laboratories has been granted final approval from the USFDA for Verapamil Hydrochloride injection. It is a calcium channel blocker used in the treatment of cardiac conditions such as high blood pressure, arrhythmias and angina.
In the wake of substantial reduction in demand for petroleum products post the Covid-19 outbreak in the country, public sector refiner Indian Oil Corporation has reduced crude processing at most of its refineries by 25% to 30%.
On Friday, the Indian stock market witnessed a gap-up opening on Friday and the Sensex traded over 1,100 points but erased all gains in the afternoon, and traded lower, although the Reserve Bank of India (RBI) announced an emergency rate cut of 75 basis points.
FMCG major ITC has set up a Rs 150 crore Covid Contingency Fund for vulnerable sections of society who have been affected by the pandemic. The company said that its factories are producing only essential items such as flour, biscuits and sanitizers.
In a major relief to auto and home loan borrowers, the RBI permitted lenders, including banks and NBFCs, the power to impose a three-month moratorium on EMIs of borrowers on loans that they have disbursed.
ICICI Bank has invested Rs. 510.93 million in its associate company (Auxilo Finserve Pvt. Ltd.) by way of subscription to its 3,40,62,153 shares of Rs. 10 face value per share, constituting 9.90% of its equity share capital at a premium of Rs. 5 per share.
Laurus Labs donated 1 lakh tablets of Hydroxychloroquine (HCQ) Tablets IP 200mg, as mitigation initiative and also donated a cheque of Rs 50 lacs for other supporting suppression measures in the state of Telangana.