Sensex Falls 500 Points; Kotak Mahindra Bank & IndusInd Bank Top Losers

Fri, 3 Apr 12:30 pm

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Share markets in India are presently trading on a negative note, as investors worried about the economic impact and uncertainty over the coronavirus pandemic.

Benchmark indices extended losses, as coronavirus cases continued to rise despite a complete lockdown. India is consecutively reporting biggest single-day jumps in new COVID-19 cases since Monday.

Sectoral indices are trading mixed with stocks in the metal sector and finance sector witnessing selling pressure, while healthcare stocks are witnessing buying interest.

The BSE Sensex is trading down by 507 points while the NSE Nifty is trading down by 134 points.

The BSE Mid Cap index is trading down by 0.8% and the BSE Small Cap index is trading down by 0.6%.

The rupee is trading at 75.84 against the US$.

Gold Prices are currently trading up by 2.1% at Rs 44,249.

Speaking of the current stock market scenario, stock markets around the world witnessed one of the most painful correction phases in the month of March 2020.

Indian stock markets too mirrored the trend. In the month of March 2020, the Sensex fell as much as 23%.

It is not the month where the market has fallen the most. That honor goes to October 2008 where markets tanked 23.9%, beating the 23.1% the market lost last month by a whisker.

However, March 2020 wins hands down in wealth destruction.

Wealth destruction of Rs 4.4 lakh crores back in 2008 pales in comparison to the Rs 14.6 lakh crores worth of wealth destroyed on the Sensex in the last month alone.

March 2020 the Second Worst Month in History

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In news from the banking sector, the World Bank's board has approved a fast-track US$ 1 billion India COVID-19 Emergency Response and Health Systems Preparedness Project to help India prevent, detect, and respond to the coronavirus pandemic.

This is the largest ever health sector support from the World Bank to India.

The World Bank on Thursday said that its first set of aid projects, amounting to US$ 1.9 billion, will assist 25 countries, and new operations are moving forward in over 40 nations using the fast-track process.

The World Bank also approved US$ 200 million for Pakistan, US$ 100 million for Afghanistan, US$ 7.3 million for the Maldives and US$ 128.6 million for Sri Lanka.

The bank said it is now working to grant up to US$ 160 billion over the next 15 months to support measures to tackle the pandemic which will focus on the immediate health consequences and bolster economic recovery.

In other news, IndusInd Bank is looking to raise as much as US$ 500-750 million confidence capital from marque global investors to soothe investor nerves frayed by worries over rising bad loans due to the coronavirus outbreak and outflow of deposits after the collapse of Yes Bank.

As per an article in The Economic Times, the Hinduja family backed private lender has mandated Morgan Stanley and Citi to tap a handful of PE funds.

Here's an excerpt from the article:

• Global funds such as Blackstone, Apax Partners, General Atlantic (GA), Advent, TPG and Carlyle have been approached. Other bidders are also expected to join.

Reportedly, promoters are looking at 5-10% dilution, subject to RBI approval.

Last month, the Hinduja family had asked the Reserve Bank of India (RBI) that they be allowed to raise their stake in the bank to 26% from the mandated 15%, citing the relaxation granted to Uday Kotak, promoter of Kotak Mahindra Bank.

Note that shares of IndusInd Bank have fallen about 70% in the past one month.

How the above fund raising plans pan out remains to be seen. Meanwhile we will keep you updated on the latest developments from this space.

Moving on to news from the FMCG sector, ITC is partnering with Jubilant FoodWorks, the master franchisee of the Domino's brand in India, to deliver essential commodities at the consumers doorstep.

The partnership follows ITC's and Jubilant FoodWork's aim to maximize sales and distribution channels while encouraging consumers to stay at home and receive essentials during the Covid-19 outbreak.

According to the partnership, a combo pack of ITC-owned Aashirvaad atta and spices such as chilli, coriander and turmeric powder will be available on Domino's app starting today. Buyers can log into the app under the Domino's Essentials menu and order the items.

While ITC will provide the items, Domino's will be delivering the products.

ITC share price is presently trading up by 3.2%.

To know what's moving the Indian stock markets today, check out the most recent share market updates here.

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

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