Indian Indices Recover from Day's Low; Pharma Stocks Rally

Mon, 13 Apr 12:30 pm

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Share markets in India are presently trading on a negative note, tracking weakness in global peers amid heightened worries of COVID-19 virus outbreak.

Benchmark indices clawed off the day's lows, lifted by healthcare and telecom stocks, but are still trading 1% lower.

Investor sentiment declined as the World Bank said India and other South Asian countries are likely to record their worst growth performance in four decades this year due to the coronavirus outbreak.

Sectoral indices are trading mixed with stocks in the realty sector and consumer durables sector witnessing most of the selling pressure, while healthcare stocks are trading in green.

The BSE Sensex is trading down by 234 points (down 0.8%), while the NSE Nifty is trading down by 61 points (down 0.7%).

The BSE Mid Cap index and the BSE Small Cap index are trading down by 0.4% and 0.3%, respectively.

The coronavirus impact has shaken markets worldwide. Indian stock markets have felt the full impact too.

For the BSE Sensex, FY20 was the second worst year post FY08, the year of the global financial crisis.

Good Time to Start Investing Now?

Naturally, there is an atmosphere of fear all round.

Is it time to sell stocks now? Will the correction get worse?

History has shown that after years like the one we had just now, the next 3 years are good for the markets.

In fact, these corrections are the rare times when you find businesses with solid fundamentals at reasonable valuations.

If you can find good businesses that can survive the current crisis, you will do well in the long run.

Moving on, the rupee is trading at 76.35 against the US$.

Gold prices are currently trading up by 1.8% at Rs 46,124.

In news from the banking sector, Bandhan Bank said its total deposits grew by 32% to Rs 500.7 billion during the fiscal ended March 2020. The bank had total deposits of Rs 432.3 billion at the end of March 2019.

The growth was mainly on account of retail deposits rising 34% to Rs 447.6 billion as on 31 March 2020, forming 78.4% of the total deposits.

The private lender's retail deposits stood at Rs 334.5 billion in the year ago fiscal.

Loans and advances jumped by 60% to Rs 718.3 billion during 2019-20, from Rs 447.8 billion.

The bank said that the percentage of microbanking deposits to total deposits was 5.7% by the end of fiscal FY20.

Bandhan Bank said these figures were provisional unaudited numbers and were subject to review by the audit committee and board of directors as well by the statutory auditors of the bank.

It further said that the data compares the standalone business as on March 31, 2019, to that of merged entity by end of March 31, 2020.

Last year in October, the bank had merged with Gruh Finance in order to bring down shareholding of the promoter.

Bandhan Bank share price is presently trading down by 4%.

Moving on to news from the oil & gas sector, shares of oil marketing companies are trading lower today after OPEC and allies led by Russia agreed on Sunday to a record cut in output to prop up oil prices.

After a week-long marathon of bilateral talks and four days of video conferences with government ministers from around the world, an agreement finally emerged to tackle the impact of the global pandemic on demand.

Reacting to the above development, crude oil prices gained with US West Texas Intermediate (WTI) crude futures rising 4.8% to US$ 23.87 per barrel.

Brent futures also rose 4.2% to US$ 32.80 per barrel.

Reports state that this deal, which comes amid the coronavirus pandemic, could curb global oil supply by 20%.

OPEC+ will cut 9.7 million barrels a day. This comprises around 10% of the global supply.

Shares of ONGC, Castrol India, and Reliance Industries are trading down in the range of 3-4%.

Paint stocks are also trading lower today with Asian Paints, Berger Paints and Kansai Nerolac down in the range of 3-5%. Oil is one of the key raw materials in paint manufacturing.

Measures to slow the spread of the coronavirus have destroyed demand for fuel and driven down crude oil prices to 18-year lows, straining budgets of oil producers and hammering the US shale industry.

Crude oil prices had crashed last month in what was the worst price dip since the 1991 Gulf War.

In an article, we have written the entire timeline showing economics of falling crude oil prices. You can check the same here: All About the 30% Crash in Crude Oil - 10 Points.

What effect crude oil prices have on Indian stock markets and the Indian economy remains to be seen. Meanwhile, we will keep you updated on the latest developments from this space.

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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INDICESBSE (Rs 0 to 1)BSE (Rs 1 to 2)BSE (Rs 2 to 4)BSE (Rs 4 to 10)BSE (Rs 10 to 20)BSE (Above Rs 20)BSE - AllBSE-30BSE-100BSE-200BSE-500BSE AutoBSE BankexBSE Capital GoodsBSE Consumer DurablesBSE FMCGBSE HealthcareBSE ITBSE MetalBSE Oil & GasBSE PSUBSE TeckBSE RealtyBSE PowerBSE A GroupBSE B GroupBSE Mid-CapBSE Small-CapBSE Basic MaterialsBSE Consumer DiscretionaryBSE IndustrialsBSE UtilitiesBSE Sensex 50BSE Sensex Next 50BSE Bharat 22BSE 150 MidCapBSE 250 SmallCapBSE 250 LargeMidCapBSE 400 MidSmallCapBSE AllCapBSE LargeCapBSE SmallCap SelectBSE 100 LargeCap TMCBSE InfraBSE ManufacturingBSE CPSEBSE Private BankBSE Diversified FinancialsBSE MomentumBSE Low VolatilityBSE QualityBSE Enhanced ValueBSE Divident StabilityS&P BSE IPOBSE SMEIPOBSE 100 ESGBSE CarbonexBSE GreenexNSE (Rs 0 to 10)NSE (Rs 10 to 20)NSE (Above Rs 20)NSE - AllNSE-50NSE ITNSE Nifty Midcap 50NSE JR. NiftyNSE Bank NiftyNIFTY Next 50NIFTY 100NIFTY 200NIFTY 500NIFTY MidCap 100NIFTY SmallCap 250NIFTY SmallCap 50NIFTY SmallCap 100NIFTY LargeMidCap 250NIFTY MidSmallCap 400NIFTY AutoNIFTY Consumer DurablesNIFTY FinanceNIFTY FMCGNIFTY MediaNIFTY MetalNIFTY PharmaNIFTY Private BankNIFTY PSU BankNIFTY RealtyNIFTY Oil & GasNIFTY SME EmergeNIFTY CommoditiesNIFTY CPSENIFTY EnergyNIFTY India ConsumptionNIFTY InfraNIFTY MNCNIFTY PSENIFTY Serv SectorNIFTY100 Liquid 15NIFTY Midcap Liquid 15NIFTY Midcap 150 Quality 50NIFTY50 Equal WeightNIFTY100 Equal WeightNIFTY100 Low Volatility 30NIFTY100 Alpha 30NIFTY Alpha 50NIFTY Dividend Opportunities 50NIFTY High Beta 50NIFTY Low Volatility 50NIFTY200 Quality 30NIFTY 500 Value 50NIFTY 100 Quality 30SECTORSAgricultureAirlinesAluminiumAsset Management CompaniesAutomobilesAuto AncillariesBanks (Private)Banks (PSU)BankingCementChemicalsDefenceDiagnosticsDronesEngineeringElectric VehicleElectric Vehicle BatteryEnergy SourcesESGEthanolFertilizersFintechFMCGFoodGreen HydrogenHotelsInfrastructureInsuranceInvestment and FinanceInvITIT (Large)IT (Others)LogisticsMediaMetalMiningIndia's Big Tech StocksIndian PharmaMNC PharmaPSUPaintPaperPlasticPowerRating AgenciesReal EstateREITsRenewable EnergyRetailingSemiconductorShippingSteelSugarSupply ChainTelecomTextilesTravel Support Services

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