Sensex Opens Over 900 Points Down; Banking Stocks Plunge

Fri, 12 Jun 09:30 am

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Asian stock markets are lower today as Chinese and Hong Kong shares fall. The Shanghai Composite is off 0.6% while the Hang Seng is down 1.1%. The Nikkei 225 is trading down by 1.5%.

Wall Street plummeted on Thursday as investors reacted to renewed fears of a pandemic resurgence and digested gloomy economic forecasts from the US Federal Reserve.

Back home, Indian stock markets plunged in the opening session.

The BSE Sensex is trading down by 882 points. The NSE Nifty is trading lower by 268 points.

Meanwhile, the BSE Mid Cap index has opened down by 2.3%.

BSE Small Cap index is trading lower by 1.8%.

All sectoral indices are trading in the red. BSE Bankex is witnessing maximum selling pressure, down by 4.1%, followed by BSE Metal Index, down by 3.7%.

Moving on, gold prices are currently trading up by 1.7% at Rs 47,414.

The rupee is currently trading at 75.78 against the US$.

Speaking of the current stock market scenario, note that the coronavirus impact has shaken markets worldwide. After all, 2020 has already seen one of the worst market crashes in history.

Will the 2020 Market Crash Be Worse than 2009?

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 to stock specific developments...

As per an article in a leading financial daily, several suitors, including Reliance Retail and private equity firm Samara Capital, are in advanced talks to buy a stake in Kishore Biyani's Future Retail, which runs the popular BigBazaar supermarket stores.

Biyani's debt-related woes surfaced in March when shares of his listed firms plunged, triggering a rating downgrade of the promoter holding firm and invocation of pledged shares by lenders.

The stake sale will help the group pare its large debt.

Reportedly, while Samara is eyeing a stake in Future Retail, a possible deal with Reliance could also involve the group's apparel retail business Future Lifestyle Fashion.

Samara, in partnership with US e-commerce giant Amazon.com Inc., owns supermarket chain More. Amazon is also an existing investor in Future Retail, through its investment in promoter group company Future Coupons.

On May 4, Icra downgraded Future Corporate Resources, a promoter group entity, to D, after it defaulted on coupon payments.

Future Retail share price opened down by 2.9%.

Moving on to the news from paints sector. Akzo Nobel NV said that its revenue fell 5% for its first quarter and that revenue for April and May was even weaker amid the coronavirus.

The Dutch paints-and-coatings company said that Asia was its most affected market in the first three months of the year, with other regions hit from the second half of March onward.

Market headwinds were strongest in April, as revenue fell almost 30% year-on-year, and while demand improved as lockdown measures eased, May revenue was around 20% lower year-on-year, the reports noted.

Distribution channels for decorative paints- and to a lesser degree performance coating have largely reopened in China and Europe, with demand returning toward previous levels, though various degrees of disruption are still present in the rest of Asia and South America.

Automobiles and aviation sectors remain the hardest hit.

The company added that it has implemented strict mitigation measures to conserve cash, including minimizing discretionary costs.

Akzo Nobel share price opened the day 2.9%.

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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