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NSE Intra-day chart (24 February 2020)
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Market Commentary 25 February 2020
Markets to open marginally in green amid sharp fall in crude oil prices


Indian equity bourses settled with deep cuts on Monday's trading session. After a weak start, indices remained under a grip of bears throughout the day, as think tank National Council of Applied Economic Research (NCAER) pegged the India's economic growth for the current fiscal at 4.9%, a tad down from 5% estimated by the National Statistical Office (NSO). Market participants were seen taking note of the retirement fund body, EPFO's latest Provisional Estimate of Net Payroll report showing that India created 1008600 new jobs in the month of December 2019 as against revised figure of 1009238 in November 2019. Losses got intensified over the Dalal Street in the last leg of the trade, on the back of weak cues from the global markets. Domestic sentiments remained pessimistic, as Former RBI governor C Rangarajan said the Reserve Bank alone can not contain inflation as supply-side shocks are needed to be managed by the government. The street paid no heed towards the industry body Assocham's statement that Indian industry and trade, including pharmaceuticals, are ready to manage the evolving coronavirus situation without causing any major impact on the supply chain and no major challenge is foreseen in the near term. Finally, the BSE Sensex slipped 806.89 points or 1.96% to 40,363.23, while the CNX Nifty was down by 251.45 points or 2.08% to 11,829.40.


The US markets ended deeply in red on Monday, extending the notable pullback seen over previous session, as the spread of the COVID-19 illness beyond China raised worries that the hit to overseas economic growth could be more persistent than investors expected, hampering the prospects for a global recovery in 2020. South Korea announced a total of 231 new coronavirus cases, leading the government to raise the coronavirus alert to its highest level. A jump in confirmed coronavirus cases in Italy as well as new cases in Middle East countries like Iraq and Afghanistan also added concerns about the outbreak escalating into a pandemic. Meanwhile, the World Health Organization said it is worried about the growing number of cases without any clear link to China. In the US, there are now 53 confirmed cases of COVID-19, as more passengers who returned from the Diamond Princess cruise ship tested positive for the virus, according to an update from the Centers for Disease Control and Prevention. Besides, the International Monetary Fund warned the virus outbreak could reduce global economic growth by 0.1% this year, and drag China's annual growth 0.4 percentage points lower than January estimates. 


Crude oil futures ended lower with cut of over three and half percent on Monday on rising concerns about the outlook for energy demand due to the rapidly spreading coronavirus outside China. The number of new cases of coronavirus infection is rising in South Korea, Iran, Afghanistan and Italy. South Korea has raised its coronavirus alert, following a rapid spike in cases over the weekend. Reports say the total number of cases so far in South Korea has risen to 763. Italy became Europe's epicenter for coronavirus cases over the weekend. Iran has confirmed an uptick in infections. The virus has now killed 2,592 people in China, which has reported 77,150 cases. The virus has now killed 2,592 people in China, which has reported 77,150 cases. Crude oil futures for March dropped $1.95 or 3.7 percent to settle at $51.43 a barrel on the New York Mercantile Exchange. April Brent crude fell $2.20 or 3.8 percent to settle at $56.30 a barrel on London's Intercontinental Exchange.


Indian rupee tumbled considerably against the US dollar on Monday, due to increased demand of the greenback from the importers and the banks. Investor sentiments remained fragile amid coronavirus fears. China's death toll from the new coronavirus rose to 2,592 on Monday. Traders were also concerned as think tank National Council of Applied Economic Research (NCAER) pegged the India's economic growth for the current fiscal at 4.9%, a tad down from 5% estimated by the National Statistical Office (NSO). Also, weak trend at Dalal Street coupled with US dollar's gain against other currencies overseas weighed on the local unit. On the global front, US dollar firmed against its major counterparts in the Asian session on Monday, as a rise in the number of coronavirus cases in the north of Italy raised the appeal of safe-haven assets. The last traded price of rupee was 71.98, 34 paise weaker from its previous close of 71.64 on Thursday.


The FIIs as per Monday's data were net buyers in equity segment, while they were net sellers in debt segment. In equity segment, the gross buying was of Rs 7346.06 crore against gross selling of Rs 6505.21 crore, while in the debt segment, the gross purchase was of Rs 2119.03 crore with gross sales of Rs 3236.74 crore. Besides, in the hybrid segment, the gross buying was of Rs 5.26 crore against gross selling of Rs 7.61 crore.


The US markets settled lower on Monday, with losses of over 3%, as investors worry that the spread of a viral outbreak that began in China will weaken global economic growth. Asian markets are trading mixed in early deals on Tuesday amid concerns authorities around the world are struggling to keep the coronavirus from spreading. Indian markets ended sharply lower on Monday, in line with global markets as world growth outlook dampened following a surge in coronavirus cases outside China. Today, the markets are likely to get slightly positive start amid sharp fall in crude oil prices overnight. Sentiments will be getting some encouragement with the Reserve Bank of India (RBI) Governor Shaktikanta Das' statement that there is space for further rate cuts despite upside risks to the inflation outlook. Some support will also come with chairperson of the National Committee on Financial Inclusion and Literacy at Niti Aayog Bindu Dalmia's statement that the government's target of achieving a $5 trillion economy by 2024-25 sounds too idealistic. She added that the target has been so set to raise the bar of India's economic performance. Though, there may be some cautiousness with mixed cues from Asian peers and sell-off in the US markets overnight. Traders may take note of RBI Governor Shaktikanta Das' statement that generalised loan waiver is credit negative which undermines the credit culture in the system. He asserted that the relief related to agriculture loans should be a targeted one. Meanwhile, markets regulator SEBI has reviewed the margin framework for cash and derivatives segments, in order to bring more efficiency in the risk management system. Telecom stocks will be in focus amid report that the government has asked telecom companies to submit AGR self-assessment documents that form the basis of their statutory dues calculation. There will be some reaction in power stocks with ratings agency ICRA's statement that the outbreak of deadly coronavirus poses concern for domestic solar developers and original equipment manufacturers (OEMs) due to disruption in supply chain for key components used for manufacturing solar modules. 


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  • Tech Mahindra has entered into a collaboration with Ahlstrom-Munksjo to enable digital transformation with SAP's S/4HANA. 
  • TCS has sought government nod to set up special economic zones for IT sector in Uttar Pradesh. 
  • Maruti Suzuki India has revealed the prices of the all new Vitara Brezza, starting from Rs 7.34 lakh (ex-showroom, Delhi), which was unveiled at the Auto Expo 2020. 
  • Reliance Retail, the retail arm of Reliance Industries, has topped the list of 50 fastest-growing retailers globally between FY2013-2018 in the Deloitte's Global Powers of Retailing 2020 index.
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