Stock Market Live: Sensex down 350 points, Nifty below 14,500; Banks, auto stocks drag

Fitch revises India GDP growth to 12.8% for FY22

Fitch Ratings has revised India’s GDP growth estimate to 12.8 percent for the fiscal year beginning April 1 from its previous estimate of 11 percent, saying its recovery from the depths of the lockdown-induced recession has been swifter than expected. In its latest Global Economic Outlook (GEO), Fitch said the revision is on the back of ”a stronger carryover effect, a looser fiscal stance and better virus containment.” ”India’s second half of 2020 rebound also took GDP back above its pre-pandemic level and we have revised up our 2021-2022 forecast to 12.8 percent from 11.0 percent,” it said. ”Nevertheless, we expect the level of Indian GDP to remain well below our pre-pandemic forecast trajectory.” GDP surpassed its pre-pandemic level in the December quarter, growing 0.4 percent year-on-year, after contracting 7.3 percent in the previous quarter. More Here

Morning market quote from Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services

“The uncertainty in the market continues with increasing risk arising from the second wave of Covid attack in India in the context of a third wave in parts of Europe. But the relief is that the second wave is less intense than the first. This and the fact that vaccination is accelerating is likely to support markets. In this race between Covid spread and vaccination, the latter will eventually succeed. The market knows that. So, volatility is here to stay for some time before stability emerges. A major trend in the market now is the comeback of pharma stocks in recent days and the weakness in banking stocks. Pharma may continue to find favour, but high quality banking stocks are unlikely to languish. Q4 results of IT, banking majors and top-rung FMCG would be good. Market response will happen before the results are announced”

Opening Bell: Sensex opens over 200 points lower, Nifty below 14,500; auto, IT drag

Indian indices opened lower on Thursday, tracking weak cues from Asian peers dragged by banks, auto and IT stocks. At 9:18 am, the Sensex was down 245 points at 48,935 while the Nifty fell 62 points to 14,487. Meanwhile, Asian equities were lower as a selloff in Chinese technology shares due to concerns they will be de-listed from U.S. bourses and worries about a semiconductor shortage rattled some investors.

Broader markets were also lower with the midcap and smallcap indices down between 0.5-1 percent. All sectors were also in the red in early deals with Nifty Bank, Nifty Pharma and Nifty Auto dragging the most. Nifty IT and Nifty Metal alse fell around half a percent each. On the Nifty50 index, ONGC, UPL, Asian Paints, Tata Steel, and Adani Ports were the top gainers while Tata Motors, HCL Tech, Bajaj Auto, Kotak Bank and Bharti Airtel led the losses.

Asian shares wobble in volatile trade as China tech selloff weighs

Asian equities bounced between gains and losses on Thursday as a selloff in Chinese technology shares due to concerns they will be de-listed from U.S. bourses and worries about a semiconductor shortage rattled some investors. MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.1%. Hong Kong shares fell sharply at the open but then trimmed their losses to a 0.18% decline. Alibaba Group Holding Ltd, Xiaomi Corp, and Tencent Holdings all traded lower. Shares in China rose 0.08%. Elsewhere, Japanese stocks rose 0.71% and Australian shares rose 0.24% as bargain hunters bought shares of consumer goods, real estate, and financial firms.

Petrol, diesel prices cut for second straight day

The oil marketing companies (OMCs) slashed fuel prices across the four metros for the second straight day on Thursday. While the petrol price was cut by 21 paise per litre, diesel rates were reduced by 20 paise a litre in the national capital. Accordingly, petrol now comes for Rs 90.78 a litre in Delhi, according to a price notification of state-owned fuel retailers. Diesel now comes for Rs 81.10 a litre in the national capital, down from Rs 81.30 previously. In Mumbai, petrol comes for Rs 97.19 a litre and diesel for Rs 88.20 a litre. Rates have been reduced across the country and vary from state to state depending on the local incidence of taxation (VAT).

CBI books DHFL over fictitious home-loan accounts

The CBI has booked the DHFL and its directors for allegedly creating over 2.60 lakh fictitious home-loan accounts, some of which were used to claim interest subsidies in the Pradhan Mantri Awas Yojna (PMAY), officials said on Wednesday. The irregularities were pointed out in the report of auditor Grant Thornton, appointed by the present board of the scam-hit DHFL, they said. Promoters Kapil and Dheeraj Wadhawan, both booked along with the company, allegedly opened a fictitious branch of the DHFL in Bandra and fake accounts worth Rs 14,046 crore of home-loan borrowers, who had already repaid their loans, were entered in the database, they said. A total of 2.60 lakh ”fake and fictitious” home-loan accounts were created in the non-existent branch from 2007-19 for a total loan worth Rs 14,046 crore, out of which Rs 11,755.79 crore were deposited or routed to several fictitious firms known as Bandra Book firms, according to the FIR. More here

You can now buy a Tesla with Bitcoin, says Elon Musk

Tesla had hinted before that it would be open to accepting Bitcoin as a mode of payment but who knew it would happen this soon. Elon Musk, the Tesla CEO, on Wednesday, announced on Twitter that people could now buy Tesla with Bitcoin. Tesla’s decision to accept the cryptocurrency as a mode of payment came just over a month after it invested $1.5 billion in Bitcoin. Following Tesla’s investment, the prices of Bitcoin rallied to an all-time high at $60,000 in March. Musk further said the leading electric vehicle company was using only “internal and open source software”, adding it operated Bitcoin nodes directly. More here

Oil prices slide as coronavirus lockdown concerns outweigh Suez Canal disruptions

Oil prices skidded around 2% as fuel demand concerns re-emerged alongside fresh coronavirus pandemic lockdowns, trimming overnight gains spurred by the grounding of a giant container ship blocking crude shipments through the Suez Canal. Brent crude futures slid $1.14, or 1.8%, to $63.27 a barrel at 0139 GMT, after jumping 6% overnight. U.S. West Texas Intermediate (WTI) crude futures dropped by $1.27, or 2.1%, to $59.91 a barrel, after climbing 5.9% overnight. Prices had tumbled earlier in the week on worries about tighter pandemic curbs in Europe and vaccine delays stalling growth in demand for fuel, but sharply reversed on Wednesday with the grounded ship in the Suez Canal potentially blocking 10 tankers carrying 13 million barrels of oil.

First up, here is quick catchup of what happened in the markets on Wednesday

Indian indices ended nearly 2 percent lower on Wednesday as selling intensified, dragged down by financial, auto and metal stocks amid weakness in global stocks. Worries over the economic impact of a continued surge in domestic coronavirus cases also weighed on sentiment. The Sensex ended 871 points lower at 49,180 while the Nifty fell 265 points to settle at 14,549. Broader markets were also lower with both midcap and smallcap indices ending around 2 percent lower. On the Nifty50 index, Cipla, Asian Paints, and Powergrid were the only stocks in the green while Tata Steel, Tata Motors, Adani Ports, Hindalco, and M&M led the losses.

Welcome to CNBC-TV18’s Market Live Blog

Good morning, readers! I am Pranati Deva from the market’s desk of CNBC-TV18. Welcome to our market blog, where we provide rolling live news coverage of the latest events in the stock market, business and economy. We will also get you instant reactions and guests from our stellar lineup of TV guests and in-house editors, researchers, and reporters. If you are an investor, here is wishing you a great trading day. Good luck!

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