Domestic and foreign investors anxiously awaited the Coronavirus lockdown extension decision. After extended weekend due to Good Friday both Nifty and Sensex opened low at 9103.95 and 31,195.72 respectively. Lockdown extension is inevitable however, relaxation of restrictions on certain sectors is the decision investors eagerly wait on.
Sensex closed today and traded in the red zone by 469.60 points lowered at 30,690.02 while Nifty was down by 118.05 points at 8993.85.
Heavy Losses
Top loser today was Bajaj Finance with a little over 10.26% closing at INR 2290. Other major losers were Zee Entertainment (-8.44%), Bajaj Finserv (-6.85%) Mahindra and Mahindra Limited (-4.99%), Titan Company Limited (-4.68%), Wipro (-3.61%), Hero MotoCorp (-3.54%), ICICI Bank (-3.38%), Britannia Industries Limited (-3.24%) and Tech Mahindra (-3.16%).
Total of 1194 shares increased with 1171 being deflated and 201 shares remained unchanged.
Top Gainers
Shares of L&T climbed by 6.35% to INR 864.50. In addition, Bharti Airtel Ltd shares jumped by 4.64% to INR 511.75. Indusind Bank limited shares gained by 3.76% closing at INR 395.45. UltraTech Cement also witnessed an increase of 3.50% to INR 3485.
Hindalco Industries Ltd gained 6.00% closing at INR 114. Adani Ports and Special Economic Zone limited shares witnessed an increase of 4.41% closing at INR 263. Dr. Reddy’s Laboratories share price increased by 3.82% closing at INR 3759.90.
Auto Sector Sale Downfall Amid Lockdown Extension
Domestic car sales have seen a significant drop of 51% as compared to previous month amidst lockdown.
Reality index dropped by 5% followed by Auto, Bank, Energy and IT sectors. A fair trade in Metal, Pharma and Infra sectors were seen indicating a good sign.
Lockdown Extension Fears
Today Indian stocks have seen a drop in percentage because of the worries over lockdown extension amid COVID-19 pandemic. Regular and e-visas of foreigners stranded in India have been extended till 30th April, 2020 which suggests extension of lockdown. Government is planning to lockdown various hotspots for spread of the virus and Indian companies are hoping to restart their businesses after 15th April, 2020. Investors fear survival of many industries at stake as lockdown may continue till the end of the month.