Black Friday on D-street as Nifty hits lower circuit of 10%

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

Listen to the Article (6 Minutes)

The Nifty50 index hit lower circuit, down 10 percent within 8 minutes of trading. Trading has been halted for 45 minutes.

Indian markets hit the lower circuit for the first time in 12 years.

Indian shares opened with sharp cuts for the third session this week on Friday, following global markets selloff as alarm over the coronavirus intensified.

At 9:30 am, the BSE Sensex plunged 3,090.62 points or 9.43 percent to 29,687.52, while the NSE Nifty was down 966.10 points or 10.7 percent lower at 8,624.05.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Disneyland temporarily closed over coronavirus concerns

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

Listen to the Article (6 Minutes)

Walt Disney Co. on Thursday announced that it will shut down Disneyland in California due to the continued spread of the COVID-19 outbreak. The theme park will close on Saturday through the end of the month March 31. Guests have been asked to vacate by Monday.

“While there have been no reported cases of COVID-19 at Disneyland Resort, after carefully reviewing the guidelines of the governor of California’s executive order and in the best interest of our guests and employees, we are proceeding with the closure of Disneyland Park and Disney California Adventure, beginning the morning of March 14 through the end of the month,” Los Angeles Times quoted a Walt Disney Co. statement.

Downtown Disney will remain open. Hotels at the resort will stay open through Monday so guests can make travel arrangements, the LA Times report added. The company will refund current hotel bookings, it said, while cast members — what the company calls the park employees — will continue to be paid during the shutdown.

At least 1,663 cases of novel coronavirus, or COVID-19, have been confirmed in the United States Thursday as more events are cancelled across the country.

Forty people have died in the US. At least 46 states, plus Washington, D.C., have confirmed cases.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Rupee hits record low against dollar, crosses 74.48-level amid coronavirus scare

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

Listen to the Article (6 Minutes)

The Indian rupee tumbled to hit record low against dollar on Friday, weighed down by worries over the coronavirus pandemic that has prompted investors to dump riskier assets and move towards safe havens. The domestic currency opened 19 paise lower at 74.41 per dollar against previous close of 74.22 and plunged further to cross October 11, 2018 level of 74.48.

The dollar stood tall on Friday as investors scrambled for the world’s most liquid currency amid deepening panic while the euro nursed losses after the European Central Bank disappointed by not cutting rates.

Meanwhile, global stock markets crashed on Friday, ending a years-long bull run, with coronavirus panic selling hitting almost every asset class and leaving investors nowhere to hide. Half a trillion dollars in liquidity from the US Federal Reserve and the promise of more were not enough to calm the fear that has wiped some $14 trillion from world stocks in a month.

Oil prices fell on Friday for a third day, with Brent crude set for its biggest weekly drop since 1991 and US crude heading for the worst week since 2008. Brent crude was last seen 67 cents, or 2 percent down at $32.55 a barrel.

On Thursday, the Reserve Bank of India said it has adequate dollar reserves and will conduct sell/buy swaps in the foreign exchange market to ensure adequate dollar liquidity.

(With inputs from Reuters)

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Top stock recommendations by Ashwani Gujral, Rajat Bose, Mitessh Thakkar for Friday

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

Listen to the Article (6 Minutes)

Hammered by the brutal sell-off in the equity markets globally, Indian benchmark indices plunged more than 8 percent on Thursday, posting their biggest single-day fall in absolute terms for the second time in three sessions. The S&P BSE Sensex ended 2,919.26 points 8.18 percent lower at 32,778.14 while the Nifty tanked 868.25 points or 8.30 percent to close at 9,590.15.

For Friday, market guru Ashwani Gujral is bullish on Asian Paints, Colgate Palmolive, JSW Steel, TCS, and Jubilant FoodWorks. Mitessh Thakkar is positive on DLF and negative on Bharat Forge, Britannia, and Lupin. Rajat Bose has ‘buy’ calls on ConCor, Havells, ITC, and ‘sell’ call on Glenmark Pharma.

Here are the top buy-sell calls by market experts for Friday:

Ashwani Gujral – ashwanigujral.com

– Buy Asian Paints with a stop loss of Rs 1,800, target at Rs 1,920

– Buy Colgate Palmolive with a stop loss of Rs 1,200, target at Rs 1,255

– Buy JSW Steel with a stop loss of Rs 190, target at Rs 215

– Buy TCS with a stop loss of Rs 1,700, target at Rs 1,850

– Buy Jubilant FoodWorks with a stop loss of Rs 1,450, target at Rs 1,540

Mitessh Thakkar – mitesshthakkar.com

– Sell Bharat Forge with a stop loss of Rs 376, target at Rs 350

– Sell Britannia with a stop loss of Rs 2,840, target at Rs 2,720

– Sell Lupin with a stop loss of Rs 603, target at Rs 570

– Buy DLF with a stop loss of Rs 146.5, target at Rs 157

Rajat Bose – rajatkbose.com

– Buy ConCor with a stop loss below Rs 335, targets at Rs 405 and Rs 436

– Sell Glenmark Pharma with a stop loss above Rs 207, target at Rs 185

– Buy Havells with a stop loss below Rs 550, targets at Rs 607 and Rs 618

– Buy ITC with a stop loss below Rs 140, targets at Rs 169 and Rs 175

Also, track all live market action on CNBC-TV18 Market Blog

Disclaimer: CNBCTV18.com advises users to check with certified experts before taking any investment decisions

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Coronavirus in Britain: 5,000-10,000 people ‘likely’ have COVID-19 in UK, says govt

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

Listen to the Article (6 Minutes)

Britain on Thursday said up to 10,000 people in the UK could be infected with the novel coronavirus, as it announced new measures to slow the spread of the outbreak. Government chief scientific adviser Patrick Vallance said there were currently 590 confirmed cases but it was “much more likely we’ve got somewhere between 5,000 and 10,000 people infected”.

Britain was “about four weeks” behind the level of cases currently seen in Italy and other worst-hit countries in Europe, he added.

Vallance was speaking after Prime Minister Boris Johnson called the outbreak, which has so far killed 10 people in Britain, “the worst public health crisis for a generation” and warned it would get worse.

“Many more families are going to lose loved ones before their time,” he told a news conference at his Downing Street office.

He announced new measures to combat the rapid spread of the virus, recommending anyone with COVID-19 symptoms stays at home for at least seven days.

He also said schools will be asked to cancel foreign trips and elderly people or those in poor health were told not to go on cruise ships.

The move is designed to delay the peak of the virus to ease pressure on the state-run National Health Service, which is already stretched by winter flu outbreaks.

Stretching the peak over a longer period would mean “more beds and more time for medical research… so society is better able to cope”, Johnson added.

The British premier said further measures were likely in the coming weeks, including the possibility of cancelling mass gatherings such as sporting events.

UK health officials said most of the 5,000 to 10,000 people will not be aware that they have COVID-19 but it was clear the virus was circulating in the community.

Britain’s response has been criticised for not going as far as other countries, including Italy, which has seen towns and cities quarantined, schools and shops shut and travel banned.

Johnson has repeatedly insisted that hand-washing is the best defence against contracting the virus and maintained the government is being guided by his scientific advisers.

He reiterated Thursday that scientists advised against school closures, even as neighbouring Ireland shut all its schools, colleges, childcare facilities, and banned mass gatherings.

“Schools should only shut if they are specifically advised to do so,” he told reporters.

Separately, Scotland’s First Minister Nicola Sturgeon said the devolved administration in Edinburgh would recommend banning mass gatherings, including football and rugby, from Monday.

But Johnson and his advisers stopped short of following suit, saying the risk from crowds was lower than in smaller venues.

On Wednesday, a former senior official at Public Health England accused the government of complacency.

“If this now spreads the way it looks likely to spread, there will not be enough hospital beds and people will have to be nursed at home,” John Ashton told BBC television.

“We should have gotten a grip on this a month ago.” Ashton’s criticism follows that of the editor of The Lancet medical journal, Richard Horton, who accused Johnson and health minister Matt Hancock of “playing roulette with the public”.

He said more aggressive “social distancing and closure policies” should have been introduced sooner.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Asian markets plunge deepens as coronavirus panic worsens

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

Listen to the Article (6 Minutes)

Asia’s stock markets crashed on Friday as panic gripping world financial markets deepened, and even haven assets such as gold and bonds were ditched to cover losses in the wipeout.

Japan’s Nikkei was in freefall, dropping 10 percent and heading for its worst week since the 2008 financial crisis. Not one stock on the index is in positive territory.

MSCI’s broadest index of Asia-Pacific shares outside Japan fell 2 percent and is down 12.8 percent this week.

Australia’s benchmark fell 7.6 percent and is set for its worst week on record, while in South Korea the won was shredded and the Kosdaq fell 8 percent, triggering a short trading halt.

Hong Kong’s Hang Seng index fell 6.8 percent, its steepest drop since 2008. China’s Shanghai composite fell 4 percent.

Currency markets steadied somewhat after furious dollar buying overnight, as fears of systemic risks drive demand for the world’s reserve currency.

Even after its worst crash since Black Monday in 1987 overnight, Dow futures are down about 0.8% in Asia and S&P 500 futures are off 0.4 percent.

“There is a sense of fear and panic,” said James Tao, an analyst at stockbroker Commsec in Sydney, where phones at the high-value client desk rang non-stop.

“It’s one of those situations where there is so much uncertainty that no-one quite knows how to respond…if it’s fight or flight, many people are choosing flight at the moment.”

The plunge, as the coronavirus pandemic spreads, gathered pace after U.S. President Donald Trump spooked investors with a move to restrict travel from Europe, and after the European Central Bank disappointed markets by holding back on rate cuts.

Trade was halted on the S&P 500 after it hit downdraft circuit breakers. It fell further when trade resumed, eventually losing 9.5 percent to close 27 percent below February’s peak.

Gold, usually a safe harbour in times of panic, fell 3.5 percent, yields on long-dated U.S. Treasuries shot up – where they mostly held on Friday.

“Wherever anyone has any risk, people just want to bring risk back to flat at the moment, that’s what happening,” said Stuart Oakley, Nomura’s global head of flow FX in Singapore

“This is what happens when you get what’s known as a value-at-risk shock, where people have drawn down so much P&L that they just need to draw down all risk.”

The VIX volatility index – Wall Street’s “fear gauge” – and an equivalent measure of volatility for the Euro Stoxx 50 hit their highest since the 2008 financial crisis.

TRUMP, ECB UNDERWHELM

In a televised address late on Wednesday, U.S. President Donald Trump imposed restrictions on travel from Europe to the United States, shocking investors and travellers.

Traders were disappointed after hoping to see broader measures to fight the spread of the virus and blunt its expected blow to economic growth.

The New York Federal Reserve surprised by pumping huge amounts of cash into the banking system, aiming to head off the sort of dislocation that saw markets seize up during the financial crisis more than a decade ago.

After adding $500 billion on Thursday, it will inject another $1 trillion today in an effort to stop borrowing costs from rising. Australia’s central bank injected an unusually large $5.5 billion into the financial system on Friday.

In early Asia currency trade, the dollar did its best to hold gains against most major currencies after a blowout in swap spreads showed investors are facing a greenback shortage.

The euro found footing at $1.1178 after falling as far as $1.1054 overnight. The Australian dollar lifted about 1% from an 11-year low to $0.6293.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Crude oil prices fall a third day, Brent crude set for worst week since 1991

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

Listen to the Article (6 Minutes)

Crude oil prices fell on Friday for a third day, with Brent crude set for its biggest weekly drop since 1991 and US crude heading for the worst week since 2008 as panic about plunging demand from the coronavirus outbreak grips the market.

Brent crude was down 67 cents, or 2 percent, at $32.55 a barrel by 0126 GMT after falling more than 7 percent on Thursday. For the week, Brent is set to fall 28 percent, the biggest weekly decline since the week of January 18, 1991, when it fell 29 percent at the outbreak of the first Gulf War.

US West Texas Intermediate (WTI) crude was down 66 cents, or 2.1 percent, at $30.84 after falling more than $1 earlier. The contract fell 4.5 percent in the previous session. WTI is set to drop 25 percent this week, the most since the week of December 19, 2008, when it fell 27 percent at the height of the Global Financial Crisis.

A flood of low-priced oil into the market from Saudi Arabia and the United Arab Emirates is intensifying the pressure on prices after the collapse of a price supporting agreement with Russia last week.

“With the coronavirus triggering the first global oil demand drop in years, the surge of Saudi Arabian and Russian oil production could lead to a supply overhang of 4 million barrels per day,” Eurasia Group said.

Four million barrels is about 4 percent of daily global consumption before the coronavirus outbreak that started in China.

Oil prices were also impacted by record declines in equity markets with Japan’s Nikkei 225 falling by 10 percent on Friday after US markets fell by the most since Black Monday in 1987 on Thursday.

US President Donald Trump announced a ban on travel to the United States from Europe that sent the markets swooning as everything from sporting events to weddings were canceled across many parts of the world with the coronavirus spreading to more countries.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Coronavirus: Google India employee diagnosed with COVID-19

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

Listen to the Article (6 Minutes)

A Google India employee in its Bengaluru office has tested positive for the COVID-19 coronavirus and is in quarantine.

“We can confirm that an employee from our Bangalore office has been diagnosed with COVID-19. They were in one of our Bangalore offices for a few hours before developing any symptoms. The employee has been on quarantine since then, and we have asked colleagues who were in close contact with the employee to quarantine themselves and monitor their health.

Out of an abundance of caution, we are asking employees in that Bangalore office to work from home tomorrow. We have taken and will continue to take all necessary precautionary measures, following the advice of public health officials, as we prioritize everyone’s health and safety,” Google said in a statement to CNBC-TV18.

After Mindtree and Dell, this is the third case where an employee of a tech firm has been diagnosed with COVID-19.

So far, Karnataka has reported at least five confirmed cases of Coronavirus and its first death. In India total number of cases have gone up to 74 and globally it is 1,33,000.

A 76-year-old man who died two days ago in Karnataka while being treated for suspected coronavirus has become India’s first COVID-19 fatality with his samples taken earlier confirming the infection, the state government said on Thursday.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

MarketBuzz Podcast With Mangalam Maloo: Sensex, Nifty to open lower; SBI, Wipro, Sun Pharma in focus

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

Listen to the Article (6 Minutes)

The Indian markets are set to open sharply lower on Friday following a massive sell-off in global risky assets. The Sensex and Nifty plunged into bear territory on Thursday, with the blue-chip Nifty 50 sliding below 9,600-mark to its lowest level in 2.5 years after the coronavirus outbreak was termed a pandemic and the United States suspended travel from Europe.

About MarketBuzz

The CNBCTV18.com podcast on the big themes, vital news and key events that you should know before the opening bell, powered by CNBC-TV18 anchors.MarketBuzz is your daily morning briefing by CNBC-TV18 research analysts and anchors Sonia Shenoy, Ekta Batra, Anisha Jain, Nigel D’Souza and Mangalam Maloo to jumpstart your stock market investing. Subscribe to our free podcasts on Audioboom or listen on the featured podcast page on CNBCTV18.com.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow