Market opened with negative bias on starting session of the week and continues bearish movements closed around psychological level of 9000. If able to sustain below ths mark it may continue bearish rally towards strong support zone of 8900. Sector wise selling pressure seen in metals, realty, power, banking and public sector. The Nifty Bank fell around 5 percent closed around 23100.

Global Markets  

European markets plunged on Monday as much of the region went into shutdown mode to prevent the spread of the new coronavirus. Markets are also reacting to the U.S. Federal Reserve’s surprise move Sunday; the Fed slashed its benchmark interest rate to zero and launched a massive quantitative easing program in an emergency move. The benchmark STOXX 600 index (STOXX) was down around 8%.

Stock Snippets

Max Financials board approved share swap proposal involving shares of the Company’s sole material subsidiary company, viz., Max Life Insurance Company Limited.

IOC “issued 29,950 unsecured, rated, taxable, redeemable, non-convertible debentures of Rs 10,00,000 each aggregating to Rs 2,995 crore on a private placement basis on March 6, 2020, to meet its capex (capital expenditure) requirement.

Magma Fincorp – Acuite reaffirms long-term rating of ACUITE AA, for Secured Redeemable NCDs and Unsecured Subordinated Redeemable NCDs with outlook being revised from stable to negative.

Zota Health Care received patent certificate for an invention entitled “A Synergistic Oral Pharmaceutical composition for effective treatment of Liver diseases” from the Government of lndia, the Patent Office.

Global Markets

The Nikkei 225 average hit a fresh 40-month closing low in a seesaw session Monday, with support from monetary easing by the U.S. and Japanese central banks proving short-lived. The Nikkei tumbled 429.01 points, or 2.46 percent, to end at 17,002.04.

The Australian sharemarket tumbled 9.7% on Monday, the biggest one-day fall in decades for the benchmark ASX200 index, wiping out nearly four years of gains. About 30% of the value of Australian shares has been wiped out in less than a month.

US markets were poised to suffer heavy losses. Dow (INDU) futures were last down 1,041 points, or about 4.5%. S&P 500 (SPX) futures slumped 4.8%, while Nasdaq (COMP) futures shed 4.5%. There are now more than 3,000 cases of the novel coronavirus in the United States, according to government agencies and the CDC.

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