Nifty ends below 8,850, Sensex falls over 1,000 pts on lockdown extension; Cipla gains 5%

Moneycontrol |
Samir Sheth , Partner and Head
Deal Advisory Services
|

18 May 2020

Among sectors, except IT other sectoral indices ended lower, with Nifty Bank fell over 6 percent followed by the auto, metal and Infra. BSE Midcap and Smallcap indices fell between 3-4 percent.

Indian indices ended lower for the third consecutive day on May 18 as details of Rs 20 lakh crore stimulus package announced by the Finance Minister over the weekend failed to cheer the market. 

At close, the Sensex was down 1,068.75 points or 3.44% at 30028.98, while Nifty was down 313.60 points or 3.43% at 8823.25. About 580 shares have advanced, 1702 shares declined, and 159 shares are unchanged.

IndusInd Bank, Zee Entertainment, Eicher Motors, UltraTech Cement and Axis Bank were among major losers on the Nifty, while gainers were Cipla, TCS, Bharti Infratel, Infosys and ITC.

Among sectors, except IT other sectoral indices ended lower, with Nifty Bank fell over 6 percent followed by the auto, metal and Infra. BSE Midcap and Smallcap indices fell between 3-4 percent.

Samir Sheth, Partner and Head of Deals Advisory, BDO India:

The suspension of admission under IBC for a period of one year, gives the sponsors of stressed companies an opportunity to request for other methods of debt resolution. This could potentially lead to significant debt restructuring and also M&A transactions, especially in case of financially stressed corporates, albeit those with viable business models.

Source: https://www.moneycontrol.com/news/business/markets/taking-stock-d-st-gives-stimulus-packages-a-thumbs-down-sensex-cracks-1000-points-5282651.html