Share Market Update: After rising to fresh record highs, domestic market indices turned volatile and closed marginally higher on Friday, ahead of quarterly results of index heavyweights Reliance Industries, TCS and HCL Tech. Sensex ended 12 points higher at 41,945 and Nifty closed 3 points lower at 12,352. In terms of sectors, gains in Auto, FMCG, media, realty and pharma were capped by losses in banking, IT and metal stocks. According to traders, domestic market tarded volatile today as investors awatied key corporate results for cues amid concerns over macroeconomic issues like higher bank NPAs and a spike in retail inflation. During Friday's session, Sensex has climbed to a fresh all-time high of 42,062 from 42,059 recorded earlier and Nifty traded near the record high of 12,389 at 12,385. Bharti Airtel was the top gainer. Reliance Industries (RIL), TCS and HCL Tech were trading higher ahead of their quarterly earnings, scheduled for release later in the day. On the other hand, IndusInd Bank, GAIL, Vedanta, BPCL were among the top losers today. Tata Consultancy Services, Reliance Industries, L&T Technology Services, Blue Dart Express, HCL Technologies, ICICI Lombard General Insurance, L&T Finance Holdings among others will be announcing their December quarter earnings today.
Here's a look at the live updates of the market action on BSE and NSE today:
3: 45 PM
After rising to fresh record highs, domestic market indices turned volatile and closed marginally higher on Friday, ahead of quarterly results of index heavyweights Reliance Industries, TCS and HCL Tech. Sensex ended 12 points higher at 41,945 and Nifty closed 3 points lower at 12,352. In terms of sectors, gains in Auto, FMCG, media, realty and pharma were capped by losses in banking, IT and metal stocks.
Avantel Ltd Q3
3: 30 PM
The company has reported net sales of Rs 13.56 crores during the period ended December 31, 2019 as compared to Rs 14.11 crores during the period ended December 31, 2018, registering a de-growth of 3.9%.
The company has posted net profit of Rs 2.90 crores for Q3FY20 as against Rs 3.31 crores recorded in Q3 FY19, registering a de-growth of 12.39%.
Rallis India shares climb 16% post Q3
2: 20 PM
Rallis India shares climbed 16% today to the day's high of Rs 225.8 after the company reported robust numbers for the Q3FY20. The company recorded consolidated revenues of Rs 534 cr for the quarter ended 31 December, 2019, a growth of 28 cr as against Rs 417 cr recorded in the same quarter last year. Profit before tax stood at Rs 48 cr, registering a growth of 146% over previous year's Rs 20 cr and the profit after tax was Rs 38 cr, a growth of 177% over Rs 14 cr recorded in the same period last year.
Piramal Enterprises rises 7%
Piramal Enterprises shares touched an intraday high of Rs 1,655, rising 6.98% on BSE as the company announced it plans to sell its healthcare insights & analytics business for $950 m to Clarivate.
Jet Airways down 5%
2: 00 PM
Jet Airways shares locked % lower circuit today, trading at the day's low of Rs 45.4, after the bankrupt company announced its plan on selling its Netherlands business to KLM Royal Dutch Airlines. Jet Aiways closed operations on 17 April, 2019 and currently undergoing insolvency resolution process.
According to the company's regulatory filing, Jet Airways Ltd has entered into a conditional sale and purchase agreement with KLM Royal Dutch Airlines to liquidate the assets of the bankrupt airline in the European country. "The company and Dutch Trustee have entered into a conditional sale & purchase agreement with Koninklijke Luchtvaart Maatschappij N.V., on January 13, 2020 for the proposed resolution of business activities of the company in the Netherlands as approved by the Committee of Creditors," the filing added.
The company said there is a separate liquidation proceeding ongoing in the Netherlands and that the resolution professional has agreed a co-operation protocol with the Dutch trustee appointed by the local court.
The crash starpped airline added that the proposed transaction, if completed, will only involve a sale of part of the Jet Airways' business activities and will not impact the shareholding pattern of the the airline in any manner.
Bharti Airtel hits Rs 503 as new-52 week high
1: 40 PM
Shares of Bharti Airtel has hit Rs 500 mark for the first time ever on Friday, with share price of the telcom major rising 6.23% to hit Rs 503 as it new-52-week high on BSE. Currently the shares of Bharti Sirtel are trading 5,45% higher at Rs 500, with 9.86 lkaah nad 403.86 lakh shares changing hands on BSE and NSE counters.
YES Bank slips 7% as Moody's places lender's ratings under review
1: 30 PM
The share price of YES Bank fell almost 7% in Friday's trade after the brokerage house Moody's placed the stock's rating under review.
Moody's has the lender's long-term foreign currency rating under review, with the direction uncertain as the bank's standalone viability is getting increasingly challenged by its slowness in raising new capital. It also placed the bank's long-term foreign and local currency bank deposit ratings of B2, and its foreign currency senior unsecured MTN program rating of (P)B2, under review, with the direction uncertain.The Baseline Credit Assessment was also downgraded to Caa2 from B3.
Following the update by the brokerage firm, shares of YES Bank opened with a gap-down chart pattern and slipped to the intraday low of Rs 37.20, declining 6.55% on BSE.
YES Bank stock has reversed the trend and fallen after 2 days of consecutive gain. The stock traded in line with the 'Banks' sector on BSE that has declined 0.60% today.
Reliance Q3 results today
1: 05 PM
The oil-to-telecom conglomerate is likely to report a flat to moderately higher consolidated profit on a year-on-year basis. RIL is expected to post healthy figures in the consumer, telecom and retail segments, while the company's performance in refining and petreochemical business is estimated to remain muted.
Adani, Azure Power winners in solar manufacturing linked bids
12: 45 PM
Shares of Adani group, namely Adani Enterprises, Adnai Power, Adani Green Energy and Adani Gas were trading higher in the range of 2-5% following reports that Renewable Energy Secretary said that Adani, Azure Power were the winners in solar manufacturing linked bids and that Adani will build 6 GW generation capacity, 1.5 GW manufacturing capacity.
HCL Tech Q3 FY20 preview
12: 30 PM
Revenues of HCL Technologies is likely to grow 5% QoQ to Rs 1,8314 cr. Margin may improve 120bps to 24.6%. PAT is estimated to increase by 8.5% to Rs 2,853 cr.
TCS Q3 expectations
12: 20 PM
PAT of Tata Consultancy Services for the FY20 is expected to rise 4% higher to Rs 8,318 cr on a quarterly basis, while company's revenues for the quarter may grow 2% to Rs 3,9788 cr QoQ. Margin may see 70 bps expansion to 26.9%. Key things to watch out for investors would be Digital revenues growth and softness in BFSI and Retail business segments.
RIL, TCS and HCL Tech trade higher ahead ofquarterly earnings
12: 05 PM
Shares of Reliance Industries (RIL), TCS and HCL Tech were trading higher ahead of their quarterly earnings, scheduled for release later in the day. RIL gained 2.2% intraday to Rs 1,571.55, merely 3.24% short from 52 week high of Rs 1,617.8 on BSE. It was followed by HCL Tech that gained 1.3% intraday to hit a new 52-week high of Rs 601 and TCS shares that traded 0.70% higher at Rs 2,254.20 on BSE. TCS shares traded 2.58% away from 52 week high of Rs 2296
Market erases early gains, trades flat with positive bias
Domestic market indices, after rising to fresh record highs, erased bullish momentum and traded marginally higher by the afternoon session of Friday. Sensex traded 25 points higher at 41,959 and Nifty traded flat at 12,355. According to traders, domestic investors are awaiting key corporate results for cues amid concerns over macroeconomic issues like higher bank NPAs and a spike in retail inflation.
FII / DII action on Thursday
11: 35 AM
On a net basis, foreign institutional investors sold equities worth Rs 395.24 crore, while domestic institutional investors offloaded shares worth Rs 184.65 crore on Thursday, data available with stock exchanges showed.
Brent crude trades lower
11: 15 AM
Brent crude oil futures slipped 0.05 per cent to USD 64.59 per barrel.
Sensex hits new high
Domestic indices Sensex and Nifty recovered from losses and gained to trade near record highs. Today, Sensex has climbed to a fresh all-time high of 42,062 from 42,059 earlier and Nifty traded near the record high of 12,389 at 12,385.
Rupee opens lower
10: 30 AM
The Indian rupee opened on a cautious note and fell 7 paise to 71.00 against the US dollar in early trade on Friday tracking weak opening in domestic equities and foreign fund outflows. The Indian rupee on Thursday had closed at 70.93 against the dollar.
Global Market Update
10: 20 AM
On Wall Street, all three main U.S. stock benchmarks surged to all-time highs, Dow Jones gained nearly 1% after setting multiple records earlier this week, in the wake of Wednesday's US-China trade deal. Tracking overseas trend, Asian markets like Nikkei, Taiwan and China Index gained 0.3% each.
Gainers and losers
10: 15 AM
Bharti Airtel was the top gainer. Reliance Industries (RIL), TCS and HCL Tech were trading higher ahead of their quarterly earnings, scheduled for release later in the day. On the other hand, IndusInd Bank, SBI, HDFC twins, Kotak Bank, Power Grid and Ultratech Cement were among the top losers today. Sectorally, except banking and realty, all the other indices were trading in the green today.
Bharti Airtel among top Nifty gainers
10: 00 AM
Bharti Airtel gained 5.20% by the opening trade despite the blow from the AGR dues verdict amid healthy TRAI figures. The stock has risen to a new 52-week high of Rs 498.65 today.
Vodafone Idea plummets 40% in opening trade
9: 45 AM
Vodafone Idea share price crashed in early trade today after Supreme Court rejected review petitions by various telecom companies challenging the apex court's judgement in the Adjusted Gross Revenue (AGR) case. Vodafone shares fell to the day's low Rs 3.66 with the opening bell on Friday, as against the previous close of Rs 6.03 on BSE. The stock fell overall 39% on BSE.
Reliance Industries top gainer
9: 25 AM
Shares of Reliance Industries were trading as top gainer on both indices today ahead of the December quarter earnings, scheduled to be released today. Further, healthy TRAI figures also helped in the stock's bullish momentum as it showed Reliance Jio gaining over 56 lakh subscribers in November. It has added 91 lakh new subscribers in October.
While Reliance Jio and Airtel's subscriber base increased 1.54 per cent and 0.51 per cent, respectively, Vodafone Idea's user base shrunk 9.77 per cent in the period. Compared to Reliance Jio, Bharti Airtel added 16 lakh subscribers while Vodafone Idea lost maximum 3.6 crore wireless subscribers in November.
9: 15 AM
Market has opened on a muted note on Friday, with Sensex trading flat at 41,933 and Nifty falling 23 point lower at 12,320 mark.
Pre-open: Sensex few points short of 42K hit yesterday
9: 10 AM
BSE Sensex traded 34 points higher in the pre-open on Friday, at 41,966, few points short of 42K level and Nifty was rising 12 points higher to 12,355.
Pharma industry sales drop to 9.5% in Q3FY20
8: 55 AM
The secondary sales (sales made by distributors to chemists) in the Indian pharmaceutical market (IPM) moderated in the December quarter of 2019. It fell 2 pecentage points from 11.5 per cent in the September quarter of 2019 to 9.5 per cent in Q3FY20, on year-on-year (y-o-y) basis. The third quarter volume growth, according to a Motilal Oswal Institutional Equities report, was relatively low at 1.4 per cent y-o-y due to dismal momentum in October 2019 and December 2019. This was the second instance of de-growth this fiscal after the overall growth slowed to 8 per cent in June quarter from 9.9 per cent in Q4FY19.
Future Group stocks to be in focus
8: 45 AM
Future group stocks would be under investors' scanner as Future Group Chief Executive Officer (CEO) Kishore Biyani and Amazon founder Jeff Bezos will have a one-on-one meeting in Mumbai today to chalk out future partnership plans amid protests from traders against e-tailers.
Jio and Airtel's subscribers rise 1.54%, 0.51%, Vodafone Idea's userbase down 9.77%
8: 40 AM
Vodafone Idea lost maximum 3.6 crore wireless subscribers in November, while Reliance Jio gained over 56 lakh subscribers, says Trai data. While Reliance Jio and Airtel's subscriber base increased 1.54 per cent and 0.51 per cent, respectively, Vodafone Idea's user base shrunk 9.77 per cent in the period. Overall, Vodafone Idea has lost 10.5 crore subscribers since the both telcos joined hands in September 2018.
Bharti Airtel and Vodafone Idea shares to be in focus
8: 35 AM AM
Shares of telecom companies Bharti Airtel and Vodafone will be in focus today after the Supreme Court dismissed AGR (adjusted gross revenue) review petitions by the companies seeking relief on interest & penalty payments.
Airtel said issues raised by the telecom companies against the earlier verdict of the apex court were "genuine". "While respecting the Hon'ble Supreme Court's decision, we would like to express our disappointment as we believe the long-standing disputes raised regarding the AGR definition were bonafide and genuine," a company spokesperson said. Highlighting the grim financial situation of the telecom industry, Airtel said the SC's verdict could further "erode" the viability of the sector as a whole.
With the payment deadline looming close, telecom players had expressed their inability to pay the pending AGR dues. Vodafone Idea Chairman Kumar Mangalam Birla has said the telco would shut shop without the government's help. Bharti Airtel Chairman Sunil Mittal has also asked the government to be sympathetic towards telcos.
Global economy recorded lowest growth of 2.3% in 2019: UN
8: 30 AM
GDP growth in India and few other large emerging countries may gain some momentum this year after the global economy recorded its lowest growth of 2.3 per cent in 2019 due to prolonged trade disputes, a UN study said on Thursday while lowering its current and next fiscal forecasts for the Indian economy.
It lowered its GDP growth estimate for India to 5.7 per cent in the current fiscal (from 7.6 per cent forecast in WESP 2019) and lowered its forecast for the next fiscal to 6.6 per cent (from 7.4 per cent earlier). It has also forecast a growth rate of 6.3 per cent for the fiscal beginning in 2021.
Stocks in the news
8: 25 AM
IRCTC, Aditya Birla Money, Reliance Industrial Infrastructure, Cyient , Future Enterprises, are among the top stocks that are likely to be in focus in Friday's trading session based on recent and latest news developments. Investors are also awaiting December quarter earnings that are scheduled to be released today. Companies set to announce their earnings are Tata Consultancy Services, Reliance Industries, L&T Technology Services, Blue Dart Express, HCL Technologies, ICICI Lombard General Insurance, L&T Finance Holdings among others.
8: 20 AM
Tata Consultancy Services, Reliance Industries, L&T Technology Services, Blue Dart Express, HCL Technologies, ICICI Lombard General Insurance, L&T Finance Holdings, Trinity League, Radhe Developers, Avantel, Aarnav Fashions, ATV Projects India, Investment & Precision Castings, Ashirwad Steels & Industries are the companies set to announce their December quarter earnings today.
8: 15 AM
Equity market indices Sensex and Nifty are likely to open flat with positive bias on Friday mixed global and domestic cues. SGX Nifty Futures trades 23 points lower at 12,347, indicating a negative opening in the domestic market.
8: 30 AM
On Thursday, equity market indices gained in trade after a volatile session and closed 0.10% higher by the closing bell. Sensex ended 59 points higher to close at 41,932 and Nifty ended 12 points higher at 12,356. In terms of sector, all the indices except Nifty metal closed in the green, with Nifty media rising almost 1.50%.