Share Market Update:Benchmark indices Sensex and Nifty ended on a negative note today amid high selling pressure in PSU baking and media stocks. BSE Sensex closed 162 points lower at 41,464, and NSE Nifty ended 55 points lower at 12,226. Zee Entertainment, Bharti Infratel, Asian Paints, Axis Bank and Eicher Motors were among the major losers by the closing session. TCS, Infosys, Sun Pharma, GIAL and HCL Tech were among the top gainers of today's trading session. In terms of sector, except IT and pharma sectors, all the other indices traded in the red today with over 2% fall in PSU baking and media scrips, followed by 1% decline in banking and auto indices. Globally, markets traded in red on Friday in wake of sharp spike in crude prices after a US strike eliminated a top Iranian commander. Following this, Brent crude surged 4.4% to USD 69.16 and WTI jumped 4.3% to 63.84.
Here's a look at the live updates of the market action on BSE and NSE today:
Expert Opinion: market update
3: 55 PM
Commenting on Friday's bearish trend, Vinod Nair, Head of Research of Geojit Financial Services Ltd said, "Investors turned cautious as tensions emerge in the Middle East. Crude oil prices rose while strong dollar held IT & Pharma stocks higher. With market testing new highs, emergence of geopolitical tensions could force people to book some profits. Crude prices could turn volatile due to risk of possible retaliation from Iran which could impact the performance in the short-term."
Sensex and Nifty ended majorly negative today amid high selling pressure in PSU baking and media stocks. BSE Sensex closed 162 points lower at 41,464, and NSE Nifty ended 55 points lower at 12,226.
Zee Entertainment, Bharti Infratel, Asian Paints, Axis Bank and Eicher Motors were among the major losers by the closing session. TCS, Infosys, Sun Pharma, GIAL and HCL Tech were among the top gainers of today's trading session.
IndiGo rises 3%
2: 20 PM
IndiGo stock earsed early gains and climbed 3% intraday following media reports that suggested promoter Rakesh Gangwal called for EGM seeking amendment of the Articles of Association, amid ongoing battle between the promoters.
The company's filing notified the excahnges that Extraordinary General Meeting of the on the requisition dated December 24, 2019, made by the RG Group comprising of comprising of Rakesh Gangwal, Shobha Gangwal and The Chinkerpoo Family Trust (Trustee: Ms. Shobha Gangwal and J.P. Morgan Trust Company of 'Delaware) collectively holding 36.64% of the paid-up share capital of the Company, is scheduled to be held on Wednesday, January 29, 2020 at 10:00 a.m."
NGL Fine-Chem rises over 7%
2: 10 PM
NGL Fine-Chem Ltd opened with a gain of 7.5% to the intraday high of Rs 488 on BSE as the company received rating from ICRA, in which its long term rating was reaffirmed to BBB/Positive (outlook long term rating is 'Stable') and the short term rating has been reaffirmed to A2.
FDC rises over 5%
2: 00 PM
FDC Ltd rose 5.36% intraday to the day's high of Rs 222 after the company said it has received GMP certificate and it continues with its approved status from UK MHRA (Medicines and Healthcare Products Regulatory Agency), for two of its oral solid dosage form facilities situated at L-56/57 and L-121 in Verna, Goa, based on recent Good Manufacturing Practice (GMP) inspection held at the said plants.
Reliance Power falls over 3%
1: 50 PM
Reliance Power fell 3.6% in trade on Friday after the company announced that Axis Trustees Services Ltd has invoked 1.75% of shares of the company.
Jet Airways locks 5% upper circuit for the fourth straight session
1: 30 PM
Shares of the cash-crunched airline, Jet Airways locked 5% upper circuit for the fourth straight session today after Bloomberg report suggested that the group led by Gopichand Hinduja and Ashok Hinduja was planning to submit an expression of interest (EOI) by January 15.
Today the share price of Jet Airways rose 5% to the intraday high of Rs 34.2 on BSE. The stock has climbed 20% in the last 4 sessions of straight gains. The expression of interest will signal the UK-based group's intent to make a formal offer. Hinduja is seeking a partner to bid, one of the people in the knowledge of the development told Bloomberg.
NMDC hits new 52-week high on revising prices
1: 20 PM
NMDC Ltd traded higher and climbed 1% to hit a fresh 52- week high of Rs 132 as the company revised prices of Iron Ore, with effective from January 2, 2020. As per the filing, the Lump Ore ( 65.53, 6-40mm) will cost at Rs 2,800 per ton and Fines (643, - 1 Omm) will cost Rs 2,560 per ton.
TFCI shares rise 5%
1: 15 PM
Shares of Tourism Finance Corporation of India Limited (TFCI) rose over 5% today after the company announced that IFCI has released 7.08 lakh equity shares out of its remaining 2.09% stake in the company between September 13, 2019-December 31, 2019. The remaining shares approximately 78000, with IFCI will also be disposed of in due course of time, the filing added.
VIP Industries rises 3.09%
1: 05 PM
Shares of VIP Industries climbed over 3% in Friday's trade after the company intimated the exchanges that CRISIL has upgraded and reaffirmed its credit rating for the bank loan facilities.
Zydus Wellness rises 1%
12: 55 PM
Shares of Zydus Wellness Ltd rose 1% to trade at Rs 1,493.30 on BSE today, after the rating firm CARE Ratings Limited reviewed and reaffirmed the rating of "CARE AA+/Stable", on 15,000 9.14% secured, listed, rated, non-convertible debentures (NCDS) worth Rs 10 lakhs each, aggregating to Rs 1,500 crore.
Zee Entertainment, Dish TV and Sun TV Network shares fall for 2nd straight session
12: 45 PM
Shares of Zee Entertainment, Dish TV and Sun TV Network were trading lower for the second straight session reacting to the news that Telecom Regulatory Authority of India (TRAI) on Wednesday revised its regulatory framework for cable and broadcasting services. As a result of this new order, cable TV users will be able to access more channels at a lower subscription price. During Friday's session, shares of Zee Entertainment declined over 4%, followed by 2% fall in Dish TV and 1.6% fall in Sun TV Network.
JSW Energy rises 2%
12: 30 PM
JSW Energy rose 1.9% in the early trade after the company said it has entered into an agreement with Jaiprakash Power Ventures to re-structure its debt worth Rs 751.11 cr, which will result in the reversal of an amount of Rs 177.48 cr of liabilities payable to JPVL in the company's books.
Natco Pharma declines 2%
12: 15 PM
Natco Pharma shares declined over 2% on Friday after a Japanese pharmaceuticals company Taiho Pharmaceutical, moved a US court against the company, alleging that the Indian drug maker was attempting to come out with a generic version of its cancer medicine 'Lonsurf,' before expiration of its patent. Lonsurf is a registered trademark of Taiho Oncology, INC.
Taiho alleged that the Natco Pharma's proposed generic Lonsurf (trifluridine and tipiracil) will infringe the patent and sought the court to pass an injunction order against manufacturing, importing and selling that drug in the US market.
Natco Pharma today announced that it has filed an Abbreviated New Drug Application (ANDA) containing a paragraph IV certification with the US FDA for the generic version of Lonsurf (Trifluridine/ Tipiracil) tablets. Lonsurf has recorded sales of USD 150 million for the year ending December 2018 in the US market as per IQVIA. The drug is currently indicated for certain forms of colorectal and gastric cancers.
Market Expert quote
11: 45 AM
Commenting on crude oil and gold price rise, Ravindra Rao, VP- Head Commodity Research at Kotak Securities said, "NYMEX crude rallied over 4% today to hit a high of $63.84/bbl, the highest level since May 2019 and COMEX gold rallied to hit a high of $1543.7/oz, the highest level since September."
Talking on the future developments post the news, he said," Risk aversion post the news is evident from gains in gold and yen while US DJIA futures slipped over 150 points. US-Iran tensions were already high owing to US sanctions on Iran, attack on Saudi oil facilities last year and various incidents in the Middle East. Today's development will further intensify tensions between US and Iran and spur safe haven buying in Gold. Crude oil price might further move higher amid concerns about retaliatory moves by Iran. However, market reaction may subside if there is no retaliatory move by Iran or no major exchange of words between Tehran and Washington."
Commenting on the technical analysis on the oil's movement he further added," On the price front, WTI Crude oil is trading close to the resistance near $64/bbl. If the resistance holds, we expect a corrective dip in prices. On the contrary, if the price sustains above $64/bbl the upside might extend to $65.50/bbl.
In case of gold's trend, he said," The immediate resistance is near $1546/Oz. On break of the resistance, the price might move close to the September 2019 highs of $1560/Oz".
Sterlite Technologies shares climb over 6%
11: 30 AM
Sterlite Technologies share price rose 6.38% in trade today after the company won Rs 1,800 crore T-Fiber project in Telangana. The company said that it has won the mandate to create a high-speed rural broadband network from Telangana Fiber Grid Corporation (T-Fiber). The multi-year deal worth about Rs 1,800 crore requires STL to design, build and manage a rural broadband network across 3,000-gram panchayats in Telangana.
STL said that it will work with T-Fiber for enabling affordable and high-speed broadband connectivity to 60 lakh people in Telangana. STL was awarded the work order for about Rs 1,100 crore for phase-1 of the project, while the total project value is worth about Rs 1,800 crore.
IIFL Securities up 5% on Rakesh Jhunjhunwala buying 27.85 lakh shares
11: 15 AM
Shares of IIFL Securities were locked at upper circuit of 5% on Friday to hit a 52-week high after ace investor Rakesh Jhunjhunwala purchased 27.85 lakh shares of the company, according to BSE bulk deal data. IIFL Securities rose to the intraday high of Rs 47.15 against the previous closing of 44.95 on BSE.
Rupee declines further
11: 10 AM
The rupee fell further 24 paise to 71.62 against the US dollar, weighed by the spike in crude oil prices. Forex traders said crude oil prices surged after US President Donald Trump ordered the killing of Iran Revolutionary Guards commander Qasem Soleimani.
Gold Prices rise above Rs 39,700 in India
10: 55 AM
Gold prices climbed to a four-month high on Friday, with Spot gold hitting its highest recorded level of $1,540.48 since September 5, after the US killed a top Iranian general, fuelling fears of a conflict in the oil-rich region.
On the MCX, Gold contracts for February were trading higher by Rs 438, or 0.12%, at Rs 39,715 per 10 gram. Amid the political and economic uncertainty, India's Gold February futures rallied over 1%.
Cords Cable up 6%
10: 35 AM
Shares of Cords Cable Industries rose 6.6% intraday after the media reports suggested that the company's arm has got approval to participate in future bids for supplying products to the Japanese company.
ONGC wins all 7 blocks, shares climb 4%
10: 30 AM
Contrary to the bearish trend recorded in OMC stocks amid sharp spike in crude, shares of Oil and Natural Gas Corporation (ONGC) added over 4% on Friday after the company won all the 7 oil and natural gas blocks on offer in the latest bid round. Reacting to the news, ONGC stock touched the day's high of Rs 133.4, rising 4.22% on BSE against the last close of Rs 128.
Brent crude surges 4%
10: 20 AM
Domestic investors followed Asian markets which fell after the Pentagon confirmed that US President Donald Trump ordered the killing of Iran Revolutionary Guards commander Qasem Soleimani, who died in Baghdad "in a decisive defensive action to protect US personnel abroad". Brent crude surged 4.4% to USD 69.16 and WTI jumped 4.3 per cent to 63.84.
Rupee declines further
10: 15 AM
The Indian rupee opened at its 1-month low, quoting 71.49 per US dollar and later fell 17 paise to 71.56 against the US dollar, amid a spike in crude oil prices.
IT Stocks trade higher
10: 10 AM
IT stocks move higher as the rupee weakened and opened at a 1-month low against the US dollar. NIIT Technologies and TCS gained over 2% each, followed by 1.% hike in Infosys, Hexaware Technologies, HCL Tech and Wipro. Tech Mahindra and Tata Elxsi Ltd gained 1.2% each.
Global market update
10: 05 AM
Globally, markets erased early gains on Friday in wake of crude prices spiking sharply after a US strike eliminated a top Iranian commander. Bourses in Shanghai, Hong Kong and Seoul were trading in the red, while those in Tokyo remained closed for New Year holidays. Shares on Wall Street ended significantly higher on Thursday.
OMCs trade lower
10: 00 AM
Stocks of Oil Marketing Companies (OMCs) were under pressure today with oil prices globally soared more than 4% on Friday, following claims that the US had killed a top Iranian general, fuelling up tensions between the foes and fears of a conflict in the crude-rich region.While BPCL and Hindustan Petroleum declined 2% each, 1% fall was registered in Adani Transmission. NTPC and Reliance Industries, Indian Oil fell between 0.80% to 0.50%.
FII/ DII action on Thursday
9: 50 AM
Net investment of equity and debt reported by foreign portfolio investors (FPIs) turned positive with net buying logged at Rs 688.76 crore from Indian equities while domestic institutional investors (DIIs) turned bearish with net selling logged at Rs 63.95 crore on Thursday.
Losers and gainers today
9: 40 AM
Zee Entertainment, BPCL, Vedanta, Asian Paints, Tata Motors and SBI were among the major losers in the morning trade.
Gail, ONGC, TCS, Infosys, HCL Tech were among the top gainers in today's trading session.
Rupee opens at 1-month low
9: 35 AM
Indian rupee, the local currency weakened on Friday and opened at its 1-month low, quoting 71.49 per US dollar, on back of a spike in crude oil prices. The rupee had closed at 71.37 on Thursday session.
Stocks in focus
9: 30 AM
RITES, Airtel, JSW Energy, Jet Airways, Reliance Power, Hero MotoCorp among others are the top stocks to watch out for Friday's trading session.
9: 20 AM
Benchmark indices Sensex and Nifty started on a negative note today amid selling in PSU baking and metal stocks. BSE Sensex fell 100 points to 41,533, and NSE Nifty lost 40 points to 12,242.
9: 15 AM
Equity indices BSE Sensex and NSE Nifty closed 0.80% higher on Thursday, the second trading session of 2020, led by gains in metal, realty and banking stocks amid positive cues from Chinese markets. Sensex ended 320 points higher at 41,617, and Nifty50 too closed 100 points higher at 12,282. In terms of sectors, except IT, all the other sector-based indices traded in the green, with over 2% rise registered in metal stocks, followed by 1% rise in PSU bank and realty stocks. Tata Motors, UltraTech Cement, Tata Steel, JSW Steel and Vedanta were among the top gainers by the closing bell of Thursday's session. Eicher Motors, Bajaj Auto, TCS, Dr Reddy and BPCL were among the top losers.