Share Market Updates: Sensex and Nifty closed 0.60% higher on Tuesday, tracking strong cues from global equities, led by gains recorded in media and metal scrips, amid Delhi Election Result Day. BSE 30-share S&P Sensex closed 236 points higher at 41,216 and NSE 50-share index Nifty50 ended 76 points higher at 12,107. All sectors except FMCG and PSU Banking closed in the green today, with media and metal indices being top gainers. Investors also awaited December quarter earnings today. Investors were also tracking results of counting for votes from State Assembly Elections 2020 in the national capital. As per latest update from Delhi Assembly Election Results 2020, Aam Aadmi Party (AAP) is all set to retain power in the national capital. AAP has breached the psychological mark of 63, while BJP has been reduced to just 07 seats. The Congress Party, however, is nowhere in the race. Overseas, Asian markets were trading positive as reports of Chinese workers returning to factories and a drop in new Coronavirus cases enthused investors.
Here's a look at the live updates of the market action on BSE and NSE today:
Also See: Delhi Election Results Live blog on counting of votes for Delhi elections as well as its results, with a detailed analysis of early trends and political opinions.
4: 24 pm
Expert Opinion on Market Today
Nagaraj Shetti, Technical Analyst at HDFC Securities said, "After showing weakness in the last couple of sessions, Nifty witnessed a decent upside today, but failed to sustain highs. A long legged doji type candle pattern was formed after opening gap up (body gap, not a western gap). Technically, this indicates a 'dead cat bounce' in the market (weak upside bounce). The opening upside gap remains unfilled.
The Nifty showing upside bounce today somehow cheering factor for bulls to make a come back from the lows. But, today's lack of strength to sustain the highs could drag Nifty to slide down to the immediate support of 12K mark again, before showing any meaningful upside bounce.
On the higher side, the area of 12175-12200 is going to be a key overhead resistance. At lows 12000-11950 is expected to be a strong support for the Nifty ahead."
4: 20 pm
Expert Opinion on Market Today
S Hariharan, Head, Sales Trading at Emkay Global Financial Services said, "After S&P500 notched up a new lifetime high yesterday, in the face of negative divergences in crude, copper and long bonds, Asia opened strongly and the rally also reflected in strength in India. However, market breadth has not followed with NSE Advance-Decline ratio at less than 1, despite the index being up 1%. NBFC stocks have strengthened in anticipation of a more benign funding environment as well as credit demand boost engineered by RBI's tweaks to monetary policy incentivising MSME, home and auto loans disbursed by banks through July 2020. Oversold PSU stocks like NTPC & GAIL have also bounced strongly after short covering seen yesterday. While market appears strong at the level of headline indices, internals are not reflecting this and a confirmation would be required for follow-on activity. 12,150 remains a strong supply zone on Nifty and FIIs positioning in index futures has widened to short $1.5 bn worth, a new 6-month high."
Expert Opinion on Market Today
4: 12 PM
Commenting on markets' trend today, Ajit Mishra, VP - Research, Religare Broking Ltd said, "After two consecutive days of losses, the bulls staged a smart comeback led positive global cues. Further, positive outlook by the principal economic adviser also aided domestic sentiments. The Nifty index ended higher by 0.6% at 12,108 levels. The broader markets underperformed wherein BSE Midcap ended with gains of 0.4% whereas Smallcap index ended lower by 0.2%. On the sector front, all the indices ended with gains wherein Banking, Metal and Auto were the top gainers."
"There has been some encouraging signs with respect to spread of Coronavirus as news reports suggested that the epidemic could plateau in the next few weeks. However, it continues to remain one of the key monitorable for global markets including India. On the domestic front, the last leg of earnings announcement would induce stock specific volatility. Further, key macroeconomic data like CPI, IIP and WPI would also be actively tracked by the investors and traders."
Expert Opinion: Market Close
4: 05 PM
Commenting on Nifty's technical trend, Rohit Singre, Senior Technical Analyst at LKP Securities said, "Index managed to close a day at 12108 with gains of 76 points forming a doji candle pattern on daily chart which hint uncertainty in the markets. Now index shifted its support to 12050-12000 zone holding above said levels can see some more gains towards immediate hurdle of 12160-12200 zone, traders can use buy on dip strategy with keeping overall stop out level below 12000 zone. Nifty bank closed day at 31300 zone with gains of 242 points, support for nifty bank is coming near 31100-30900 zone and resistance is coming near 31500-31700 zone."
Expert Opinion: Market Close
3: 50 PM
Commenting on markets trend today, Vinod Nair, Head of Research, Geojit Financial Services Ltd said,"Easing concerns over the coronavirus issue after the drop in fresh cases came as a breather for markets. Since the full impact of the virus issue still remains unknown the extended shutdown is expected to dent economic growth this quarter. We expect the domestic market to stay focused on the last batch of Q3 numbers and CPI inflation for the month of January. As per the consensus, inflation is expected to remain elevated confirming the recent action by the central bank."
3: 45 PM
Reversing trend after two days of fall, indices Sensex and Nifty closed 0.60% higher on Tuesday, tracking overseas trend led by heavy buying in metal and media stocks. BSE 30-share S&P Sensex closed 236 points higher at 41,216 and NSE 50-share index Nifty50 ended 76 points higher at 12,107. All sectors except FMCG and PSU Banking closed in the green today, with media and metal indices being top gainers. Investors also awaited December quarter earnings today.
Syndicate Bank reports Q3 earnings
3: 30 PM
The reported consolidated net profit rose (YoY) nearly three times to Rs 434 crore during the quarter ended December 31, 2019 as against Rs 108 crore, recorded in a year-ago period.
Lender's NII rose 15.6% (YoY) to Rs 1,871 crore in the October-December quarter of the current fiscal as compared to Rs 1,618 crore in the same period last financial year.
Gross NPA on a aequqential basis registered a growth of mere 12 bps (YoY) at 11.33% during the quarter ended December 31, 2019, from 11.45% , booked in the second quarter in the same year.
While Net NPA rose 4bps to 5.94% in Q3 FY20 from 5.94% in Q2 FY19.
Delhi Elections Update
3: 25 PM
Aam Aadmi Party (AAP) is all set to retain power in the national capital. AAP has breached the psychological mark of 63, while BJP has been reduced to just 07 seats. The Congress Party, however, is nowhere in the race.
3: 00 PM
Market indices slipped off day's high to trade 0.60% higher by the afternoon session with FMCG and PSU Bank sector index trading in red. BSE 30-share S&P Sensex traded 250 points higher at 41,228 and NSE 50-share index Nifty50 traded 75 points higher at 12,105.
TVS Srichakra's Q3 results
2: 30 PM
The company reported 45% fall in (YoY) consolidated net profit at Rs 12.8 crore during the quarter ended December 31, 2019 as against Rs 23.2 crore, recorded in a year-ago period.
Total income fell 15.4% (YoY) to Rs 509 crore in the October-December quarter of the current fiscal as compared to Rs 602 crore in the same period last financial year.
EBITDA registered a de-growth of 21.8% (YoY) at Rs 48 crore during the quarter ended December 31, 2019, from Rs 61.3 crore, booked in the corresponding quarter in the previous year
Margin declined 80 bps to 9.4% in Q3 FY20 from 10.2% in Q3 FY19.
Following the result update, shares of TVS Srichakra touched an intraday high of Rs 1,675, falling 3.35% on BSE.
Siemens Q1 earnings out
The company reported 4.5% decline (YoY) in consolidated net profit to Rs 262 crore during the quarter ended December 31, 2019 as against Rs 275 crore, recorded in a year-ago period.
Total income fell 11.8% (YoY) to Rs 2,668 crore in the October-December quarter of the current fiscal as compared to Rs 3,025 crore in the same period last financial year.
EBITDA registered a growth of 2.2% (YoY) at Rs 337 crore during the quarter ended December 31, 2019, from Rs 330 crore, booked in the corresponding quarter in the previous year
Margin rose 170 bps to 12.6% in Q3 FY20 from 10.9% in Q3 FY19.
Following the result update, shares of Siemens touched an intraday high of Rs 1,521, rising 3.15% on BSE.
Asian Markets continue rising
1: 25 PM
Asian markets rebounded on Tuesday spurred by investors optimism over sputtern gback up the world's second-largest economy after a forced extension to the Lunar New Year holiday because of the outbreak. The positive rallies on Wall Street also helped Asian indices, market participants said. Chinese authorities are expected to make policy interventions to help ease the economic hit from the virus, analysts said, which could boost market confidence.
AAP likely to win with thumping majority
As per the latest election trends, AAP is ahead on 56 seats while the BJP is lagging behind on 14 seats.
Bombay Dyeing rises 4% on healthy Q3 earnings
1: 20 PM
Bombay Dyeing shares opened with a gain of 3.58% today. Later the stock touched an intraday high of Rs 94.7, rising 4.35% on BSE after the company reported a net profit of Rs 162.4 crore for the December quarter, compared with a loss of 159.3 crore in the same period last year. Company's revenue from operations fell 8.6% YoY to Rs 377.7 crore during the third quarter.
IDBI Bank, Syndicate Bank trade in green ahead of Q3 result
1: 17 PM
IDBI Bank shares were trading 2.5% higher on Tuesday, ahead of its results for the three months ended December, scheduled to be out today. Investors are anticipating the results from the state-owned bank, which is also a subsidiary of Life Insurance Corporation of India
Shares public-sector lender Syndicate Bank were also trading marginally higher today, as the lender will also announce it earnings for the quarter today.
1: 15 PM
BSE 30-share S&P Sensex has risen 350 points higher at 41,330 and NSE 50-share index Nifty50 traded 109 points higher at 12,141.
The BSE Mid Cap index is trading up by 0.3%, while the BSE Small Cap index is trading up by 0.1%. Barring IT stocks, all sectoral indices are trading in green with stocks in the automobile sector and power sector witnessing most of the buying interest.
Market traders are tracking Coal India share price, TVS Srichakra share price, and Siemens share price as these listed companies are reporting their December quarter results today.
Investors would also be cautious ahead of the macroeconomic data-points due to be released during the week including CPI/WPI inflation in December and IIP data for Janauary month.
Chalet Hotels rises over 6%
1: 05 PM
The hospitality company-Chalet Hotels's net profit jumped a sharp 126% year-on-year to Rs 33.4 crore during the December quarter. Company's revenue from operations also rose 12.4% from the year-ago period to Rs 278.1 crore.
Following the result update, shares of Chalet Hotels opened with a gain of 6.04% today and later touched an intraday high of Rs 361.95, rising 6.63% on BSE.
Coal India Q3 estimates
12: 50 PM
As per HDFC securities report, Coal India's Q3 FY20 PAT is expected to fall 22% lower to Rs 3,557 crore on weaker EBITDA and lower other income, while companny's revenues may decline 9% YoY to Rs 22,774 crore. Coal India's other income is also expected to come in around 30% lower at Rs 850 crore.
Global Market update
12: 30 PM
Asian markets were trading positive as reports of Chinese workers returning to factories and a drop in new Coronavirus cases enthused investors. Market participants said, investors still weighed the economic impact of coronavirus outbreak on global economy.
On Monday, European markets closed on a mixed note amid ongoing concerns around virus outbreak in China which has claimed over 1000 lives.
US markets closed higher yesterday, amid positive earnings.
WHO warns on Coronavirus
12: 25 PM
The World Health Organization warned Monday that the spread of the coronavirus to people who have not visited China could be 'the spark that becomes a bigger fire,' while urging nations to fight the epidemic together. The World Health Organization's Dr. Sylvia Briand told reporters the coronavirus produces mild cold symptoms in about 80% of the cases seen so far, with just 15% of those infected ending up with pneumonia and 3% to 5% of patients needing intensive care.
Adani Transimisiion rises over 2%
12: 08 PM
Adani Transmission Limited (ATL) today announced that Qatar Investment Authority (QIA) has completed acquisition of 25.10% stake in Adani Electricity Mumbai Limited (AEML) from ATL along with an investment in shareholder subordinated debt in AEML on 10 February, 2020.
The total QIA investment in AEML is approximately Rs 3,220 crore, which includes equity consideration of approximately Rs 1,210 crore and shareholder subordinated debt of Rs 2,010 crore.
Following the announcement, Adani Transmission shares opened with a gain of 2.44% today and later touched an intraday high of Rs 339.95, rising 2.44% on BSE as agiainst the last closing price of Rs 331.85.
Petronet LNG falls over 3% on poor Q3 figures
Petronet LNG reported Rs 679.2 crore consolidated net profit for the Q3 FY20, 15.8% higher than Rs 586.73 crore net profit reported in Q3 FY19. Compnay's consolidated total revenue for the period declined 11.7% lower to Rs 8,994.4 crore in the quarter ended December 2019, as against Rs 10,186.2 crore reported in the comparable quarter in the previous financial year.
Following the Q3 result announcement, shares of Petronet LNG touched an intraday low of Rs 261.5, declining 3.45% on BSE, as against its previous close of Rs 270.85.
Oil India Q3 FY20 PAT halves to Rs 709 cr, shares decline over 3%
Oil India has reported its consolidated net profit for the third quarter at Rs 709.4 crore, which is half the net profit of Rs 1423 crore reported by the company a year ago.
Company's consolidated total income during the period witnessed 16% YoY decline to Rs 2957 crore. Other income also declined sharply by 72% YoY during the quarter.
Following the Q3 result announcement, shares of Oil India touched an intraday low of Rs 129.35, declining 3.43% on BSE, as against its previous close of Rs 133.95.
Oil India Board has also declared Rs 9 per share as interim dividend.
Delhi Elections counting
11: 55 AM
Arvind Kejriwal-led Aam Aadmi Party (AAP) is likely to retain power in the national capital for the third consecutive term. Aam Aadmi Party has extended its lead to 52 seats, while BJP India is currently leading with 18 seats after two hours of counting.
MRF falls 2% on poor result
11: 50 AM
Tyre major MRF Ltd.'s consolidated net profit from continuing operations for the third quarter ended December 2019 dipped 17.18% y/y to Rs 240 crore on economic slowdown. Company's net profit in the second quarter of the current fiscal stood at Rs 230 crore. During the period under review, total income y/y dipped 1.68% to Rs 4,150 crore. Compared with the second quarter of FY20, total income had risen by Rs 46 crore. Following the result update, MRF stock on Tuesday touched an intraday low of Rs 71700.45, declining 2.27% on BSE. Although, before falling the stock rose 0.18% to the intraday high as well as its fresh 52-week and all-time high of Rs 73500 on BSE.
Relaince Securities on GAIL Q3: recommenda buy with TP of Rs 154
11: 40 AM
Reliance Securities in its report said that company's new fertiliser plants and CGD's lined up on Urja Ganga pipeline would be the major growth driver of its gas transmission and trading segment. It added that the quarter under review quarter is marked with record volume, improved realisation and one of the lowest operating cost in gas and LPG transmission segment.
Company's EBITDA grew by 33% QoQ (down 23% YoY) to Rs 20.7bn in 3QFY20, beating consensus their estimate by 11%/20%, mainly due to strong performance across segments. We expect GAIL's earnings to clock just 10% CAGR over the next 3 years, the report added.
Commenting on the stocks' trend, Relaince Securties siad," The stock provides high earnings visibility and healthy RoE/RoCE of 12%/13% over the next 3 years. At CMP, the GAIL stock trades at 6.1x of FY21E EBITDA, which is at discount to its long-term average of 7.4x (over the last 5 years)."
We maintain our BUY recommendation on the stock with a DCF based target price of Rs 154, the brokerage house said.
11: 00 AM
Tata Steel, Axis Bank, UltraTech Cement, SBI, IndusInd Bank, ITC and ICICI Bank were among the top gainers in the Sensex pack. On the other hand, TCS was the only stock trading in the red.
According to traders, domestic stocks followed global equities, which rallied despite despite concerns over coronavirus impact on world economy. Domestic market participants are also tracking Delhi poll results, traders said.
GAIL shares surge 4% higher on back of upbeat Q3 FY 20 earnings
10: 50 AM
GAIL recorded 12.9% (YoY) rise in consolidated profit at Rs 2,029.51 crore in Q3 of FY20 against Rs 1,797.04 crore in Q2, primarily due to better margins in gas marketing and liquid hydrocarbons (LHC). Company's Consolidated revenue, however, declined 11.5% to Rs 17,898.16 crore during the quarter.
Following the earnings updates, shares of GAIL touched an intraday high of Rs 126.85 on BSE, rising 4.15% against the previous close of Rs 121.80.
The company board has also declared an interim dividend of 64 per cent for the financial year FY20 at Rs 6.40 per equity share, amounting to Rs 2,886.49 crore.
Rupee trades higher at 71.20 per US dollar
10: 40 AM
The rupee appreciated by 10 paise to 71.20 against the US dollar in opening trade on Tuesday, driven by positive opening in domestic equities.
The rupee opened strong at 71.23 at the interbank forex market then gained further ground to touch 71.20 per dollar, displaying gains of 10 paise against the greenback.
On Monday, the rupee had settled at 71.30 against the US dollar.
International equity and commodity cues
10: 30 AM
US stock markets settled higher by over 1%, European equity markets settled on flat to negative note, Asian markets are trading higher and while SGX Nifty is up 58 points.
News of rapidly spreading coronavirus seems to be resurfacing impacting crude oil demand and dragging oil prices lower and keeping the market concerned.
Gold prices closed higher ahead of testimony from Fed Chairman Jerome Powell, which should include how the central bank plans to shield the US economy from China's widening coronavirus crisis. As per market experts, currently price of gold looks stable, although silver has room to move up.
FII/ DII action on Monday
10: 25 AM
On a net basis, foreign institutional investors sold equities worth Rs 184 crore, while domestic institutional investors offloaded shares worth Rs 735 crore on Monday, data available with stock exchanges showed.
US President Donald Trump to visit India later this month, says White House
10: 25 AM
The White House announced on Tuesday, that President Donald Trump will be travelling to India later this month on a two-day visit. This would be his first trip to the country as the president of the United States.
During a phone call over the weekend, Trump and Prime Minister Narendra Modi agreed the trip would further strengthen the India-US strategic partnership and highlight the strong and enduring bonds between the American and Indian people, she said.
10: 20 AM
Sensex and Nifty traded strongly bullish, up 1% each on Tuesday, tracking following strong cues from global equities amid Delhi Election Result Day. BSE 30-share S&P Sensex traded 400 points higher at 41,390 and NSE 50-share index Nifty50 traded 121 points higher at 12,150. All sectors traded in the green today, with metal and PSU banking index gaining the most.
Market Update: Expert opinion: HDFC Securities report
The markets remain globally susceptible to supply chain hiccups from China. Companies across the world have warned of the shortage of raw materials in the days to come if China does not resume normal production in a fortnight.
In domestic cues, the counting for the Delhi assembly seats have begun at 8 am today. Considering that first the opinion polls and then the exit polls had predicted an AAP sweep, the outcome on these lines is already priced in.
Oil rises over 1%
10: 06 AM
Oil prices rose more than 1% on Tuesday on investors booking profit from the recent sharp falls. Brent crude rose 79 cents, or nearly 1.5 percent, to $54.06 a barrel, while US West Texas Intermediate was up 63 cents, or about 1.3 percent, to $50.20. Earlier on Monday, oil prices fell to their lowest level since January 2019 on weaker Chinese demand in the wake of the coronavirus outbreak.
Bajaj Consumer Care declines 9% post Q3 earnings
10: 00 AM
Shares of Bajaj Consumer Care fell 9% on Tuesday's early trade after the company reported a 17.83% fall in its consolidated net profit to Rs 48.74 crore for the third quarter ended December 2019, as against Rs 59.32 crore during the October-December quarter a year ago.
Following the result update, shares of Bajaj Consumer Care opened with a loss of 2.91% today and later touched an intraday low of Rs 201.40, declining 9% on BSE, as against its previous close of Rs 221.40. Shares of Bajaj Consumer Care Ltd on Monday closed 0.41% higher at Rs 221.40 apiece on the BSE.
Delhi Election Trends
9: 40 AM
As per the figures from Delhi Assembly Election Results 2020, Aam Aadmi Party (AAP) has secured the lead on 54 seats, while the BJP is leading on 15 seats. The Congress party, however, is ahead on just one seat. Prominent candidates including Arvind Kejriwal, Manish Sisodia and Atishi have secured early leads over their rival candidates.
Global Market Update
9: 34 AM
Domestic markets open in the green tracking positive global cues. Asian share markets followed Wall Street higher on Tuesday with most stocks trading positive. Yesterday, Dow jumped 170 points with Amazon socks lead S&P 500 and Nasdaq to record highs. Singapore's SGX Nifty traded up 63 points at 12,105. US Futures (Dow Jones) traded at 29325, up 80 points or 0.27%.
Coronavirus death toll in China crosses 1,000
9: 30 AM
The death toll in China due to the novel coronavirus epidemic has crossed 1,000, while the confirmed cases have gone over 42,000, health officials announced on Tuesday.
Q3 Earnings Today
9: 28 AM
Aster DM Healthcare, Arvind Fashions, Cochin Shipyard, Siemens, Syndicate Bank, Solar Industries India, Tata Investment Corporation, IDBI Bank, Crisil, Astral Poly Technik, BEML, BASF India , Coal India, Greenply Industries, Gulf Oil Lubricants India, HEG, GIC Housing Finance, Gujarat Narmada Valley Fertilizers & Chemicals, Godawari Power & Ispat, Ircon International, Rashtriya Chemicals And Fertilizers, Shemaroo Entertainment, TVS Srichakra, V.S.T.Tillers Tractors, Welspun Investments And Commercials among others will release their Q3 earnings today.
Delhi Election Prediction
9: 25 AM
As per India Today-Axis My India exit poll prediction, the incumbent Aam Aadmi Party (AAP) is likely to get 56 per cent vote share in the Delhi Assembly polls. Meanwhile, the Bharatiya Janata Party (BJP) is predicted to receive 35 per cent vote share and the Congress is likely to lag behind at 5 per cent.
As per the Election Commission of India (ECI), 62.59 per cent voter turnout was recorded in the state's assembly elections. Earlier in 2015, the final voter turnout in the Delhi came to 67.47 per cent. The highest turnout (71.6 per cent) was recorded in Ballimaran constituency while the lowest with 45.4 per cent was the Delhi Cantonment constituency.
Also See: Business Today live blog on counting of votes for Delhi elections as well as its results, with a detailed analysis of early trends and political opinions.
9: 15 AM
Reversing trend after two days of fall, market indices Sensex and Nifty opened strongly bullish, up 0.70% each on Tuesday, tracking following strong cues from global equities amid Delhi Election Result Day. BSE 30-share S&P Sensex traded 300 points higher at 41,300 and NSE 50-share index Nifty50 traded 100 points higher at 12,142. All sectors traded in the green today, with metal and PSU banking index gaining the most. Investors are also awaiting on December quarter earnings today.