Share Market Update: Sensex and Nifty ended on a bullish note on Wednesday, following positive cues from global equities, led by gains recorded FMCG scrips amid December earnings season. BSE 30-share S&P Sensex ended 349 points higher at 41,565 and NSE 50-share index Nifty50 closed 93 points higher at 12,201. Sector-wise, gains in FMCG, banking and metal stocks were capped by losses in media, pharma, realty and PSU banking scrips. Overseas, Asian markets were trading positive as reports of Chinese workers returning to factories and a drop in new Coronavirus cases enthused investors. Experts said the last leg of earnings announcement would induce stock specific volatility. Key macroeconomic data like CPI, IIP and WPI would also be actively tracked by the investors and traders.
Here's a look at the live updates of the market action on BSE and NSE today:
4: 20 PM
Santosh Meena, Senior Analyst, TradingBells said," Indian equity markets are continuing their bullish momentum on the back of buying in heavyweights and short-covering by FIIs in index future. Global tailwind is supporting the current bullish momentum in the Indian market and we are outperforming Asian peers post the budget. Large caps are doing well but the broader market is underperforming for the last two days where the advance-decline ratio is in favor of decline. FIIs are covering their short positions in the index future but they are reluctant to buy in the cash market. The market may again head towards an all-time high once FIIs will start buying in the cash market. The market will react tomorrow on CPI and IIP data where we may see some relief in inflation as vegetable prices cooled off and crude oil prices are also falling whereas IIP may give signs of green shoot about recovery in economic growth.
"Technically, the overall texture of the market has turned bullish as Nifty witnessed closing above sacrosanct hurdle of 12170 level which may lead a move towards 12500 level in the coming days where 12300 will be intermediate resistance level while 50-DMA of 12123 will act as immediate support in the downside," he added further.
4: 15 PM
Vinod Nair- Head of Research- Geojit Financial Services said," Investors' appetite for risk improved as coronavirus concerns receded for the second day in a row. The impact of coronavirus has already affected the supply chains and factory activities across the globe, but the ground reality is improving in China and we can expect improvement in the next quarter. The domestic market is awaiting the January inflation and consensus show a spike in inflation which is expected to impact rate-sensitive stocks."
Ajit Mishra, VP - Research, Religare Broking Ltd said, "Markets started on a buoyant note and settled with decent gains, thanks to encouraging global cues and favourable domestic sentiment. As per the latest reports, the risk of Coronavirus spreading further is fading away and it may be over by April, triggered rebound across the global markets including ours. Besides, the statement by the FM that green shoots of growth are already visible further added to positivity. Amid all, mixed trend was witnessed on the sectoral front while the broader markets remained subdued."
He added,"Markets will react to the macroeconomic data viz. IIP data and CPI inflation numbers in early trade on Thursday. Indications are in the favour of up move to continue but participation would remain restricted so traders should plan their positions accordingly and prefer private banking, financials, FMCG and IT for fresh buying."
3: 45 PM
Market benchmark indices Sensex and Nifty ended on a bullish note on Wednesday, tracking stong cues from global equities, led by gains recorded FMCG scrips amid December earnings season. BSE 30-share S&P Sensex ended 349 points higher at 41,565 and NSE 50-share index Nifty50 closed 93 points higher at 12,201.
IRCTC rises ahead of Q3 earnings
3: 20 PM
Shares of Indian Railway Catering & Tourism Corporation Ltd (IRCTC) jumped 3.11% in intraday on the Bombay Stock Exchange on Wednesday ahead of its third quarter earnings results slated to be released later today. The IRCTC stock price rose to an intraday high of Rs 1,449.85, rising 7.3% on BSE, as against the day's low of Rs 1,350. The stock was trading close to its 52-week high of Rs 1,562 touched on February 6, 2020.
Earlier today, IRCTC shares opened lower for the third consecutive session, falling 3.99% to Rs 1,350.05 on the BSE. At the time of reporting, IRCTC share price was trading 0.24% lower at Rs 1,402.
NCDEX files DHRP with SEBI for Rs 500 cr IPO
2: 20 PM
National Commodity and Derivatives Exchange Limited (NCDEX) has filed its offer document with markets regulator SEBI for an initial public offering.
The IPO comprises a fresh issue aggregating up to Rs 100 crore and an offer for sale of up to 1,44,53,774 equities by shareholders, according to the draft red herring prospectus (DRHP).
The issue is expected to raise Rs 500 crore, including fresh offering, merchant banking sources said.
Hindalco reports Q3 results
2: 15 PM
The company reported 67 % rise (YoY) in consolidated net profit to Rs 193 crore during the quarter ended December 31, 2019 as against Rs 115 crore, recorded in a year-ago period.
Total income stayed flat (YoY) at Rs 10,230 crore in the October-December quarter of the current fiscal as compared to Rs 10,228 crore in the same period last financial year.
EBITDA registered a growth of 19.12% (YoY) at Rs 1,013 crore during the quarter ended December 31, 2019, from Rs 850 crore, booked in the corresponding quarter in the previous year.
Following the result update, shares of Hindalco were trading in red, down 0.03% at Rs 193 on BSE.
Hexaware declined over 5% post Q3 results
1: 55 PM
Hexaware stock price opened with a loss of 3.52% and later touched an intraday low of Rs 356.1, falling 5.1% on BSE today. The company reported 8.7% decline (YoY) in consolidated net profit to Rs 168 crore during the quarter ended December 31, 2019, as against Rs 184 crore, recorded in a year-ago period. Total income rose 3.2% (YoY) to Rs 1,529 crore in the October-December quarter of the current fiscal as compared to Rs 1,481 crore in the same period last financial year. EBITDA declined mere 0.2% to Rs 201 crore during the quarter ended December 31, 2019, from Rs 202 crore, booked in the corresponding quarter in the previous year.
Hindustan Unilever stock price hits all-time high today
1: 45 PM
Shares of fast-moving consumer goods (FMCG) giant Hindustan Unilever (HUL) rallied 5.17% to touch an intraday high as well as a new 52 week and all-time high of Rs 2,264 on BSE today. Its previous 52-week high of Rs 2,204 was recorded on February 4, 2020.
Due to the sharp rally in the large-cap stock, its market capitalisation surged to Rs 4,82,537 lakh crore, closing the gap to the Rs 5 lakh crore mark.
Allahabad Bank declines over 5%
12: 45 PM
Allahabad Bank shares were declining over 5% on Wednesday afer the lender's loss widened two-fold in net loss to Rs 1,986.26 crore for the December quarter, on higher bad loans and provisioning. The lender had reported a net loss of Rs 733 crore in the corresponding October-December period of the previous fiscal. Total income (standalone) stood at Rs 4,860.35 crore during the quarter under review from Rs 4,756.88 crore in the same period of 2018-19.
Indus Ind Bank declines over 3% on rating downgrade
12: 40 PM
IndusInd Bank stock price opened with a loss of 2.57% today and later touched an intraday low of Rs 1,252.5, declining 3.07% on BSE after the brokerage house Moody's revised the outlook on IndusInd Bank's instrument to 'negative' from 'stable'. The company took such a stance on on account of risk of further asset quality deterioration of the lender. However, it affirmed ratings on foreign and domestic currency deposits, on the back of a strong capital base.
Rupee opens higher at 71.23 Vs yesterday's close of 71.28
12: 20 PM
The rupee appreciated by 7 paise to 71.21 against the US dollar in opening trade on Wednesday, driven by positive opening in domestic equities.
The rupee opened strong at 71.24 at the interbank forex market then gained further ground to touch 71.21 per dollar, displaying gains of 7 paise against the greenback. On Tuesday, the rupee had settled at 71.28 against the US dollar.
12: 00 PM
Sensex and Nifty traded 0.75% higher on Wednesday, tracking strong cues from global equities, led by gains recorded in media and metal scrips, amid December earnings season. BSE 30-share S&P Sensex traded 450 points higher at 41,600 and NSE 50-share index Nifty50 traded 100 points higher at 12,210.
Gold trades flat
Gold traded flat on Wednesday, as equities rose after the number of new coronavirus cases fell, while uncertainty over the economic impact of the outbreak underpinned bullion.
Spot gold was flat at $1,567.82 per ounce by 0348 GMT. U.S. gold futures edged 0.1% higher to $1,571.20.
BHEL hits new 52-week low post Q3 results
10: 30 AM
BHEL stock price hit a new 52 week low of Rs 36 today, declining 6.61% on BSE after the firm posted 17.21% year-on-year decline in its consolidated net profit at Rs 162.67 crore for the third quarter ended December 31, 2019. The engineering firm had posted a net profit of Rs 196.48 crore in the same period last year.
Net sales in the third quarter of this fiscal fell 23.32 per cent YoY to Rs 5,459.24 crore, BHEL said in a filing. Total income of the company declined to Rs 5,827.74 crore from Rs 7,563.51 crore in the year-ago period. Segment-wise, revenue from power sector fell 26.11 per cent to Rs 4,072.70 crore. Industry saw 13.77 per cent dip in revenue at Rs 1,386.54 crore.
IDBI Bank declines 4.73%post Q3 result
10: 00 AM
Shares of IDBI Bank fell 4.73% lower and touched an intraday low of Rs 35.25 on BSE today after the lender's consolidated net loss widened to Rs 57 crore during the quarter ended December 31, 2019, as against Rs 41 crore, recorded in a year-ago period.
Total income stayed flat (YoY) at Rs 62.6 crore in the October-December quarter of the current fiscal as compared to Rs 62.4 crore in the same period last financial year. Other income registered a growth of 85% (YoY) at Rs 13 crore during the quarter ended December 31, 2019, from Rs 7 crore, booked in the corresponding quarter in the previous year. Gross NPA reduced to Rs 495 crore in Q3 FY20 from Rs 553 crore in Q3 FY19, registering a decline of 10.5%. Company's Net NPA declined 68% YoY to Rs 6 crore this quarter compared to Rs 213 crore reported in the same period a year ago.
Global Market Update
9: 45 AM
Markets globally reacted positively to news reports that Chinese workers and factories slowly returned to business following a Lunar New Year holiday that was protracted by the deadly coronavirus outbreak. Further, investors' sentiments were enthused after China's senior medical adviser said on Tuesday that the number of new coronavirus cases was falling in some provinces. "I hope this outbreak or this event may be over in something like April," Zhong, an epidemiologist who played a role in combating an outbreak of Severe Acute Respiratory Syndrome (SARS) in 2003, told Reuters.
Elsewhere in Asia, MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.1%. Australian shares were up 0.27%, while Japan's Nikkei stock index rose 0.45%.
On Wall Street, all three major US stock indices advanced in a broad-based rally with S&P 500 and the Nasdaq closing at record highs on Monday.
SBI Cards IPO gets SEBI approval
9: 40 AM
Market regulator Securities and Exchange Board of India (SEBI) has reportedly granted its in-principal approval to SBI Cards and Payment Service for floating its initial public offering (IPO). SBI Cards is likely to launch its IPO in February.
The credit card arm of State Bank of India (SBI) is expected to raise Rs 6,000 crore through the public issue, the Moneycontrol reported. The IPO would take the company's value to Rs 55,000-60,000 crore, the report further added.
9: 15 AM
Sensex and Nifty opened on a strong note on Wednesday, tracking strong cues from global equities, led by gains recorded in media and metal scrips, amid December earnings season. BSE 30-share S&P Sensex traded 350 points higher at 41,563 and NSE 50-share index Nifty50 traded 98 points higher at 12,207.
Stocks to watch today on February 12
9: 10 AM
IRCTC, P&G Hygiene, Ashok Leyland, City Union Bank, Torrent Power, Suzlon, Hindalco, BHEL, IDBI Bank, Aster DM Healthcare, Glenmark Pharmaceuticals, IndusInd Bank among others are the top stocks to watch out for in Wednesday's trading session
Q3 Earnings Today
9: 00 AM
Indian Railway Catering And Tourism Corporation, Procter & Gamble Hygiene & Health Care, Ashok Leyland, City Union Bank, Natco Pharma, Torrent Power, Sunteck Realty, Suzlon Energy, Sterling And Wilson Solar, Vadilal Enterprises, Power Finance Corporation, Future Lifestyle Fashions, IPCA Laboratories, PI Industries, Hindalco Industries, Dish TV India, Hindustan Foods, Info Edge (India), Aarti Industries, NBCC (India), ABB India, Alfred Herbert, Amrutanjan Health Care, Bajaj Steel Industries, Balaji Telefilms, Bannari Amman Sugars, Ashiana Housing, Divi's Laboratories, BMW Industries, Bodal Chemicals, Bharat Dynamics, Finolex Industries, Goodyear India, Industrial & Prudential Investments, Jamna Auto Industries, Ramkrishna Forgings, Rail Vikas Nigam, Schaeffler India, Sundaram Brake Linings, VIP Industries among others will release their December quarter earnings today.
8: 45 AM
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.