Share Market Update: Market benchmark indices Sensex and Nifty recovered from day's low and closed 0.40% lower by Tuesday's closing bell, amid heavy selloff in metal and auto scrips. Extending losses for the fourth consecutive session, BSE 30-share S&P Sensex closed 161 points lower at 40,894 and NSE 50-share index Nifty50 ended 53 points lower at 11,992. In terms of sector, majorly all indices barring IT and media closed in red, with auto and metal indices declining over 1% each. Selling by investors was across sectors, following global trend amid growing concerns over the economic impact of coronavirus epidemic. Overseas, US stocks followed bearish trend from Asian markets over the coronavirus outbreak that has slowed production and weakened demand in China. The death toll from China's coronavirus epidemic climbed to 1,868 on Tuesday as 98 more people died while the total number of confirmed cases jumped to 72,436.
Here's a look at the live updates of the market action on BSE and NSE today:
3: 45 PM
Domestic indices Sensex and Nifty recovered from day's low and closed 0.40% lower by Tuesday's closing bell, amid heavy selloff in metal and auto scrips. BSE 30-share S&P Sensex closed 161 points lower at 40,894 and NSE 50-share index Nifty50 ended 53 points lower at 11,992. In terms of sector, majorly all indices barring IT and media closed in red, with auto and metal indices declining over 1% each.
Market benchmark indices Sensex and Nifty continued to decline on a bearish note for the third consecutive day on Tuesday. BSE 30-share S&P Sensex traded 375 points lower at 40,680 and NSE 50-share index Nifty50 traded 115 points lower at 11,930.
In terms of sector, almost all indices barring IT and media traded in red, with 1.7% decline metal, followed by 1.57% fall in PSU Bank, and over 1% fall in private banking, realty and auto stocks.
Barbeque Nation files DHRP with SEBI for IPO
1: 40 PM
Barbeque Nation Hospitality has filed DHRP papers with markets regulator SEBI in order to raise an estimated Rs 1,000-1,200 crore through an initial public offering, PTI reported today. The IPO comprises a fresh issue of shares worth Rs 275 crore and an offer-for-sale of up to 98,22,947 equity shares, as per the fresh papers filed with the Securities and Exchange Board of India (SEBI).
Global Market Update
1: 31 PM
China and others in Asia promised economic stimulus to offset the impact of the coronavirus, buoying the outlook for fuel demand. Despte this, Asian markets are largely trading lower on Tuesday, with SGX Nifty trading down 58 points.
European equity markets settled on flat to positive note, following China's pledges to support its economy in the face of the coronavirus outbreak
In the meanwhile US stock markets were closed on Monday for a holiday.
JSW Energy rises over 7%
1: 25 PM
JSW Energy shares touched an intraday high of Rs 68.4, rising 7.63% on BSE after the firm announced that it has signed a share purchase agreement with GMR Energy Limited (GEL), pursuant to which the company shall acquire a 100% stake in GEL's subsidiary GMR Kamalanga Energy Limited (GKEL) for a total consideration of up to Rs 5,321 crore. Following this, JM Financial in its rating report said," We add the value of Kamalanga and revise our TP to INR 75/share while Utkal acquisition once completed and PPA re-negotiated can add further to our TP (see Exhibit 2). "
"We upgrade JSWEL to BUY", the report added.
OMC's rise as crude declines
1: 20 PM
Shares of Bharat Petroleum, Indial Oil and GAIL were trading higher as the oil benchmark Brent Crude on Tuesday traded 1.08% lower at $57.05 per barrel. On NSE, BPCL stock price rose over 1%, followed by 0.90% rise in Indian oil share price. GAIL shares too gained 0.2% today.
Number of insolvency cases surges 30.29% in Q3 FY20
According to the latest data of Insolvency and Bankruptcy Board of India (IBBI), the number of new cases admitted to insolvency courts has increased by 30.29 per cent to 3,312 in the three months until December 2019. Out of this, 561 new cases were admitted in 2QFY20.
In the calendar year 2019, the number of cases soared by 123 per cent.
Moreover, Recoveries through India's Insolvency and Bankruptcy Code fell to their lowest in 10 quarters. Banks took a steep haircut of around 88 per cent for cases resolved in 3QFY20 under the Corporate Insolvency Resolution Processes (CIRPS). Almost all resolutions barring few cases in 3QFY20 had a haircut of over 60 per cent.
Manufacturing is one major category under which a large number of loan defaulted companies are parked.
Hathway Cable, TV18 Broadcast jump 20%
12: 53 PM
RIL on Monday said it would restructure its media and distribution business by merging three group entities - Television 18 Broadcast, Hathway Cable and Datacom and Den Networks - into Network18 Media and Investments.
Boosted by the development, shares of Hathway Cable & Datacom hit an upper circuit limit of 20 per cent at Rs 23.10 apiece on the Bombay Stock Exchange. The stock has opened higher at Rs 22.80 against previous closing price of Rs 19.25. In a similar trend, the stock was trading 20 per cent higher at Rs 23.10 on the National Stock Exchange (NSE). In contrast, the BSE Sensex was trading 331 points, or 0.81 per cent, lower at 40,724.
SBI Cardss IPO Likely to be launched in the first week of March 20
12: 50 PM
The initial public offer (IPO) of SBI Cards and Payment Services, the credit card unit of the country's largest lender SBI, is likely to be launched in the first week of March. The firm plans to open its anchor book for institutional investors around February end, according to media reports. Market regulator Securities and Exchange Board of India (SEBI) granted in-principal approval to the IPO of SBI Cards and Payment Services last week.
Gold gains over impact of coronavirus outbreak
12: 45 PM
Gold prices gained in the domestic market, tracking positive overseas trend from the international spot gold that climbed to a two-week high today. This was on back of increased geopolitical tensions in different parts of the world and slowdown in global economy, prompting investors to move some of their investments to safe haven assets.
On the Multi Commodity Exchange, Gold 05 Feb 2020 Futures spurted by another Rs 164 or 0.40% to a record high of 40,920 per 10 gramme. It made a high of Rs 40,978 and a low of Rs 40,900.
Retail Gold prices for 24 karat in Delhi traded around Rs 41,600 per 10 gramme.
Negative trend overseas
11: 52 AM
Overseas, US stocks followed bearish trend from Asian markets over the coronavirus outbreak that has slowed production and weakened demand in China. The death toll from China's coronavirus epidemic climbed to 1,868 on Tuesday as 98 more people died while the total number of confirmed cases jumped to 72,436.
Rupee drops 10 paise to 71.42 per US dollar
11: 47 AM
The Indian rupee declined by 10 paise to 71.42 against the US dollar in opening trade on Tuesday as investor sentiments remain fragile amid coronavirus fears. The rupee opened weak at 71.42 at the interbank forex market and then fell further to 71.42, down 10 paise over its last close. The rupee had settled at 71.32 against the US dollar on Monday.
Vodafone drops 15%
11: 45 AM
Vodafone stock price fell 15% intraday to the low of Rs 2.91, mere 0.30 points away from 52-week low of Rs 2.61. The stock has underperformed telecom sector by 9.63%. the stock has eroded value worth 35% in mere one week, 30% in one month, 50% year-to-date and 82% in one year. The market cap of the mid cap stock stands at Rs 9,828 crore.
Vodafone paid Rs 2,500 crore as part payment of dues to the department of telecommunications (DoT) for adjusted gross revenue on Monday. A further Rs 1,000 crore is to be paid before the end of the week, the filing added.
In another filing, the telecom company informed that Care Ratings Limited (CARE), has downgraded its rating on Long Term Bank Facilities and Non-Convertible Debentures. This was on account of significant erosion in the overall risk profile of the company while taking into cognizance of the financial impact of no relief being granted on modification plea on 14th February 2020 of telecom companies (tefcos) seeking new schedule of Adjusted Gross Revenues (AGR) dues by Hon'ble Supreme Court and significant losses to the tune of Rs 6,453 Crores in Q3FY20.
Mukul Rohatgi, the senior counsel for Vodaonfe told NDTV on Monday said that the decision of paying all its dues to the government would make 10,000 people jobless and inconvenience to 30 crore subscribers.
Bank Of Baroda hits nw 52-week low
10: 30 AM
Bank Of Baroda shares declined 2.6% to hit a new 52-week low of Rs 80.8 today over the news that the Calcutta High Court has directed the Reserve Bank of India (RBI) to contemplate taking suitable steps against the Bank of Baroda (BoB) such as cancelling its license for failing to honour a bank guarantee furnished by a third party to Indian Oil Corporation Ltd (IOCL).
The court was hearing a case filed by IOCL against the BoB as the bank did not release the payment with regards to a bank guarantee worth Rs 6.97 crore provided to it (IOCL) by Simplex Projects Ltd.
Global Market Update
10: 25 AM
Asian stock traded lower due to coronavirus outbreak that slowed production and weakened demand in China. The coronavirus, now called Covid-19, has claimed 1,380 lives and infected 63,851 according to Chinese authorities. MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.20% while Japan's Nikkei slid 0.59%.
While the S&P 500 and the Nasdaq were down only modestly, the industrials-heavy Dow suffered a larger decline. The Dow Jones Industrial Average fell 126.31 points, or 0.43%, to 29,297, the S&P 500 lost 5.97 points, or 0.18%, to 3,367.97 and the Nasdaq Composite dropped 14.85 points, or 0.15%, to 9,697.12.
YES Bank drops 4%
10: 09 AM
Yes Bank stock has lost 9.13% in the last 2 days and today touched an intraday low of Rs 34.9, declining 6.06% on BSE. The stock has been highly volatile today with an intraday volatility of 5.83%.Yes Bank is trading lower than 5 day, 20 day, 50 day, 100 day and 200 day moving averages. It has underperformed Banking sector by 4.28%.
LIC Housing tanks 4%
10: 07 AM
Shares of LIC Housing Finance has been 13.35% in the last 3 days and touched an intraday low of Rs 364, declining 4.17% today.
The government seems to have estimated the valuation of Life Insurance Corporation (LIC) at around Rs 13-15 lakh crore.
Chief Economic Adviser KV Subramanian, in a media interaction, indicated that the government may easily mobilise Rs 90,000 crore by divesting 6-7 per cent stake in the state-owned insurance giant.
Airline stocks trade in red
10: 05 AM
Airline stocks were trading lower after domestic passenger air traffic growth for the month of January came in in at 2.2% to 1.27 crore compared to the same month in 2019, according to data released by aviation regulator DGCA on Monday. In comparison, the growth in domestic traffic in December 2019 was 2.56% compared to December 2018.
DGCA stated in its report, "The passenger load factor in the month of January 2020 has shown decreasing trend compared to previous month due to end of tourist season."
The passenger load factors of Air India, SpiceJet, GoAir, IndiGo, AirAsia India declined in January 2020 as compared to December last year, as per the DGCA data.
AGR Dues: telecom stocks down
10: 00 AM
Shares of Bharti Airtel were trading flat, tracking trend in other telecom cos such as Vodafone Idea and Tata Teleservices that declined over 9% The Supreme Court on Friday rejected a plea by telecom firms including Bharti Airtel and Vodafone Idea Ltd for extension in the payment schedule and asked them to deposit an estimated Rs 1.47 lakh crore in past dues for spectrum and licenses by March 17.
Bharti Airtel paid Rs 10,000 crore in dues to DoT and said it would pay remaining dues by March 17. Vodafone too paid Rs 2,500 crore as part payment of dues to the department of telecommunications (DoT) for adjusted gross revenue on Monday
9: 20 AM
Market benchmark indices Sensex and Niftycountinued to decline on a bearish note for the third consecutive day on Tuesday, tracking losses in PSU banking, realty and metal scrips. BSE 30-share S&P Sensex traded 200 points lower at 40,825 and NSE 50-share index Nifty50 traded 65 points lower at 11, 980. Sector-wise, all the indices traded in the red, with PSU Banking metal, realty, dropping over 1.
Stocks in news today
9: 00 AM
Here is a list of top stocks that are likely to be in focus in Tuesday's trading session based on latest developments.
8: 45 AM
Benchmark indices Sensex and Nifty closed in the red on first trading day of this week. While Sensex closed 202 points lower at 41,055, Nifty lost 67 points to 12,045.Of 30 Sensex stocks, 19 ended in the red. Top gainers were Titan (1.86%), Nestle India (1.70%) and TCS (0.89%). ONGC, Sun Pharma and NTPC were the top Sensex losers. Of 30 Sensex stocks, 19 ended in red. Earlier, benchmark indices started on a positive note. While Sensex opened over 70 points higher at 41,324, Nifty climbed 18 points to 12,131.