Share Market Update: Domestic market benchmarks Sensex and Nifty erased early gains and closed bearish on Tuesday, backed by heavy selling in pharma stocks. BSE 30-share S&P Sensex rose 78 points higher at 40,441 and NSE 50-share index Nifty50 traded 8 points higher at 11,837. Domestic indices tracked volatility from global equities due to rising concerns over Chinese coronavirus epidemic. Asian stocks traded mixed following the sell-off on Wall Street on Monday amid a surge in the number of new coronavirus cases reported outside China and on worries over its impact on the global economy. According to traders, spike in coronavirus cases outside China has spooked global investors. Traders said market participants eyeing cues from US President Donald Trump's two-day visit to India, which will end later in the day.
Here's a look at the live updates of the market action on BSE and NSE today:
3: 50 PM
Domestic market benchmarks Sensex and Nifty erased early gains and closed bearish on Tuesday, backed by heavy selling in pharma stocks. BSE 30-share S&P Sensex rose 78 points higher at 40,441 and NSE 50-share index Nifty50 traded 8 points higher at 11,837. Domestic indices tracked volatility from global equities due to rising concerns over Chinese coronavirus epidemic.
IndiGo declines 7.6%
2: 30 PM
Share price of InterGlobe Aviation, parent company that operates IndiGo, fell on Tuesday after global rating firm Credit Suisse cut target price from Rs 1,850 per share from earlier Rs 1,900 per share.
Although the brokerage house maintained 'Outperform' rating on the stock of market leader Indigo, it has cut earnings estimates for FY20, FY21 and FY22 by 83%, 31%, and 18%, respectively.
Following the update, shares of InterGlobe Aviation touched an intraday low of Rs 1,334 apiece, declining 110 points or 7.6% against the previous close of Rs 1,444.30.
Sensex and Nifty gave up all gains from the opening session of Tuesday and later traded just above flatline, on a flat-to-positive-bias amid selling pressure in pharma scrips.
HDFC Life rises almmost 4%
1: 30 PM
HDFC Life Insurance Company shares were trading 3.78% higher on Tuesday after the NSE in a circular issues yesterday informed that the company will be added in the Futures & Options segment effective February 28, 2020.
Gold slips 2.5% to Rs 42,555
12: 50 PM
Gold prices in India fell today, following the bearish trend from global spot gold rates as investors booked profits on positions built up in the earlier session after the precious metal hit a seven-year high. On the Multi Commodity Exchange, Gold April 2020 Futures fell by Rs 1025 or 2.5% to 42,555 per 10 gm. On a similar note, Silver March contract also eased 1,165 points or 2.36% to Rs 48,240 per kg.
Yesterday, gold had rallied over 1,100 per 10 gram, hitting a record high of 43,788 per 10 gm, while retail gold prices for 24 karats in Delhi, had spiked to a record Rs 44,600.00 per 10 gm.
Today, contrary to the earlier rise, gold prices for 24 karats in Delhi today traded around Rs 44,000 per 10 gramme.
TVS Motors declines 6%
12: 30 PM
TVS Motor share price falls over 6% as Coronavirus outbreak hits supply of components. TVS Motor share price fell in early trade today after the Chennai-based automaker said it expects a 10% fall in February production as the supply of components used in vehicles is being hit by the Coronavirus epidemic. Share price of TVS Motor fell up to 6.34% to Rs 409.75 against previous close of Rs 437.50 on BSE.
Tech Mahindra to acquire Zen3 Infosolutions
12: 00 PM
IT services major Tech Mahindra on Monday said that it will acquire 100 per cent stake in US-based Zen3 Infosolutions for Rs 460 crore (or $64 million) in an all-cash deal. The company will complete the acquisition through its subsidiary, Tech Mahindra (Americas), Inc.
"The board of directors of the company has approved the proposal to acquire 100 per cent stake in Zen3 Infosolutions (America) Inc. directly and through its wholly-owned subsidiary, Tech Mahindra (Americas), Inc," Tech Mahindra said in a filing to the Bombay Stock Exchange.
SBI Cards IPO
11: 30 AM
State Bank of India said the price band of Rs 9,000-crore IPO of SBI Cards has been fixed at Rs 750 to Rs 755 per share. Equity shares will be offered in SBI Cards IPO in a lot of 19 and in multiples of 19 equity shares thereafter. Eligible employees will be offered SBI Cards shares at a discount of Rs 75 per share. With an aim to garner Rs 9,000 crore, the share sale of SBI's credit card division will be the fifth-largest IPO ever. SBI Cards and Payment Services IPO will open on March 2 and bidding process will close on March 5.
Donald Trump India visit Day 2
After an eventful Day 1 of the two-day visit, US President Donald Trump and First Lady Melania Trump would have another busy day. President Trump and Melania Trump were welcomed by Prime Minister Narendra Modi and President Ram Nath Kovind at the Rashtrapati Bhavan. President Trump inspected the Guard of Honour at the Rashtrapati Bhavan. Following the visit to the Rashtrapati Bhavan, the Trumps headed to Raj Ghat where they paid their respects to Mahatma Gandhi. After paying their tributes, President Trump headed to the Hyderabad House, while Melania Trump headed to the Delhi govt school.
10: 50 AM
The Indian rupee appreciated by 18 paise to 71.80 against the US dollar in early trade on Tuesday tracking gains in domestic equity market and weakening of the American currency in the overseas market. The domestic unit, however, could not hold on to the gains and was trading at 71.88 against the dollar at 1010 hrs.
On Monday, rupee had settled for the day at 71.98 against the US dollar.
10: 40 AM
"The growing risk aversion is clearly visible in the sudden spike in safe heaven asset like gold prices seen lately and the surge in volatility index," said Gaurav Dua, Sr VP, Head - Capital Market Strategy & Investments, Sharekhan by BNP Paribas. In addition to global uncertainties, he said the expiry weak and the fiscal year end pressure only adds to the volatility in the near term.
10: 30 AM
According to traders, global equity markets were still unnerved by the spread of coronavirus to countries beyond China. Stock exchanges in Shanghai, Hong Kong and Tokyo were trading with heavy losses, while bourses in Seoul turned positive after Monday's selloff.
Traders said market participants eyeing cues from US President Donald Trump's two-day visit to India, which will end later in the day.
10: 15 AM
The rupee appreciated 10 paise to 71.85 against the US dollar in morning session.
10: 00 AMBrent crude oil futures rose 0.18 per cent to USD 55.87 per barrel.
9 : 45 AM
NTPC, ONGC, HUL, Asian Paints and Tata Steel were trading with gains. On the other hand, HCL Tech, Sun Pharma, Titan, Tech Mahindra and Bajaj Auto were the top losers today.
FII/ DII action
9: 30 AM
On a net basis, foreign institutional investors (FPIs) sold equities worth Rs 1,160.90 crore, while domestic institutional investors bought shares worth Rs 516.21 crore on Monday, data available with stock exchanges showed.
9: 20 AM
Domestic market benchmarks Sensex and Nifty opened muted although turned green in early hours of Tuesday's session, backed by heavy buying in metal and pharma stocks. BSE 30-share S&P Sensex rose 78 points higher at 40,441 and NSE 50-share index Nifty50 traded 8 points higher at 11,837 Domestic indices tracked volatility from global equities due to rising concerns over Chinese coronavirus epidemic, amid high selling pressure in metal stocks.
Q3 Earnings Today
9: 10 AM
Asian Paints, Dr. Lal PathLabs, Sanofi India, Wonderla Holidays, Stovec Industries, Navin Fluorine International, Kama Holdings, Plastiblends India, Elantas Beck India, Petron Engineering Construction, Bharat Bijlee, Mysore Paper Mills, Mideast Integrated Steels, Asahi Songwon Colors, JBF Industries, Ishwarshakti Holdings & Traders, Brahmaputra Infrastructure among others will release their December quarterly results today.
Stocks to watch today on February 25
TVS Motors, HUL, HDFC Bank, JSW Steel, Bharti Infratel among others are the top stocks to watch out for in Tuesday's trading session
8: 45 AM
On Monday, equity market benchmarks Sensex and Nifty extended fall by the afternoon session, logging the second-worst single-day fall in 2020 and closed 2% lower each. BSE 30-share S&P Sensex ended 806 points lower at 40,363 and NSE 50-share index Nifty50 closed 251 points lower at 11,829. Sectorally, BSE metal index closed 5.3% lower, followed by 3.09% fall in pharma and 2.78% decline in PSU Banking. While realty and media scrips ended 2% lower, all the other sector-based indices fell 1% by Monday's closing bell.