Share Market Update: After a major selloff on Saturday, equity benchmarks Sensex and Nifty traded positive on back of profit booking on Monday and closed strongly bullish, amid high buying by investors in media, auto, realty and metal scrips. Ending a volatile trading session, BSE 30-share S&P Sensex closed 136 points higher at 39,872 and NSE 50-share index Nifty50 closed 65 points higher at 11,724. In terms of sector, except IT, pharma and PSU banking stocks, all the other indices closed in green. Shares fell on Saturday as FM Sitharaman's budget failed to address concerns of lower consumer spending and investment, that can revive economy in the short term. Investors were also disappointed as no new incentives were offered for the beleaguered financial sector and housing market.
Here's a look at the live updates of the market action on BSE and NSE today:
3: 45 PM
After a major selloff on Saturday, equity benchmarks Sensex and Nifty traded positive on back of profit booking on Monday and closed strongly bullish, amid high buying by investors in media, auto, realty and metal scrips. Ending a volatile trading session, BSE 30-share S&P Sensex closed 136 points higher at 39,872 and NSE 50-share index Nifty50 closed 65 points higher at 11,724. In terms of sector, except IT, pharma and PSU banking stocks, all the other indices closed in green.
LIC IPO to hit market soon
3: 00 PM
With the Modi government proposing to put a part of its stake in insurance behemoth LIC on the block, speculations in the market are that the issue may become among India's biggest initial public offer (IPO ) ever. Coal India was the biggest IPO in India when the state-run firm raised Rs 15,200 crore in 2010.
Godrej Properties share price climbs 10%
2: 40 PM
Shares of Realty firm Godrej Properties rose nearly 10% on Monday after the firm reported a 9.2% increase in its consolidated net profit to 45.49 crore for the quarter ended December 31, 2019, as against Rs 41.63 crore in the year-ago period.
Company's consolidated income during the October-December quarter rose 20% to Rs 517.47 crore, over Rs 430.70 crore in the year-ago period.
Consolidated earnings before interest, tax, depreciation and amortisation (EBITDA), jumped 60% to Rs 151 crore from Rs 94 crore in the previous year quarter. EBITDA margin grew 30.7% in Q3FY20 from 19.9% in Q3FY19.
Reliance infra declines 4.8%
2: 20 PM
Shares of Reliance Infrastructure fell 4.80% to the intraday low of Rs 19.85 on BSE after the company informed the exchanges that Anmol and Anshul Ambani, sons of Anil Dhirubhai Ambani have "Resigned" from the board of the company.
Shares of Reliance Infrastructure traded 1.85 points away from the 52-week low of 18. In the meanwhile, shares of Reliance Capital and Reliance Home Finance have hit their all time low today.
IDBI Bank shares decline 8%
Shares of IDBI Bank declined 8% in trade over profit booking on Monday after the rally of 17% on Saturday post the Budget announcement that the government will be selling stake in the lender to private retail investors.
HUL hits 52-week high
1: 20 PM
Shares of Hindustan Unilever Limited (HUL) rallied over 5 per cent in intraday trade, hitting 52-week high on the Bombay Stock Exchange (BSE), on Monday after the fast-moving consumer goods (FMCG) major reported better-than-expected earnings during December quarter.
Equity benchmarks Sensex and Nifty traded by the afternoon session, backed by rise in buying pressure in realty, auto and media scrips. In Monday's volatile trading session, BSE 30-share S&P Sensex traded 130 points higher at 39,856 and NSE 50-share index Nifty50 traded 50 points higher at 11,711.
Rupee trades lower
12: 45 PM
The rupee opened on a weak note and declined by 34 paise to 71.66 against the US dollar in opening trade on Monday, after the Budget 2020 disappointed market participants.
ITC hits new low
12: 30 PM
ITC shares declined over 6% apiece on Monday and hit a new 52-week low of Rs 205 on BSE, on account of increase in NCCD announced in the Union Budget 2020-21 and the resulting escalation in tax on tobacco and cigarettes.
Auto shares mixed
12: 20 PM
Automaker Hero MotoCorp fell 2.3% after it reported a drop in motorcycle and scooter sales in January. On the other hand, Maruti rose 2% in trade amid positive sales per unit figures recorded in the last month. Tata Motors share price fell in early trade today after the firm reported a 17.74 per cent decline in total sales at 47,862 units in January.
Oil rises; IOL, Asian Paints gain
12: 10 PM
Indian Oil Corp and Asian Paints were the top gainers on the Nifty, rising 2.5% and 2.2%, respectively as oil prices slumped due to worries about lower demand in virus-hit China.
Market erases gains
12: 00 PM
Equity market benchmark Sensex and Nifty turned volatile in trade, and traded muted on Monday with a flat to negative bias, tracking bearish trend from overseas, backed by heavy selling IT and PSU banking stocks. BSE 30-share S&P Sensex traded 5 points lower at 39,740 and NSE 50-share index Nifty50 traded 12 points higher at 11,674.
11: 30 AM
Equity market benchmark Sensex and Nifty erased early losses in trade on Monday to rise higher by the first hour of session, backed by heavy buying in auto, media and metal stocks. BSE 30-share S&P Sensex traded 200 points higher at 39,928 and NSE 50-share index Nifty50 traded 65 points higher at 11,721. ITC, Hero Motocorp, M&M, Tata Steel, HDFC Bank and ONGC were among the top laggards, while Asian Paints, IndusInd Bank, Nestle India, HUL and Bharti Airtel were trading with gains.
Govt to sell stake in LIC, IDBI Bank
Listing of insurance behemoth Life Insurance Corporation (LIC) may be done in the second half of the next financial year, Finance Secretary Rajiv Kumar said on Sunday. The government aims to garner Rs 90,000 crore from the listing of LIC and stake dilution in IDBI Bank in the next fiscal out of total disinvestment target of Rs 2.10 lakh crore. The government currently owns 100 per cent in LIC, while it holds around 46.5 per cent stake in IDBI Bank. Market participants are quite bullish about LIC and said it could be "IPO of the decade" akin to the Saudi Aramco listing.
10: 55 AM
ITC, Hero Motocorp, M&M, Tata Steel, HDFC Bank and ONGC were among the top laggards, while Asian Paints, IndusInd Bank, Nestle India, HUL and Bharti Airtel were trading with gains.
10: 35 AM
According to analysts, the market is disappointed as the budget lacked any significant measure to stimulate demand and did not provide any relief on capital gains tax as expected from budget.
Presenting the Union Budget for 2020-21 in Parliament, Finance Minister Nirmala Sitharaman pegged the fiscal deficit at 3.8 per cent for the current fiscal, compared to the earlier target of 3.3 per cent of GDP.
She also proposed lower income tax slabs for those foregoing various exemptions, and removed dividend distribution tax on companies, effectively shifting the tax burden to the recipients.
Oil Futures today
10: 25 AM
Brent crude oil futures fell 0.69 per cent to USD 56.23 per barrel. Oil prices extended their losses on Monday, dragged down by worries about lower demand in China, the world's largest oil importer, following a coronavirus outbreak there.
Rupee opens lower
10: 20 AM
The rupee depreciated 26 paise to 71.58 against the US dollar in morning session.
Stocks in news
10: 10 AM
M&M, Maruti, PVR, Affle (India), Godrej Properties, JBM Auto, IDBI Bank among others are the top stocks to watch out for in Monday's trading session
Global Market Update
10: 00 AM
Further, volatility in the market also heightened after Chinese stocks opened after an extended break, traders said.
Bourses in Shanghai plummeted over 8 per cent, Japan and South Korea were trading with significant losses, while Hong Kong was up.
Stocks in mainland China plummeted more than 7% as they returned to trade following an extended holiday amid an ongoing coronavirus outbreak.
SGX Nifty traded down 309 points at 11,679. US Futures (Dow Jones) traded at 28349, up 153 points or 0.54%. MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.4%. Japan's Nikkei stumbled 0.9% while Australia's benchmark index skidded 1.2%
In US, stocks tumbled more than 1.5% as the spreading coronavirus outbreak, coupled with sluggish US economic data and a mixed batch of corporate earnings, fuelled concerns about global growth. Market participants said traders are advised to avoid bargain hunting till clear trend emerges.
9: 50 AM
Affle, Godrej Properties, Hawkins Cookers, Honeywell Automation, JBM Auto, Shriram Transport, Dr. Lal Pathlabs, Bayer CropScience, AstraZeneca Pharma among others will release Q3 results today.
FII/ DII action on Saturday
9: 40 AM
On a net basis, foreign institutional investors sold equities worth Rs 1,199.53 crore, while domestic institutional investors purchased shares worth Rs 36.64 crore on Saturday, data available with stock exchanges showed.
FII in January
9: 30 AM
Foreign investors have pumped in more than Rs 12,000 crore in stock markets in January, remaining net buyers of Indian equities for the fifth consecutive month helped by easing concerns pertaining to geopolitical tension between the US and Iran coupled with US-China trade war.
9: 20 AM
Market opened on a negative note on Monday amid a disappointing Union Budget for the year and sharp fall in Chinese shares.
9: 10 AM
In the previous session, Sensex logged its biggest single-day plunge in more than a decade on Saturday after the Union Budget failed to live up to market expectations of growth-boosting measures and fiscal discipline. Sensex settled 987.96 points or 2.43 per cent lower at 39,735.53, and Nifty plunged 300.25 points or 2.51 per cent to close at 11,661.85.
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