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Sensex, Nifty end marginally lower; PSU banks, metal stocks shine

Photo: ReutersPremium
Photo: Reuters

  • After hitting record highs on Tuesday, Indian shares closed marginally lower towards fag end of the trading session led by losses in IT stocks.

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16 Feb 2021, 03:39:26 PM IST

Market closing

Indian shares settled lower on Tuesday amid volatility led by selling pressure in IT stocks.

After hitting a record high of 52,516.76 at open, equity benchmark Sensex gave up all the gains in the afternoon trade and closed 49.96 points or 0.10% lower at 52,104.17. Nifty ended at 15,313.45, down 1.25 points or 0.01%.

Power Grid, closing over 6% higher, was the top Sensex gainer followed by ONGC, NTPC and Kotak Bank. Axis Bank, ICICI Bank, Nestle India and Infosys were among the laggards. Of 30 Sensex shares, 14 ended in the green.

BSE Sensex
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BSE Sensex
16 Feb 2021, 03:18:38 PM IST

Govt to bring amendments to two Acts to enable privatisation of PSU banks

To facilitate privatisation of public sector banks, the government is likely to bring amendments to two legislations later this year.

Amendments would be required in the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 and the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980 for privatisation, sources said.

These Acts led to nationalisation of banks in two phases and provisions of these laws have to be changed for privatisation of banks, they said. (PTI)

16 Feb 2021, 03:16:58 PM IST

OnMobile, Indian Overseas Bank top SmallCap gainers

BSE SmallCap
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BSE SmallCap
16 Feb 2021, 03:09:44 PM IST

Bank of India, Central Bank of India, PNB Housing top MidCap gainers

BSE MidCap Index
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BSE MidCap Index
16 Feb 2021, 03:07:57 PM IST

ICICI Bank, Infosys, Axis Bank top Sensex drags

Index Contributors
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Index Contributors
16 Feb 2021, 02:56:24 PM IST

India on track for economic recovery, to grow 10% in FY22: S&P

India will likely grow 10% in the next financial year, with economic recovery gathering steam, S&P Global Ratings said in a forecast on Tuesday.

This is a notch below the 11% growth projected by the Economic Survey for FY22, which it said, was a conservative estimate, based on continued normalisation of economic activities, covid-19 vaccination, and steps taken. (Full report)

16 Feb 2021, 02:27:36 PM IST

RailTel IPO fully subscribed within hours, retail portion booked 2.2 times

State-owned RailTel Corporation of India's Rs819 crore initial public offer (IPO) was fully subscribed on Tuesday, the first day of bidding, largely led by demand from retail investors.

The issue has been priced at Rs93-94 apiece, and the offer closes on 18 February.

16 Feb 2021, 02:07:08 PM IST

Sebi orders forensic audit of books of SunEdison Infrastructure

Sebi has ordered a forensic audit of the books of SunEdison Infrastructure Ltd (SIL) to ascertain whether there have been any manipulations and said the clouds surrounding the acts and intentions of the company and its connected entities need to be urgently removed.

16 Feb 2021, 02:01:01 PM IST

Power Grid Corporation top Sensex gainer

Board of state-owned Power Grid Corporation has approved a proposal to acquire 74% stake of the joint venture partner in Jaypee POWERGRID Ltd (JPL). JPL is a joint venture between Power Grid and Jaiprakash Power Ventures Ltd. Post acquisition of the 74% stake, JPL would become a wholly-owned subsidiary of Power Grid, it said in a BSE filing.

16 Feb 2021, 01:46:20 PM IST

Improved oil realizations key for ONGC’s prospects

Oil And Natural Gas Corporation Ltd's performance for the quarter ended December bore the impact of lower realization in oil and gas business as well as in value-added products (VAP). The crude oil production and sales, however, have continued to rebound since the Centre eased lockdown-related restrictions. However, the figures were not sufficient to pull up performance to year-ago levels. (Full report)

16 Feb 2021, 01:29:40 PM IST

Glenmark launches kidney cancer treatment drug in India

Glenmark Pharma on Tuesday launched a generic kidney cancer treatment drug 'Sunitinib oral capsules' in India priced 96 per cent lower compared to the innovator brand.

In a regulatory filing, Glenmark Pharma said it launched "SUTIB, the generic version of Sunitinib oral capsules to treat kidney cancer in India. The drug is launched at a MRP that is approximately 96 per cent lower than the MRP (maximum retail price) compared to the innovator brand, priced at 7,000 (50 mg), 3,600 (25 mg) and 1,840 (12.5 mg) per month".

16 Feb 2021, 01:09:49 PM IST

Adani Transmission, Adani Enterprises among 50 most valuable publicly traded firms in India

Adani Enterprises Ltd and Adani Transmission Ltd, part of billionaire Gautam Adani's group, are among the 50 most valuable, listed entities in India, with their stocks having surged over 60% each so far this year.

On Tuesday, Adani Enterprises' market capitalisation stood at Rs87,000 crore, ranking 47 of 50 most valuable, listed firms in India, while Adani Transmission was at the 50th spot with a market cap of 82,090 crore, as per data from BSE. (Full report)

16 Feb 2021, 12:44:04 PM IST

Karda Constructions Q3 profit down 24% at ₹3.73 crore

Realty firm Karda Constructions Ltd has reported a 24% fall in its standalone net profit of 3.73 crore for the quarter ended December due to lower property demand amid the covid-19 pandemic. Its net profit stood at 4.93 crore in the year-ago period.

16 Feb 2021, 12:27:59 PM IST

Varun Beverages Q3 snapshot

December quarter consolidated net loss stood at 197.3 million versus loss 593.1 million year ago.

December quarter consolidated revenue from operations stood at 13.51 billion versus 12.4 billion year ago.

16 Feb 2021, 12:09:29 PM IST

Tata Communications partners with Google Cloud

Tata Communications today announced its partnership with Google Cloud to drive cloud adoption and transform Indian businesses. With this partnership, Tata Communications has further expanded their managed public cloud services portfolio to include capabilities for Google Cloud.

16 Feb 2021, 11:47:14 AM IST

Jet Airways reports ₹2,841 crore loss for 2019-20

Jet Airways, which has been grounded for nearly two years, reported a standalone loss of 2,841.45 crore for the year ended March 2020.

During the 2019-20 financial year, the airline had a total income of 354.2 crore, the company said in a filing to the BSE.

In 2018-19, the airlne had posted a loss of 5,535.75 crore.

The once-storied full service airline, which shuttered operations on April 18, 2019, is undergoing insolvency resolution process.

As per the filing, the resolution professional -- Ashish Chhawchharia -- and employees who were part of the asset preservation team have made all practical and reasonable efforts from time to time to gather details to prepare the financial statements.

16 Feb 2021, 11:12:31 AM IST

Rupee update

The rupee inched up 5 paise to 72.63 against the US dollar in opening trade on Tuesday amid a firm trend in the domestic equity market and subdued American currency.

At the interbank forex market, the domestic unit opened at 72.64 against the US dollar and inched higher to 72.63 against the greenback, registering a rise of 5 paise over its previous close.

On Monday, the rupee had settled at 72.68 against the American currency.

16 Feb 2021, 11:12:00 AM IST

Brookfield REIT lists with marginal premium over issue price

Brookfield REIT shares were listed at 281.70 on the National Stock Exchange, against issue price of 274-275 apiece. The initial public offer of Brookfield India Real Estate Investment Trust (REIT) got subscribed 8 times on the final day of subscription on Friday.

It received bids for 60,59,44,400 units against 7,62,78,200 units on offer.

16 Feb 2021, 10:53:39 AM IST

Indian IT industry's revenues to grow 2.3% to $194 billon this fiscal: Nasscom

Despite a dip in global technology spending amid the coronavirus pandemic, the country's information technology sector is set to post a 2.3 per cent rise in revenues to $94 billion in the current fiscal, Nasscom said.

The industry added 1.38 lakh people to its workforce on a net basis during the year, taking the total number of employees to 44.7 lakh, the National Association of Software and Service Companies (Nasscom) said in its review of the current financial year ending March 31.

16 Feb 2021, 10:30:17 AM IST

Future Group says Amazon asked for $40mn as compensation for RIL deal

Future Group has alleged that Amazon had asked for $40 million (around 290.41 crore) in compensation for the deal with Reliance Industries, a charge that the e-commerce major termed as "false and misleading claims".

According to documents submitted to the emergency arbitrator of SIAC by the Kishore Biyani-led firm, Amazon had asked for USD 40 million in compensation from Future Group for the deal with Reliance Industries, and that the US-based company was well aware of the 24,713 crore Future-RIL deal.

16 Feb 2021, 10:15:11 AM IST

IDFC First Bank board to meet on 18 Feb to consider fund-raising

IDFC First Bank said that its board will meet on February 18, 2021 "to consider and approve the proposal for raising of funds by way of issue of equity shares/ other equity linked securities."

16 Feb 2021, 09:55:33 AM IST

Market outlook

"The index continued its upward momentum with yet another gap up opening. We are steadily heading to 15500 which should be the next target and level of resistance for the Nifty. While a good support lies at 15100, traders should lock in profits at regular intervals and update stops as well. Since we are at market highs any drop or correction can make the markets volatile. Hence extreme caution should be exercised at all times," said Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments.

16 Feb 2021, 09:41:44 AM IST

HDFC twins, Kotak Bank lift Sensex by over 300 points

Index Contributors
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Index Contributors
16 Feb 2021, 09:31:30 AM IST

Nifty PSU Bank, Nifty Metal top sectoral gainers

NSE Sectoral indices
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NSE Sectoral indices
16 Feb 2021, 09:19:35 AM IST

Market opening

Indian benchmark share indices hit fresh highs in early trade on Tuesday led by gains in HDFC twins Infosys and RIL.

Sensex opened at 52,400.03, up 245.90 points or 0.47%, while Nifty climbed 56.75 points or 0.37% to open at 15,371.45.

Kotak Bank, up about 1.6%, was the top Sensex gainer followed by ONGC, IndusInd Bank, SBI and TechM. Of 30 Sensex, 28 were in the green at open.

BSE Sensex
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BSE Sensex
16 Feb 2021, 09:07:20 AM IST

Market pre-opening

Indian stocks traded higher in the pre-opening session on Monday. At 9:03am, Sensex was at 52,333.37, up 179.24 points or 0.34%, while Nifty rose 81.40 or 0.53% at 15,396.10.

16 Feb 2021, 08:49:00 AM IST

Markets at close on Monday

The Sensex rallied 610 points to finish above the 52,000-mark for the first time while the Nifty soared past 15,300 on Monday as investors piled into banking and finance stocks amid a bullish trend overseas.

After touching a record high of 52,235.97 during the day, the 30-share BSE Sensex ended 609.83 points or 1.18% up at its new closing peak of 52,154.13.

Similarly, the broader NSE Nifty soared 151.40 points or 1% to finish at a record 15,314.70. It touched an intra-day peak of 15,340.15.

16 Feb 2021, 08:49:00 AM IST

Asia sets up global stocks for extended bull run on economic optimism

Asian shares advanced on Tuesday, putting world equities on course to extend their bull run for a 12th consecutive session as optimism about the global economic recovery and expectations of low interest rates drive investments into riskier assets.

Oil prices soared to a 13-month high as a deep freeze due to a severe snow storm in the United States not only boosted power demand but also threatened oil production in Texas.

MSCI's broadest index of Asia-Pacific shares outside Japan ticked up 0.45% while Japan's Nikkei rose 0.4% to a 30-year high.

In Hong Kong, the Hang Seng Index surged 1.79% to hit a 32-month high in its first trading session since Thursday following the Lunar New Year holidays.

Mainland Chinese markets will remain closed for the holidays until Thursday while Wall Street was also shut on Monday. (Reuters)

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