Sensex, Nifty end flat in choppy trade; TCS, Airtel, SBI gain7 min read . Updated: 25 Feb 2020, 03:51 PM IST
- Sensex, Nifty marginally down in volatile trade
- Healthcare, consumer durables, energy indices decline over 1%
Market closes flat
Benchmark equity indices ended flat in a volatile session as investors were cautious amid coronavirus concerns. Sensex ended 82 points lower at 40,281.20, while Nifty closed down 16.20 points at 11,813.20.
TCS, Tata Steel, SBI and Bharti Airtel were the top gainers on Sensex, rising 1-2%. Sun Pharma, RIL, HCL Tech, and Indusind Bank fell 1-3%
On the BSE, 954 shares advanced, 1464 declined and 186 remained unchanged. On the Sensex, 16 shares advanced and 14 declined
Among sectoral indices, healthcare, consumer durables, and energy declined over 1%.
Axis Bank in talks to buy 17.9% in Max Life
Axis Bank is in talks to buy 17.9% stake in Max Life from Max Financial Services for around ₹550 crore, according to CNBC-TV18.
Nikkei closes at 4-month low
Japan's Nikkei share average fell to a four-month low on Tuesday, as investors reduced their equity holdings on their first trade after a long weekend and as a spike in coronavirus cases beyond mainland China threatened the global economy, Reuters reported.
Navin Fluorine surges 19%
Navin Fluorine International has entered into a $410 million multi-year contract with a global company for manufacture and supply of a "high performance product" in the fluorochemicals space.
Among sectoral indices, BSE Oil & Gas, Consumer Durables, Auto Industrials Healthcare and Energy were down over 1% even as the benchmark Sensex was flat.
Investors in India’s mid-sized companies’ shares will need to be patient for returns to improve as the country's recovery from an economic slump will be slow, according to fund managers.
Bank credit growth set to bottom out: Crisil
According to the ratings agency, the prolonged slowdown in bank lending may be bottoming out this fiscal, with gross credit offtake set to rise 8-9% on-year in FY21, a good 200-300 basis points over the likely growth of about 6% this financial year.
Lumax Auto up 3.4%
The company announced acquisition of OK Play Group's roto molded plastic business.
Sebi finds violations of related party transactions at IndiGo
A preliminary investigation by the markets regulator has found violations of governance and listing norms in some of the related party transactions executed by InterGlobe Aviation Ltd. Sebi is acting on the complaint filed by shareholder Rakesh Gangwal last year.
Hudco down 1.4%
Hudco on Tuesday said its board will meet this week to consider raising up to ₹28,000 crore via issue of bonds/debentures.
IndiGo shares slip 6%
Shares of InterGlobe Aviation, which operates IndiGo, slipped 6% after Credit Suisse reportedly cut the target price on the stock to ₹1,850 from ₹1,900. The brokerage firm has an outperform rating on the stock.
Shilpa Medicare up 5%
Shilpa Medicare share price rose 5% after the board approved the sale of its biological unit to wholly owned subsidiary Shilpa Biologicals Private Limited.
The Nifty FMCG index has gained marginally so far in 2020, faring better compared to the 2.8% decline in the broader Nifty 50 index. This is at a time when December quarter results of fast-moving consumer goods (FMCG) companies are far from encouraging.
Adani Enterprises up 1.2%
Adani Group may emerge as one of the bidders for the debt-laden national carrier, according to an IANS report. The group has held internal rounds of deliberations on whether or not to submit an Expression of Interest and that the discussions are still in the preliminary stage.
JSW Steel Ltd.’s $2.7 billion purchase of a bankrupt steel mill is facing a fresh hurdle after a former chairman of Bhushan Power & Steel Ltd. challenged the deal in the country’s top court.
Sanjay Singal filed a petition on Monday against a ruling by a bankruptcy tribunal that had approved the deal earlier this month, according to the Supreme Court’s website.
RBL Bank up 2.3%
Shares of the lender rose 2.3% to ₹308.60 after the RBI approved re-appointment of executive director Rajeev Ahuja for a period of three years with effect from 21 February.
Mindtree stock hits fresh 52-week high
Shares of the IT company hit a 52-week high of ₹1040.40 with the BSE IT index up 0.4% at 16,236.50
Ramco Industries to mull payment of interim dividend
Ramco Industries' board will meet on 3 March to consider payment of interim dividend for 2019-2020.
Sebi says Mauritius funds will continue to get registration
The markets regulator has clarified that funds coming from Mauritius will continue to get registration amid concerns after the African country was put in the grey list by Financial Action Task Force (FATF). The funds will be subject to stricter KYC compliance and regulatory requirements.
Bajaj Auto declares interim dividend
Bajaj Auto will pay an interim dividend of ₹120 per share, it said in a notification to the exchanges. The record date has been fixed as 4 March and the dividend shall be credited on or around 9 March.
PNB Housing Finance fell 2% to ₹398.35 after Crisil downgraded its rating on long-term debt instruments, bank facilities and fixed deposit programme to AA from AA+. The agency also revised the outlook on its long-term ratings to 'stable' from 'negative
Gold prices decline
Gold prices fell today on profit taking and global cues. On MCX, April gold prices declined 1.34% or ₹584 to ₹42,996 per 10 gram, their first decline in five days.
Infosys to open cyber defense centre in Indianapolis
Infosys will open a state-of-the-art cyber defense centre in Indianapolis, US. This will be the IT major's seventh global cyber defence centre.
Rupee up 18 paise
The Indian rupee rose 18 paise to 71.80 as the US dollar weakened in the overseas market. The domestic currency had closed at 71.98 against the US dollar on Monday.
Bandhan Bank, HDFC Life, Info Edge jump
The three companies rose around 4% each on the NSE after the exchange approved trading in futures and options contracts of March series.
TVS Motor down 4%
The automaker said supply chain disruption in China due to the outbreak of coronavirus will lead to a 10% decline in planned production of BS-VI compliant vehicles for February 2020.
SBI Cards IPO price range ₹750-755
State Bank of India has said the IPO price range of SBI Cards and Payment Services has been fixed at ₹750-755 per share. The IPO will open for subscription on 2 March and close on 5 March.
Nifty Pharma declines over 1%
Biocon, Sun Pharma, Dr Reddy down 1.6-3.5%
GMR Infra up 2.6%
Shares of the infrastructure firm rose as Groupe ADP after the Competition Commission of India approved the company's proposal to sell 49% stake in its airport business--GMR Airports Ltd (GAL)--to France's Groupe ADP.
Morgan Stanley cautious on emerging markets
The global brokerage firm has lowered its target for emerging markets, while maintaining its “equal-weight" stance amid coronavirus fears, according to a report in the Business Standard.
RIL trades flat
Reliance Jio has reduced the validity of its popular yearly plan of ₹1,299 from 365 days to 336 days, data on the company’s website showed.
HDFC Bank down 0.7%
Managing director Aditya Puri sold 12.52 lakh equity shares of the bank from 11-12 February. Puri intends to sell some more shares held by him through previous stock options already vested in his name.
HUL up 2%
HUL has announced plans to set up a new 100% subsidiary in India for manufacturing activities and to leverage growth opportunities in the country. The new manufacturing entity will help the company avail benefits of a recent tax provision.
IRB gets ₹3,753 crore investment; gains 2%
IRB has received first tranche of investment of ₹3,753 crore from GIC affiliates out of the total commitment of ₹4,400 crore. The company will allot units to the investor by 27 February. Post the allotment of units, IRB will hold 51% stake and GIC affiliates will hold 49% in the private InvIT.
Markets open higher
India's benchmark indices opened higher. Sensex opened at 135 points higher at 40,497.72, while Nifty rose 48 points to 11,877.50. HUL, Asian Paints were biggest winners, up 1-2% each.
Rupee opens higher
The Indian rupee opened stronger at 71.85 against the US dollar. On Monday, the domestic currency closed at 71.92.
HUL, Bharti Airtel, NTPC, HDFC Bank, JSW Steel are among the top stocks that could be in focus today.
Asian stocks mixed
Singapore’s SGX Nifty was 0.58% up as on 10:48 am, Singapore Time.
Hong Kong’s Hang Seng was down 0.18%.
Japan’s Nikkei fell 3% while South Korea’s KOSPI was 0.82% up.
Crude prices shed nearly 4% on Monday. US crude was up 5 cents at $51.48 on Tuesday.
The S&P 500 and the Dow Jones Industrial Average on Monday suffered their biggest one-day percentage losses in two years.
The Dow Jones Industrial Average declined 1,031.61 points, or 3.56%, to 27,960.8. S&P 500 lost 111.86 points, or 3.35%, to 3,225.89, while Nasdaq Composite dropped 355.31 points, or 3.71%, to 9,221.28.
All the 11 major S&P sectors closed in the red, led by the energy sector's 4.7% decline and followed by a 4.2% drop in technology stocks.