Nifty closes above 11,600, Sensex ends down 143 points16 min read . Updated: 27 Feb 2020, 03:45 PM IST
- On the 30-share Sensex, 20 ended lower while on the Nifty, 33 declined
- Asia closed lower for the day, crude slumps
Nifty, Sensex close off lows but still in the red
Nifty and Sensex extended losses into the fifth session even though the indices recouped some losses made earlier in the day.
The Sensex closed 0.36% lower at 39,745.66, while the Nifty closed at 11,633.30 points, down 0.4%.
At close on the BSE, 10 stocks ended higher while the rest closed lower for the day. On the Nifty, 17 stocks advanced and 33 declined.
Wipro, JSW Steel, Zee Entertainment, ONGC and IOC were among the top losers on the Nifty, while Sun Pharma, Britannia, Titan Company, Grasim Industries and Axis Bank were among the stocks that gained.
Barring the Nifty Pharma, all NSE sectoral indices ended in the red. BSE MidCap and SmallCap both ended in losses.
IndusInd Bank clarifies on CEO position
IndusInd Bank on Thursday said a Business Standard report saying Rajiv Sabharwal of Tata Capital was in the fray for the top post at the lender is speculative and untrue.
As previously advised to the exchanges, the bank's Nomination and Remuneration Committee and board had considered and finalised a potential candidate for the post of MD and CEO, and forwarded an application to the Reserve Bank of India seeking approval for the appointment. That position remains unchanged, the lender said in a clarification the exchanges.
The stock was down 1.6% at ₹1116.40 on the BSE.
Sensex recoups losses, down 100 points now
In the last 30 minutes of day's trade, the Sensex staged a recovery. Though in the red, it was down 100 points compared to near 500-point slide earlier in the day.
The index was down at 39, 745.19, with seven stocks on the 30-share index higher and the rest in the red.
Sun Pharma top gainer on Nifty, up nearly 3%
Bucking the weak trend in the broader market, shares of Sun Pharmaceuticals surged 2.94% to ₹385.70 on the NSE. The stock was the top gainer on the index, and among the 12 stocks that rose on the Nifty 50.
The Nifty 50 pared losses and was at 11,629.15 points, down 0.4%. Earlier in the day, the index had touched a low of 11,536.70.
India Ratings revises FY21 steel sector outlook to negative
India Ratings and Research on Thursday revised its FY21 outlook for domestic steel sector to negative for FY21 from stable-to-negative, given the modest steel demand growth expectations of 5% compared with an estimated 4% growth for FY20.
Margin pressure because of iron ore price risks will also weigh on the outlook.
Global crude prices
Brent crude extends losses, down 1.4% at $52.69 per barrel, while West Texas Intermediate fell 1.5% to $47.99.
Sensex, Nifty remain under pressure
Benchmark Indian equity indices although off day's lows, remained under pressure in the last hour of trade.
Nifty hovered below the 11,600 level, while the Sensex was down 272 points at 39, 616.81. About 635 stocks have advanced, 1,568 shares declined, and 115 shares were unchanged.
Dr Reddy's launches of generic of anti-inflammatory Vimovo
Dr Reddy's Laboratories on Thursday announced the first-to-market launch of Naproxen and Esomeprazole magnesium delayed-release tablets, a therapeutic equivalent generic version of Vimovo.
Vimovo reported US sales of about $414 million in the 12-month ended December, 2019 according to data from amrket research firm IQVIA Health, the company said in a press release.
In a weak broader market, Dr Reddy's shares were at ₹3,056 on the BSE, down 0.6%.
Europe shares slump on Covid-19 concerns
European stocks started the day weak on Thursday, with shares of travel companies hit the most following a jump in novel coronavirus cases outside of China, Reuters reported.
In early deals today, stocks in London fell 2.3%, while those in Frankfurt shed 2.1%. Equities in France slumped 2.3% and in Greece they declined 2.0%.
Glenmark in licensing pact to market nasal spray in US
Glenmark Pharmacuticals' Swiss subsidiary has signed a licensing pact with Hikma Pharmaceuticals PLC for marketing its nasal spray Ryaltris in the US, the Indian entity said in a filing to the stock exchanges today.
Ryaltris is a novel fixed-dose combination nasal spray of an anti-histamine and a steroid, indicated for treatment of symptoms associated with seasonal allergic rhinitis in patients over 12 years of age.
The Glenmark stock was down 1.2% at ₹292.40 on the BSE.
Global markets tick lower
Covid-19 fears pummeled global equity markets, with the Dow e-minis down 384 points, or 1.4%, while Nasdaq 100 e-minis were down 137.75 points, or 1.56%. S&P 500 e-minis were down 46 points.
Markets in Asia extended losses, with Japan's Nikkei shedding more than 2%, and stocks in South Korea closed at a four-month low.
On BSE, 43 stocks hit 52-week high
On the BSE today, 43 stocks surged to hit a 52-week high, while a whopping 243 shares languished at 52-week lows.
Notable among the stocks that declined were - Bank of Baroda, Dish TV, GAIL, Hindalco, ITC, Larsen&Toubro, PNB, ONGC, Tata Power.
In weak market, Titan Company up nearly 2%
Shares of Titan Company bucked the trend and rose 1.9% to ₹1,279.30 on the BSE.
Earlier this month, the company had reported a standalone net profit of ₹470 crore for the December quarter, up 13% year-on-year. Sales during the period grew 8.4% to ₹6,105.96.
South Korea reports 334 more coronavirus cases Thursday
South Korea on Thursday reported 334 more cases of Covid-19, more commonly referred to as the novel coronavirus, taking the total to 1,595. Death toll in the country has touched 13.
Australia says every chance coronavirus may become pandemic
Australian Prime Minister Scott Morrison on Thursday said that there was every sign the world is about to be gripped by the coronavirus pandemic, Reuters reported.
The country has so far reported 23 cases of coronavirus, although 15--all of whom arrived from China--have now been discharged from hospitals. Eight people remain in hospital after they were found to have contracted the disease following evacuation from a cruise ship in Japan.
Apple to open first online store in India
In a shareholder meeting in Cupertino, California, on Wednesday, Apple Inc CEO Tim Cook confirmed that the company will open its first online store in India this year.
“We needed to get approval from the government to go in there ourselves." said Cook while responding to a shareholder's query. He added the company doesn’t want “somebody else to run the brand" for it.
Apple Inc is yet to receive the Indian government’s approval.
Nifty Auto down over 1%
The Nifty Auto was one of the top losers among NSE sectoral indices. It was down 1.05% at 7,1322 points.
Barring Exide Industries and Maruti Suzuki, all the rest of the 13 index constituents declined.
Cipla down over 2%
Shares of Cipla Ltd extended losses and were down 2.2% at ₹413 apiece on the BSE. The stock had declined as much as 5% intraday on Wednesday.
The company on Wednesday said it has received its first ever warning letter from the US Food and Drug Administration (FDA) for its Goa plant for serious violations of good manufacturing practices observed during an inspection in September.
A warning letter signifies serious breach of norms at a facility, and the regulator usually withholds applications for new products.
US hedge fund wants Subhash Chandra to exit Zee Learn
US hedge fund, Moon Capital Management, has urged Subhash Chandra to sell his and his company Essel Group's stake in Zee Learn, Bloomberg reported, citing a person familiar with the matter.
Chandra and his group held about 57% stake in the education company as of end of December, most of which are pledged, according to data from BSE Ltd.
L&T Construction bags multiple orders
L&T Construction, a subsidiary of engineering behemoth of Larsen & Toubro, has secured multiple orders from businesses in India and abroad.
It has received a water infrastructure order from a client in the United Arab Emirates, and an EPC order from the NMDC for construction of a pump house for slurry water pipeline systems.
One order is from Pune Metropolitan Region Development for "design and construction of infrastructure works for roads, drains, culverts, potable recycle water supply systems, a sewerage system and power systems for a hi-tech township at Mahalunge, Pune."
Another order is from Konkan LNG Private Limited.
SBI Cards IPO to open for subscription 2-5 March
Th initial public offering of SBI Cards & Payment Services (SBI Cards) will be open from 2-5 March for subscribers.
SBI Cards IPO comprises issue of fresh equity shares aggregating to ₹500 crore and an offer for sale of nearly 13 crore shares. SBI and Carlyle Group will offload 3.73 crore shares and 9.32 crore shares respectively.
The IPO may fetch about ₹10,350 crore at the upper limit of the price range of ₹750-755.
Sensex, Nifty pare losses
Benchmark Indian equity indices recouped some losses in trade on Thursday. The BSE Sensex was down 355 points at 39,533.49, with Titan Company, Kotak Bank, Asian Paints and Sun Pharma only gainers. HCL Tech, TCS, Mahindra & Mahindra, and HDFC Bank, all down 1%, were the most hit on the index. It had slipped below 39,500 earlier.
The BSE SmallCap, MidCap nursed losses.
The broader Nifty 50 index was down 103.40 points at 11,575.10, having touched a low of 11,536.70 earlier in the day. All NSE sectoral indices remained in the red.
#JustIn: Axis Bank appoints Puneet Sharma as chief financial officer with effect from 6 March
Aarti Drugs up 5%
The shares of the pharma company jumped 5% in a weak market on hopes of strong volume growth
Gold soars as coronavirus spooks investors
Price of safe-haven gold jumped $8.50 to $1,651.50 per ounce as investors shunned riskier assets following concerns that the coronavirus outbreak may turn into a global pandemic.
In India, prices rose today tracking global rates. On MCX, April gold futures rose 0.4% to ₹42,668 per 10 gram.
Global crude declines
Global crude oil prices were down for the fifth straight say n Thursday as rising number of coronavirus cases outside of China led to concerns of a pandemic which could hit global economy and thus demand for oil.
Brent crude was down 63 cents, or 1.2%, at $52.80 a barrel, having earlier touched $52.57 - the lowest since 2 January, 2019, Reuters reported.
West Texas Intermediate futures fell 65 cents, or 1.3%, to $48.08 a barrel. It had earlier declined to a low of $47.84 - the lowest since 4 January 2019.
Sell-off deepens in Asia as investors weigh Covid-19 impact
Asian equities extended losses after new cases of coronavirus were reported from countries other than China.
Japan's Nikkei shed 2.1%, while Australia's S&P ASX/200 fell 0.8%. South Korea reported 334 new cases of the virus, following which the Kospi dropped 0.9%. Hong Kong's Hang Seng was down 0.7%, with markets in Jakarta, Malaysia, Singapore and Taiwan also reporting declines.
Vodafone Idea up 1.3% amid weak broader market
In a weak broader market, shares of Vodafone Idea climbed 1.2% higher at ₹4.02 apiece on the BSE.
The cash-strapped telecom company has asked the government to help set a floor price for mobile services and lower licence fee and spectrum usage charges for auctions to alleviate stress in the industry, a Mint report said.
The Digital Communications Commission, the highest decision- making authority in the telecom department, will meet on Friday to discuss relief measures for telecom companies hit by the Supreme Court verdict on telecom dues.
Mahindra CIE down nearly 7%
The stock of Mahindra CIE Automotive was down 6.6% at ₹131.75 apiece on the BSE after the company reported a 91% year-on-year decline in its consolidated net profit to ₹12.6 crore for the December ended quarter.
Thomas Cook down 3.7%
Shares of Thomas Cook were down 3.7% at ₹48.35 apiece on the BSE. The company on Wednesday said its board has approved the buyback of 2.61 crore shares valued at ₹150 crore.
The buyback price of 57.50 per share is at a premium of 40% to current market prices. The buyback will help the company return cash to its shareholders enhancing overall return for them.
Nifty Bank down over 1%
Nifty Bank was down 1.1% at 29,967.05 points. Barring Yes bank and Federal Bank, all index constituents were down.
PNB, IndusInd Bank, and Bank of Baroda were among the top losers, down 2.1-3.0%.
Nifty Metal cracks, about 200 points shy of 52-week low
The Nifty Metal index fell over 1%, one of the top losers among the Nifty sectoral indices, as fears about the rapid spread of coronavirus turns investors cautious. The index was at 2,381 points compared with its 52-week low of 2,174.
As the economy in China, the largest consumer of metals, grinds to a halt, investors worried about hit to demand, and global supply chain disruption.
Yes Bank lone gainer on Nifty
Shares of Yes Bank bucked the trend to become the only ones to trade higher on the Nifty 50, on a day of broad-based sell-off in the market. The stock was at ₹37.05 rupees, up 1.4%.
Sensex slips below 39,500 points
Extending losses, the benchmark Sensex fell nearly 400 points to 39,491.62. The Nifty was down 120 points at 11,559, as investors worry about the economic fallout of the Covid-19, or novel coronavirus.
Jhunjhunwala co, others in race for stake in IDBI Federal
Rakesh Jhunjhunwala’s RARE Equity, HDFC Life Insurance and ICICI Prudential Life Insurance are amongst shortlisted suitors who had submitted proposals to acquire a significant stake in IDBI Federal Life Insurance, the Economic Times reported on Thursday, citing sources.
IDBI Bank is the parent of the insurer.
Shares of IDBI Bank were up marginally at ₹33.50 apiece on the BSE amid a weak broader market.
Apple’s Tim Cook calls coronavirus a ‘challenge’
Apple Inc. chief executive officer Tim Cook called coronavirus or Covid-19 a “challenge" for the iPhone maker during a talk for shareholders at the company’s annual meeting on Wednesday, Bloomberg reported.
China is a production hub Apple Inc's products. Earlier this month, the company said it would not meet its revenue forecast of more $63 billion for the current quarter, citing iPhone supply constraints and lost retail sales in China.
TVS Motor in distribution tie-up with Motomundo SA
TVS Motor Company on Thursday announced a distribution tie-up with Motomundo SA, one of the largest business groups in Honduras.
As a part of the partnership, Motomundo SA will facilitate sales and service of TVS products across all Motomundo stores in the country in phases. TVS Motor will be present in 40 Motomundo outlets and over 25 dealers across Honduras.
In a weak market, shares of TVS Motor were down 2.3% at ₹425.50 apiece on the BSE.
Pakistan confirms two cases of coronavirus
Pakistan health authorities late on Wednesday confirmed two positive cases of Covid-19 or the novel Coronavirus in the country, saying both have tested positive for the lethal virus, one each in Karachi and Islamabad, news reports said.
Both of them had traveled to Iran for pilgrimage to holy sites and on their return to the country, they tested positive for the disease.
Nifty 50 slips below 11,600; Sensex sub-39,600
Markets extended losses, falling below crucial levels. Nifty 50 cracked 87.60 points at 11,590.90. The Sensex fell to 39,599 points.
On Sensex, Titan Co top gainer, up nearly 1%
On Nifty, 43 stocks decline, seven advance
Of the Nifty constituents, 43 stocks declined led by losses in heavyweights Cipla, HDFC Bank, TCS, and JSW Steel. Seven advanced, rising 0.2-2.5%. Top gainer was Yes Bank.
RITES down 5%, government to sell stake in company
Shares of RITES Ltd was down nearly 5% at ₹302.50 on the BSE. The state-owned engineering consultancy company on Wednesday said the government proposes to sell up to 5% stake in the company, or 1.25 crore equity shares, through the offer for sale route, with floor price set at ₹298 per share.
Biocon down over 1%
Biocon Limited was down 1.2% at ₹295.15 apiece on the BSE. In a filing to stock exchanges, the company said that the US Food and Drug Administration has Form 483, with two observations, which are procedural in nature, for its small molecules API manufacturing unit at Biocon Campus, Bengaluru.
The US FDA had conducted a post-approval and good manufacturing practice inspection during 20-26 February.
"We are confident of addressing these observations expeditiously and will respond to the FDA with a Corrective and Preventive Action Plan (CAPA) in a timely manner. We remain committed to global standards of quality and compliance," the company said.
Sensex slips further; six stocks higher, rest in the red
The benchmark Sensex extended losses, falling over 200 points to 39,666.50. Of the index constituents, NTPC, Titan Co, L&T, Kotak Bank, Nestle India, Hero MotoCorp were the only gainers, rising 0.1-0.5%.
All NSE sectoral indices in negative zone
Indian indices lower at open
Taking cues from global peers, Indian benchmark equity indices slipped into the red at open.
The Sensex was down 0.5% at 39,723.62 points, while the Nifty slipped below the 11,650-mark to 11,629 points.
Major gainers included SBI, Dr Reddy's Lab, HUL, Nestle, Hero MotoCorp, Eicher Motors, Titan, and Yes Bank, while Cipla, HCL Technologies, Infosys and TCS were in the red.
The Indian rupee opened largely flat at 71.65 per dollar on Thursday compared with 71.66 at previous close.
In pre-open: Nifty above 11,700, Sensex up 195 points
Indian indices were higher in pre-open trade today. The session is likely to be choppy following weak global cues and expiry of the monthly F&O series.
“We believe Nifty has a strong support at 11,500 levels. A breach of 11500 level could lead to further selling pressure. Advice investors to accumulate gradually while trades should keep leverage in control until a clear trend emerges," Sahaj Agrawal, head of research- derivatives at Kotak Securities, had said.
Indian stocks to rise marginally in 2020: Reuters poll
Indian equities may rise this year but only marginally, with the benchmark Sensex seen touching at 42,000 points by mid-2020, according to a Reuters poll of more than 50 stock market brokers and analysts conducted during 17-25 February.
The view was slightly more pessimistic than in a poll three months ago, amid a weak economy and a variety of external risks.
Indian equities on Wednesday fell sharply amid a global sell-off as the number of new coronavirus cases surged in new regions pushed investors towards safe-haven assets like gold and government bonds.
The Sensex had shed 392.24 points to close at 39,888.
HUL, Adani Ports, Concor, IndiGo, RITES are among the stocks that may be in focus in Thursday's trade.
SGX Nifty lower, indicates subdued start for Indian markets
SGX Nifty was down 0.5% at 11,670 points, keeping with weak sentiment across markets.
Asian equities tick lower tracking overnight losses on Wall Street
Extending losses from Wednesday, Australia's S&P was 0.5% lower, after a loss of over 6% so far this week, in early deals today, while Japan's Nikkei fell 1.4%. Hong Kong's Hang Seng was down 0.8%, while KOSPI fell nearly 1%.
Investors have remained worried about the rapid spread of Covid-19, more popularly known as novel coronavirus, now outside China.
Overnight, the Dow Jones fell almost half a percent and the S&P 500 0.4%. The Nasdaq eked out a modest gain.
Oil, bond yields slid on Covid-19 fears
Last at 1.3271%, the yield on benchmark US 10-year Treasuries is less than 3 basis points firmer than an all-time low hit overnight.
US crude made a fresh one-year low of $48.17 per barrel in Asian trade, while gold rose 0.3% to $1,644.30 per ounce.