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Tuesday, February 18, 2020

Market Highlights: Sensex climbs 137 points, Nifty settles at 11,708; Auto, metal stocks rise

Share Market, Stock Market Highlights: Everything that happened in the stock markets.

By: Express Web Desk | New Delhi | Updated: February 3, 2020 4:13:13 pm
Share Trading at a firm in Kolkata. (Express photo by Partha Paul)

Share/Stock Market Highlights: After recording one of their sharpest single-day fall in over a decade on Saturday, the benchmark equity indices on the BSE and National Stock Exchange (NSE) ended marginally higher on Monday, aided by a last hour buying across automobiles, metals and banking stocks.

The 30-share S&P BSE Sensex ended at 39,872.31, up 136.78 points (0.34 per cent), while the broader Nifty 50 rose 46.05 points (0.39 per cent) to settle at 11,707.90.

Among sectoral indices on NSE, the Nifty Auto index rose 1.53 per cent driven by gains in Bajaj Auto and Maruti Suzuki India. The Nifty Metal index too climbed 1.51 per cent led by Jindal Steel & Power and Tata Steel.

In the broader market, the S&P BSE MidCap index settled at 15,288.92, up 169.27 points (1.12 per cent), while the S&P BSE SmallCap ended at 14,360.00, up 15.30 points (0.11 per cent).

(with inputs from agencies)

Live Blog

Stocks, BSE Sensex, NSE Nifty, Crude oil prices, gold, silver prices, commodity market and money markets LIVE updates:

Highlights

    16:13 (IST)03 Feb 2020
    Vinod Nair, Head of Research at Geojit Financial Services on Monday's market movement

    "Market is finding some sanity after the setback of not meeting high expectations from the budget, hereon the focus will be on corporate results and global trend. With valuations on the higher side, the on-going results reported has been mostly inline with estimates. Manufacturing PMI shows notable rebound providing a breather that economy will stabilize as mentioned in the budget."

    15:45 (IST)03 Feb 2020
    Equity markets at close

    The 30-share S&P BSE Sensex ended at 39,872.31, up 136.78 points (0.34 per cent), while the broader Nifty 50 rose 46.05 points (0.39 per cent) to settle at 11,707.90.

    14:53 (IST)03 Feb 2020
    Mustard seed futures slip on low demand

    Mustard seed prices on Monday dropped by Rs 2 to Rs 4,094 per quintal in futures trade as speculators cut down their positions on weak demand at the spot market.

    On the National Commodity and Derivatives Exchange, mustard seed contracts for February delivery fell by Rs 2, or 0.05 per cent, to Rs 4,094 per quintal in a business turnover of 12,690 lots. Mustard seed contracts for April delivery also declined by Rs 14, or 0.34 per cent, to Rs 4,109 per quintal in a business turnover of 15,450 lots.

    Marketmen said offloading of positions by participants following a weak trend in spot market mainly led to fall in mustard seed prices.

    (PTI)

    14:52 (IST)03 Feb 2020
    Guar gum futures dip on tepid demand

    Guar gum prices on Monday slumped by Rs 53 to Rs 7,010 per five quintal in futures market as traders offloaded their positions tracking weak trend at spot market.

    Marketmen said trimming of positions by participants amid weak demand mainly dragged down guar gum prices here.

    On the National Commodity and Derivatives Exchange, guar gum contracts for February delivery slipped by Rs 53, or 0.75 per cent, to Rs 7,010 per five quintal in 19,940 lots. Guar gum contracts for March delivery eased by Rs 58, or 0.81 per cent, to Rs 7,095 per five quintal in 45,485 lots.

    (PTI)

    14:52 (IST)03 Feb 2020
    Cottonseed oil cake futures ease on soft demand

    Cottonseed oil cake prices on Monday fell by Rs 34 to Rs 1,777 per quintal in futures trade as participants reduced their bets amid a weak trend at the spot market.

    Market players said sell-off by participants at the existing levels amid subdued trend in market mainly weighed on cottonseed oil cake prices.

    On the National Commodity and Derivatives Exchange, cottonseed oil cake to be delivered in February fell by Rs 34, or 1.88 per cent, to Rs 1,777 per quintal with an open interest 54,440 lots. Cottonseed oil cake for delivery in March went down by Rs 26, or 1.43 per cent, to Rs 1,801 per quintal in 60,900 lots.

    (PTI)

    13:57 (IST)03 Feb 2020
    Crude oil futures rise on spot demand

    Crude oil prices on Monday rose by Rs 14 to Rs 3,691 per barrel as speculators created fresh positions on spot demand.

    On the Multi Commodity Exchange, crude oil for delivery in February traded higher by Rs 14, or 0.38 per cent, to Rs 3,691 per barrel in 59,150 lots. Crude oil for March delivery was up by Rs 8, or 0.22 per cent, at Rs 3,710 per barrel with an open interest of 2,232 lots.

    Analysts said raising of bets by participants kept crude prices higher in futures trade here.

    Globally, West Texas Intermediate was trading higher by 0.14 per cent to USD 51.63 per barrel. However, Brent crude, the international benchmark, edged lower by 0.44 per cent to USD 56.37 per barrel in New York.

    (PTI)

    13:56 (IST)03 Feb 2020
    Copper futures gain on fresh bets

    Copper prices on Monday traded up by Rs 1.65 at Rs 428 per kg in futures market on the back of pick-up in spot demand.

    On the Multi Commodity Exchange, copper contracts for delivery in February traded higher by Rs 1.65, or 0.39 per cent, at Rs 428 per kg in a business turnover of 2,576 lots. Similarly, the metal for delivery in March edged up by Rs 1.80, or 0.42 per cent, to Rs 430 per kg in 79 lots.

    Analysts attributed the rise in copper prices to raising of bets by participants driven by a pick-up in spot demand.

    (PTI)

    13:56 (IST)03 Feb 2020
    Coriander futures fall on muted demand

    Coriander prices on Monday fell by Rs 83 to Rs 6,350 per quintal in futures trade as speculators reduced their positions amid sluggish demand at spot market.

    On the Multi Commodity Exchange, coriander contracts for April slumped by Rs 83, or 1.29 per cent, to Rs 6,350 per quintal in 8,950 lots. Similarly, the spice for May delivery traded lower by Rs 92, or 1.43 per cent, at Rs 6,355 per quintal in 620 lots.

    Market analysts said subdued demand in spot market mainly led to decline in coriander prices here.

    (PTI)

    13:55 (IST)03 Feb 2020
    Nickel futures up on spot demand

    Nickel prices on Monday edged up by Rs 5.40 to Rs 949.50 per kg in futures trade as speculators built positions on rising demand from alloy-makers at spot market.

    On the Multi Commodity Exchange, nickel contracts for February delivery gained Rs 5.40 or 0.57 per cent, to Rs 949.50 per kg in a business turnover of 2,714 lots. Similarly, the metal for March delivery traded higher by Rs 3.30, or 0.35 per cent, at Rs 946.30 per kg in a business turnover of 12 lots.

    Rising demand in spot market from alloy-makers supported price rise in nickel futures, analysts said.

    (PTI)

    13:17 (IST)03 Feb 2020
    Silver futures plunge 1.60 per cent on weak global cues

    Silver futures on Monday plunged by Rs 755 to Rs 46,363 per kg as participants cut down their bets taking weak cues from overseas markets.

    On the Multi Commodity Exchange, silver contracts for March delivery tumbled by Rs 755, or 1.60 per cent, to Rs 46,363 per kg in a business turnover of 4,484 lots. Besides, the white metal to be delivered in May fell by Rs 722, or 1.52 per cent, to Rs 46,893 per kg in 63 lots.

    In the international market, silver prices traded 1.43 per cent lower at USD 17.76 an ounce in New York.

    (PTI)

    13:14 (IST)03 Feb 2020
    Gold futures slump Rs 355 to Rs 40,893 per 10 gm

    Gold prices on Monday fell by Rs 355 to Rs 40,893 per 10 gram in futures trade as participants cut down their positions in line with a weak trend overseas.

    On the Multi Commodity Exchange, gold prices for delivery in February fell by Rs 355, or 0.86 per cent, to Rs 40,893 per 10 gram in a business turnover of 33 lots. The yellow metal for April delivery slumped by Rs 189, or 0.46 per cent, to Rs 41,016 per 10 gram in 2,664 lots.

    Analysts said subdued overseas cues influenced sentiments here.

    Globally, gold was trading 0.17 per cent lower at USD 1,585.20 an ounce in New York.

    (PTI)

    12:38 (IST)03 Feb 2020
    Scrapping of anti-dumping duties on PTA will boost exports: Industry

    The government’s decision to abolish anti-dumping duties on a raw material for synthetic fibre-based clothing and certain plastic-based products will bring down their manufacturing cost and potentially boost exports, say manufacturers. The move, announced “in public interest” in the Budget Saturday, does away with a previous NDA government decision to block countries like China, Taiwan, Malaysia, Indonesia, Iran, Korea and Thailand from substantially exporting the material — purified terephthalic acid (PTA) — to India. Click here to read the complete report

    12:02 (IST)03 Feb 2020
    BSE indices check at noon

    The S&P BSE Sensex trimmed most of its late morning gains and was trading marginally higher at noon deals.

    here's how other key BSE indices were performing:

    Source: BSE
    11:59 (IST)03 Feb 2020
    INTERVIEW | ‘Progressive, graded income tax system considered to be one of the best practices’ says Revenue Secretary

    The new income tax regime, announced in the Union Budget for 2020-21 on Saturday, would offer to a certain strata of society, which are not in a condition to invest enough to claim deductions and exemptions, a more equitable system of direct taxation, Revenue Secretary Ajay Bhushan Pandey said in an interview. Speaking to AANCHAL MAGAZINE and PRANAV MUKUL, Pandey said a progressive and graded income-tax system is internationally considered to be one of the best practices, and differs from the indirect tax system, where the aim is to lower the number of tax slabs to reduce complexities. Click here to read this exclusive interview

    11:38 (IST)03 Feb 2020
    India’s manufacturing sector activity hits near 8-year high in January on sharp demand recovery

    The country’s manufacturing sector activity climbed to a near eight-year high in January, driven by sharp rise in new business orders amid a rebound in demand conditions that led to rise in production and hiring activity, a monthly survey said on Monday. Click here to read the complete story

    11:14 (IST)03 Feb 2020
    Rajiv Kumar: ‘LIC IPO timing, size to be decided … will be completed over next one year’

    Stating that while the listing of Life Insurance Corporation (LIC) would be a long process involving legislative changes, Finance Secretary Rajiv Kumar said the government would be able to complete it over the next one year. Click here to read the full story

    11:07 (IST)03 Feb 2020
    Crude oil market update

    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.

    Brent and US West Texas Intermediate (WTI) crude fell for a fourth week in a row last week after airlines cancelled flights to China. Supply chains across the world's second-largest economy have also been disrupted, prompting its biggest refiner Sinopec to cut output.

    Brent crude was at $56.14 a barrel by 0241 GMT, down 48 cents, or 0.9 per cent, after losing nearly 12 per cent in January, the steepest monthly decline since November 2018. US West Texas Intermediate (WTI) crude fell 24 cents to $51.32 a barrel, after earlier hitting a session low of $50.42. The front-month WTI price fell 15.6 per cent in January, the biggest monthly drop since May.

    (Reuters)

    11:04 (IST)03 Feb 2020
    Behind new Income Tax regime: 92% used exemption under Rs 2 lakh

    Justifying the introduction of new personal income tax slabs and rates, Revenue Secretary Ajay Bhushan Pandey told The Indian Express Sunday that it was a move away from an “inequitable direct tax regime” — and cited an analysis by his department that almost 92 per cent of those filing I-T returns availed exemptions of less than Rs 2 lakh. Click here to read the full story

    10:41 (IST)03 Feb 2020
    Dividend tax: Equity mutual fund investors may switch to growth plans

    Budget proposals to abolish dividend distribution tax (DDT) and make dividend income taxable in the hands of individuals will benefit debt fund investors who are in the lower tax bracket, analysts said. The move could also lead to a churn in the mutual fund industry with investors likely moving from dividend plans to growth plans of equity mutual funds. Click here to read the complete story

    10:21 (IST)03 Feb 2020
    LIC IPO may come in second half of Fiscal Year 2021: Finance Secretary

    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. Finance Minister Nirmala Sitharaman while presenting the Budget 2020-21 on Saturday announced stake sale in LIC through an initial public offer in the next fiscal. Click here to read the full story

    10:08 (IST)03 Feb 2020
    NSE sectoral indices update

    Among the sectoral indices on the National Stock Exchange (NSE), the Nifty Realty index has slipped over 1.5 per cent, while the Nifty PSU Bank index is down nearly 1.5 per cent.

    Here's how all the other sectoral indices are performing:

    Source: NSE
    09:59 (IST)03 Feb 2020
    BSE Sensex: Gainers and losers in early trade

    In the Sensex pack, the gains in the early morning session of trade were being led by Asian Paints, Hindustan Unilever, IndusInd Bank, Nestle India, ICICI Bank and Bharti Airtel. However, on the other hand, ITC, Hero MotoCorp, Mahindra & Mahindra, HDFC Bank and Axis Bank were among the top losers.

    Here's how the stocks were performing:

    Source: BSE
    09:48 (IST)03 Feb 2020
    Rupee update

    The rupee depreciated 26 paise to 71.58 against the US dollar in morning session.

    (PTI)

    09:47 (IST)03 Feb 2020
    Global market update

    Asian shares stumbled on Monday, oil skidded and commodities on Chinese exchanges plunged on their first trading day after a long break on fears the coronavirus epidemic will hit demand in the world's second-largest economy.

    Aiming to head off any panic, the Chinese government took a range of steps to shore up an economy hit by travel curbs and business shut-downs because of the epidemic, including cutting its key interest rate.

    Despite the measures, MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.4 per cent, on track for its eighth straight day of losses. Chinese shares slumped at the open with the blue-chip index down about 7 per cent. Japan's Nikkei stumbled 0.9 per cent while Australia's benchmark index skidded 1.2 per cent, while New Zealand shares dropped 1.5 per cent.

    (Reuters)

    09:42 (IST)03 Feb 2020
    Equity markets at open

    At 9:15 am, the S&P BSE Sensex was trading at 39,741.68, up 6.15 points (0.02 per cent), while the Nifty 50 was at 11,677.90, up 16.05 points (0.14 per cent).

    On Saturday, the S&P BSE Sensex settled at 39,735.53, down 987.96 points (2.43 per cent), while the Nifty 50 slipped 300.25 points (2.51 per cent) to end at 11,661.85. During the intraday trade, the 30-share BSE benchmark fell as much as 1,092.25 points to 39,631.24, while the Nifty slipped to an intraday low of 11,633.30.

    Generally, the markets are shut during the weekends, but they were open this Saturday on account of the Union Budget 2020.

    Among the sectoral indices on NSE, the Nifty Bank index crashed 1,024.00 points (3.32 per cent) to settle at 29,809.60 weighed by State Bank of India (SBI), Bank of Baroda and ICICI Bank. Apart from the Bank Nifty, the Nifty Financial Services index slipped 558.55 points (3.90 per cent) to end at 13,758.35 weighed by SBI Life Insurance Company and Housing Development Finance Corporation. The Nifty FMCG index too slipped 556.65 points (1.81 per cent) to end at 30,218.65 weighed by ITC and Britannia Industries.