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Tuesday, February 25, 2020

Market Highlights: Sensex falls 216 points, Nifty settles at 11,914 weighed by IT, bank stocks

Share/Stock Market, Rupee, Gold, Petrol, Diesel Price/Rate Highlights: Everything that took place in the Indian markets.

By: Express Web Desk | New Delhi | Updated: November 22, 2019 3:56:56 pm
The benchmark stock market indices fell around 0.5 per cent on Friday. (Representational image of the BSE)

Share/Stock Market Highlights: The frontline indices on the BSE and National Stock Exchange (NSE) settled around 0.5 per cent lower on Friday led by a selloff in heavyweight IT and banking stocks.

The S&P BSE Sensex settled at 40,359.41, down 215.76 points or 0.53 per cent, while the broader Nifty 50 index declined 54.00 points or 0.45 per cent to end the day at 11,914.40.

In the sectoral indices, the Nifty IT index was the biggest loser on Friday slipping nearly 2 per cent to settle at 14,995.90. Bellweather stocks Infosys and Tata Consultancy Services (TCS) lost the most in the IT pack. The IT index was followed by Nifty Bank index, which slipped 0.76 per cent to end at 31,111.60. Here in this index, Kotak Mahindra Bank and HDFC Bank lost the most on Friday.

However, the broader market indices performed better than their benchmark peers. The S&P BSE MidCap index slipped 20.05 points or 0.14 per cent to end at 14,738.67, while the S&P BSE SmallCap settled at 13,353.78, down 3.34 points or 0.03 per cent.

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Highlights

    15:37 (IST)22 Nov 2019
    Market at close on Friday

    The S&P BSE Sensex settled at 40,359.41, down 215.76 points or 0.53 per cent, while the broader Nifty 50 index declined 54.00 points or 0.45 per cent to end the day at 11,914.40.

    15:17 (IST)22 Nov 2019
    NCDEX Soybean futures update

    Soybean prices on Friday rose by Rs 12 to Rs 3,993 per quintal in futures trade as traders created fresh positions supported by a strong spot demand.

    On the National Commodity and Derivatives Exchange, soybean for delivery in December was up by Rs 12, or 0.30 per cent, to Rs 3,993 per quintal with an open interest of 96,960 lots. Soybean for delivery in January rose by Rs 8, or 0.20 per cent, to Rs 4,008 per quintal having an open interest of 1,06,280 lots.

    Market players said rasing of fresh positions by speculators on the back of higher demand mainly led to rise in soybean prices in futures trading.

    (PTI)

    15:12 (IST)22 Nov 2019
    RBI appoints three-member advisory panel for DHFL

    The Reserve Bank on Friday constituted a three-member panel to advise the administrator of DHFL, ahead of formally moving for resolution of the troubled mortgage lender under the insolvency law.

    IDFC First Bank’s Non-Executive Chairman Rajiv Lall, ICICI Prudential Life Insurance’s Managing Director and Chief Executive N S Kannan, and mutual funds’ association AMFI’s Chief Executive N S Venkatesh would be part of the panel, an official statement said. Click here to read

    14:59 (IST)22 Nov 2019
    Sectoral indices on NSE

    Here's the latest update on the sectoral indices on NSE:

    Source: National Stock Exchange (NSE)
    14:47 (IST)22 Nov 2019
    NCDEX Guar gum futures update

    Guar gum prices on Friday advanced Rs 24 to Rs 7,870 per five quintal in futures trade as investors created fresh bets on firm spot demand.

    On the National Commodity and Derivatives Exchange, guar gum contracts for December rose by Rs 24, or 0.31 per cent, to Rs 7,870 per five quintal with an open interest of 55,185 lots.

    Restricted arrivals from growing regions aided the rise in guar gum prices, traders said.

    (PTI)

    14:45 (IST)22 Nov 2019
    MCX Nickel futures update

    Nickel futures on Friday declined by Rs 5.30 to Rs 1,077.20 per kg due to reducing of positions by investors amid sluggish demand in spot market.

    On the Multi Commodity Exchange, nickel contracts for November delivery fell by Rs 5.30, or 0.49 per cent, to Rs 1,077.20 per kg with a business turnover of 4,880 lots. Nickel contracts for December delivery traded lower by Rs 9.20, or 0.86 per cent, at Rs 1,060.30 per kg in 295 lots.

    Analysts said subdued demand in spot market mainly led to the fall in nickel prices.

    (PTI)

    13:43 (IST)22 Nov 2019
    MCX Gold futures update

    Gold prices on Friday rose by Rs 36 to Rs 37,989 per 10 gram in futures trade as speculators widened their bets, tracking a firm trend overseas.

    On the Multi Commodity Exchange, gold for December contracts traded higher by Rs 36, or 0.09 per cent, at Rs 37,989 per 10 gram in a business turnover of 1,397 lots. The yellow metal contracts for February traded higher by Rs 49, or 0.13 per cent, at Rs 38,100 per 10 gram in a business turnover of 387.

    Analysts said the rise in gold prices was mostly on the back of fresh positions built up by the participants taking positive cues from global markets.

    Globally, gold prices rose 0.18 per cent at USD 1,466.20 an ounce in New York.

    (PTI)

    13:39 (IST)22 Nov 2019
    Coal supply by CIL to power sector drops over 8 per cent to 253 MT in April-October

    Supply of coal by state-owned CIL to the power sector registered a decline of 8.5 per cent to 253 million tonnes in the April-October period of this fiscal. Fuel supply by Coal India in the year-ago period was 276.8 million tonnes (MT), according to official data.

    The supply of coal to power sector by CIL in October dropped by 19.3 per cent to 33.8 MT, over 41.9 MT in October last fiscal. Click here to read

    13:19 (IST)22 Nov 2019
    Market check at 1:15 pm

    Here's how the key indices on the BSE are performing:

    Source: BSE
    12:58 (IST)22 Nov 2019
    Gold prices slip Rs 22 per 10 gm, silver up Rs 105 a kg

    Bullion prices were mixed in the benchmark markets on Friday with gold slipping by Rs 22 and silver gaining Rs 105.

    The opening price for gold of 999 purity was Rs 38,235 per 10 grams, down Rs 22 from Thursday's closing price of Rs 38,257, while that of 995 purity gold was Rs 38,082, down Rs 22 from Rs 38,104 on Thursday, according to the data published by India Bullion and Jewellers Association (IBJA).

    Silver price on the other hand rose Rs 105 in the early trade on Friday. The precious metal of 999 purity was at Rs 44,825 a kg, up Rs 105 from Rs 44,720 on Thursday, the IBJA data showed.

    12:41 (IST)22 Nov 2019
    China raises estimate of economy’s size following census

    China’s economy was 2.1 per cent bigger than earlier estimated, the government said Friday, revising the gross domestic product for 2018 to 91.93 trillion yuan ($13.1 trillion) based on results of a census.

    The National Bureau of Statistics said Friday the revision reflects more complete measures of the services sector and assets. It raises the possibility China’s communist leaders will attain their target of doubling the country’s GDP between 2010 and 2020. Click here to read the report

    11:40 (IST)22 Nov 2019
    LME copper set for second weekly drop on US-China trade angst

    Benchmark London copper prices slipped on Friday, set for a second straight weekly decline, on conflicting signals over an interim trade deal between the world’s two biggest economies.

    Three-month copper on the London Metal Exchange was down 0.2 per cent at $5,820.50 a tonne, as of 0416 GMT. The most-traded copper contract on the Shanghai Futures Exchange was down 0.5 per cent at 46,880 yuan ($6,667.43) a tonne by the midday break. Click here to read the report

    11:03 (IST)22 Nov 2019
    Global crude oil update

    Oil prices pulled back from their highest levels in nearly two months on Friday amid continued overtainty over whether the United States and China will be able to reach a partial trade deal that would lift some pressure on the global economy.

    By 0422 GMT, Brent crude futures had slid 31 cents, or 0.5 per cent, to $63.66 a barrel. West Texas Intermediate crude was at $58.20 a barrel, down 38 cents or 0.7 per cent.

    (Reuters)

    10:42 (IST)22 Nov 2019
    Petrol and Diesel prices on Friday

    Delhi:

    Petrol- 74.35 per litre
    Diesel- 65.84 per litre

    Kolkata:

    Petrol- 77.04 per litre
    Diesel- 68.25 per litre

    Mumbai:

    Petrol- 80.01 per litre
    Diesel- 69.06 per litre

    Chennai:

    Petrol- 77.29 per litre
    Diesel- 69.59 per litre

    Bengaluru:

    Petrol- 76.89 per litre
    Diesel- 68.08 per litre

    Source: IOCL

    10:35 (IST)22 Nov 2019
    Bankers expect many suitors for DHFL

    A day after the Reserve Bank of India (RBI) superseded the board of Dewan Housing Finance Corporation Ltd (DHFL) and initiated bankruptcy proceedings, bankers said the firm is likely to attract many suitors for the takeover of the debt-ridden firm.

    DHFL shares, which had plunged 92 per cent over the last year, rose 5 per cent to Rs 21.15 on Thursday, with markets speculating on the interest of some big corporate houses to take control of the company through the bankruptcy process.

    State Bank of India (SBI) Chairman Rajnish Kumar told reporters that many suitors are expected for DHFL as “it’s a good franchise”. However, he did not name any particular corporate house. Click here to read further

    10:20 (IST)22 Nov 2019
    ONGC cash reserves at record low, spend on exploration dips

    The depleting cash and other bank balances of ONGC Ltd, India’s main state-owned oil explorer that accounts for over 60 per cent of the country’s crude oil production, finds a reflection in the overall capex spends of the upstream petroleum major.

    ONGC’s cash and balances dipped to touch a record low of Rs 504 crore in March 2019, down from Rs 1,013 crore in March 2018 and Rs 9,511 crore in March 2017 and Rs 9,957 in March 2016. Click here to read the report

    10:17 (IST)22 Nov 2019
    India becoming $5 trillion economy by 2025 ‘simply out of question’: Ex-RBI Governor C Rangarajan

    Claiming that India will need another 22 years of sustained growth to become a “developed country,” former Reserve Bank of India (RBI) governor C Rangarajan said on Thursday that at the current growth rate, India becoming a USD 5 trillion economy by 2025 is “simply out of question.”

    “People are talking about USD 5 trillion economy. Today India’s economy is about USD 2.7 trillion and we are talking about doubling this. The required rate of growth of the economy to achieve the level of USD 5 trillion by 2025 is in excess of 9 percent per annum. Reaching USD 5 trillion by 2025 is simply out of question. You have lost two years. This year it is going to be six percent growth and next year also it will be probably about seven percent. Thereafter the economy may pick up,” Rangarajan said while delivering the 7th Yasaswy Memorial Lecture organised by IBS-ICFAI Business School. Click here to read the report.

    10:12 (IST)22 Nov 2019
    FinMin: `2.5 lakh-cr of loans disbursed by PSBs in October

    Public sector banks (PSBs) disbursed a record Rs 2.52 lakh crore of loans during the festive month of October, as the Centre had asked PSBs to conduct special credit deployment programmes in 400 districts in two phases.

    State-owned lenders disbursed Rs 2,52,589 crore of loans during the month through special camps in 374 districts and through all other branches, the Finance Ministry said Thursday. Click here to read the report

    10:06 (IST)22 Nov 2019
    Nifty IT index

    Shares of IT companies are trading in the red. The Nifty IT index is down nearly 2 per cent weighed down by Infosys:

    Source: National Stock Exchange (NSE)
    09:55 (IST)22 Nov 2019
    Rupee rises 6 paise to 71.70 against US dollar in early trade

    The Indian rupee on Friday appreciated by 6 paise to 71.70 against the US dollar, amid fresh foreign fund inflows and easing crude oil prices.

    At the interbank foreign exchange, the rupee opened at 71.77, showing a decline of just 1 paise over its previous closing.The domestic unit, however, gained some momentum and touched a high of 71.70 against the dollar, showing a rise of 6 paise over its last close.

    (PTI)

    09:52 (IST)22 Nov 2019
    Markets on early Friday

    At 9:27 am, the S&P BSE Sensex was trading at 40,555.56, down 19.61 points or 0.05 per cent, while the broader Nifty 50 index was at 11,953.25, down 15.15 points or 0.13 per cent.

    On Thursday, the S&P BSE Sensex had settled at 40,575.17, down 76.47 points or 0.19 per cent while the broader Nifty 50 index ended at 11,968.40, down 30.70 points or 0.26 per cent.

    The broader market indices on the BSE had underperformed their benchmark peers, with S&P BSE MidCap slipping 109.20 points or 0.73 per cent to end at 14,758.72, while the S&P BSE SmallCap settled at 13,357.12, down 57.31 points or 0.43 per cent on Thursday.