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Friday, January 24, 2020

Market Highlights: Sensex, Nifty settle at record highs; FMCG, IT, autos gain

Share/Stock Market, Equity Market, Rupee Highlights: Everything that equity, commodity and money markets here.

By: Express Web Desk | New Delhi | Updated: January 14, 2020 5:34:19 pm
Share Trading at a firm in Kolkata. (Express photo by Partha Paul)

Share/Stock Market, Equity Market, Rupee Highlights: After remaining rangebound for the most part of the session, the benchmark indices on the BSE and National Stock Exchange (NSE) ended at record highs for the second straight day aided by last hour buying.

The S&P BSE Sensex settled at a new record of 41,952.63, up 92.94 points (0.22 per cent), while the Nifty 50 ended at 12,362.30, up 32.75 points (0.27 per cent).

Both the indices remained largely rangebound throughout the day and edged higher during the final hour of trade session, reaching their respective new intraday highs. The Sensex touched 41,994.26, while the Nifty climbed to 12,374.25.

Gains on the Sensex were led by market heavyweights HDFC, ITC, Axis Bank and Tata Consultancy Services (TCS).

Among the sectoral indices, the Nifty FMCG index gained 431.95 points (1.41 per cent) to settle at 31,145.40. Gains in the index were led by Tata Global Beverages which rose 10.24 per cent to end at Rs 389.10 apiece. The Nifty IT index too gained 136.45 points (0.84 per cent) to end at 16,362.35. MindTree, Tata Elxsi and NIIT Technologies were the biggest contributors to the IT index on Tuesday.

The Nifty Auto index climbed 53.45 points (0.65 per cent) to end the day at 8,289.30. Exide Industries, Amara Raja Batteries and Hero MotoCorp were the top gainers in the auto index.

(with inputs from agencies)

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Highlights

    17:29 (IST)14 Jan 2020
    Santosh Meena, Senior Analyst, TradingBells on Nifty

    "Technically, Nifty is in important supply zone of 12,350-12,400 but it is not showing any signs of weakness where if it manages to take out this resistance zone then we can expect a rally towards 12,545/12,700 levels in coming days while in the downside 12,300 will act as an immediate support level; below this 20-DMA of 12,205 will be next important support."

    17:25 (IST)14 Jan 2020
    Nagaraj Shetti – Technical & Derivative Analyst, HDFC Securities on the Tuesday's market performance

    "The Nifty continued with upside momentum today and registered another new high at 12373 levels. A small body positive candle was formed today and closed near the highs. Technically, this pattern indicates a small upside breakout attempt of an intraday range.

    The Nifty is now placed at the key overhead resistance of around 12400 levels, but there is no indications of any selling pressure emerging at the highs. The overall market breadth is positive and broad market indices are currently outperforming the bench mark index.

    The short term trend of Nifty continues to be positive. A decisive move above 12400 levels could open up a sharp upside in the near term."

    17:23 (IST)14 Jan 2020
    Rupee at close

    Rupee pares early gains to settle down by 1 paise at 70.87 against US dollar.

    (PTI)

    16:15 (IST)14 Jan 2020
    Vinod Nair, Head of Research, Geojit Financial Services on Tuesday's equity markets

    "Market is moving ahead ignoring the sudden jump in CPI with an optimistic view on the budget and earnings growth visible in the on-going Q3 results. The month-on-month bounce in inflation is expected to settle since a large part of the gains are one-time in nature, as indicated in the WPI which is still sober in-line with the slow activities of the economy."

    15:41 (IST)14 Jan 2020
    Equity markets at close

    Both the benchmark indices settled at record highs on Tuesday. The S&P BSE Sensex settled at 41,936.08, up 76.39 points or 0.18 per cent, while the Nifty 50 ended at 12,362.30, up 32.75 points or 0.27 per cent.

    15:11 (IST)14 Jan 2020
    Lead futures rise marginally on spot demand

    Lead prices on Tuesday traded higher by 30 paise to Rs 153.10 per kg in futures trade as participants built up fresh positions driven by pick-up in demand in spot market.

    On the Multi Commodity Exchange, lead for delivery in May edged up by 30 paise, or 0.20 per cent, to Rs 153.10 per kg with a business volume of 5 lots.

    Market analysts said fresh positions created by traders due to upsurge in demand by battery-makers in physical market mainly kept lead prices higher.

    (PTI)

    15:10 (IST)14 Jan 2020
    Soybean futures down on low demand

    Soybean prices on Tuesday fell by Rs 48 to Rs 4,218 per quintal in futures market as traders cut down their positions amid weak cues from physical markets.

    On the National Commodity and Derivatives Exchange, soybean to be delivered in January contracts moved down by Rs 48, or 1.13 per cent, to Rs 4,218 per quintal with an open interest of 17,630 lots. Soybean for delivery in February contracts also eased by Rs 50, or 1.17 per cent, to Rs 4,220 per quintal with an open interest of 2,06,770 lots.

    The fall in soybean prices in futures trade was mostly due to reduction of exposure by participants, marketmen said.

    (PTI)

    15:09 (IST)14 Jan 2020
    Copper futures up on spot demand

    Copper prices on Tuesday traded up 0.11 per cent at Rs 451.35 per kg in futures market on the back of pick-up in spot demand.

    On the Multi Commodity Exchange, copper contracts for delivery in January traded higher by 50 paise, or 0.11 per cent, at Rs 451.35 per kg in a business turnover of 2,088 lots. Similarly, the metal for delivery in February edged up by 40 paise, or 0.09 per cent, to Rs 452.75 per kg in 100 lots.

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

    (PTI)

    15:08 (IST)14 Jan 2020
    Refined soya oil futures slip on tepid demand

    Refined soya oil prices on Tuesday fell by Rs 6.8 to Rs 924.6 per 10 kg in futures trade as speculators reduced holdings amid subdued demand in spot market.

    On the National Commodity and Derivatives Exchange, refined soya oil for delivery in January declined by Rs 6.8, or 0.73 per cent, to Rs 924.6 per 10 kg in 8,670 lots. The refined soya oil contracts for February dropped by Rs 12.6, or 1.37 per cent, to Rs 906 per 10 kg in 65,505 lots.

    Market analysts said cutting down of positions by participants against ample stocks mainly influenced refined soya oil prices.

    (PTI)

    14:04 (IST)14 Jan 2020
    Mustard seed futures decline on subdued demand

    Mustard seed prices on Tuesday dropped by Rs 28 to Rs 4,359 per quintal in futures trade as speculators cut down their positions on subdued demand.

    On the National Commodity and Derivatives Exchange, mustard seed contracts for January delivery fell by Rs 28, or 0.64 per cent, to Rs 4,359 per quintal in a business turnover of 4,310 lots. Mustard seed contracts for February delivery declined by Rs 21, or 0.48 per cent, to Rs 4,392 per quintal in a business turnover of 14,540 lots.

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

    (PTI)

    14:01 (IST)14 Jan 2020
    Guar gum futures slide on sluggish demand

    Guar gum prices on Tuesday dropped by Rs 33 to Rs 7,290 per five quintal in futures market as traders offloaded their positions amid subdued demand.

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

    On the National Commodity and Derivatives Exchange, guar gum contracts for January delivery slipped by Rs 33, or 0.45 per cent, to Rs 7,290 per five quintal in 2,755 lots. Guar gum contracts for February delivery eased by Rs 25, or 0.34 per cent, to Rs 7,382 per five quintal in 58,905 lots.

    (PTI)

    14:00 (IST)14 Jan 2020
    Coriander futures drop on weak cues

    Coriander prices on Tuesday fell Rs 66 to Rs 6,301 per quintal in futures trade as speculators reduced their positions amid sluggish demand in spot market.

    On the Multi Commodity Exchange, coriander contracts for January slumped by Rs 66, or 1.04 per cent, to Rs 6,301 per quintal in 5,090 lots. Similarly, coriander contracts for April delivery declined by Rs 20, or 0.29 per cent, to Rs 6,922 per quintal in 9,570 lots.

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

    (PTI)

    13:59 (IST)14 Jan 2020
    Zinc futures gain on fresh bets

    Zinc prices on Tuesday edged higher by 0.35 per cent to Rs 184.70 per kg in futures market as traders built up fresh positions.

    On the Multi Commodity Exchange, zinc for delivery in May traded higher by 65 paise, or 0.35 per cent, to Rs 184.70 per kg in a business turnover of 26 lots.

    Market analysts said fresh positions created by participants on the back of rise in demand from consuming industries mainly attributed to gain in zinc.

    (PTI)

    13:34 (IST)14 Jan 2020
    Nickel futures fall on sluggish demand

    Nickel futures on Tuesday declined by Rs 8 to Rs 1,021.80 per kg due to reducing of positions by speculators amid sluggish demand in spot market.

    On the Multi Commodity Exchange, nickel contracts for January delivery fell by Rs 8, or 0.78 per cent, to Rs 1,021.80 per kg with a business turnover of 2,337 lots. Similarly, nickel contracts for February delivery dropped by Rs 7.60, or 0.74 per cent, to Rs 1,015.30 per kg in 46 lots.

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

    (PTI)

    13:33 (IST)14 Jan 2020
    Crude oil futures dip on weak spot demand

    Crude oil futures on Tuesday fell by Rs 12 to Rs 4,120 per barrel after participants reduced positions despite the oil gaining overseas.

    On the Multi Commodity Exchange, crude oil for January delivery dropped by Rs 12, or 0.29 per cent, to Rs 4,120 per barrel with a business volume of 25,638 lots.

    Crude oil for February delivery was quoting lower by Rs 9, or 0.22 per cent, at Rs 4,135 per barrel with an open interest of 1,661 lots.

    Analysts said the fall in crude oil futures was mostly due to trimming of positions by traders amid weak spot demand.

    Globally, West Texas Intermediate crude oil was trading 0.17 per cent higher at USD 58.18 per barrel. Meanwhile, Brent Crude, the international benchmark, gained 0.26 per cent to trade at USD 64.37 per barrel in New York.

    (PTI)

    13:26 (IST)14 Jan 2020
    Gold futures slump Rs 199 to Rs 39,347 per 10 gm

    Gold prices on Tuesday fell by Rs 199 to Rs 39,347 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 199, or 0.50 per cent, to Rs 39,347 per 10 gram in a business turnover of 2,641 lots. The yellow metal for April delivery slumped Rs 208, or 0.52 per cent, to Rs 39,500 per 10 gram in 254 lots.

    Analysts said subdued overseas cues influenced sentiment here.

    Globally, gold was trading 0.75 per cent lower at USD 1,538.90 an ounce in New York.

    (PTI)

    13:25 (IST)14 Jan 2020
    Silver futures plunge Rs 497 to Rs 45,496 per kg

    Silver futures on Tuesday plunged by Rs 497 to Rs 45,946 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 Rs 497, or 1.07 per cent, to Rs 45,946 per kg in a business turnover of 5,506 lots. Besides, the white metal to be delivered in May fell by Rs 498 to Rs 46,493 per kg in 142 lots.

    In the international market, silver prices traded 1.31 per cent lower at USD 17.76 an ounce in New York.

    (PTI)

    13:23 (IST)14 Jan 2020
    India’s WPI inflation rises to 2.59 per cent in December: Government data

    The wholesale inflation across the country rose to 2.59 per cent in December 2019, according to the data released by the Ministry of Commerce & Industry.

    The wholesale price index (WPI) grew 0.58 per cent during the month of November 2019 and it rose to 3.46 per cent in December 2018, the data showed. Click here to read the complete report

    12:10 (IST)14 Jan 2020
    Bengaluru co-operative bank comes under RBI curbs, depositors panic

    The co-operative banking sector has come under a cloud again after the Reserve Bank of India (RBI) Friday stopped Bengaluru-based Sri Guru Raghavendra Sahakara Bank from doing business with immediate effect for alleged irregularities in transactions.

    Worried customers rushed to the bank’s branches to withdraw their funds. However, according to the RBI, customers can withdraw only Rs 35,000 of the total balance in every savings bank or current account or any other deposit account. Click here to read the complete report

    12:01 (IST)14 Jan 2020
    Petrol and Diesel prices on Tuesday

    Delhi:

    Petrol- 75.70 per litre
    Diesel- 69.06 per litre

    Kolkata:

    Petrol- 78.29 per litre
    Diesel- 71.43 per litre

    Mumbai:

    Petrol- 81.29 per litre
    Diesel- 72.42 per litre

    Chennai:

    Petrol- 78.65 per litre
    Diesel- 72.98 per litre

    Bengaluru:

    Petrol- 78.23 per litre
    Diesel- 71.36 per litre

    Source: IOCL

    11:51 (IST)14 Jan 2020
    Government appoints Michael Patra as new RBI deputy governor

    The government on Tuesday appointed Michael Patra as the deputy governor of the Reserve Bank of India (RBI).

    Patra, who is presently the Executive Director at the central bank and is in charge of the research department of RBI has a seat on the six-member Monetary Policy Committee (MPC). Click here to read further

    Patra, right, speaks to former RBI Governor Urjit Patel during a news conference in Mumbai on Dec. 5, 2018. (Image source: Bloomberg)
    10:57 (IST)14 Jan 2020
    CCI initiates probe against Flipkart, Amazon on ‘deep discounting’

    The Competition Commission of India (CCI) on Monday ordered an investigation into alleged malpractices by Flipkart and Amazon India as far as the issue of deep discounting and practice of preferred sellers of mobile phones by both the retailers was concerned.

    The anti-trust body ordered the probe on a complaint by Delhi Vyapar Mahasangh, a micro, small and medium scale enterprise (MSME) body, which alleged that both the retailers were engaged in deep discounting and preferred selling of mobile phones and related accessories “which have led to a foreclosure of other non-preferred traders or sellers from these online marketplaces”. Click here to read the report

    10:44 (IST)14 Jan 2020
    SC permits ED to attach JP Morgan’s India properties for alleged FEMA violation

    The Supreme Court on Monday gave the go-ahead to the Enforcement Directorate (ED) to attach US-based JP Morgan’s properties in India for allegedly colluding with real estate group Amrapali to divert funds of homebuyers in violation of Foreign Exchange Management Act (FEMA) rules. The ED, had in its submission, told the apex court that it had “prima facie” found violation of FEMA by JP Morgan. The apex court said it would monitor the investigation.

    ED Joint Director Rajeshwar Singh told a Bench of Justice Arun Mishra and Justice U U Lalit that a complaint had been lodged regarding this. Click here to read the report

    10:34 (IST)14 Jan 2020
    Deepthi Mary Mathew, Economist, Geojit Financial Services on CPI data

    "It was more or less expected that the inflation rate for December will breach the upper band of 6 percent, due to the rising vegetable prices. However, inflation rate of 7.35 percent is at the higher end. The slight improvement in core inflation could be attributed to the tariff hikes by the telecom operators. Food inflation might subside in the coming months, but the pressure on crude oil prices due to geopolitical tensions is an area of concern. In the current scenario, RBI will hold the rates in February, and would also keep a close watch on the fiscal deficit figures, before resuming the rate cuts."

    10:06 (IST)14 Jan 2020
    Splitting of CMD post: SEBI defers deadline to April 2022

    In a big relief to the corporate sector, the Securities and Exchange Board of India (Sebi) has extended the timeline for top 500 listed companies to comply with its new rule, which mandates a split in the post of chairman and managing director of a company and also bars relatives from holding key jobs in a company, by two years to April 2022.

    The regulator issued a notification on its website on January 10 extending the timeline. Sebi, in May 2018, asked the top 500 listed companies to split the post of chairman and managing director by April 2020, following the recommendations of the Uday Kotak-led panel on corporate governance. Click here to read the complete report

    09:54 (IST)14 Jan 2020
    Retail inflation rises on food prices: Touches 7.35%, nears 6-year high

    LIMITING ROOM for the RBI to cut policy rates any further, retail inflation rose sharply to a five-and-a-half year high of 7.35 per cent in December 2019, surpassing the central bank’s comfort range, primarily on account of rising vegetable and food prices. Food items make up almost 46 per cent of the retail inflation basket.

    The key reasons driving Consumer Price Index (CPI)-based inflation were vegetable inflation surging past a six-year high, and inflation in the pulses segment rising to an over three-year high. Increase in transport and communication charges added to inflationary pressures. Click here to read the entire report

    09:51 (IST)14 Jan 2020
    Rupee in early trade

    Rupee rises 8 paise to 70.78 against US dollar in early trade.

    (PTI)

    09:45 (IST)14 Jan 2020
    BSE Sensex: Gainers and losers in early trade

    On the Sensex, gains were being led by Tata Steel, HCL Technologies, M&M, TCS and Asian Paints, while the HDFC twins comprising of HDFC and HDFC Bank along with ICICI Bank, Ultratech Cements and ONGC were among the losers in the early deals.

    Source: BSE
    09:39 (IST)14 Jan 2020
    Equity markets at open

    At 9:17 am, the S&P BSE Sensex was at 41,774.50, down 85.19 points (0.20 per cent), while the Nifty 50 slipped 18.90 points (0.15 per cent) to 12,310.65.

    On Monday, the S&P BSE Sensex climbed 259.97 points (0.62 per cent) to settle at a record closing high of 41,859.69, while the broader Nifty 50 ended at 12,329.55, a record settling high, rising by 72.75 (0.59 per cent).

    During the intraday trade, the 30-share BSE benchmark rose to a new peak of 41,899.63, while the Nifty scaled a record high of 12,337.75.