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Wednesday, February 26, 2020

Market Highlights: Sensex slips 205 points, Nifty ends at 12,170 weighed by auto, metal stocks

Share Market, Stock Market Highlights: Everything that happened in equity, commodity and money markets.

By: Express Web Desk | New Delhi | Updated: January 21, 2020 5:20:42 pm
share markets, markets Share Markets, Rupee, Gold, Commodity Prices Live News Updates: Indices opened lower on Tuesday. (Representational image)

Share Market Highlights: The benchmark equity indices on the BSE and National Stock Exchange (NSE) ended lower for the second straight day on Tuesday weighed by a fall in the shares of automobiles and metal companies.

The S&P BSE Sensex slipped 205.10 points (0.49 per cent) to end at 41,323.81, while the broader Nifty 50 settled at 12,169.85, down 54.70 points (0.45 per cent).

Among the sectoral indices on NSE, the Nifty Auto index fell 1.28 per cent on Tuesday driven by Mahindra & Mahindra (M&M), Tata Motors and Maruti Suzuki India. This apart, the Nifty Metal index too slipped 1.27 per cent weighed by Tata Steel.

In the broader market, the S&P BSE MidCap index ended at 15,586.67, down 32.19 points or 0.21 per cent, while the S&P BSE SmallCap ended little changed at 14,651.76.

(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

    17:20 (IST)21 Jan 2020
    Rupee close

    Rupee settles 10 paise down at 71.21 against US dollar.

    (PTI)

    16:18 (IST)21 Jan 2020
    MARKET QUOTE | Santosh Meena, Senior Analyst, TradingBells on Nifty

    "Technically, bullish texture has disturbed after a vertical sell-off from the all-time high of 12,430 where 50-DMA of 12,101 is the immediate support, below this 12,025 will be the next important support level. If Nifty manages to hold 12,100-12,025 support zone then it may resume its uptrend otherwise it may continue its downward journey towards 11,850 level. In the upside 12,220-12,300 will act as an immediate supply zone."

    15:49 (IST)21 Jan 2020
    MARKET QUOTE | Vinod Nair, Head of Research, Geojit Financial Services on Tuesday's market performance

    "Investors are profit booking in mid & small caps post the decent pre-budget rally. Some subdued results in Q3 compared to the solid expectation has triggered a consolidation in the market. We believe this is a rational reaction of the market which will hold in the short-term and can reverse as per the final outcome of Budget & Q3FY20 results."

    15:46 (IST)21 Jan 2020
    BSE Sensex: Gainers and losers of the day

    Tata Steel, M&M, Maruti, Asian Paints, Power Grid and ITC were among the top losers on the Sensex pack.

    Here is how the stocks in the 30-share benchmark performed:

    Source: BSE
    15:33 (IST)21 Jan 2020
    Equity markets at close

    The S&P BSE Sensex slipped 205.10 points (0.49 per cent) to end at 41,323.81, while the broader Nifty 50 settled at 12,169.85, down 54.70 points (0.45 per cent).

    15:14 (IST)21 Jan 2020
    Soybean futures dip on low demand

    Soybean prices on Tuesday fell by Rs 30 to Rs 4,204 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 February contracts moved down by Rs 30, or 0.71 per cent, to Rs 4,204 per quintal with an open interest of 1,83,940 lots. Soybean for delivery in March contracts also eased by Rs 28, or 0.66 per cent, to Rs 4,214 per quintal with an open interest of 1,10,975 lots.

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

    (PTI)

    15:14 (IST)21 Jan 2020
    Refined soya oil futures decline on soft demand

    Refined soya oil prices on Tuesday fell by Rs 9.8 to Rs 888.2 per 10 kg in futures trade as speculators reduced holdings amid subdued demand at spot market.

    On the National Commodity and Derivatives Exchange, refined soya oil for delivery in February declined by Rs 9.8, or 1.09 per cent, to Rs 888.2 per 10 kg in 57,825 lots. The refined soya oil contracts for March dropped by Rs 12.6, or 1.42 per cent, to Rs 876 per 10 kg in 27,160 lots.

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

    (PTI)

    15:11 (IST)21 Jan 2020
    Mustard seed futures drop on tepid demand

    Mustard seed prices on Tuesday dropped by Rs 21 to Rs 4,265 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 February delivery fell by Rs 21, or 0.49 per cent, to Rs 4,265 per quintal in a business turnover of 12,690 lots. Mustard seed contracts for April delivery declined by Rs 5, or 0.12 per cent, to Rs 4,296 per quintal in a business turnover of 12,370 lots.

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

    (PTI)

    15:10 (IST)21 Jan 2020
    Guar seed futures up on spot demand

    Guar seed prices on Tuesday rose by Rs 18 to Rs 4,120 per 10 quintal in futures trade after participants widened their holdings driven by a firm trend in spot market.

    On the National Commodity and Derivatives Exchange, guar seed for February contracts rose by Rs 18, or 0.44 per cent, to Rs 4,120 per 10 quintal with an open interest of 90,115 lots.

    Similarly, guar seed for March delivery gained Rs 14, or 0.34 per cent to Rs 4,158 per 10 quintal with an open interest lots of 6,080.

    According to marketmen, raising of bets by speculators tracking a firm trend in spot market on thin supplies from growing belts mainly led to rise in guar seed prices here.

    (PTI)

    15:10 (IST)21 Jan 2020
    Guar gum futures rise on spot demand

    Guar gum prices on Tuesday rose by Rs 18 to Rs 7,328 per five quintal in futures trade as investors increased their holdings on spot demand.

    Analysts said raising of bets by traders following a firm trend in physical market mainly led to rise in guar gum prices.

    On the National Commodity and Derivatives Exchange, guar gum contracts for February delivery gained by Rs 18, or 0.25 per cent, to Rs 7,328 per five quintal with an open interest of 54,985 lots. Similarly, guar gum for March delivery rose by Rs 12, or 0.23 per cent, to Rs 7,469 per five quintal with an open interest of 59,130 lots.

    (PTI)

    15:09 (IST)21 Jan 2020
    Cottonseed oil futures ease on low demand

    Cottonseed oil cake prices on Tuesday fell by Rs 21 to Rs 2,050 per quintal in futures trade as participants reduced their bets amid a weak trend at 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 January fell by Rs 21, or 1.01 per cent, to Rs 2,050 per quintal with an open interest of 96,480 lots. Cottonseed oil cake for delivery in February went down by Rs 19, or 0.91 per cent, to Rs 2,077 per quintal in 16,510 lots.

    (PTI)

    15:01 (IST)21 Jan 2020
    Coriander futures fall on weak cues

    Coriander prices on Tuesday fell by Rs 10 to Rs 6,925 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 10, or 0.14 per cent, to Rs 6,925 per quintal in 9,080 lots.

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

    (PTI)

    14:59 (IST)21 Jan 2020
    Zinc futures slide on subdued demand

    Zinc prices on Tuesday fell by Rs 3 to Rs 186.75 per kg in futures trade as speculators cut bets amid easing demand at spot market.

    On the Multi Commodity Exchange, zinc contracts for December delivery moved down by Rs 3, or 1.58 per cent, to Rs 186.75 per kg in a business turnover of 1 lots.

    Analysts said offloading of positions by traders owing to slackened demand from consuming industries in physical market mainly weighed on zinc prices in futures trade here.

    (PTI)

    14:59 (IST)21 Jan 2020
    Copper futures slide on tepid demand

    Copper futures on Tuesday traded 0.76 per cent lower at Rs 452 per kg as speculators reduced their exposure on weak spot demand.

    On the Multi Commodity Exchange, copper contracts for January delivery fell by Rs 3.45, or 0.76 per cent, to Rs 452 per kg in a business turnover of 1,858 lots. Similarly, copper contracts for February delivery traded lower by Rs 3.25, or 0.72 per cent, at Rs 451.25 per kg in a business turnover of 366 lots.

    Traders said weak demand in spot market mainly pushed down copper prices here.

    (PTI)

    14:58 (IST)21 Jan 2020
    Nickel futures fall on muted demand

    Nickel futures on Tuesday declined by Rs 14.40 to Rs 1,020.80 per kg due to reducing of positions by speculators amid sluggish demand at spot market.

    On the Multi Commodity Exchange, nickel contracts for January delivery fell by Rs 14.40, or 1.39 per cent, to Rs 1,020.80 per kg with a business turnover of 2,889 lots. Similarly, nickel contracts for February delivery dropped by Rs 12.90, or 1.26 per cent, to Rs 1,007.60 per kg in 298 lots.

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

    (PTI)

    14:38 (IST)21 Jan 2020
    Income Tax havens: These seven countries have no income tax

    Income tax is levied by most countries today and is paid at varied rates depending on a country’s tax laws. Income tax is essentially a tax charged on the net income of an individual or a business. This tax has to be filed annually by the taxpayer and it acts as a source of revenue for governments.

    In 2019 the highest income tax was collected in Sweden where individuals with highest incomes paid more than 50 per cent of their taxable income. Countries situated in Northern Europe and North Atlantic generally have greater income taxes. Click here to read the story

    14:31 (IST)21 Jan 2020
    Crude oil futures slip on subdued global cues

    Crude oil futures on Tuesday fell by Rs 32 to Rs 4,150 per barrel after participants reduced positions tracking a subdued demand at the spot market.

    On the Multi Commodity Exchange, crude oil for February delivery dropped by Rs 32, or 0.74 per cent, to Rs 4,150 per barrel with a business volume of 24,027 lots. Crude oil for March delivery was quoting lower by Rs 30, or 0.72 per cent, at Rs 4,157 per barrel with an open interest of 586 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 traded 0.58 per cent lower at USD 58.20 per barrel. Brent Crude, the international benchmark, dropped 0.84 per cent to trade at USD 64.65 per barrel in New York.

    (PTI)

    14:30 (IST)21 Jan 2020
    Silver futures gain on global cues

    Silver prices on Tuesday rose by Rs 238 to Rs 46,939 per kg in futures trade as participants widened their bets amid a firm trend in precious metal overseas.

    On the Multi Commodity Exchange, silver contracts for March delivery gained Rs 238, or 0.51 per cent, to Rs 46,939 per kg in 2,992 lots. Similarly, the white metal for delivery in May was trading higher by Rs 217, or 0.46 per cent, to Rs 47,386 per kg in 16 lots.

    Traders said fresh bets by participants in line with a firm trend in global markets mainly led to rise in silver futures.

    In the international market, silver was up 0.15 per cent at USD 18.10 an ounce in New York.

    (PTI)

    13:47 (IST)21 Jan 2020
    Gold futures gain Rs 203 to Rs 40,150 per 10 gm

    Gold prices on Tuesday rose by Rs 203 to Rs 40,150 per 10 gram in futures trade as speculators widened their bets in line with positive overseas trend.

    On the Multi Commodity Exchange, gold contracts for February traded higher by Rs 203, or 0.51 per cent, to Rs 40,150 per 10 gram in a business turnover of 1,873 lots. The yellow metal for April delivery traded higher by Rs 208, or 0.52 per cent, at Rs 40,269 per 10 gram in a business turnover of 455 lots.

    Fresh positions built up by participants taking positive cues from global markets mostly led to the rise in gold prices, analysts said.

    Globally, gold prices rose 0.37 per cent to USD 1,566 per ounce in New York.

    (PTI)

    13:37 (IST)21 Jan 2020
    Info Edge shares rise over 3% after Zomato aquires Uber Eats’ India business

    Shares of Info Edge (India) rose as much as 3.36 per cent to Rs 2,676.10 apiece on the BSE in the intraday trade on Tuesday after online food ordering platform Zomato acquired the India business of Uber Eats.

    On the National Stock Exchange (NSE), the scrip rose as much as 3.21 per cent to Rs 2,675.00 per share. Click here to read the complete story

    12:21 (IST)21 Jan 2020
    Telecom stocks mixed after SC accepts fresh pleas on statutory dues

    Shares of telcos’ on Tuesday were trading mixed after the SC agreed to list next week telecom firms’ fresh pleas, seeking a fresh schedule of payment of statutory dues to the DoT.

    Shares of Vodafone Idea jumped almost 18 per cent to Rs 5.73 on the BSE and gained 19.5 per cent to Rs 5.80 on the NSE. On the other hand, Bharti Airtel stock was trading marginally lower by 0.15 per cent to Rs 508.50 on the BSE. Click here to read the complete report

    12:11 (IST)21 Jan 2020
    AGR dues: SC to hear plea of telcos next week seeking fresh schedule of payment

    The Supreme Court Monday agreed to hear next week pleas of telecom companies Vodafone Idea, Tata Teleservices and Bharti Airtel seeking more time to pay adjusted gross revenue (AGR) dues to the tune of Rs 1.47 lakh crore to the Department of Telecommunications.

    A bench headed by Chief Justice S A Bobde took note of submissions by senior lawyers A M Singhvi and C A Sundaram and said it will list the fresh pleas “sometime in next week” before the same bench which had heard the earlier petition in the high-stake matter. Click here to read the story

    11:52 (IST)21 Jan 2020
    US regulator doubled warnings to Indian drugmakers last year

    The US Food and Drug Administration more than doubled the number of warning letters to Indian drugmakers in 2019, another sign that the world’s biggest market for generic medicines is cracking down on its largest single supplier.

    The sanctions may delay about 18 per cent of new products Indian companies were planning to introduce in the US, according to a report Monday from Crisil Ltd, the local unit of S&P Global Ratings. This may slow the industry’s sales growth to about 10 per cent in this financial year and next from 16 per cent last year. Click here to read the report

    11:26 (IST)21 Jan 2020
    Gold climbs to two-week high as China virus scare spurs safe-haven bid

    Gold prices rose to a two-week high on Tuesday as a new strain of pneumonia in China stoked fears of a wider epidemic that could hamper economic growth, sparking a sudden bout of risk aversion and sell-off in Asian stocks.

    Spot gold prices touched their highest since Jan. 8 at $1,568.35 and were up 0.3 per cent at $1,566.06 per ounce by 0326 GMT. US gold futures were 0.4 per cent higher at $1,566.30. Click here to read the story

    11:01 (IST)21 Jan 2020
    China virus outbreak thwarts most bullish stock market in years

    A virus outbreak in China is sending shockwaves through the country’s stock market, denting what had been growing enthusiasm toward shares.

    Consumer shares led losses in the FTSE China A50 Index of large caps Tuesday, which was set for its biggest drop in almost five months. Investors also sold crowd favorites such as liquor makers Wuliangye Yibin Co. and Kweichow Moutai Co., while travel operator China International Travel Service Corp. fell 3.5 per cent. The offshore yuan slid as much as 0.5 per cent, briefly trading on the weak side of 6.9 per dollar. Click here to read the story

    10:04 (IST)21 Jan 2020
    In a first, Reserve Bank discloses board minutes to ‘enhance public awareness’

    The Reserve Bank of India (RBI) has decided to disclose minutes of the meetings of its Central Board of Directors “as a measure of further enhancing public awareness about the functioning of the RBI”.

    The minutes of the meeting of Central Board held in Chandigarh on October 11, 2019, were released on Monday. According to the minutes, made public for the first time, the Central Board deliberated on the state of the financial sector along with the supervision of entities, both banks and non-banks. Click here to read the complete story

    09:58 (IST)21 Jan 2020
    IMF lowers India growth to 4.8%, calls it a drag on world economy too

    The International Monetary Fund (IMF) Monday marginally lowered its growth estimate for the world economy to 2.9 per cent for 2019, citing negative surprises to economic activity in a few emerging market economies, notably India, which led to a reassessment of growth prospects over the next two years.

    For 2019, the fund revised downward its forecast for India to 4.8 per cent from its October projection of 6.1 per cent. For the current calendar year 2020, India saw a sharp 1.2 percentage point cut in its growth forecast to 5.8 per cent, the biggest downward revision for any emerging market, which pulled down global growth forecast. Click here to read the complete story

    09:54 (IST)21 Jan 2020
    Zomato acquires Uber’s food delivery business in India

    Uber, in its latest move to drop money-losing businesses, agreed Tuesday to sell its food delivery business in India to Zomato, a local competitor, in exchange for 9.99% of the Indian startup.

    All delivery drivers for the service, known as Uber Eats, and basic information about customers, including their phone numbers and order history, will be transferred to Zomato, the companies said. In addition, Uber’s app will send Indian users to Zomato for six months when they click on the “Get Food Delivery” button. Click here to read the complete story

    09:52 (IST)21 Jan 2020
    Rupee update

    The rupee depreciated by 6 paise to 71.17 against the US dollar in opening trade on Tuesday, tracking weak domestic equity market.

    However, a weak dollar against other major currencies overseas and softening crude prices restricted the rupee's fall, dealers said.

    At the interbank foreign exchange market, the local currency opened on a weak note at 71.17 and fell further to hit a low of 71.19 against the US dollar. The domestic unit had settled at 71.11 against the American currency on Monday.

    (PTI)

    09:50 (IST)21 Jan 2020
    Global market update

    Asian shares took a sudden lurch lower on Tuesday as mounting concerns about a new strain of pneumonia in China sent a ripple of risk aversion through markets.

    Safe-haven bonds and the yen edged higher as investors were reminded of the economic damage done by the SARS virus in 2003, particularly given the threat of contagion as hundreds of millions travel for the Lunar New Year holidays.

    The mood change saw MSCI's broadest index of Asia-Pacific shares outside Japan slip 1 per cent after a steady start. Hong Kong, which suffered badly during the SARS outbreak, saw its index fall 2 per cent.
    Japan's Nikkei lost 0.8 per cent and Shanghai blue chips 1.5 per cent, with airlines under pressure. The caution spread to E-Mini futures for the S&P 500 which eased 0.4 per cent, while EUROSTOXX 50 futures lost 0.3 per cent.

    (Reuters)

    09:48 (IST)21 Jan 2020
    BSE indices check

    Indices trim some losses, S&P BSE Sensex down nearly 100 points now. Here's how all key BSE indices are trading:

    Source: BSE
    09:36 (IST)21 Jan 2020
    Equity markets at open

    At 9:16 am, the S&P BSE Sensex was trading at 41,307.59, down 221.32 points or 0.53 per cent, while the Nifty 50 was slipped 59.60 points or 0.49 per cent to 12,164.95.

    On Monday, the S&P BSE Sensex crashed 416.46 points or 0.99 per cent to settle at 41,528.91, while the Nifty 50 ended at 12,224.55, down 127.80 points or 1.03 per cent. Earlier in the day, the Sensex had climbed 328.50 points to scale a record high of 42,273.87 in the opening deals. The 50-share NSE benchmark also rose 78.15 points to touch a record of 12,430.50.

    The losses in the 30-share BSE benchmark was led by oil-to-telecom behemoth RIL which fell 3.08 per cent on Monday. Private banks HDFC Bank (down 1.80 per cent) and Kotak Mahindra Bank (down 4.70 per cent) and information technology (IT) giant Tata Consultancy Services (TCS) (down 2.16 per cent) were the other top contributors to Monday’s fall.