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Wednesday, February 26, 2020

Market Highlights: Sensex cracks 416 points, Nifty slips to 12,225 as Kotak Mahindra Bank, RIL drag

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

By: Express Web Desk | New Delhi | Updated: January 20, 2020 5:41:43 pm
The benchmark equity indices had opened to record highs on Monday. (Representational image)

Share Market Highlights: After scaling record highs in the opening deals on Monday, the benchmark equity market indices on the BSE and National Stock Exchange (NSE) settled around 1 per cent lower weighed by market heavyweight Reliance Industries (RIL), HDFC Bank and Kotak Mahindra Bank.

The S&P BSE Sensex cracked 416.46 points or 0.99 per cent to settle at 41,528.91 and the Nifty 50 ended at 12,224.55, down 127.80 points or 1.03 per cent. Earlier in the day, 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 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.

All the sectoral indices on NSE except Nifty FMCG and Nifty Realty indices ended in a sea of red. The Nifty Bank index was the top sectoral loser on Monday after it crashed 494.30 points (1.56 per cent) to end at 31,096.35. Kotak Mahindra Bank, HDFC Bank and IndusInd Bank were the top draggers of the Bank Nifty. The Nifty IT index too fell 142.90 points (0.87 per cent) to settle at 16,213.70 weighed by TCS.

(with inputs from agencies)

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Watch this space for all the LIVE market updates regarding BSE Sensex, NSE Nifty, stocks, shares, gold and silver, crude oil, petrol and diesel prices:

Highlights

    17:41 (IST)20 Jan 2020
    Rupee close

    The rupee slipped 3 paise to close at 71.11 against the US dollar on Monday, tracking a steady rise in crude oil prices and weakness in domestic equities.

    Forex traders said the drop in the rupee was largely due to a spurt in crude oil prices following rising tensions in the Middle East and North Africa.

    At the interbank foreign exchange market, the local currency opened on a weak note at 71.07 and fell further to a low of 71.15. It finally settled at 71.11, lower by 3 paise against its previous close.

    (PTI)

    16:12 (IST)20 Jan 2020
    BSE Sensex: Gainers and losers of the day

    The losses in the 30-share BSE benchmark was led by oil-to-telecom behemoth Reliance Industries (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 Sensex's fall on Monday.

    Source: BSE
    16:07 (IST)20 Jan 2020
    MARKET QUOTE | Vinod Nair, Head of Research, Geojit Financial Services on Monday's market performance

    "As expected market has approached a consolidation phase due to mildly subdued Q3 results in banking and heavyweights. It is fair to expect this mild consolidation to continue in the short-term after the solid performance of the last one-month with fantastic gains in mid & small caps. For further direction a lot will depend on the actual budget announcements & broader performance in Q3 result showing gain across the economy."

    15:37 (IST)20 Jan 2020
    Equity markets at close

    The S&P BSE Sensex cracked 399.64 points or 0.95 per cent to settle at 41,545.73, while the Nifty 50 ended at 12,230.75, down 121.60 points or 0.98 per cent.

    15:25 (IST)20 Jan 2020
    Kotak Mahindra Bank Q3 profit rises 24 per cent to Rs 1,596 crore

    Kotak Mahindra Bank on Monday reported 24 per cent growth in standalone net profit to Rs 1,596 crore for the third quarter ended December 31, 2019.

    The private sector lender had posted a profit of Rs 1,291 crore in the October-December period of the previous financial year. Click here to read the report

    15:13 (IST)20 Jan 2020
    Soybean futures gain on spot demand

    Soybean prices on Monday rose by Rs 60 to Rs 4,262 per quintal in futures market as traders created fresh positions on strong spot demand.

    On the National Commodity and Derivatives Exchange, soybean for January delivery rose by Rs 60, or 1.43 per cent, to Rs 4,262 per quintal with an open interest of 7,185 lots. Soybean for February delivery rose by Rs 48, or 1.14 per cent, to Rs 4,246 per quintal with an open interest of 1,86,905 lots.

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

    (PTI)

    15:12 (IST)20 Jan 2020
    Mustard seed futures fall on tepid demand

    Mustard seed prices on Monday dropped by Rs 39 to Rs 4,300 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 39, or 0.90 per cent, to Rs 4,300 per quintal in a business turnover of 1,840 lots. Mustard seed contracts for February delivery also declined by Rs 8, or 0.19 per cent, to Rs 4,302 per quintal in a business turnover of 12,070 lots.

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

    (PTI)

    15:11 (IST)20 Jan 2020
    Cottonseed oil futures gain on fresh bets

    Cottonseed oil cake prices on Monday edged up by Rs 14 to Rs 2,118 per quintal in futures trade due to accumulation of positions by traders amid upbeat trend at spot market.

    On the National Commodity and Derivatives Exchange, cottonseed oil cake contracts for February delivery rose by Rs 14, or 0.67 per cent, to Rs 2,118 per quintal in 2,030 lots.

    Marketmen said raising of positions by participants amid rising demand from cattlefeed makers mainly influenced prices here.

    (PTI)

    15:10 (IST)20 Jan 2020
    Guar seed futures dip on low demand

    Guar seed prices on Monday edged lower by Rs 36 to Rs 4,114 per 10 quintal in futures trade as participants reduced their holdings in line with a weak market trend.

    Marketmen attributed the downward trend in guar seed prices to increasing supplies from growing regions.

    On the National Commodity and Derivatives Exchange, guar seed contracts for February delivery fell by Rs 36, or 0.87 per cent, to Rs 4,114 per 10 quintal with an open interest of 89,330 lots. Similarly, guar seed contracts for March delivery shed Rs 42, or 0.91 per cent, to Rs 4,150 per 10 quintal with an open interest of 5,225 lots.

    (PTI)

    14:00 (IST)20 Jan 2020
    Guar gum futures slide on subdued demand

    Guar gum prices on Monday dropped Rs 64 to Rs 7,347 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 64, or 0.86 per cent, to Rs 7,347 per five quintal in 56,190 lots.

    Guar gum contracts for February delivery eased by Rs 65, or 0.85 per cent, to Rs 7,447 per five quintal in 10,340 lots.

    (PTI)

    13:59 (IST)20 Jan 2020
    Coriander futures fall on weak demand

    Coriander prices on Monday fell by Rs 56 to Rs 6,300 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 56, or 0.88 per cent, to Rs 6,300 per quintal in 750 lots. Similarly, coriander contracts for April delivery declined by Rs 100, or 1.44 per cent, to Rs 6,851 per quintal in 9,310 lots.

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

    (PTI)

    13:56 (IST)20 Jan 2020
    Rising demand lifts copper futures

    Copper prices on Monday traded up 0.34 per cent at Rs 456.15 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 Rs 1.55, or 0.34 per cent, at Rs 456.15 per kg in a business turnover of 1,622 lots. Similarly, the metal for delivery in February edged up by Rs 1.35, or 0.30 per cent, to Rs 455.90 per kg in 173 lots.

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

    (PTI)

    13:55 (IST)20 Jan 2020
    Lead futures drift lower on tepid demand

    Lead prices on Monday drifted lower by one per cent to Rs 154 per kg in futures trade as speculators cut bets on low demand.

    On the Multi Commodity Exchange, lead for delivery in May fell by Rs 1.55, or one per cent, to Rs 154 per kg in 3 lots.

    Analysts said off-loading of positions by participants owing to slackened demand from consuming industries in physical market mainly exerted pressure on lead prices here.

    (PTI)

    13:54 (IST)20 Jan 2020
    Nickel futures gain on spot demand

    Nickel prices on Monday edged up by Rs 2.40 to Rs 1,026.40 per kg in futures trade as speculators built positions on rising demand from alloy-makers in spot market.

    On the Multi Commodity Exchange, nickel contracts for January delivery gained Rs 2.40, or 0.23 per cent, to Rs 1,026.40 per kg in a business turnover of 3,151 lots. Similarly, the metal for February delivery traded higher by 70 paise, or 0.07 per cent, at Rs 1,015 per kg in a business turnover of 121 lots.

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

    (PTI)

    13:54 (IST)20 Jan 2020
    Crude oil futures rise Rs 49 to Rs 4,211 per barrel

    Crude oil prices on Monday rose Rs 49 to Rs 4,211 per barrel as speculators created fresh positions amid positive trend at the spot market.

    On the Multi Commodity Exchange, crude for February delivery traded higher by Rs 49, or 1.18 per cent, at Rs 4,211 per barrel in 21,729 lots. Crude oil for March delivery was quoting lower by Rs 50, or 1.2 per cent, at Rs 4,218 per barrel with an open interest of 389 lots.

    Analysts said fresh bets created by participants kept crude prices higher in futures trade.

    Globally, West Texas Intermediate crude oil was trading 1.02 per cent higher at USD 59.14 per barrel, while Brent crude, the international benchmark, rose 1.20 per cent to USD 65.63 per barrel in New York.

    (PTI)

    13:51 (IST)20 Jan 2020
    Silver futures rise on positive cues

    Silver futures on Monday traded higher by Rs 80 at Rs 46,836 per kg after speculators raised bets driven by a firm trend overseas.

    Silver contracts for March delivery rose Rs 80, or 0.17 per cent, to Rs 46,836 per kg in a business turnover of 3,702 lots on the Multi Commodity Exchange. The white metal to be delivered in May also jumped Rs 52, or 0.11 per cent, to Rs 47,329 per kg in 49 lots.

    Analysts said widening of positions by traders in sync with a firm trend overseas mainly influenced silver prices here.

    In the international market, silver traded 0.12 per cent higher at USD 18.10 an ounce in New York.

    (PTI)

    13:50 (IST)20 Jan 2020
    Gold futures gain on global cues

    Gold prices on Monday rose by Rs 28 to Rs 39,974 per 10 gram in futures trade as speculators increased their bets in tandem with positive overseas trend.

    On the Multi Commodity Exchange, gold contracts for February traded higher by Rs 28, or 0.07 per cent, at Rs 39,974 per 10 gram in a business turnover of 1,801 lots. The yellow metal for April delivery also traded higher by Rs 15, or 0.04 per cent, at Rs 40,070 per 10 gram in a business turnover of 116 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 0.09 per cent to USD 1,561.70 per ounce in New York.

    (PTI)

    13:10 (IST)20 Jan 2020
    Everything Amazon CEO Jeff Bezos announced during his trip to India

    Amazon founder and chief executive officer (CEO) Jeff Bezos on Monday announced that the e-commerce giant will roll out a fleet of electric rickshaws in the country in a bid to tackle climate change.

    Bezos, who is on a visit to India, made the announcement on Twitter earlier in the day along with a short video and wrote: “Hey, India. We’re rolling out our new fleet of electric delivery rickshaws. Fully electric. Zero carbon. #ClimatePledge” Click here to read the story

    13:08 (IST)20 Jan 2020
    TCS falls over 2% after Q3 earnings

    The script of Tata Consultancy Services (TCS) on Monday fell over 2 per cent after the company reported a muted growth in consolidated net profit for the third quarter ended December 2019.

    On the BSE, the stock declined 2.14 per cent to Rs 2,170.50. On the NSE, the scrip dropped 2.34 per cent to Rs 2,167. Click here to read the story

    11:12 (IST)20 Jan 2020
    Petrol and Diesel prices on Monday

    Delhi:

    Petrol- 74.98 per litre
    Diesel- 68.26 per litre

    Kolkata:

    Petrol- 77.58 per litre
    Diesel- 70.62 per litre

    Mumbai:

    Petrol- 80.58 per litre
    Diesel- 71.57 per litre

    Chennai:

    Petrol- 77.89 per litre
    Diesel- 72.13 per litre

    Bengaluru:

    Petrol- 77.49 per litre
    Diesel- 70.53 per litre

    Source: IOCL

    11:02 (IST)20 Jan 2020
    BharatNet phase two: Only 7.45% of 1.5 lakh gram panchayats service ready

    After the inordinate delay in the implementation of phase one of BharatNet, the second phase of the flagship project is also lagging way behind schedule, documents accessed by The Indian Express showed.

    Under BharatNet phase two, against the target of providing last mile connectivity to 1.5 lakh gram panchayats (GPs), only about 7.45 per cent of these have been made service ready so far. As against a target of laying down 3.11 lakh km of optical fibre cable, only about 92,283 km of cable has been laid down as of December end. Click here to read the story

    10:39 (IST)20 Jan 2020
    ComMin looks to curb imports of liquor, cigarettes

    Soon, travellers may get to lay their hands on only one litre of liquor, instead of two, and no cigarettes at duty-free shops at airports if the Commerce Ministry has its way. It has also suggested to the Finance Ministry that customs duties on as many as 300 products, ranging from footwear, furniture and TV parts to chemicals and toys, be raised in the upcoming Budget, as part of a broader crackdown on what it considers “non-essential” imports, official sources said.

    Nevertheless, the Finance Ministry may raise the duties on just a limited number of items, as it has made it clear that any such hike will be effected only after the concurrence of the administrative ministries overseeing these products, said one of the sources. As for the purchase of liquor and cigarette at the duty-free outlets, the Commerce Ministry feels this needs to be discouraged, as it only adds to “non-essential” imports. Click here to read the report

    10:19 (IST)20 Jan 2020
    FDI hike in insurance: Management control among key issues for govt

    The insurance industry is expecting a hike in foreign direct investment (FDI) in the sector to 74 per cent from 49 per cent in the forthcoming Budget, as indicated by Finance Minister Nirmala Sitharaman last year. However, the success of a hike in FDI will hinge, to a large extent, on sorting out the ownership and management control which is currently under Indian promoters and investors, experts said.

    Allowing 100 per cent FDI in the intermediaries sector while presenting the Budget for 2019-20, the Finance Minister had said the government would hold discussions with stakeholders to relax FDI rules in the aviation, media, animation and insurance sectors and ease rules for single-brand retailers. Click here to read the complete report

    10:16 (IST)20 Jan 2020
    Don’t want a law that treats every business with suspicion: FM Nirmala Sitharaman

    Decriminalising corporate laws, settling tax disputes and rapid privatisation of state-owned companies are among the measures the government is working on to put the country on the path to a $5-trillion economy, Finance Minister Nirmala Sitharaman said Sunday.

    The Finance Minister also said the government was working to remove criminal provisions, that relate to penalty and jail terms, in the Companies Act. Click here to read the complete report

    10:00 (IST)20 Jan 2020
    Sensex erases all of its early gains, turns negative

    The S&P BSE Sensex erased all its opening gains and turned marginally negative. Other key indices on the BSE too were trading a tad lower.

    Source: BSE
    09:55 (IST)20 Jan 2020
    Global crude oil market update

    Oil prices rose to their highest in more than week on Monday after two large crude production bases in Libya began shutting down amid a military blockade, setting the stage for crude flows from the OPEC member to be cut to a trickle.

    Brent crude futures were up by 74 cents, or 1.1 per cent, to $65.59 by 0331 GMT, having earlier reached $66.00 a barrel, the highest since January 9. The West Texas Intermediate contract was up by 58 cents, or 1 per cent, at $59.12 a barrel, after rising to $59.73, the highest since January 10.

    (Reuters)

    09:52 (IST)20 Jan 2020
    Rupee update

    The rupee opened on a weak note and declined 4 paise to 71.12 against the US dollar in opening trade on Monday, as concerns over rising crude oil price weighed on the investor community.

    Forex traders said the weakness in the rupee was largely due to spurt in crude oil prices following rising tensions in the Middle East and North Africa.

    The rupee opened weak at 71.07 at the interbank forex market and fell further to 71.12, down 4 paise over its last close. The rupee had settled at 71.08 against the US dollar on Friday.

    (PTI)

    09:49 (IST)20 Jan 2020
    Global market update

    Asian shares neared a 20-month top on Monday as Wall Street extended its run of record peaks on solid US economic data and lashes of liquidity from the Federal Reserve.

    Oil prices jumped as oilfields in southwest Libya began shutting down after forces loyal to Khalifa Haftar closed a pipeline, potentially reducing national output to a fraction of its normal level.

    Early turnover in Asian shares was light with US stock and bond markets closed for the Martin Luther King Jr. holiday.

    MSCI's broadest index of Asia-Pacific shares outside Japan firmed 0.1 per cent, after notching its highest close since June 2018. Japan's Nikkei added 0.2 per cent to be near its highest in 15 months. Chinese shares opened firm with the blue-chip CSI300 index up 0.2 per cent. Australia's main index scored another all-time peak and South Korea was near its best level since October 2018. E-Mini futures for the S&P 500 edged up 0.1 per cent.

    (Reuters)

    09:36 (IST)20 Jan 2020
    Equity markets at open

    At 9:16 am, the S&P BSE Sensex was at 42,101.60, up 156.23 points or 0.37 per cent higher, while the Nifty 50 was up 33.65 points or 0.27 per cent at 12,386.00

    In the previous session, Sensex settled 12.81 points, or 0.03 per cent, higher at 41,945.37, while the Nifty ended 3.15 points, or 0.03 per cent, down at 12,352.35.