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Friday, January 17, 2020

Market Highlights: Indices snap out of record run, Sensex slips 80 points as bank stocks dip

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

By: Express Web Desk | New Delhi | Updated: January 15, 2020 5:17:51 pm
The benchmark indices on BSE and NSE opened lower on Wednesday amid weakness in the Asian market. (File photo)

Share/Stock Market, Equity Market, Rupee Highlights: The benchmark equity market indices on the BSE and National Stock Exchange (NSE) snapped out of their record-breaking run after they ended marginally lower on Wednesday tracking the weakness in the global markets.

The S&P BSE Sensex declined 79.90 points or 0.19 per cent to end at 41,872.73, while the broader Nifty 50 slipped 19.00 points or 0.15 per cent to settle at 12,343.30.

Among the sectoral indices on the NSE, the Nifty Bank index was the biggest loser of the day after it fell 246.75 points to end at 31,824.90 weighed by the shares of IndusInd Bank, RBL Bank, State Bank of India (SBI).

However, in the broader market, the midcaps and smallcaps outperformed their benchmark peers on Wednesday. The S&P BSE MidCap rose 101.10 points or 0.66 per cent to end at 15,506.23, while the S&P BSE SmallCap settled at 14,533.86, up 150.15 points or 1.04 per cent.

(with inputs from agencies)

Live Blog

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Highlights

    17:17 (IST)15 Jan 2020
    Rupee close

    Rupee settles 5 paise higher at 70.82 against US dollar.

    (PTI)

    15:46 (IST)15 Jan 2020
    Vinod Nair, Head of Research, Geojit Financial Services on Wednesday's market performance

    "After the solid pre-budget rally, market is getting a bit sceptical post higher than expected NPA numbers in the recent Q3 banks results and very high consumer inflation which may stay for another month or two. Market would watch the Q3 results & actual budget, for further direction."

    15:40 (IST)15 Jan 2020
    Equity markets at close

    The S&P BSE Sensex slipped 79.90 points or 0.19 per cent to settle at 41,872.73, while the broader Nifty 50 ended the day at 12,343.30 after declining 19.00 points or 0.15 per cent.

    15:29 (IST)15 Jan 2020
    Soybean futures fall on weak cues

    Soybean prices on Wednesday fell by Rs 54 to Rs 4,220 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 54, or 1.26 per cent, to Rs 4,220 per quintal with an open interest of 12,005 lots. Soybean for delivery in February contracts also eased by Rs 24, or 0.56 per cent, to Rs 4,232 per quintal with an open interest of 1,99,485 lots.

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

    (PTI)

    15:28 (IST)15 Jan 2020
    Mustard seed futures gain on spot demand

    Mustard seed prices on Wednesday rose by Rs 11 to Rs 4,365 per quintal in futures trade as speculators raised their bets amid limited supplies.

    Marketmen said apart from restricted arrivals from growing belts demand from oil mills in spot market mainly lifted mustard seed prices here.

    On the National Commodity and Derivatives Exchange, mustard seed for delivery in January rose by Rs 11, or 0.25 per cent, to Rs 4,365 per quintal with an open interest of 2,980 lots.

    (PTI)

    14:57 (IST)15 Jan 2020
    Guar gum futures drop on subdued demand

    Guar gum prices on Wednesday dropped by Rs 4 to Rs 7,338 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 4, or 0.05 per cent, to Rs 7,338 per five quintal in 320 lots. Guar gum contracts for February delivery eased by Rs 31, or 0.42 per cent, to Rs 7,422 per five quintal in 59,445 lots.

    (PTI)

    14:56 (IST)15 Jan 2020
    Coriander futures rise over 1 pc on strong demand

    Coriander prices on Wednesday climbed by Rs 78 to Rs 6,440 per quintal in futures trade on firm domestic demand and restricted supplies from producing belts.

    On the National Commodity and Derivatives Exchange, coriander for January delivery shot up by Rs 78, or 1.23 per cent, to Rs 6,440 per quintal with an open interest of 3,330 lots. Similarly, the spice for April delivery traded higher by Rs 33, or 0.48 per cent, at Rs 6,950 per quintal in 9,550 lots.

    A firm trend in spot market and restricted supplies from producing regions mainly pushed up coriander prices here, market analysts said.

    (PTI)

    14:55 (IST)15 Jan 2020
    Zinc futures dip on easing demand

    Zinc prices on Wednesday fell by 75 paise to Rs 183.90 per kg in futures trade as speculators cut bets amid easing demand at spot market.

    On the Multi Commodity Exchange, zinc contracts for May delivery moved down by 75 paise, or 0.41 per cent, to Rs 183.90 per kg in a business turnover of 4 lots.

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

    (PTI)

    14:54 (IST)15 Jan 2020
    Copper futures slide on weak cues

    Copper futures on Wednesday traded 0.42 per cent lower at Rs 451.95 per kg as speculators reduced their exposure on weak spot demand.

    On the Multi Commodity Exchange, copper contracts for January delivery fell by Rs 1.90, or 0.42 per cent, to Rs 451.95 per kg in a business turnover of 2,381 lots. Similarly, copper contracts for February delivery traded lower by Rs 1.35, or 0.30 per cent, at Rs 452.80 per kg in a business turnover of 121 lots.

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

    (PTI)

    14:52 (IST)15 Jan 2020
    Nickel futures edge up on spot demand

    Nickel prices on Wednesday edged up 20 paise to Rs 1,018.50 per kg in futures trade as speculators built positions owing to rising demand from alloy-makers in domestic market.

    On the Multi Commodity Exchange, nickel contracts for January delivery gained 20 paise, or 0.02 per cent, to Rs 1,018.50 per kg in a business turnover of 4,362 lots. The metal for delivery in February gained 30 paise, or 0.03 per cent, to Rs 1,010.80 per kg in a business turnover of 88 lots.

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

    (PTI)

    13:31 (IST)15 Jan 2020
    Silver futures rise Rs 217 to Rs 46,120 per kg

    Silver futures on Wednesday traded higher by Rs 217 at Rs 46,120 per kg after speculators raised bets, driven by a firm trend overseas.

    Silver contracts for March delivery rose Rs 217, or 0.47 per cent, to Rs 46,120 per kg in a business turnover of 4,151 lots on the Multi Commodity Exchange. The white metal to be delivered in May also jumped Rs 291, or 0.63 per cent, to Rs 46,715 per kg in 68 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 0.61 per cent higher at USD 17.85 an ounce in New York.

    (PTI)

    13:31 (IST)15 Jan 2020
    Gold futures gain Rs 210 to Rs 39,657 per 10 gm

    Gold prices on Wednesday surged by Rs 210 to Rs 39,657 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 210, or 0.53 per cent, at Rs 39,657 per 10 gram with a business turnover of 2,319 lots. The yellow metal for April delivery also traded higher by Rs 203, or 0.51 per cent, at Rs 39,768 per 10 gram in a business turnover of 319 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 0.49 per cent to USD 1,552.10 per ounce in New York.

    (PTI)

    13:29 (IST)15 Jan 2020
    Crude oil futures slip on global cues

    Crude oil futures on Wednesday fell by Rs 21 to Rs 4,117 per barrel after participants reduced positions tracking a subdued demand at the spot market.

    On the Multi Commodity Exchange, crude oil for January delivery dropped by Rs 21, or 0.51 per cent, to Rs 4,117 per barrel with a business volume of 19,641 lots. Crude oil for February delivery was quoting lower by Rs 19, or 0.46 per cent, at Rs 4,134 per barrel with an open interest of 1,292 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 0.27 per cent lower at USD 58.07 per barrel. Brent Crude, the international benchmark, dropped 0.26 per cent to trade at USD 64.32 per barrel in New York.

    (PTI)

    12:05 (IST)15 Jan 2020
    Wipro shares crash over 4% as Q3 net profit dips 2.17% YoY

    Shares of Wipro slipped as much as 4.12 per cent on the National Stock Exchange (NSE) in the morning session of trade on Wednesday after the company reported a 2.17 per cent year-on-year fall in its net profit for the quarter ended December (Q3).

    The stock of the information technology (IT) services major cracked 4.12 per cent to Rs 246.60 apiece on the NSE, and by 4.08 per cent to Rs 246.65 per share on the BSE. Click here to read the story

    11:33 (IST)15 Jan 2020
    Supreme Court allows Vedanta unit to bid for Nalco’s excess alumina

    The Supreme Court Tuesday allowed Anil Agarwal-led Vedanta’s Jharsuguda unit to participate in bids for surplus alumina being sold by National Aluminium Company Ltd (Nalco), a leading producer of low-cost metallurgical grade alumina in the world. It had challenged an order of the Odisha High Court, which had allowed Vedanta to participate in the tender.

    It was Nalco’s contention that Vedanta could not participate in the tender as the registration of customers for export sale was open only to overseas customers. Nalco had contended that if Vedanta would like to bid for the surplus alumina, it must do so through its UK unit. Vedanta, on the other hand, had contended that the Central government’s policies said that since any special economic zone (SEZ) was deemed as foreign territory, it should be allowed to participate in the bidding. Click here to read the complete story

    10:39 (IST)15 Jan 2020
    ‘Must run’ status, no power curtailment for renewable energy plants: Expert panel

    An expert group reviewing the Indian Electricity Grid Code (IEGC) has asserted that renewable energy power plants shall be treated as “must run” and electricity from these plants shall not be curtailed for any commercial reasons. Part of the latest draft IEGC prepared by the group, the provision comes at a time when a number of states have repeatedly resorted to not scheduling power from renewable sources, citing high costs.

    A ‘must run’ status means that the concerned power plant has to supply electricity to the grid under all conditions. Click here to read the complete story

    10:24 (IST)15 Jan 2020
    Bandhan Bank profit zooms 121% on Gruh merger impact

    Bandhan Bank Tuesday reported a net profit of Rs 731 crore for the quarter ended December 31, 2019, up 121 per cent from the year-ago period

    The jump comes on the back of a 62 per cent year-on-year (y-o-y) rise in total income to Rs 3,075 crore as the benefits of the bank’s acquisition of Gruh Finance came into play. The lender also benefited from a 61.5 per cent drop in provisions to Rs 295 crore. Click here to read the complete report

    10:13 (IST)15 Jan 2020
    IndusInd Bank Q3 net rises 33%; asset quality worsens

    IndusInd Bank on Tuesday reported a 33 per cent increase in its consolidated net profit at Rs 1,309 crore for the quarter ended December 31, 2019, due to a healthy growth in retail and treasury income. However, worsening asset quality and a 72 per cent spike in provisioning are a matter of concern.

    Sequentially, the net profit dropped 6 per cent from Rs 1,383.37 crore reported in Q2FY20. The bank’s net interest income (Nll) for the quarter jumped to Rs 3,074 crore against Rs 2,288 crore in the corresponding quarter of the previous year, registering a growth of 34 per cent compared to the corresponding quarter last year. The bank’s net interest margin for the quarter was at 4.15 per cent compared with 3.89 per cent in the comparable period last year. Click here to read more

    09:51 (IST)15 Jan 2020
    Rupee update

    The rupee depreciated 8 paise to 70.96 against the US dollar in the morning session.

    (PTI)

    09:47 (IST)15 Jan 2020
    Global crude oil prices update

    Oil prices slipped on Wednesday on worries that the pending Phase 1 trade deal between the world's two biggest crude users may not lead to more fuel demand as Washington intends to keep tariffs on Chinese goods in place.

    Concerns about increasing supply also pressured prices after a government report on Tuesday said that output from the United States will increase in 2020 by more than previously forecast.

    Brent crude dropped 0.19 per cent to $64.37 per barrel and US West Texas Intermediate crude futures were down 0.21 per cent at $58.11 a barrel.

    (Reuters)

    09:42 (IST)15 Jan 2020
    BSE Sensex: Gainers and losers in early trade

    On the S&P BSE Sensex, IndusInd Bank, Tata Steel, Ultratech Cement, SBI, Infosys and Axis Bank were the biggest losers in the early trade on Wednesday, while Titan, Hero MotoCorp, Tech Mahindra and Nestle India were among the top gainers.

    Source: BSE
    09:36 (IST)15 Jan 2020
    Global market update

    Stocks slipped in Asian trade on Wednesday as investors awaited the signing of an initial US-China trade deal, with sentiment somewhat dented by comments from the US Treasury Secretary that tariffs would remain in place for now.

    MSCI's broadest index of Asia-Pacific shares outside Japan retreated 0.40 per cent, Japan's benchmark Nikkei and South Korea's KOSPI shed 0.46 per cent and 0.40 per cent, respectively, while Australian stocks added 0.33 per cent. China's Shanghai Composite fell 0.59 per cent and Hong Kong's Hang Seng dropped 0.72 per cent.

    Treasury Secretary Steven Mnuchin said late on Tuesday that the United States would keep in place tariffs on Chinese goods until the completion of a second phase of a US-China trade agreement, triggering some profit-taking in risk assets. The news came hours before the signing of a preliminary trade agreement to ease an 18-month-old trade war between the world's two largest economies.

    Wall Street stocks dipped on Tuesday, reversing earlier intraday record highs, after media reported the United States would likely maintain tariffs on Chinese goods past November's presidential election.

    (Reuters)

    09:31 (IST)15 Jan 2020
    Equity markets at open

    At 9:16 am, the S&P BSE Sensex was at 41,851.31, down 101.32 points or 0.24 per cent and the Nifty 50 was down 35.65 points or 0.29 per cent at 12,326.65.

    On Tuesday, 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.