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Market Highlights: Indices snapout of 2-day losing streak, Sensex climbs 232 points ahead of F&O expiry

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

By: Express Web Desk | New Delhi | Updated: January 29, 2020 3:57:39 pm
The benchmark indices on BSE and NSE settled over 0.5 per cent higher on Wednesday. (File photo)

Share/Stock Market Highlights: The benchmark equity market indices on the BSE and National Stock Exchange (NSE) snapped out of their two-day losing streak and settled over 0.5 per cent higher on Wednesday ahead of the expiry of January-series futures and options (F&O) contracts.

The S&P BSE Sensex climbed 231.80 points (0.57 per cent) to end at 41,198.66, while the broader Nifty 50 settled at 12,129.50, up 73.70 points (0.61 per cent).

Among the sectoral indices on NSE, the Nifty FMCG index was the best performer of the day, settling 1.29 per cent higher led by Marico, Nestle India and ITC. It was followed by the Nifty Metal index which rose 0.89 per cent led by gains in MOIL and JSW Steel.

In the broader market, the S&P BSE MidCap index ended at 15,754.41, up 76.74 points (0.49 per cent), while the S&P BSE SmallCap index settled at 14,840.69, up 18.41 points (0.12 per cent).

Going ahead, investors will look forward to the upcoming Union Budget 2020 on Saturday, February 1 for major cues in the market.

(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

    15:57 (IST)29 Jan 2020
    MARKET QUOTE | Vinod Nair, Head of Research, Geojit Financial Services on Wednesday's market performance

    "Recovery in global market due to drop in epidemic concern and likely dovish stance from FOMC are providing a relief to the domestic market. Though the significance of budget on the market may have reduced during the decade, this time the importance is substantial due to very high expectations. The budget will be a blockbuster even if a decent part of wish-list is fulfilled, the event-risk is high this time."

    15:37 (IST)29 Jan 2020
    Equity markets at close

    The S&P BSE Sensex climbed 231.80 points (0.57 per cent) to end at 41,198.66, while the broader Nifty 50 settled at 12,129.50, up 73.70 points (0.61 per cent).

    15:27 (IST)29 Jan 2020
    BSE to shift 30 stocks to restricted trading group, NSE to move 13 scrips

    Leading stock exchanges BSE and NSE will shift several scrips to the restricted trading segment from Thursday to ensure safety of investors in the capital markets.

    BSE will shift as many as 30 stocks, including McDowell Holdings, Emami Realty, United Van Der Horst, Hindustan Everest Tools, Technofab Engineering and Lactose India, to the trade-for-trade segment represented by T or XT groups. Click here to read the full story

    15:08 (IST)29 Jan 2020
    Mustard seed futures marginally up on spot demand

    Mustard seed prices on Wednesday rose by Rs 2 to Rs 4,180 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 February rose by Rs 2, or 0.05 per cent, to Rs 4,180 per quintal with an open interest of 11,020 lots.

    (PTI)

    15:06 (IST)29 Jan 2020
    Soybean futures rise on spot demand

    Soybean prices on Wednesday rose by Rs 44 to Rs 4,078 per quintal in futures market as traders created fresh positions on strong spot demand.

    On the National Commodity and Derivatives Exchange, soybean for February delivery rose by Rs 44, or 1.09 per cent, to Rs 4,078 per quintal with an open interest of 1,17,620 lots. Soybean for March delivery rose by Rs 36, or 0.89 per cent, to Rs 4,064 per quintal with an open interest of 1,23,075 lots.

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

    (PTI)

    15:06 (IST)29 Jan 2020
    Refined Soya oil futures climb on fresh bets

    Refined soya oil prices on Wednesday rose 1.06 per cent to Rs 862 per 10 kg in futures trade as speculators raised their bets.

    On the National Commodity and Derivatives Exchange, refined soya oil for February delivery moved up by Rs 9, or 1.06 per cent, to Rs 862 per 10 kg in 44,540 lots. Similarly, refined soya oil contracts for March delivery edged up by Rs 5.4, or 0.64 per cent, to Rs 848.6 per 10 kg in 41,795 lots.

    Analysts said widening of positions by traders mainly helped refined soya oil prices to trade higher in futures market here.

    (PTI)

    15:05 (IST)29 Jan 2020
    Guar gum futures slide on subdued demand

    Guar gum prices on Wednesday dropped by Rs 2 to Rs 7,085 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 February delivery slipped by Rs 2, or 0.03 per cent, to Rs 7,085 per five quintal in 34,170 lots. Guar gum contracts for March delivery eased by Re 1, or 0.01 per cent, to Rs 7,180 per five quintal in 32,025 lots.

    (PTI)

    15:02 (IST)29 Jan 2020
    Guar seed futures gain on fresh bets

    Guar seed prices on Wednesday rose by Rs 8 to Rs 3,980 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 8, or 0.2 per cent, to Rs 3,980 per 10 quintal with an open interest of 72,125 lots. Similarly, guar seed for March delivery gained Rs 6 to Rs 4,024 per 10 quintal with an open interest of 20,595 lots.

    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)

    15:02 (IST)29 Jan 2020
    Cottonseed oil cake futures slump over 2 per cent on weak cues

    Cottonseed oil cake prices on Wednesday fell by Rs 38 to Rs 1,818 per quintal in futures trade as participants reduced their bets amid a weak trend in 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 February fell by Rs 38, or 2.05 per cent, to Rs 1,818 per quintal with an open interest 66,640 lots. Cottonseed oil cake for delivery in March went down by Rs 37, or 2.02 per cent, to Rs 1,844 per quintal in 38,450 lots.

    (PTI)

    14:39 (IST)29 Jan 2020
    Coriander futures slip on low demand

    Coriander prices on Wednesday fell by Rs 24 to Rs 6,641 per quintal in futures trade as speculators reduced their positions amid sluggish demand in spot market.

    On the Multi Commodity Exchange, coriander contracts for April slumped by Rs 24, or 0.36 per cent, to Rs 6,641 per quintal in 9,460 lots.

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

    (PTI)

    14:38 (IST)29 Jan 2020
    Lead futures dip on soft demand

    Lead prices on Wednesday drifted lower by 1.18 per cent to Rs 150.25 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 1.80, or 1.18 per cent, to Rs 152.20 per kg in 3 lots.

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

    (PTI)

    14:37 (IST)29 Jan 2020
    Copper futures slip on weak cues

    Copper futures on Wednesday traded 0.24 per cent lower at Rs 436.55 per kg as speculators reduced their exposure on weak spot demand.

    On the Multi Commodity Exchange, copper contracts for January delivery fell by Rs 1.05, or 0.24 per cent, to Rs 436.55 per kg in a business turnover of 18 lots. Similarly, copper contracts for February delivery traded lower by 85 paise, or 0.20 per cent, at Rs 432 per kg in a business turnover of 3,716 lots.

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

    (PTI)

    13:39 (IST)29 Jan 2020
    Cargo traffic at non-major ports grew 4.8 per cent to 447.21 MT in Apr-Dec

    Cargo traffic at India’s non-major ports jumped 4.8 per cent in April-December period of the current fiscal to 447.21 million tonnes (MT), a Shipping Ministry report has said. Click here to read the full story

    13:13 (IST)29 Jan 2020
    MUST READ | Soyabean, cotton prices tumble on fears of coronavirus spreading

    The spread of coronavirus in China has an unlikely affect in India’s commodity markets, with the prices of both soyabean and cotton correcting sharply in the last few days. As import prospects of China dim due to the spread of the virus, market analysts feel this will have affect the markets. Click here to read the full story

    13:03 (IST)29 Jan 2020
    Nickel futures rise on spot demand

    Nickel prices on Wednesday edged up by Rs 11.10 to Rs 950 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 11.10, or 1.18 per cent, to Rs 950 per kg in a business turnover of 3 lots. Similarly, the metal for February delivery traded higher by 3.10 paise, or 0.33 per cent, at Rs 935 per kg in a business turnover of 3,900 lots.

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

    (PTI)

    12:43 (IST)29 Jan 2020
    Crude oil futures gain on spot demand, global cues

    Crude oil prices on Wednesday rose by Rs 48 to Rs 3,856 per barrel as speculators created fresh positions amid positive global trends.

    Analysts said raising of bets by participants kept crude prices higher in futures trade here.

    On the Multi Commodity Exchange, crude oil for delivery in February traded higher by Rs 48, or 1.26 per cent, to Rs 3,856 per barrel in 24,104 lots. Crude oil for March delivery was up by Rs 44, or 1.15 per cent, at Rs 3,874 per barrel with an open interest of 736 lots.

    Globally, West Texas Intermediate was trading higher by 1.08 per cent to USD 54.06 per barrel. Meanwhile, Brent crude, the international benchmark, edged up 1.13 per cent to USD 60.18 per barrel in New York.

    (PTI)

    12:33 (IST)29 Jan 2020
    Silver futures marginally up on spot demand

    Silver prices on Wednesday rose by Rs 11 to Rs 45,485 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 11, or 0.02 per cent, to Rs 45,485 per kg in 2,906 lots. Similarly, the white metal for delivery in May was trading higher by Rs 24, or 0.05 per cent, to Rs 46,064 per kg in 141 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 0.01 per cent at USD 17.46 an ounce in New York.

    (PTI)

    12:28 (IST)29 Jan 2020
    Gold futures fall Rs 102 to Rs 40,140 per 10 gm

    Gold prices on Wednesday fell by Rs 102 to Rs 40,140 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 102, or 0.25 per cent, to Rs 40,140 per 10 gram in a business turnover of 1,862 lots. The yellow metal for April delivery slumped Rs 128, or 0.32 per cent, to Rs 40,245 per 10 gram in 919 lots.

    Analysts said subdued overseas cues influenced sentiments here.

    Globally, gold was trading 0.26 per cent lower at USD 1,571.70 an ounce in New York.

    (PTI)

    12:18 (IST)29 Jan 2020
    Global crude oil update

    Oil futures built on gains in Asia after OPEC sources said the cartel wants to extend crude output cuts by three months to June, easing concern about excess supplies.

    US crude rose 1.25 per cent to $54.17 a barrel. Brent crude climbed 1.28 per cent to $60.27.

    OPEC wants to extend current oil output cuts until at least June from March, with the possibility of deeper reductions on the table if oil demand in China is significantly impacted by the spread of the new coronavirus, OPEC sources said.

    (Reuters)

    12:15 (IST)29 Jan 2020
    Global market update

    Asian shares fell on Wednesday as a spike in new Chinese virus cases sent Hong Kong stocks tumbling and added to worries about the economic impact of the outbreak. But there were some signs that global financial markets may be regaining their composure after days of heavy selling sparked by the epidemic.

    European futures rose 0.22 per cent in early trading and US stock futures were up 0.27 per cent. Chinese stock futures in Singapore rebounded from two days of losses to rise 1.79 per cent, the biggest gain in almost seven weeks.

    MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.41 per cent. But most of the losses were confined to Hong Kong shares, which sank 2.4 per cent on their first session after a two-and-a-half trading day break for Lunar New Year, led by declines in financial services, real estate, and consumer goods companies as a growing number of firms warned they may take a hit from the China virus.

    Japan's Nikkei stock index rose 0.62 per cent, and Australia's main index added 0.53 per cent, partly because investors in these markets had already had a chance to react to the outbreak, which has claimed more than 100 lives.

    (Reuters)

    11:54 (IST)29 Jan 2020
    Airbus faces record USD 4 billion fine after bribery probe

    Airbus faces a record $4 billion fine and lower 2019 profits after unveiling a preliminary deal with French, British and U.S. authorities following a crippling three-year probe into allegations of bribery and corruption over jetliner sales. Click here to read the full story

    11:21 (IST)29 Jan 2020
    Reliance launching new road project to counter plastics pushback in India

    Reliance Industries, India’s largest petchem player, is launching a project to use plastics in road construction, amid growing concerns over pollution in the country of 1.3 billion whose major cities are often plagued with smog and litter. Click here to read the full story

    10:53 (IST)29 Jan 2020
    Higher non-interest income helps Central Bank post Rs 155-crore profit

    Central Bank of India reported a net profit of Rs 155.32 crore on a standalone basis for the December quarter, compared to a Rs 718.23-crore loss a year ago. The Q3 profit was aided by a 129 per cent y-o-y rise in non-interest income to Rs 1,249.41 crore due to better recoveries. Click here to read the full story

    10:17 (IST)29 Jan 2020
    Merger of PSBs, insurers to set the stage for reshuffle in health insurance portfolio

    The health insurance segment is set to witness a major reshuffle in the way business is handled following the merger of several public sector banks and the impending merger of three public sector insurance companies. Click here to read the full story

    10:14 (IST)29 Jan 2020
    Rupee update

    The Indian rupee appreciated by 10 paise to 71.21 against the US dollar in early trade on Wednesday tracking gains in domestic equity market.

    Forex traders said rupee is trading in a narrow range amid amid fast-spreading coronavirus outbreak in China stoking fears about more trouble for the global economy.

    At the interbank foreign exchange the rupee opened at 71.23, than gained further ground and touched a high of 71.21 against the US dollar, registering a rise of 10 paise over its previous close. On Tuesday, rupee had settled for the day at 71.31 against the US dollar.

    (PTI)

    10:10 (IST)29 Jan 2020
    BROKERAGE REPORT | HDFC Securities on Torrent Pharma

    "We resume coverage on Torrent Pharma (TRP) with a Buy. Torrent has re-rated substantially in the past three years on the back of strong execution particularly in branded markets. Despite rich valuation, we recommend Buy as TRP offers a solid India franchise, robust earnings growth and superior return profile which justifies the premium over peers. TRP would generate Rs56bn of FCF over FY19-22E. Our TP of Rs 2,250 is based on 15x FY22 EV/EBIDTA implying a target PE of 28x."

    10:07 (IST)29 Jan 2020
    BROKERAGE RPEORT | Centrum Broking on Dr Reddy's Lab

    "Company’s reported Q3FY20 earnings well ahead of our estimates on adjusted basis. DRL posted strong revenue growth of 14% in Q3FY20 largely driven by steady US business along with strong performance from India, Europe and EMs. Gross margins improved overall to 54.1% as global generics margins stood at 58.2% and PSAI margins were at 30%. EBITDA margins have improved to 24.4% with stellar improvement in achieving higher cost efficiencies. DRRD has taken a US$185mn impairment charge largely on account of gNuvaring (US$ 157mn) booking a net loss for the quarter. Management also highlighted that there is still a further room to achieve better cost efficiencies over coming years.

    The pricing pressure was more from product basket perspective largely pertaining to new player competition scenario, which management expect to normalise given new launches. We expect India and EU business along with EMs to support growth. Further, incremental benefits from US revenues would come due to normalised growth as the concentration of the US basket is far lower compared to earlier years. Also, new launches to contribute along with gSuboxone ramp-up from Q4 given the benefits of AG withdrawal to reflect."

    10:05 (IST)29 Jan 2020
    BROKERAGE REPORT | Centrum Broking on Interglobe Aviation

    "IndiGo reported strong Q3FY20 earnings with 157% yoy rise in PAT to Rs 4.9 bn, above our estimate of Rs 1.8 bn, due to stronger yields. Revenue grew 25.5% yoy to Rs 99.3 bn (our est: Rs 96.2 bn). EBITDAR stood at Rs 19.6 bn with EBITDAR margin at 19.7% (up 140 bps yoy). Ticket yield grew 1.2% yoy to Rs 3.88 while RASK grew 5.6% yoy to Rs 3.91 (our est: Rs 3.85) led by higher load factors & ancillary revenue streams. Yoy yield expansion in Q4, however, appears difficult on a higher base of PY. IndiGo has guided for ASKM growth of 23% yoy in FY20E/ 20% yoy in FY21E along with fuel cost savings from lower fuel consumption in Neos and lower unit maintenance costs due to peaking of maintenance provisions related to the older Ceos. Upgrade to Add with price target of Rs 1720."

    09:57 (IST)29 Jan 2020
    Govt ringfences ‘prudent commercial decisions’ of top public sector bankers

    Citing the need to protect prudent commercial decisions of bankers, the Finance Ministry said Tuesday it has “done away with” holding MDs and CEOs of public sector banks personally responsible for compliance in dealing with large-value frauds committed by bank officials. Click here to read the full story

    09:47 (IST)29 Jan 2020
    Crude oil market update

    Oil prices rose for a second day on Wednesday, standing on firmer ground after a five-day fall on talk OPEC could extend oil cuts if a new coronavirus hurts demand, while data showing a decline in US stockpiles helped steady prices.

    Brent crude rose 33 cents, or 0.6 per cent, to $59.84 a barrel by 0103 GMT, while US crude was up 31 cents, or 0.6 per cent, at $53.79 a barrel.

    (Reuters)

    09:41 (IST)29 Jan 2020
    Asian market update

    Asian shares erased earlier gains on Wednesday, swinging into negative territory as a spike in new Chinese virus cases sent Hong Kong stocks tumbling and fuelled fears about the economic impact of the outbreak.

    MSCI's broadest index of Asia-Pacific shares outside Japan skidded 0.52 per cent. Hong Kong shares fell 2.8 per cent on their first session after a two-and-a-half trading day break for Lunar New Year, led by declines in financial services, real estate, and consumer goods companies.

    However, Australian shares rose 0.57 per cent, while Japan's Nikkei stock index advanced 0.4 per cent, partly because investors in these markets have already had a chance to react to the virus outbreak, which has claimed more than 100 lives.

    (Reuters)

    09:39 (IST)29 Jan 2020
    NSE sectoral indices update

    All the sectoral indices on the National Stock Exchange (NSE) were trading on a positive note during the early deals on Wednesday. The Nifty Metal index was up nearly 1.5 per cent while the Nifty Auto index rose over 1 per cent.

    Here's a look at the sectoral indices on the NSE:

    Source: NSE
    09:35 (IST)29 Jan 2020
    BSE Sensex: Gainers and losers in early trade

    On the BSE benchmark, the gains during the early trade on Wednesday were being led by Tata Steel, Infosys, Maruti Suzuki, L&T, M&M and Reliance Industries. Only TCS and HDFC were moving in the red.

    Here's how the stocks in the S&P BSE Sensex were performing:

    Source: BSE
    09:27 (IST)29 Jan 2020
    Equity markets at open

    At 9:15 am, the S&P BSE Sensex was at 41,181.97, up 215.11 points or 0.53 per cent, while the 50-share NSE benchmark Nifty 50 was up 65.20 points or 0.54 per cent at 12,121.00.

    On Tuesday, the S&P BSE Sensex had slipped below the 41,000-mark to end at 40,966.86, down 188.26 points or 0.46 per cent, while the Nifty 50 settled at 12,055.80, down 63.20 points or 0.52 per cent.

    Among sectoral indices, the Nifty Metal index was the worst performer of the day falling 2.39 per cent weighed by shares of Vedanta, Steel Authority of India and Tata Steel. The Nifty Auto index too slipped 1.23 per cent weighed by Tata Motors and Maruti Suzuki India.