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Wednesday, February 26, 2020

Market Highlights: Sensex climbs 227 points, Nifty settles at 12,248 led by metals, FMCG and banks

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

By: Express Web Desk | New Delhi | Updated: January 24, 2020 4:22:31 pm
Benchmark equity indices opened flat on Friday.

Share Market Highlights: The frontline equity indices on the BSE and National Stock Exchange (NSE) continued their winning momentum and settled over 0.5 per cent higher for the second consecutive day on Friday.

The S&P BSE Sensex settled at 41,613.19, up 226.79 points or 0.55 per cent, while the broader Nifty 50 ended at 12,248.25, up 67.90 points or 0.56 per cent.

Among the sectoral indices, the Nifty Metal index climbed 0.97 per cent led by gains in Jindal Steel & Power and Hindustan Copper. The Nifty FMCG rose 0.79 per cent led by Britannia Industries and Marico. The Nifty Bank index too rose 0.77 per cent led by Yes Bank and Axis Bank.

In the broader markets, the S&P BSE MidCap ended at 15,822.54, up 120.73 points or 0.77 per cent while the S&P BSE SmallCap rose 73.64 points or 0.50 per cent at 14,845.96.

(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

    15:58 (IST)24 Jan 2020
    MARKET QUOTE | Vinod Nair, Head of Research, Geojit Financial Services on today's market performance

    "It has been a consolidated week for heavyweights due to marginally lower than expected result for IT, Banks and Infra sector, while Mid & Small caps are continuing its positivity in expectation of revival in growth & liquidity from institutional investors. In anticipation of a good budget & Q3 result, the pre-budget rally has been solid. For this rally to maintain a lot will depend on the actual outcome of Budget & final Q3 earnings trajectory, market is turning a bit cautious before the big event."

    15:38 (IST)24 Jan 2020
    Equity markets at close

    The S&P BSE Sensex settled at 41,613.19, up 226.79 points or 0.55 per cent, while the broader Nifty 50 ended at 12,248.25, up 67.90 points or 0.56 per cent.

    15:32 (IST)24 Jan 2020
    Zinc futures marginally lower on soft demand

    Zinc prices on Friday fell by 40 paise to Rs 184.65 per kg in futures trade as speculators cut bets amid easing demand in spot market.

    On the Multi Commodity Exchange, zinc contracts for May delivery moved down by 40 paise, or 0.22 per cent, to Rs 184.65 per kg in a business turnover of 8 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)

    15:18 (IST)24 Jan 2020
    Coriander futures climb on strong demand

    Coriander prices on Friday climbed by Rs 21 to Rs 6,734 per quintal in futures trade on firm domestic demand and restricted supplies from producing belts.

    On the National Commodity and Derivatives Exchange, coriander for April delivery shot up by Rs 21, or 0.31 per cent, to Rs 6,734 per quintal with an open interest of 9,660 lots.

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

    (PTI)

    15:17 (IST)24 Jan 2020
    Aluminium futures gain on spot demand

    Aluminium prices on Friday edged up 1.84 per cent to Rs 143.85 per kg in futures market after speculators built up fresh positions amid positive trend in spot market.

    On the Multi Commodity Exchange, aluminium contracts for delivery in May gained Rs 2.60, or 1.84 per cent, to Rs 143.85 per kg with a business turnover of 12 lots.

    Analysts said fresh positions created by traders on positive demand from consuming industries mainly led to rise in aluminium prices.

    (PTI)

    15:16 (IST)24 Jan 2020
    Nickel futures edge up marginally on fresh bets

    Nickel prices on Friday edged up by 50 paise to Rs 1,004.30 per kg in futures trade as speculators built positions on rising demand from alloy-makers at spot market.

    On the Multi Commodity Exchange, nickel contracts for January delivery gained 50 paise, or 0.05 per cent, to Rs 1,004.30 per kg in a business turnover of 1,861 lots. Similarly, the metal for February delivery traded higher by 80 paise, or 0.08 per cent, at Rs 985.60 per kg in a business turnover of 349 lots.

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

    (PTI)

    15:13 (IST)24 Jan 2020
    Silver futures fall on weak global cues

    Silver futures on Friday plunged by Rs 178 to Rs 46,202 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 by Rs 178, or 0.38 per cent, to Rs 46,202 per kg in a business turnover of 2,435 lots.

    Besides, the white metal to be delivered in May fell by Rs 107, 0.23 per cent, to Rs 46,748 per kg in 47 lots.

    In the international market, silver prices traded 0.13 per cent lower at USD 17.81 an ounce in New York.

    (PTI)

    13:52 (IST)24 Jan 2020
    Crude oil futures gain on global cues

    Crude oil prices on Friday rose by Rs 51 to Rs 3,982 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 51, or 1.3 per cent, to Rs 3,982 per barrel in 27,758 lots. Crude oil for March delivery was up by Rs 47, or 1.19 per cent, at Rs 3,994 per barrel with an open interest of 671 lots.

    Globally, the West Texas Intermediate was trading up 0.38 per cent to USD 55.80 per barrel. Meanwhile, Brent crude, the international benchmark, edged up 0.35 per cent to USD 62.26 per barrel in New York.

    (PTI)

    13:51 (IST)24 Jan 2020
    Gold futures slip by Rs 242 to Rs 40,041 per 10 gm

    Gold prices on Friday fell by Rs 242 to Rs 40,041 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 242, or 0.60 per cent, to Rs 40,041 per 10 gram in a business turnover of 2,627 lots. The yellow metal for April delivery slumped Rs 235, or 0.58 per cent, to Rs 40,149 per 10 gram in 397 lots.

    Analysts said subdued overseas cues influenced sentiments here.

    Globally, gold was trading 0.33 per cent lower at USD 1,560.30 an ounce in New York.

    (PTI)

    13:30 (IST)24 Jan 2020
    Godrej Properties rises over 3 per cent on launch of luxury housing project at iconic RK Studios’ site

    Shares of Godrej Properties climbed as much as 3.08 per cent to Rs 1,051.70 on the National Stock Exchange (NSE) during the intraday trade on Friday after the real estate developer announced that it has launched a luxurious residential project at the iconic RK Studios in Mumbai’s Chembur area. Click here to read the complete story

    11:58 (IST)24 Jan 2020
    HDFC Securities on Havells India

    "Havells has consistently gained market share in most of its categories even during a challenging environment. Core business will recover with improvement in demand trend and expected relief in liquidity in trade channels. Favourable base over the next 4 quarters (10% decline in EBITDA) will lead into an earnings upcycle. We expect margins to recover faster than volume growth. Amidst slowdown, management plans to tighten the belt on non-essential costs. We see enough levers for margins to mean revert.

    We recently (2QFY20) upgraded stock to BUY post seeing 16% fall in stock price. We expect worst is behind for Havells and healthy performance will re-rate the stock."

    11:46 (IST)24 Jan 2020
    Insurers set to launch ‘pay as you use’ motor policy, app-based multi-vehicle cover

    Vehicle owners will soon get various unique options when they apply for the insurance policy and pay the premium as they will be priced on the basis of the distance covered while driving the vehicle or by computing the driving behaviour, and even get an app-based single policy for multiple vehicles. Click here to read the complete story

    11:41 (IST)24 Jan 2020
    JM Financial on PNB Housing Finance

    "We forecast slower AUM CAGR of 7% over FY19-22E as the management focusses on raising Tier-1 capital, maintaining adequate liquidity, resolution of corporate accounts and further reducing gearing levels. In light of the above, we downgrade the stock to HOLD valuing the company at 0.75x FY22E BV with a TP of INR 500."

    11:30 (IST)24 Jan 2020
    RBI raises short-term FPI debt investment limit to 30% from 20% to boost inflows

    In a move that could lead to higher foreign inflows, the Reserve Bank of India (RBI) has hiked the short-term investments by foreign portfolio investors (FPIs) from 20 per cent to 30 per cent of the total FPI investment in Central government securities (including Treasury Bills) or state development loans. Click here to read the full story

    11:19 (IST)24 Jan 2020
    Petrol and Diesel prices on Friday

    Delhi:

    Petrol- 74.43 per litre
    Diesel- 67.61 per litre

    Kolkata:

    Petrol- 77.04 per litre
    Diesel- 69.97 per litre

    Mumbai:

    Petrol- 80.03 per litre
    Diesel- 70.88 per litre

    Chennai:

    Petrol- 77.31 per litre
    Diesel- 71.43 per litre

    Bengaluru:

    Petrol- 76.92 per litre
    Diesel- 69.86 per litre

    Source: IOCL

    11:07 (IST)24 Jan 2020
    Govt Budget math to get boost from AGR mop-up, RBI dividend, tax dispute resolution

    Even with the Centre expecting to face significant shortfall in mop-up from taxes and disinvestment in the current fiscal, it will partly make up via unexpected revenues from a tax dispute resolution scheme, Supreme Court mandated payments related to adjusted gross revenue (AGR) from telecom companies and higher-than-Budgeted dividend payout from the RBI. Click here to read the complete story

    11:05 (IST)24 Jan 2020
    FPI investment cap via VRR route hiked to Rs 1,50,000 crore

    The Reserve Bank of India (RBI) has doubled the investment limit under the Voluntary Retention Route (VRR) for foreign portfolio investors (FPIs) to Rs 1,50,000 crore “with a view to attract long-term and stable FPI investments into debt markets”. Click here to read the full story

    10:50 (IST)24 Jan 2020
    Sebi to tap AI, big data analytics to curb market manipulations

    The Securities and Exchange Board of India (Sebi) is planning to set up a data lake project for improving surveillance to monitor and analyse social media posts to keep a tab on possible market manipulations. The regulator is in the process of acquiring the technology and has already floated tenders for the same. Click here to read the full story

    10:20 (IST)24 Jan 2020
    HDFC Securities on Federal Bank

    "FB’s operating performance was lacklustre on various fronts i.e. growth, NIMs, fees and oplev. While the headline slippages were higher, the silver lining was these were largely driven by known-stress in the corp book, and granular slippages were contained.

    At 1.1xFY22E ABV, valuations are cheap and at a considerable discount to some of its peers’. We watch for the sustainability of current asset quality trends. Updates on the extension of the incumbent MD&CEO’s term will be watched for."

    10:10 (IST)24 Jan 2020
    HDFC Securities on Kotak Mahindra Bank

    "KMB’s strong fundamentals (CRAR, liability franchise, minimal reported stress) should enable the bank to deliver an improvement in already strong return ratios.

    We do not find the current slowdown in growth and uptick in stress worrisome. Our NEUTRAL stance reflects discomfort on rich valuations. The contentious issue of promoter holding remains unresolved, and the next hearing is slated in Mar-20."

    10:04 (IST)24 Jan 2020
    Maruti Suzuki India to hold conference call for investors on Jan 28

    India's largest car manufacturer will hold a conference call for analysts and investors on Tuesday, January 28, 2020 at 3:30 pm, the company informed in an exchange filing to the BSE post market hours on Thursday.

    09:40 (IST)24 Jan 2020
    Global market update

    Stocks made a barely positive start in early Asian trade on Friday after the world's health body called it a little too early to declare a coronavirus outbreak a global emergency.

    But worries over rapid spread of the deadly virus kept investors on guard as millions of Chinese travel during the Lunar New Year holiday period.

    MSCI's broadest index of Asia-Pacific shares outside Japan rose a marginal 0.1 per cent, while Japan's Nikkei stood flat and Australian stocks added 0.4 per cent.

    Trade in Asia is already slowing down for the Lunar New Year holiday, with financial markets in China, Taiwan and South Korea closed on Friday.

    Key indices on Wall Street bounced from lows after the World Health Organisation (WHO) said the latest coronavirus did not yet constitute a global public health emergency.

    The Nasdaq Composite rose 0.2 per cent to a record closing high, while the S&P 500 added 0.1 per cent and the Dow Jones Industrial Average eased 0.1 per cent.

    (Reuters)

    09:38 (IST)24 Jan 2020
    Rupee at early trade

    Rupee falls 5 paise to 71.31 against US dollar in opening trade.

    (PTI)

    09:29 (IST)24 Jan 2020
    Equity markets at open

    At 9:16 am, the S&P BSE Sensex was at 41,418.46, up 32.06 points or 0.08 per cent, while the Nifty 50 was at 12,190.15, up 9.8 points or 0.08 per cent.

    On Thursday, the S&P BSE Sensex rose 271.02 points (0.66 per cent) to end at 41,386.40, while the broader Nifty 50 settled at 12,179.90 with gains of 73.00 points (0.60 per cent). Among individual stocks, Larsen & Toubro ended 2.98 per cent higher at Rs 1,332.80 apiece on the BSE a day after the company reported a 15.2 per cent rise in its consolidated net profit at Rs 2,352 crore for the quarter to December 2019.