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Wednesday, February 26, 2020

Market Highlights: Sensex cracks 458 points, Nifty slips to 12,119; Metals, PSU banks drag

Share Market, Stock Market Highlights: All that happened in the markets on Monday.

By: Express Web Desk | New Delhi | Updated: January 27, 2020 4:05:53 pm
top equity indices on BSE and NSE settled over 1 per cent lower on Monday. (Image source: Getty/Thinkstock)

Share/Stock Market Highlights: The topline equity indices on BSE and National Stock Exchange (NSE) crashed over 1 per cent each on Monday contributed by a fall in the shares of market heavyweights HDFC twins- HDFC and HDFC Bank, and Reliance Industries.

The market was also dragged down by a last hour sell-off in metals and public sector bank stocks.

The S&P BSE Sensex crashed 458.07 points (1.10 per cent) to settle at 41,155.12 while the Nifty 50 ended at 12,119.00, falling by 129.25 points (1.06 per cent).

Among the sectoral indices on NSE, the Nifty Metal index was the worst performer of the day falling 3.09 per cent weighed by Jindal Steel & Power, Steel Authority of India, Vedanta and Tata Steel. It was followed by the Nifty PSU Bank index, which fell 2.25 per cent weighed by Canara Bank, Bank of Baroda and State Bank of India (SBI).

In the broader market, the S&P BSE MidCap ended at 15,759.01, down 63.53 points (0.40 per cent), while S&P BSE SmallCap settled at 14,850.39, up 4.43 points (0.03 per cent).

(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

    16:05 (IST)27 Jan 2020
    MARKET QUOTE | Vinod Nair, Head of Research, Geojit Financial Services on Monday's market

    "Growing catastrophic effect of coronavirus is impacting the world financial market ,raising fears of a slowdown in the global economy. In India investors are turning cautious given selling pressure in global market and big event risk of budget announcement this weekend, since a lot has been factored in the market about wish list."

    15:59 (IST)27 Jan 2020
    MARKET QUOTE | S Ranganathan, Head of Research at LKP Securities on Monday's market performance

    "Coronavirus outbreak in China took a toll on Indian Equities as well today as Financials & Metals bore the brunt of the selling. Except for select pharmaceutical stocks which held fort and gained the broader markets traded weak with the NIFTY losing 130 points."

    15:42 (IST)27 Jan 2020
    Equity markets at close

    The S&P BSE Sensex crashed 458.07 points (1.10 per cent) to settle at 41,155.12 while the Nifty 50 ended at 12,119.00, down 129.25 points (1.06 per cent).

    15:06 (IST)27 Jan 2020
    Lead futures ease on low demand

    Lead prices on Monday drifted lower 1.36 per cent to Rs 152.20 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 2.10, or 1.36 per cent, to Rs 152.20 per kg in 1 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)

    15:06 (IST)27 Jan 2020
    Soybean futures slump 3 pc on weak cues

    Soybean prices on Monday fell by Rs 124 to Rs 4,014 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 124, or 3 per cent, to Rs 4,014 per quintal with an open interest of 1,46,690 lots. Soybean for delivery in March contracts also eased by Rs 122, or 2.95 per cent, to Rs 4,010 per quintal with an open interest of 1,19,060 lots.

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

    (PTI)

    15:05 (IST)27 Jan 2020
    Guar gum futures fall on subdued demand

    Guar gum prices on Monday dropped by Rs 92 to Rs 7,248 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 92, or 1.25 per cent, to Rs 7,248 per five quintal in 45,000 lots.

    Guar gum contracts for March delivery eased by Rs 94, or 1.27 per cent, to Rs 7,336 per five quintal in 22,085 lots.

    (PTI)

    15:05 (IST)27 Jan 2020
    Coriander futures fall 1.01 per cent on tepid demand

    Coriander prices on Monday fell by Rs 68 to Rs 6,638 per quintal in futures trade as speculators reduced their positions amid sluggish demand at the spot market.

    On the Multi Commodity Exchange, coriander contracts for April slumped by Rs 68, or 1.01 per cent, to Rs 6,638 per quintal in 9,540 lots.

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

    (PTI)

    15:00 (IST)27 Jan 2020
    Zinc futures fall on soft demand

    Zinc prices on Monday fell by Rs 1.80 to Rs 182 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 Rs 1.80, or 0.98 per cent, to Rs 182 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)

    14:59 (IST)27 Jan 2020
    Copper futures slide on weak demand

    Copper futures on Monday traded 1.62 per cent lower at Rs 431.55 per kg as speculators reduced their exposure on weak spot demand.

    On the Multi Commodity Exchange, copper contracts for January delivery fell by Rs 7.10, or 1.62 per cent, to Rs 431.55 per kg in a business turnover of 812 lots. Similarly, copper contracts for February delivery traded lower by Rs 6.85, or 1.57 per cent, at Rs 430.65 per kg in a business turnover of 2,491 lots.

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

    (PTI)

    14:59 (IST)27 Jan 2020
    Nickel futures dip on sluggish demand

    Nickel futures on Monday declined by Rs 33.70 to Rs 942.50 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 33.70, or 3.45 per cent, to Rs 942.50 per kg with a business turnover of 813 lots. Similarly, nickel contracts for February delivery dropped by Rs 21.90, or 2.27 per cent, to Rs 942 per kg in 5,310 lots.

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

    (PTI)

    14:53 (IST)27 Jan 2020
    Railways’ revenue from passenger fare slips Rs 400 crore in Q3; income from freight up Rs 2,800 crore

    Railways’ earnings from passenger fares dipped further by around Rs 400 crore in the third quarter of the current financial year as compared to the last quarter, an RTI query has revealed.

    However, its revenue from freight loading, which had suffered a Rs 3,901 crore deficit in the second quarter, improved by about Rs 2,800 crore during the October to December period. Click here to read the full story

    13:47 (IST)27 Jan 2020
    BSE inks licensing agreement with ICE to use Brent index

    BSE on Monday said it has signed a licensing agreement with Intercontinental Exchange (ICE) to use its Brent index as the settlement benchmark for the Indian bourse’s rupee-denominated brent futures contracts.

    India is one of the largest consumers and importers of crude oil in the world and Brent crude is highly co-related with the Indian crude oil basket. Click here to read the complete story

    13:20 (IST)27 Jan 2020
    Petrol and Diesel prices on Monday

    Delhi:

    Petrol- 73.71 per litre
    Diesel- 66.71 per litre

    Kolkata:

    Petrol- 76.33 per litre
    Diesel- 69.07 per litre

    Mumbai:

    Petrol- 79.32 per litre
    Diesel- 69.93 per litre

    Chennai:

    Petrol- 76.56 per litre
    Diesel- 70.47 per litre

    Bengaluru:

    Petrol- 76.17 per litre
    Diesel- 68.93 per litre

    Source: IOCL

    13:11 (IST)27 Jan 2020
    Silver futures gain Rs 323 to Rs 47,258 per kg

    Silver prices on Monday rose by Rs 323 to Rs 47,258 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 323, or 0.69 per cent, to Rs 47,258 per kg in 2,499 lots. Similarly, the white metal for delivery in May was trading higher by Rs 338, or 0.71 per cent, to Rs 47,761 per kg in 73 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 0.48 per cent at USD 18.20 an ounce in New York.

    (PTI)

    13:03 (IST)27 Jan 2020
    Crude oil futures slip over 2 per cent on weak global cues

    Crude oil futures on Monday fell by Rs 86 to Rs 3,787 per barrel after participants reduced positions tracking a weak trend in overseas markets.

    On the Multi Commodity Exchange, crude oil for February delivery dropped by Rs 86, or 2.22 per cent, to Rs 3,787 per barrel with a business volume of 24,765 lots. Crude oil for March delivery was quoting lower by Rs 82, or 2.11 per cent, at Rs 3,807 per barrel with an open interest of 859 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 2.45 per cent lower at USD 52.86 per barrel. Brent Crude, the international benchmark, dropped 2.29 per cent to trade at USD 59.30 per barrel in New York.

    (PTI)

    13:00 (IST)27 Jan 2020
    Gold futures rise Rs 228 to Rs 40,580 per 10 gm

    Gold prices on Monday rose by Rs 228 to Rs 40,580 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 228, or 0.57 per cent, to Rs 40,580 per 10 gram in a business turnover of 1,673 lots. The yellow metal for April delivery traded higher by Rs 241, or 0.6 per cent, at Rs 40,715 per 10 gram in a business turnover of 515 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 0.53 per cent to USD 1,586.50 per ounce in New York.

    (PTI)

    12:57 (IST)27 Jan 2020
    Dr Reddy’s Laboratories posts Q3 loss at Rs 570 crore

    Dr Reddy’s Laboratories on Monday reported a consolidated loss of Rs 569.7 crore for the quarter ended December 2019. The company had posted a profit of Rs 485.2 crore in the year-ago period, Dr Reddy’s Laboratories said in a filing to BSE. Click here to read the complete story

    12:25 (IST)27 Jan 2020
    Global crude oil market update

    The heightened fears of the economic impact of the coronavirus also pressured oil and other commodity prices, except safe-haven gold.

    US West Texas Intermediate (WTI) crude futures plummeted 3.8 per cent to hit a 3-1/2-month low of $52.15 in early trade. International benchmark Brent shed more than 3 per cent to its three month low of $58.68 per barrel.

    (Reuters)

    12:23 (IST)27 Jan 2020
    Global market update

    Shares tumbled on Monday as investors grew increasingly anxious about the economic impact of China's spreading virus outbreak, with demand spiking for safe-haven assets such as the Japanese yen and Treasury notes.

    Japan's Nikkei average slid 2.0 per cent, the biggest one-day fall in five months, while a Tokyo-listed China proxy, ChinaAMC CSI 300 index ETF, slid 2.2 per cent. Amid the Lunar New Year holiday, many markets in Asia were closed.

    US S&P 500 mini futures were last down 1.0 per cent, having fallen 1.3 per cent in early Asian trade. European shares were expected to follow suit, with major European stock futures trading 1.2-1.4 per cent lower.

    (Reuters)

    12:18 (IST)27 Jan 2020
    MFI industry seeks more refinance from DFIs in budget

    Microfinance institutions (MFIs) have urged the Centre for more refinance from development financial institutions (DFIs) such as SIDBI and Nabard so that they can provide credit to the poor people at low rates of interest, an official said. Click here to read the complete story

    11:43 (IST)27 Jan 2020
    New Resolution Authority in works; to curb failure of large financial institutions

    The Finance Ministry is working on putting in place a comprehensive resolution framework for financial institutions that have precarious financial position, two senior government officials said. It is to ensure that failure of some of the systemically important financial institutions does not affect the entire system. Click here to read the report

    10:53 (IST)27 Jan 2020
    Budget may unveil income tax amnesty on lines of Sabka Vishwas

    While the Budget is expected to tweak personal income tax (PIT) slabs to give relief to large sections of taxpayers and prop up sagging consumption, the government may also seek to offset the resultant short-term revenue loss by unveiling a liberal dispute resolution scheme. The new amnesty would enable the government to garner big chunks of revenue in FY21 but there is a possibility that it could commence in the current financial year itself. Click here to read the report

    10:46 (IST)27 Jan 2020
    Mid-caps, small-caps rally in new year, bring hope of revival in economy

    After a lacklustre performance over the last two calendar years, the mid-cap and small-cap indices are showing some promise in 2020, with both the indices on the Bombay Stock Exchange surging by 5.7 per cent and 8.4 per cent respectively in January till date. This growth has come even as the benchmark Sensex (index of 30 bluechip stocks) has grown by only 0.7 per cent in this period, amid festering concerns over economic revival. Click here to read the full story

    10:37 (IST)27 Jan 2020
    Gold imports dip 6.77 per cent during Apr-Dec 2019

    Gold imports, which have a bearing on the current account deficit (CAD), fell 6.77 per cent to USD 23 billion during the April-December period of the current financial year, according to data from the commerce ministry. Click here to read the full story

    10:17 (IST)27 Jan 2020
    Government invites bid for sale of 100% stake in Air India, 50% in AISATS

    In a fresh move towards the disinvestment of Air India, the government on Monday issued the preliminary information memorandum for 100 per cent stake sale in the national carrier Air India. Click here to read the full story

    10:04 (IST)27 Jan 2020
    Rupee update

    The rupee depreciated 10 paise to 71.43 against the US dollar in the morning session.

    (PTI)

    09:59 (IST)27 Jan 2020
    BSE Sensex: Gainers and losers in early trade

    On the 30-share BSE benchmark, Tata Steel, Kotak Mahindra Bank, HDFC Bank, Hero MotoCorp and Power Grid were among the top losers in the early trade, while Ultratech Cement, ICICI Bank and Mahindra & Mahindra (M&M) were the top gainers.

    Source: BSE
    09:54 (IST)27 Jan 2020
    Crude oil market update

    Oil prices slumped a further 2 per cent to multi-month lows on Monday as the rising number of cases of the new China virus and city lockdowns deepened concerns about demand for crude, even as Saudi Arabia's energy minister sought to calm the market.

    Brent crude fell by $1.12 a barrel, or 1.9 per cent, to $59.57 by 0113 GMT, having earlier dropped to $58.68, the lowest since late October. US crude slipped by $1.14, or 2.1 per cent, to $53.05, having earlier eased to $52.15, the lowest since early October.

    (Reuters)

    09:44 (IST)27 Jan 2020
    Global market update

    Stocks tumbled on Monday as investors grew increasingly anxious about the economic impact of China's spreading virus outbreak, with demand spiking for safe-haven assets such as the Japanese yen and Treasury notes.

    Japan's Nikkei average suffered a steep 1.8 per cent loss, on track for the biggest one-day fall in three weeks. US S&P 500 mini futures was last down 0.9 per cent, having fallen 1.3 per cent in early Asian trade.

    (Reuters)

    09:41 (IST)27 Jan 2020
    Equity markets at open

    At 9:15 am, the S&P BSE Sensex was at 41,417.66, down 195.53 points or 0.47 per cent while the Nifty 50 was at 12,183.55, down 64.70 points or 0.53 per cent.

    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.

    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.