MARKET WRAP: Banks, pharma send Sensex 202 pts lower; Nifty ends at 12,046

All that happened in markets today.

4:07 PM

MARKET OUTLOOK | Vinod Nair, Head of Research at Geojit Financial Services

Domestic growth concerns seem to be back in the market as indicated by a recent downgrade by Moody’s. Banks having significant exposure in Telecom players continue to be in the limelight as lack of funds could delay the payments and degrade the quality of banks balance sheet. Continuous rise in corona cases has forced major Asian peers to downgrade their growth outlook which could cause a ripple effect in other nations in the first quarter while recovery is expected from the second

3:43 PM

SECTOR WATCH | All sectoral indices, except IT end in the red

3:42 PM

MARKET AT CLOSE | Top losers and gainers on the S&P BSE Sensex

3:39 PM

CLOSING BELL

The S&P BSE Sensex slipped 202 points or 0.5 per cent to end at 41,056 while NSE's Nifty lost 68 points or 0.56 per cent to settle at 12,046 levels. 

3:22 PM

MARKET CHECK | ITC hits fresh 52-week low

3:07 PM

BUZZING STOCK | Lemon Tree jumps over 5%

2:57 PM

BUZZING STOCK | Alphageo (India) zooms over 18%

- It bags orders worth Rs 128.6 crore from Oil India

2:48 PM

BROKERAGE RADAR | HDFC Securities on KNR Constructions

We maintain BUY on KNR with SOTP-based TP of Rs 376/sh (valuing core EPC business 18x FY21EPS at Rs 317/sh, Subsidiaries Rs 60/sh). KNR delivered yet another steady quarter with Revenue/EBIDTA/APAT beat/(miss) of (0.4)/17/(12)% respectively.

2:46 PM

MARKET CHECK | Voda Idea erases all its morning gains, trades flat

2:44 PM

Global Markets check

European shares inched higher on Monday as fresh attempts by China to limit the economic impact of the coronavirus outbreak helped calm investor nerves.

 

The pan-European STOXX 600 index rose 0.3 per cent in early trade, staying slightly below a record high of 432.26 touched last week. Market activity is expected to be light through the rest of the day on account of a US holiday.
 

Asian shares reversed losses on Monday and moved back toward a three-week top as China’s persistent efforts to cushion the blow from a coronavirus outbreak calmed nervous investors, although Japanese stocks faltered on growing recession risks.MSCI’s broadest index of Asia-Pacific shares outside Japan advanced 0.3 per cent to be within kissing distance of last week’s peak of 558.30, which was the highest since late January.

Japan’s Nikkei stumbled 0.7 per cent after the country’s economy shrank at the fastest pace in almost six years in the December quarter. South Korea’s KOSPI index ended mostly flat while Australian, Singapore and Malaysian share indexes were a tad weaker.

2:38 PM

NEWS ALERT | Promoters of NCC created pledge on 11 lakh shares (0.2% equity) on Feb 13

2:36 PM

NEWS ALERT | Jubilant Food promoter releases pledge on 3.5 lakh shares (0.3% equity) on Feb 7

2:31 PM

Bank of Baroda falls 4% as Calcutta HC asks RBI to take action against it

Shares of public sector lender Bank of Baroda (BoB) declined over 4 per cent on Monday after the Calcutta High Court directed the Reserve Bank of India (RBI) to consider appropriate steps against it, including revoking its licence or authority to carry on with banking business, if necessary, for failing to honour a bank guarantee given by a third party to Indian Oil Corporation (IOCL). READ MORE

2:29 PM

BROKERAGE RADAR | Centrum Broking on SpiceJet

Led by lower than expected yields and elevated cost structure due to delay in return of Max aircrafts, we have lowered our FY21 earnings sharply by 59.4%. We maintain our Reduce rating on the stock with a revised TP of Rs 97 (based on 7x FY22E EBITDAR).

2:29 PM

SECTOR WATCH:: Metal stocks under pressure

2:20 PM

Muthoot Finance soars 15%, hits new high on strong December quarter results

Shares of Muthoot Finance soared 15 per cent to Rs 867 on the BSE on Monday in an otherwise weak market after the company reported 66 per cent year on year (YoY) growth in net profit at Rs 803 crore in December quarter (Q3FY20). It had profit of Rs 485 crore in the year-ago quarter. The stock of the non-banking finance company (NBFC) hit a new high, surpassing its previous high of Rs 800 recorded on January 17, 2020. The trading volumes on the counter jumped 9-fold with a combined 11.7 million shares changing hands on the NSE and BSE till 01:51 pm. READ MORE

2:05 PM

HDFC slips 2%

2:01 PM

Rupee check

1:52 PM

NEWS ALERT | Voda Idea writes to DoT, tax dept seeking adjustment of Rs 7,000 cr owed to it by the Tax department: CNBC TV18

-- Refund from tax dept for multiple assessment: Voda Idea

 

-- Co. of the view total payment of Rs 9,500 cr possible after tax adjustment: Voda Idea

1:42 PM

MARKET UPDATE:: Broader indices underperform; India VIX up 6%

1:33 PM

NEWS ALERT | Lenders get 8 EoIs for DHFL ahead of deadline expiry; expect 16 by the end of day: CNBC TV18

-- KKR, Welspun group, Adani group submit EOIs for takeover of entire businesss

1:31 PM

BUZZING STOCK:: Glenmark slips 7%

1:21 PM

SC refuses to accept Vodafone Idea's proposal to pay Rs 2,500 cr by today

The Supreme Court on Monday refused to accept telecom firm Vodafone Idea's proposal to pay Rs 2,500 crore by Monday and Rs 1,000 crore by Friday against adjusted gross revenue (AGR) dues and that no coercive action be taken against it. A bench headed by Justice Arun Mishra declined to accept the proposal given by senior advocate Mukul Rohatgi, appearing for Vodafone, after he mentioned the matter. READ MORE  

1:18 PM

Nifty sectoral indices at this hour

1:10 PM

Moody's cuts India's 2020 growth forecast to 5.4% amid coronavirus fears

Global rating agency Moody’s said on Monday that India’s economic recovery is likely to be shallow and expand at a lower pace of 5.4 per cent in Calendar 2020 than the earlier estimate of 6.6 per cent. In a review of the global economy to asses likely to impact on Coronavirus outbreak, Moody’s said it (virus and its spread) has diminished optimism about prospects of an incipient stabilisation of global growth this year. READ MORE

1:03 PM

Contribution to S&P BSE Sensex's fall today

12:55 PM

ONGC hits lowest level since Oct 2008 on weak operational performance in Q3

Shares of Oil and Natural Gas Corporation (ONGC) slipped over 3 per cent to hit an over 11-year low of Rs 99.35 on the BSE on Monday after reporting a weak operational performance for the quarter ended December 2019 (Q3FY20). The stock of the state-owned oil exploration & production firm was trading at its lowest level since October 27, 2008, when it touched Rs 89.68 in intra-day trade. READ MORE

12:42 PM

BROKERAGE RADAR | Edelweiss Securities on CRISIL

While outperformance in Ratings is strong, we await sustenance of growth and green shoots in research. Hence, we maintain ‘REDUCE’ with a revised TP of Rs 1,138 (Rs 1,121 earlier) based on DCF. We have built in 6% sales CAGR and 14% PAT CAGR over CY19-21E. The stock is trading at 28.6x CY20E EPS.

12:37 PM

Dr Reddy's, Divi's Lab, Torrent Pharma: What lies ahead for pharma stocks?

Most pharma companies have underperformed the benchmark indices in the past one year. Barring Divi's Labs (up over 32 per cent) and Dr Reddy's (up 29 per cent), rest of the pharma stocks from the Nifty Pharma index have given negative returns in the last one year as compared to nearly 13 per cent gain in the Nifty50 index (as of Friday's close). READ MORE

12:31 PM

MARKET UPDATE:: Sensex falls over 100 pts