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MARKET WRAP: Sensex slips 52 pts, broader mkts outperform; IT stocks up

All that happened in the markets today

SI Reporter New Delhi
Markets

3 min read Last Updated : Jan 09 2020 | 6:27 AM IST
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3:56 PM

Market Closing Comment :: Sahaj Agrawal, Head of Research- Derivatives at Kotak Sec

Nifty is in a corrective phase after the rally seen in the last few months. Overall trend remains positive with downside support seen at 11700 levels. We suggest investors to use this correction for selective accumulation while traders can consider building up long positions gradually. We expect this correction to continue for another week post which the 12400-12500 levels could be conquered. Banking and Metals continue to remain preferred sectors. Selective participation in the midcap space is expected. 

3:41 PM

Nifty snapshot at close

3:40 PM

Sensex heatmap at close

3:39 PM

Closing Bell

>> The benchmark S&P BSE Sensex pared losses in the fag-end of the session, and settled at 40,800.26 level, down 51.73 points or 0.13 per cent.

>> On the NSE, the Nifty50 closed at 12,025.35-mark, down 27.60 points or 0.23 per cent. 

3:22 PM

Recoveries from stressed assets will be much better in H2FY20: SBI Chairman

State Bank of India today said recoveries from stressed assets are expected to be much better in the second half of current financial year on the back of resolution in big ticket cases.
 
The third and fourth quarters of current financial year will be good ( for recovery) and many assets will be resolved in quarter ending March and June, SBI chairman Rajnish Kumar said in an Interaction at Credit Conclave organised by Edelweiss group. READ MORE
SBI Chairman Rajnish Kumar

3:09 PM

Govt set to breach fiscal deficit target, shows GDP advance estimates

The first gross domestic product advance estimates for 2019-20, released on Tuesday, showed that nominal GDP is expected to grow 7.5 per cent this fiscal year to Rs 204.42 trillion, compared to 12 per cent to Rs 211-trillion forecast in the last Budget.
 
This implies that theoretically, if the fiscal deficit for the year can be maintained at Rs 7.04 trillion, the deficit as a percentage of GDP will slip to 3.44 per cent, compared to the budgeted target of 3.3 per cent. READ MORE

2:49 PM

Prospects dim for FY21 too, GDP growth may not go beyond 6%: Economists

Former chief statistician Pronab Sen said economic revival depends on what the government does in the Budget. When asked whether the measures already taken by the government such as cut in corporation tax rate would perk up growth, Sen said lower tax rates would not have an impact on economic growth. READ MORE

2:40 PM

BSE500 stocks that hit 52-week high today

COMPANY PRICE(rs) 52 WK HIGH CHG(rs) CHG(%)
ADANI GREEN 220.70 220.70 10.50 5.00
AMBER ENTERP. 1190.00 1228.50 19.10 1.63
GMR INFRA. 24.25 24.70 0.95 4.08
IPCA LABS. 1189.00 1207.35 48.20 4.23
JUBILANT FOOD. 1713.35 1719.50 19.45 1.15
» More on 52 Week High

2:33 PM

Adani Ent dips 4% on reports SC stays Bombay HC ruling in coal import case

In October 2019,the Bombay High Court had quashed all Letters Rogatory (LRs) sent by the DRI to Singapore and other countries in its probe of Adani group firms for alleged overvaluation of Indonesian coal imports.
 
The court had said that while it did not go into merits of LRs issued by a metropolitan magistrate, it found that no due procedure had been followed while issuing them. READ MORE

2:24 PM

NEWS ALERT | Cabinet approves ordinance for coal mining

>> Govt to auction coal mines in March

2:21 PM

Global Markets check

Asian shares tumbled on Wednesday, while oil, safe-haven Treasury prices and gold shot higher after Iran fired rockets at U.S.-led forces in Iraq, stoking fears of a wider conflict in the Middle East.

European equity markets were expected to open lower, with pan-region Euro Stoxx 50 futures down 0.77 per cent, German DAX futures off 0.91 per cent and FTSE futures 0.45 per cent lower.

MSCI’s broadest index of Asia-Pacific shares outside Japan was down 0.72 per cent, having dropped more than 1 per cent earlier in the day. China’s blue-chip CSI300 index was 1.18 per cent lower.
 
Japan’s Nikkei dipped 1.57 per cent, paring earlier losses of more than 2 per cent, while Australian shares clawed back from a more-than-1 per cent drop to shed 0.13 per cent. U.S. S&P500 e-mini stock futures, which had earlier tumbled nearly 1.7 per cent, were down 0.38 per cent.

2:20 PM

NEWS ALERT | Cabinet approves in-principle strategic disinvestment of eq shareholding in Neelachal Ispat Nigam

>> Divestment of NINL in 1) Minerals and Metals Trading Corporation Ltd; 2) National Mineral Development Corp; 3) MECON; 4) Bharat Heavy Electricals

2:09 PM

NEWS ALERT | Cabinet approves gas grid for Northeastern states

-- Cabinet approves proposal for divestment of Neelachal Ispat

2:02 PM

NEWS ALERT | Maruti December production up 7.9% at 1.15 lakh units YoY: BSE Filing

1:51 PM

Eicher Motors trades lower for seventh straight day on weak December sales

Eicher Motors shares were trading lower for the seventh straight day, down 3.5 per cent to Rs 20,087 on the BSE on Wednesday on weak December sales. The stock was trading at its lowest level since October 24, 2019. The company that manufactures the iconic Royal Enfield brand of motorcycles, reported 13 per cent year-on-year (YoY) decline in December 2019 at 50,416 units. It had sold 58,278 motorcycles in the same month last year. READ MORE

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Topics :MARKET WRAPMarkets

First Published: Jan 08 2020 | 7:28 AM IST

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