MARKET WRAP: Indices off day's low, Sensex ends 161 pts lower; Infy up 1%

All that happened in markets today

3:56 PM

SECTOR WATCH | Media and IT indices end in the green

3:55 PM

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

3:44 PM

CLOSING BELL

The S&P BSE Sensex slipped 161 points or 0.39 per cent to end at 40,894 while NSE's Nifty ended at 11,992.50, down 53 points or 0.44 per cent.  

3:15 PM

BLOCK DEAL | 0.6% equity of IndusInd Bank changes hands

-- 38 lakh shares worth Rs 438 cr trade in 4 blocks on BSE at Rs 1,144.20/sh

3:01 PM

IOL Chemicals hits record high in weak market, zooms 34% in 3 days

The stock of pharmaceutical company surpassed its previous high of Rs 235 touched on May 30, 2019. In past three trading days, it zoomed 34 per cent as compared to 1.8 per cent decline in the S&P BSE Sensex. READ MORE  

2:55 PM

Barbeque Nation files IPO papers with Sebi to raise Rs 1,000-1,200 crore

The IPO comprises a fresh issue of shares worth Rs275 crore and an offer-for-sale of up to 98,22,947 equity shares, according to the draft papers filed with the Securities and Exchange Board of India (Sebi).

 

The company may consider a pre-IPO placement to the tune of Rs150 crore. READ MORE

2:45 PM

NEWS ALERT | Cabinet likely to discuss ongoing PSU bank mergers this week

2:26 PM

Global Markets check

European shares dropped on Tuesday as a revenue warning from iPhone maker Apple Inc (AAPL.O) sent shockwaves through the tech sector, highlighting the impact of the coronavirus outbreak on global demand and supply. The pan-European STOXX 600 index fell 0.8 per cent, having ended at a record high on Monday after China outlined fresh stimulus measures to mitigate the virus’ economic impact.

Asian shares fell and Wall Street was poised to retreat from record highs on Tuesday after Apple Inc said it would miss its March quarter revenue guidance as the coronavirus slowed production and weakened demand in China. MSCI’s broadest index of Asia-Pacific shares outside Japan fell 1 per cent, while Tokyo’s Nikkei slid 1.4 per cent, dragged down by tech stocks.

 

China’s CSI300 blue chip shares gave up 0.5 per cent, following a strong rally that was fuelled by hopes Beijing would introduce more policy stimulus.

Oil prices slipped on fresh concerns over the economic impact of the coronavirus outbreak in China. Brent crude fell 0.6 per cent to $57.30 a barrel, while US West Texas Intermediate (WTI) crude slipped 0.3 per cent to $51.90 a barrel.

2:13 PM

BROKERAGE RADAR | HDFC Securities on Ashok Leyland

Ashok Leyland reported yet another weak quarter as EBITDA margin declined to 5.6% (-460/-20bps YoY/QoQ). The industry awaits the announcement of a scrappage scheme, which will aid demand in FY21. We reiterate NEUTRAL with a target price (TP) of Rs 75 (13x on Dec-21 EPS).

2:04 PM

Coronavirus impact: Stay away from aviation stocks for now, say analysts

The contagion effect of the coronavirus (Covid-19) could soon bite the Indian aviation sector that is already dealing with a modest air-traffic growth due to the on-going economic slowdown. While the sector has seen limited impact thus far, failure to curb the virus till April could dent sentiment, experts say. Kapil Kaul, chief executive officer of CAPA’s South Asia unit says that the demand to East Asia and Southeast Asia could be affected, and outbound travel from April onwards will have to be watched, depending upon the severity of the situation in the next few weeks. READ MORE

2:03 PM

Bharti Infratel tumbles 12%

1:57 PM

MARKET CHECK

1:52 PM

Whirlpool of India gains 4% in a weak market

1:48 PM

MARKET CHECK | Sadbhav Engineering slips 7%

1:43 PM

Bharti Airtel slides 4%, at day's low now

1:34 PM

Broader markets underperform benchmarks

1:32 PM

ITC continues decline, hits 3-year low; slips 15% so far in February

Thus far in February, ITC has underperformed the market by falling 15 per cent after the hike in the National Calamity Contingency Duty (NCCD) announced in the Union Budget this year. In comparison, the benchmark S&P BSE Sensex has slipped marginally by 0.22 per cent. READ MORE  

Photo: Reuters

1:19 PM

Voda Idea: As threat of closure looms, Kumar Mangalam Birla meets DoT secy

Vodafone Idea Chairman Kumar Mangalam Birla, MD and CEO Ravinder Takkar on Tuesday called on Telecom Secretary Anshu Prakash amid concerns of its very survival if the government invokes bank guarantee over no payment of adjusted gross revenue (AGR). The company on Monday paid Rs 2,500 crore on account of its AGR dues and said that another Rs 1,000 crore will be paid by Friday. It is said that funds are being arranged to pay the remaining amount. READ MORE

1:09 PM

NEWS ALERT | Tech Mahindra board to consider interim dividend on Feb 24

12:59 PM

Nifty PSU Bank index nears four-year low; six banks tumble to 5-year low

Shares of public sector banks (PSBs) continued to reel under pressure on Tuesday with the Nifty PSU Bank index nearing its four-year low level. The index hit intra-day low of 2,078.80, its lowest level since March 1, 2016, when it touched 2,053.60 levels in intra-day trade. It dipped below its previous low of 2113.05 levels hit on October 9, 2019. In past three trading days, Nifty PSU Bank index has slipped 7.9 per cent as against 2 per cent fall in the benchmark index. READ MORE  

12:42 PM

BROKERAGE RADAR | ICICI Securities on Shree Pushkar Chemicals

We believe that given the Coronavirus situation prevailing in China, it is unlikely that China manufacturers would operate plant at higher utilisation in the near future. Further, given that majority of chemical producers hold inventories till April, there is a high probability that incremental order inquires for intermediates should flow to Indian companies. Wuhan is considered one of the most prominent places for dye intermediates production. Thus, incremental demand should benefit players like Shree Pushkar in the short-term. We value the company at 6x FY21E EV/EBITDA and arrive at a target price of Rs 145. We have a BUY rating on the stock.

12:28 PM

MARKET CHECK | Bharti Airtel falls nearly 4%

12:24 PM

MARKET CHECK | Sensex declines over 400 pts

12:14 PM

MARKET CHECK | Varroc Engineering slips over 3%

12:07 PM

MARKET UPDATE:: Indices at day's low; Sensex slips over 350 pts

11:53 AM

NEWS ALERT | KM Birla meets telecom secretary on AGR issue: CNBC TV18

11:47 AM

BROKERAGE RADAR | Axis Securities on State Bank of India

In Q3FY20, Deposit growth increased to 10% YoY vs. 8% in Q2FY20. This was led by an increase in term deposit growth to 11/3% as CASA deposits grew ~8/1%. Overall, CASA formed 44.7% of the total deposits (45.2% last year). The uptick in deposit growth is a positive after sluggish growth in the trailing 5 quarters.

We have Buy with target price of Rs 357.

11:46 AM

Market share loss, global trade hold-up to hit Concor's prospects

The ongoing domestic slowdown and lower global trade on account of the novel coronavirus is expected to weigh on the volume growth trend of Container Corporation (Concor) of India in the near term. While China’s share of India’s exports is slightly over 5 per cent, it accounts for 14 per cent of the country’s imports. Disruption in domestic production and further slowdown in the global economy could hit Concor’s export-import (exim) segment.  READ MORE

11:34 AM

Heatmap: S&P BSE Sensex

11:27 AM

Motherson Sumi slides 5%