MARKET WRAP: Sensex slips 162 pts amid coronavirus scare; metals plunge

All that happened in markets today.

3:51 PM

SECTOR WATCH | All the sectoral indices on the NSE end in the red

3:50 PM

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

3:40 PM

CLOSING BELL

The S&P BSE Sensex slipped 162 points or 0.39 per cent to end at 40,980 while the NSE's Nifty50 ended at 12,031.50, down 67 points or 0.55 per cent.

3:17 PM

NEWS ALERT | Avenue Supermarts rallied 9% today, overtook Bajaj Finserv in m-cap

3:03 PM

Riding high on RBI governor's assurance, bond market up for a long bull run

Ten-year bond yields have fallen 16 basis points (bps) since the Union Budget on February 1. And short-term bond yields such as three-year ones have fallen 25 bps since the Reserve Bank in its monetary policy on February 6 introduced long-term repo operations (LTROs) to give banks one and three year money at 5.15 per cent, against the prevailing market rate of nearly 6 per cent. READ MORE

2:55 PM

MARKET CHECK

2:53 PM

MARKET CHECK | Tata Steel extends decline, slips 6%

2:52 PM

Nifty sectoral indices at this hour

2:51 PM

Index Contributors at this hour

2:39 PM

Coronavirus impact | Auto industry concerned over supply from China: SIAM

Auto industry body Society of Indian Automobile Manufacturers (SIAM) said it will be collecting information and data from its members in the next couple of days to understand if there could be disruptions, and to what extent, if there are any.

 

"It is still slightly early to comment on it. The only thing I can say is that there are apprehensions and everybody is waiting to see as today is the day when China (market) is supposed to open up post their Chinese New Year holidays," SIAM Director General Rajesh Menon told reporters here. READ MORE

2:34 PM

SECTOR WATCH:: Public sector banks trade lower

COMPANY NAME	LATEST	HIGH	LOW	CHG(%)
ST BK OF INDIA	317.60	322.80	317.05	-0.90
PUNJAB NATL.BANK	57.10	58.85	57.00	-2.89
BANK OF BARODA	89.85	92.25	89.65	-2.39
I O B	10.45	10.60	9.05	7.40
UNION BANK (I)	47.90	49.00	47.70	-2.04

2:26 PM

Heatmap: S&P BSE Sensex

2:17 PM

Earnings Alert | GAIL Q3 result

>> Standalone net profit at Rs 1,250.6 crore

>> Revenue at Rs 17,769 crore

>> EBITDA at Rs 2,072.5 cr; margin at 11.7%

2:12 PM

Global Markets check

Asian shares fell on Monday as the death toll from a coronavirus outbreak exceeded the SARS epidemic of two decades ago, though Chinese shares gained as authorities lifted some work and travel restrictions, helping businesses to resume operations.

In early European trades, the pan-region Euro Stoxx 50 futures, German DAX futures and FTSE futures all slipped 0.1 per cent while US stock futures were more upbeat with e-minis for S&P 500 adding 0.2 per cent.

MSCI’s broadest index of Asia-Pacific shares outside Japan reversed some of its early losses but was still down 0.4 per cent. Japan’s Nikkei was off 0.6 per cent, South Korea’s KOSPI was 0.5 per cent weaker while Australia’s benchmark index eased a shade.

 

China’s indexes were the only ones in the black in Asia with the blue-chip index adding 0.5 per cent and Shanghai’s SSE Composite up 0.3 per cent.

In commodities, Oil prices slipped lower on Monday as traders assessed China’s oil demand following the coronavirus outbreak and waited to see if major producers will cut output further to balance markets. Brent crude slipped to $53.63 a barrel in early Asian trade, the lowest since January 2, 2019, before recovering to $54.32 by 0804 GMT, down 15 cents. US West Texas Intermediate fell 17 cents to $50.15 a barrel after striking a low of $49.56.

2:06 PM

Trent up for third straight day, surges 18% post December quarter results

Trent was trading higher for the third straight day, up 5 per cent on the BSE on Monday to hit a new high of Rs 697 in an otherwise weak market. The stock of the Tata Group company has rallied 18 per cent in the past three trading days after reporting 38 per cent year on year (YoY) growth in its standalone net profit at Rs 56 crore in December quarter (Q3FY20). Revenue from operations jumped 32.5 per cent to Rs 870 crore on YoY basis. READ MORE

2:01 PM

Earnings Alert | Grasim Q3 result

>> Net profit at Rs 185 cr

>> Revenue at Rs 4,500 cr

>> EBITDA at Rs 414.5 cr; margin at 9.2%

1:53 PM

BSE500 stocks that hit 52-week low today

COMPANY	PRICE(rs)	52 WK LOW	CHG(rs)	CHG(%)
B H E L	38.25	38.15	-1.55	-3.89
GAYATRI PROJECTS	37.90	37.90	-1.95	-4.89
GHCL	176.65	176.65	-3.95	-2.19
HIMATSING. SEIDE	115.40	113.70	-9.10	-7.31
IFB INDS.	547.00	541.35	-39.70	-6.77

1:52 PM

NEWS ALERT | PNC Infratech declared lowest bidder by NHAI for project worth Rs 1,530 Cr

>> Project of 60.22 km long Four Laning of Jagdishpur-Faizabad section of NH 330-4 from km 47.g00 to 10g.020 in the state of Uttar Pradesh under Bharatmala Pariyojna

1:44 PM

Earnings Alert | MRF Q3

>> Net profit at Rs 241.3 cr, down 17% YoY

>> Revenue at Rs 4,076 cr, down 0.5%

>> EBITDA at Rs 622 cr, up 9% YoY

1:32 PM

NEWS ALERT | Bank Of Baroda cuts lending rates by 5-10 bps effective February 12

1:32 PM

BROKERAGE RADAR | Emkay Global Financial Services on Insurance sector

We believe private insurance players are unlikely to see any significant shift in premium growth due to the recent announcements made in the Union Budget 2020 (tax savings sale dropping off under the new tax regime), given a diversified product suite and evolving distribution ecosystem. 

1:30 PM

BROKERAGE RADAR | ICICI Securities on Inox Leisure

Inox continues to deliver industry leading growth across metrics. The box office also continues to surprise positively with healthy content performance. We remain positive on Inox with multiplexes poised for strong growth ahead. We maintain our BUY recommendation and roll over our valuations to FY22E at 9.5x EV/EBITDA – ex-Ind AS (~30% discount to PVR target multiple of 13.5x EV/EBITDA) to arrive at a revised target price of Rs 510/share.

1:30 PM

NEWS ALERT | Lemon Tree signs Licence Agreement for a 51-room hotel in Nepal: BSE filing

>> the Company has signed a License Agreement for a 51 room upcoming Hotel at Nagarkot in Nepal 

>> The hotel is expected to open by early 2021

>> Carnation Hotels Private Limited, a subsidiary and the hotel management arm of the Company will be operating and marketing this Hotel. 

1:29 PM

BROKERAGE RADAR | Edelweiss Securities on Tata Steel

Despite a challenging quarter, we are upbeat on deleveraging by focusing on working capital reduction. Going ahead, we expect performance to improve primarily aided by better realisation. Taking cognizance of Q3FY20 core operations, we are revising down FY21/22E EBITDA 3 per cent each, resulting in revised TP at Rs 570 (earlier Rs 590). At CMP, the stock is trading at 5.8x FY21E EBITDA. We maintain ‘BUY/SO’.

1:15 PM

Avenue Supermarts' m-cap crosses Rs 1.5 trillion-mark, zooms 34% in 5 weeks

The stock has surpassed its previous high of Rs 2,361, recorded on February 6, 2020. That apart, Avenue Supermarts has outpaced the market by gaining 34 per cent in the past five weeks, and is decisively trading above its recent low of Rs 1,790 hit on January 1, 2020. In comparison, the S&P BSE Sensex was up 0.56 per cent during the same period. READ MORE

1:03 PM

NEWS ALERT | SC agrees to hear Vedanta's plea to restart Goa mine: Bloomberg

12:59 PM

Rupee check

12:50 PM

Bharat Forge slides 6% post Q3 results

12:49 PM

BROKERAGE RADAR :: Anand Rathi Shares and Stock Brokers on Symphony

Reco: Buy | TP: rs 1,678 | CMP: Rs 1,360

Post-Q3 FY20 results, we have revised our estimates, and upgrade the stock to a Buy with a target of `1,678 at 35x FY22e EPS of Rs 48 (our earlier target based on FY21e EPS was Rs 996). We now model revenue and PAT clocking CAGRs over FY20-22 of 26% and 28% respectively, resulting in the RoCE expanding from 32% in FY20 to 39% in FY22. At the CMP Rs 1,360 stock trades 37x / 28x its revised EPS of Rs 37 & Rs 48. 

Key monitorables would be the coming hot summers which is the primary driver of air-coolers domestically and a turnaround in subsidiaries, now being overhauled by Symphony based on its requirements.

12:41 PM

NEWS ALERT | Ashok Leyland arm bags order for 37 EV buses: BSE filing

>>  Ashok Leyland's subsidiary Optare PLC wins order

>> Partnering with Tower Transit Group in the launch of two new electric routes in London with the supply of 37 Metrodecker double deck EV

Alert: Tower Transit's order is the third major contract for the Metrodecker EV in just over a year.