MARKET WRAP: Sensex falls 311 points as geopolitical concerns weigh

All that happened in the markets today

3:58 PM

MARKET COMMENT :: Jayant Manglik, President, Religare Broking

Nifty started the week on feeble note and lost nearly a percent. Though it opened with an uptick, taking cues from the Asian counterparts but selling pressure in the index majors erased all the gains in no time. Participants were in cautious mood ahead of the RBI board meet and sharp rise in the volatility index, India VIX, further dampened the sentiment.

 

Participants are now eyeing the global cues like US-China trade talks, in absence of any major event. On local front, the recent profit taking phase in private banking counters and IT majors, which were holding the benchmark index, are added negatives. We feel traders have no option but to follow the prevailing bias and prefer hedged positions instead of naked trades. Nifty has next major support at 10,500.

3:35 PM

Sectoral gainers and losers of the day on NSE

3:34 PM

Gainers and losers of the day on S&P BSE Sensex

3:33 PM

Market at close

The S&P BSE Sensex ended at 35,498, down 311 points or 0.87 per cent, while the broader Nifty50 index settled at 10,641, down 83 points or 0.78 per cent.

3:20 PM

IPCA Labs hits 43-month high on robust Q3FY19 results; gains 13% in a week

Shares of Ipca Laboratories hit a 43-month high of Rs 828 apiece, up 7 per cent on the BSE in intra-day trade on Monday, gaining 13 per cent in the past one week, on the back of healthy operational performance in December 2018 quarter (Q3FY19). In comparison, the S&P BSE Sensex was down 0.71 per cent today. The stock of pharmaceutical company was quoting at its highest level since August 28, 2015 and is 9.5 per cent away from its all-time high level of Rs 907 touched on February 28, 2014. READ MORE

 

3:18 PM

Indian Oil signs first annual deal for US oil

Indian Oil Corp, the country's top refiner, has signed its first annual deal to buy US oil, paying about $1.5 billion for 60,000 barrels a day in the year to March 2020 to diversify its crude sources, its chairman said on Monday. IOC is the first Indian state refiner to buy US oil under an annual contract, in a deal that will also help boost trade between New Delhi and Washington. READ MORE

3:16 PM

Top losers on BSE500

COMPANY	PRICE(rs)	CHG(rs)	CHG(%)	VOLUME
TEJAS NETWORKS	121.85	-14.25	-10.47	19689
HIMADRI SPECIALT	95.40	-8.05	-7.78	101052
INDIABULLS INTEG	222.75	-15.60	-6.54	14669
FINOLEX INDS.	462.10	-31.65	-6.41	5984
TAKE SOLUTIONS	102.20	-6.75	-6.20	31196

3:00 PM

NEWS ALERT

CARE revises rating of Vodafone Idea's long-term facilities to AA- from AA, according to TV reports

2:53 PM

VBL to acquire PepsiCo franchise rights in South, West India

PepsiCo India's bottling partner Varun Beverages Monday said its board has approved plans to acquire franchise rights of the beverages and snacks major in South and West regions.

 

The board has approved the company's intent to enter into a binding agreement with PepsiCo India Holdings to acquire franchise rights in the two regions for a national bottling, sales and distribution footprint in seven states and five UTs, Varun Beverages Ltd (VBL) said in a regulatory filing. READ MORE

Stock impact:
 

2:49 PM

Dolat Capital on VRL Logistics

Even with high competition intensity and uncertainty in fuel cost, there are signs of improvement in business sentiment with a likely a tonnage growth of 7-8%. This likely to help the company able to achieve its targeted revenue growth of 10% YoY for FY19, in our view. Hence, we continue to be positive on the company’s growth prospects, with an estimated CAGR growth of 13% for FY18-21E in earnings and continue to maintain Accumulate with a TP ` 300.

2:48 PM

ICICI Securities on Prestige Estates

While the rise in debt levels is a cause for concern, it is backed by a strong portfolio of operational annuity assets and Rs 28 bn of completed inventory in its residential projects which provides the necessary cushion. We retain our BUY rating with a revised target price of Rs301/share (earlier Rs311) factoring in balance=sheet adjustments.

2:32 PM

Rupee could weaken past 75 if Modi fails to win second term: Expert

Two of Asia’s biggest emerging economies will soon elect leaders, and wagers are already being placed on their currencies. The consensus: Indonesia’s rupiah will trump India’s rupee.
 

RupeeRupee It boils down to who retains power among the two pro-business incumbents. Opinion polls show Indonesian President Joko Widodo is set to win the April 17 vote, while Indian Prime Minister Narendra Modi’s position appears less secure following regional defeats for his party late last year. READ MORE

2:18 PM

Dish TV hits one-month high; stock zooms 93% from January 28 low

Shares of Dish TV India moved higher by 13 per cent to Rs 37.10 apiece on the BSE in intra-day trade on Monday in an otherwise weak market. The stock of the country’s largest direct-to-home (DTH) company was trading at a one-month high. It zoomed 93 per cent from its January 28, 2019 low of Rs 19.25, as compared to 1 per cent fall in the S&P BSE Sensex. READ MORE

2:14 PM

Elara view on Nifty 50 EPS for FY19 and FY20

We downgrade Nifty 50 EPS for FY19E to 501 (5.9%) and FY20E to 626 (4.9%) from the past quarter, primarily led by energy (lower GRM due to weak crude oil outlook) and Financials (elevated credit cost in near-term due to private bank exposure to ILFS holding companies turning substandard). Based on consistent upward earnings revision with our Buy or Accumulate recommendation – we like HCL Technologies, Tech Mahindra, Wipro and Nestle India

2:00 PM

Market check

1:40 PM

Weak Q3, analysts' downgrades show a painful road ahead for auto stocks

After underperforming the broader markets in CY2018, the auto sector is likely to trail the key benchmarks even in the first half of CY19. The BSE Auto Index, which fell by a third since the start of 2018, is expected to see more downgrades, given the demand headwinds. Amyn Pirani of Deutsche Bank, in a report last month, indicated that growth and margin expectations could continue to moderate over the next couple of quarters. READ MORE

1:28 PM

Oil check

Oil prices on Monday hit their highest levels since November last year, lifted by OPEC-led supply cuts, US sanctions against Iran and Venezuela, and hopes that the Afro-American trade dispute may soon end.

 

International Brent crude futures were at $66.63 per barrel, up 38 cents, or 0.6 per cent, from their last close. Brent earlier climbed to $66.78 a barrel, the highest since November 2018. US West Texas Intermediate (WTI) crude oil futures were at $56.06 per barrel, up 47 cents, or 0.9 per cent, from their last close. WTI prices also rose their highest since November, at $56.13 per barrel, earlier on Monday. READ MORE

1:21 PM

RBI Governor to discuss rate cut transmission with bank chiefs on Feb 21

Reserve Bank Governor Shaktikanta Das Monday said he will meet heads of public and private sector banks this week to discuss transmission of interest rate cut to borrowers. Speaking to reporters after Finance Minister Arun Jaitley addressed the board of the central bank, he said transmission of monetary policy decisions is important. READ MORE

1:10 PM

Top gainers on BSE500

COMPANY	PRICE(rs)	CHG(rs)	CHG(%)	VOLUME
THYROCARE TECH.	566.45	63.00	12.51	47115
DISH TV	36.55	3.65	11.09	2082304
REL. COMM.	6.09	0.59	10.73	8228936
RELIANCE POWER	11.25	1.05	10.29	4368411
RELIANCE INFRA.	125.60	10.70	9.31	1737861

12:59 PM

A year after $2-bn Nirav Modi fraud, PNB on road to annual profits in FY20

One year after being hit by a $2 billion scam, Punjab National Bank (PNB) is set to return to annual profits and strong loan growth in fiscal 2020 even as investigations continue into the country's biggest banking fraud. State-run PNB has already surprised markets with an earlier-than-expected profit for the quarter ended Dec. 31 as it completed setting aside funds to cover for the scam and its bad loan levels eased. READ MORE

12:46 PM

RBI will announce dividend once decided by central board: RBI Guv

12:45 PM

Issue of interim dividend will be decided by Bimal Jalan Committee: FM Jaitley

12:44 PM

In the case of YES BANK case, it's the matter between the regulator and bank: RBI Guv

12:44 PM

RBI Guv: Will meet heads of PSUs and pvt banks on Feburary 21 to discuss rate transmissions

12:43 PM

There has been a healthy growth in revenues in the last 5 years: FM Jaitley

12:43 PM

RBI Governor says can't comment on Kotak Bank case as it is subjudice

12:31 PM

Nifty Realty index is trading over 1.5% per cent higher

12:25 PM

DHFL surges 10% on stake sale buzz; up 30% from Thursday's low of Rs 104

Shares of Dewan Housing Finance Corporation Limited (DHFL) have moved higher by 10 per cent to Rs 135 on the BSE in otherwise weak market, on reports that private equity (PE) firms are eying a minority stake in the housing finance company. Baring, Bain and Hero Fincorp are in talks to buy a 10 per cent stake in DHFL, The Economic Times reported quoting people with knowledge of the matter. READ HERE

12:12 PM

Web Exclusive | Indigo, Jet Airways, SpiceJet: Here's how they look on the technical charts

Aviation stocks have been in the news recently. While cash-starved Jet Airways plans to raise about Rs 2,500 crore through a rights issue, IndiGo seems to be fighting a severe shortage of pilots.

 

The budget carrier on Friday said scheduled cancellations of 30 flights every day would continue till March 31 and denied that 130 flights were being cancelled on Friday. IndiGo's statement came a day after media reports said the airline would cancel 130 flights on Friday. READ MORE

12:00 PM

MARKET CHECK