MARKET WRAP: Indices gain for 3rd day; Sensex up 353 pts, reclaims 41,100
All that happened in markets today.
 "BSE Sensex")
Encouraging macro data points, buying in metal, realty and financial counters and positive global cues helped benchmark indices to settle in the green for the third consecutive day on Wednesday.
The domestic services industry began 2020 in a buoyant mood as activity accelerated in January at the fastest pace in seven years on strong domestic demand, a private survey showed on Wednesday. READ MORE
Before this, Manufacturing PMI, too, hit an eight-year high in January, driven by a sharp rise in new business orders amid a rebound in demand conditions.
Before this, Manufacturing PMI, too, hit an eight-year high in January, driven by a sharp rise in new business orders amid a rebound in demand conditions.
The S&P BSE Sensex today rallied 353 points or 0.87 per cent to reclaim the crucial 41,100 level to end at 41,143. Tata Steel (up nearly 5.5 per cent) emerged as the biggest gainer on the index, followed by Bharti Airtel, HDFC, and TCS. On the contrary, Hero MotoCorp, Maruti and Power Grid were among the biggest losers.
In the broader market, the S&P BSE MidCap index climbed over 1 per cent to settle at 14,644 while the S&P BSE SmallCap index closed 99 points or 0.68 per cent higher at 14,644-mark.
On the NSE, the benchmark Nifty50 index ended just shy away from the crucial 12,100 level at 12,089, up 106 points or 0.9 per cent.
Sectorally, except media, all the other indices on the NSE settled higher. The Nifty Media index slipped 0.77 per cent to end at 1,768.50 levels. On the upside, metal stocks jumped the most with the Nifty Metal index ending over 3 per cent higher at 2,675 levels.
BUZZING STOCKS
Shares of Bharat Petroleum Corporation (BPCL) gained for the third straight day on the BSE after reports said that Russia's largest oil producer Rosneft was keen to bid for the state-owned oil marketing company. The stock ended at Rs 501, up 4.7 per cent.
Shares of Avenue Supermarts, which owns and operates the DMart supermarket chain entered the 20 most valuable company club in terms of market capitalisation (m-cap). Shares ended at Rs 2249, up 4.35 per cent.
On the other hand, Zee Entertainment Enterprises (ZEEL) were under pressure for the second straight day on Wednesday. The stock fell over 7 per cent to Rs 227 on the BSE amid media report that the corporate affairs ministry has ordered an inspection of the financials of the company.
BUZZING STOCKS
Shares of Bharat Petroleum Corporation (BPCL) gained for the third straight day on the BSE after reports said that Russia's largest oil producer Rosneft was keen to bid for the state-owned oil marketing company. The stock ended at Rs 501, up 4.7 per cent.
Shares of Avenue Supermarts, which owns and operates the DMart supermarket chain entered the 20 most valuable company club in terms of market capitalisation (m-cap). Shares ended at Rs 2249, up 4.35 per cent.
On the other hand, Zee Entertainment Enterprises (ZEEL) were under pressure for the second straight day on Wednesday. The stock fell over 7 per cent to Rs 227 on the BSE amid media report that the corporate affairs ministry has ordered an inspection of the financials of the company.
GLOBAL MARKETS
European stocks jumped sharply on reports that a Chinese university found a drug to treat people with the new coronavirus and researchers in the UK saying they made a “significant breakthrough” in finding a vaccine, several London-based traders said. US stock futures also turned positive, rising 0.5 per cent.
Earlier, Asian stocks steadied as Chinese shares moved higher on hopes of additional stimulus to cushion the economic blow from a coronavirus outbreak.
In commodities, oil prices jumped by more than 3 per cent.
(With inputs from Reuters)
4:09 PM
MARKET COMMENT | Vinod Nair, HoR, Geojit Financial Services
Indian markets are mirroring the global markets and trading on a higher note powered by rate-sensitive stocks . With the overreaction on the budget being mostly done, the market’s focus will turn to how global events and Q3 results span out. Inflation being on the higher side there is no further room left for the central bank to tweak rates and is expected to follow an accommodative stance in the policy due tomorrow
3:44 PM
SECTOR WATCH | Top gainers and losers on the NSE
3:43 PM
MARKET AT CLOSE | Top gainers and losers on the S&P BSE Sensex
3:41 PM
CLOSING BELL
The S&P BSE Sensex rallied 353 points or 0.87 per cent to end at 41,143 while NSE's Nifty ended at 12,089, up 110 points or 0.91 per cent.
3:10 PM
Hero MotoCorp tanks 5%, Co to announce December quarter result on Thursday
Since October 23, when the company reported its September quarter results (Q2FY20), the stock has underperformed the market by falling 13 per cent on the BSE. In comparison, the S&P BSE Sensex was up 5 per cent, while the sector S&P BSE Auto index gained 1 per cent during the same period. READ MORE
2:55 PM
BROKERAGE RADAR | Edelweiss Securities on Godrej Properties
The company’s robust project pipeline, rapidly expanding project portfolio and tailwinds from RERA are key positives and will enable the stock to continue to trade at rich valuations. We maintain ‘BUY/SO’ with revised TP of Rs 1,268 per share (at par with NAV of Rs 1,268/share) as we roll forward valuations to June 2021E.
2:51 PM
MARKET CHECK | Sensex nears 41,100-mark
2:46 PM
NEWS ALERT | FCCB and QIP saw strong demand, says Bharti Airtel
2:45 PM
NEWS ALERT | Bharti Airtel says Infratel board extended long-stop date for Indus merger: CNBC TV18
2:35 PM
IRCTC, Avenue Supermarts, YES Bank: Trading strategies for buzzing stocks
Indian Railway Catering and Tourism Corporation (IRCTC): The counter has jumped over 50 per cent in just eight sessions. Although the continuous gap-up sessions indicate strong momentum, a jump of over 50 per cent normally witnesses profit booking. This stock now needs to consolidate after a sharp rally in order enter the next leg of an upside. Rather than buying this stock now that trades in overbought condition as per Relative Strength Index (RSI), one can wait for a healthy correction. READ MORE
2:26 PM
RESULTS UPDATE:: Adani Enterprises Q3 consolidated net profit at Rs 426 cr vs Rs 92.4 cr (YoY)
2:24 PM
» More on 52 Week High
BSE500 stocks that hit 52-week high today
| COMPANY | PRICE(rs) | 52 WK HIGH | CHG(rs) | CHG(%) |
|---|---|---|---|---|
| AEGIS LOGISTICS | 241.75 | 242.75 | 11.25 | 4.88 |
| AMBER ENTERP. | 1592.90 | 1639.20 | -12.00 | -0.75 |
| AU SMALL FINANCE | 1098.00 | 1142.95 | 46.65 | 4.44 |
| AVENUE SUPER. | 2252.00 | 2273.10 | 96.55 | 4.48 |
| BAJAJ HOLDINGS | 3859.10 | 3949.35 | 113.05 | 3.02 |
2:15 PM
NEWS ALERT | Bharti Airtel's talk with investors for share sale in Bharti Infratel put on hold: sources to CNBC TV18
>> PE investors pull out of talks
Alert: Bharti Airtel hasn't issued any statement regarding the same
Alert: Bharti Airtel hasn't issued any statement regarding the same
2:15 PM
Market check | Sensex decisively past 41,000-mark, up 300 pts
2:12 PM
BROKERAGE RADAR | ICICI Securities on Firstsource Solutions
It was a strong quarter on all metrics. Further, easing of pressure in top client, strong deal wins (three new logos added in mortgage and two in healthcare provider), strengthening of leadership team and positive outlook for BFSI, healthcare provider & utilities segment are key positives. Firstsource is also expected to pare down its net debt by nearly Rs 140-210 crore in FY21E. Accompanied by healthy dividend yield (~4.7% in FY19) and attractive valuations (6.5x FY22E EPS) prompts us to maintain our BUY rating with a revised target price of Rs 53/share (8x FY22E EPS).
Topics : Markets MARKET WRAP
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First Published: Feb 05 2020 | 7:31 AM IST
