MARKET WRAP: Sensex ends 137 pts higher, Nifty above 11,700; ITC slides 5%
All that happened in markets today
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A disappointing Budget for the year 2020-21, coupled with worries over deadly coronavirus kept market participants cautious for the most part of the session on Monday. However, buying in select counters helped benchmark indices settle in the positive territory.
The S&P BSE Sensex gained 137 points or 0.34 per cent to end at 39,872 with Asian Paints (up over 6 per cent) being the top gainer and ITC (down 5 per cent) the biggest loser. HUL, Asian Paints, ICICI Bank, and IndusInd Bank contributed the most to the index's gains while ITC, TCS, and Infosys were the major drags.
ITC was the stock of the day as the counter hit its fresh 52-week low after the government proposed to increase the National Calamity Contingency Duty (NCCD) on cigarettes, hookah, chewing tobacco, snuff and tobacco extracts and essence. The stock settled at Rs 207 apiece on the BSE, down nearly 5.5 per cent. READ MORE
On the NSE, the broader Nifty added 46 points or 0.39 per cent to close the session at 11,708.
Sectorally, media, realty and metal stocks advanced the most while PSU banks took the biggest knock. The Nifty PSU Bank index lost nearly 2.5 per cent to end at 2,221.80 levels.
In the broader market, the Nifty Midcap 100 index added 189 points or 1 per cent to end at 17,709 levels while the Nifty SmallCap index ended flat at 6,049-mark, down over 8 points or 0.14 per cent.
GLOBAL MARKETS
World shares sank to their lowest in seven weeks on Monday, dragged down by a plunge in Asian stocks on their first trading day after a long break on fears the coronavirus epidemic would hit demand in China. European shares bucked the broader trend however, opening a tad higher as investors were relieved that the UK had finally exited the EU, although ongoing fears over the virus dampened enthusiasm.
Japan’s Nikkei dived 1 per cent to the lowest since November and Australia’s benchmark index ended 1.3 per cent lower.
(With inputs from Reuters)
3:47 PM
SECTOR WATCH | Top gainers and losers on the NSE
3:46 PM
Top gainers and losers on the S&P BSE Sensex
3:39 PM
CLOSING BELL
The S&P BSE Sensex climbed 137 points or 0.34 per cent to end at 39,872 while NSE's Nifty50 ended at 11,708, up 46 points or 0.39 per cent.
3:18 PM
GLOBAL MARKETS
World shares sank to their lowest in seven weeks on Monday, dragged down by a plunge in Asian stocks on their first trading day after a long break on fears the coronavirus epidemic would hit demand in China.
3:16 PM
MARKET CHECK | Top gainers on the BSE at this hour
3:02 PM
BROKERAGE RADAR | Centrum Broking on SBI
We like SBIN for its improving margins, funding franchise, and improving coverage ratios, all of which indicate a strengthening balance sheet, along with the subsidiaries’ profitable performance. We roll forward our valuations to FY22E, and maintain our target multiple on the core banking business at 1.5x FY22E ABV. Aided by the subsidiaries’ performance, we get an SOTP-based TP of Rs 481 (from Rs 417 earlier). Maintain BUY. Risks: slower loan growth and higher-than-expected slippages.
3:01 PM
Amara Raja Batteries soars 6% on good Q3 operational performance
The company’s earnings before interest, tax, depreciation and amortisation (Ebitda) margins expanded 130 basis points (bps) year-on-year (YoY) to 16.2 per cent, driven by lower raw material costs and impacted by higher-than-expected other costs. Net revenue from operations during the quarter grew 3 per cent at Rs 1,748 crore against Rs 1,695 crore in the corresponding quarter of the previous fiscal. Profit after tax (PAT) rose 26 per cent to Rs 164 crore on YoY basis. READ MORE
2:44 PM
BUZZING STOCK | RIL gains over 1%
2:31 PM
From Morgan Stanley to Motilal Oswal, brokerages disappointed with Budget
Goldman Sachs
Despite a slowing economy, the budget does not envisage any major stimulus through the budgeted fiscal deficit figures, with the FY21 targeted fiscal deficit to decline to 3.5 per cent of GDP, compared to 3.8 per cent of GDP for FY20.
With budgeted nominal GDP growth of 10 per cent y-o-y and gross tax revenue growth of 12 per cent y-o-y, the implied tax buoyancy stands at 1.2 which continues to appear ambitious versus the 0.5 tax buoyancy achieved in FY20. Unless there is a sharp increase in tax compliance, we think it is quite likely that the government will have to cut current spending, as was the case in FY20. READ MORE
Nirmala Sitharaman
2:16 PM
NPAs of public sector banks stand at Rs 7.27 trillion: Govt tells Lok Sabha
The government on Monday said the Non Performing Assets (NPAs) of Public Sector Banks (PSBs) stood at Rs 7.27 trillion as on September 30, 2019. Union Minister of State for Finance Anurag Thakur also said in Lok Sabha that scheduled commercial banks and select financial institutions have reported frauds to the tune of Rs 1,13,374 crore in the first half of the current financial year. READ MORE
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First Published: Feb 03 2020 | 7:40 AM IST