MARKET WRAP: Sensex gains for 4th day, up 163 pts; PSBs, pharma stocks jump
All that happened in markets today.
 "bse, sensex, bull")
Continuing their northward journey, the benchmark indices gained for the fourth straight day on Thursday after the Reserve Bank of India (RBI) kept the repo rate unchanged at 5.15 per cent and maintained 'accommodative' stance in its sixth bi-monthly monetary policy review of the financial year 2019-20 (FY20). READ MORE
The S&P BSE Sensex added 163 points or 0.4 per cent to settle at 41,306 levels while the NSE's Nifty50 closed the session at 12,138, up 49 points or 0.4 per cent. On the NSE, the Nifty50 index ended at 12,138, up 49 points or 0.4 per cent.
Bank and financial services stocks made impressive gains post the RBI policy announcement. Nifty Bank climbed 285 points or nearly a per cent to end at 31,287 while Nifty PSU Bank index closed at 2,312 levels, up 59 points or 2.63 per cent. Nifty Private Bank index rallied around a per cent to settle at 17,243 levels.
Volatility index India VIX slipped nearly 3 per cent to 13.75 levels.
In the broader market, Nifty Midcap 100 index gained 0.7 per cent to 18,241 points and the Nifty Small Cap 100 index added 0.48 per cent to settle at 6,235.
BUZZING STOCKS
Bharti Airtel joined the elite club of Rs 3 trillion market capitalisation (market-cap) as shares of the telecom services provider hit a new high on the BSE in the intra-day trade. The stock settled at Rs 547, up nearly 2.5 per cent. READ MORE
Shares of Avenue Supermarts, which operates supermarket chain DMart, rallied 5 per cent to Rs 2,361, also its new high today, after its board approved the launch of a qualified institutional placement (QIP) by the promoters. The stock ended 2 per cent higher at Rs 2,294.
GLOBAL MARKETS
BUZZING STOCKS
Bharti Airtel joined the elite club of Rs 3 trillion market capitalisation (market-cap) as shares of the telecom services provider hit a new high on the BSE in the intra-day trade. The stock settled at Rs 547, up nearly 2.5 per cent. READ MORE
Shares of Avenue Supermarts, which operates supermarket chain DMart, rallied 5 per cent to Rs 2,361, also its new high today, after its board approved the launch of a qualified institutional placement (QIP) by the promoters. The stock ended 2 per cent higher at Rs 2,294.
GLOBAL MARKETS
Global stocks extended their recovery on Thursday, cheered by record closes in Wall Street benchmarks following encouraging economic data, and after China announced a cut in tariffs on some imported goods from the United States.
MSCI’s broadest index of Asia-Pacific shares outside Japan jumped 1.66 per cent while Japan’s Nikkei rose 2.38 per cent. Mainland Chinese shares also reacted positively, with the bluechip CSI300 index up 1.97 per cent.
US stock futures rose 0.55 per cent in Asia while China’s onshore yuan rose 0.2 per cent to its strongest level since January 23 after the tariff cuts were announced.
In commodities, oil futures rose for a second day on Thursday amid investor optimism over unconfirmed reports of possible advances in combating the coronavirus outbreak in China which could cause fuel demand to rebound in the world’s biggest oil importer.
(With inputs from Reuters)
4:10 PM
MARKET COMMENT | Vinod Nair, Head of Research, Geojit Financial Services
Monetary policy action from the central bank on rates came on expected line while measures to spur growth in credit came as a surprise. Removal of CRR for loans made to specific sector and open market operations will support the economy with more credits at lower rates.. Inflation rate is forecast to subsequently reduce in the coming months and provide more room for RBI to cut interest rates as and when necessary.
4:02 PM
SECTOR WATCH | Top gainers and losers on the NSE
4:01 PM
MARKET AT CLOSE | Top gainers and losers on the S&P BSE Sensex
3:36 PM
CLOSING BELL
The S&P BSE Sensex gained 163 points or 0.4 per cent to settle at 41,306 while NSE's Nifty50 closed at 12,138, up 49 points or 0.4 per cent.
3:24 PM
NEWS ALERT | Lupin slips over 1%; Q3 net loss at Rs 835 crore
3:09 PM
NEWS ALERT | Sun Pharma logs profit of Rs 913 crore
- Cons revenue at Rs 8,155 crore
3:06 PM
MARKET CHECK | Top 5 gainers on the BSE at this hour
2:50 PM
BROKERAGE RADAR | Centrum Broking on HG Infra Engineering
Adjusted valuations at 6.7x/5.8x FY21/22E EPS are inexpensive considering HG's strong earnings growth outlook, low leverage and high return ratios. We initiate coverage with Buy rating and 12-month target price of Rs405, based on 10x FY22E EPS and Rs 45/share value of assets.
Key risks – delay in receipt of Appointed Dates for existing projects, prolonged slump in highway ordering, execution delays in big ticket projects.
Key risks – delay in receipt of Appointed Dates for existing projects, prolonged slump in highway ordering, execution delays in big ticket projects.
2:42 PM
MARKET CHECK
2:32 PM
BROKERAGE RADAR | ICICI Securities on Engineers India
Target: Rs 105 (8%) Target Period: 12-15 months
EIL’s balance sheet continues to remain healthy with zero debt and cash balance of ~| 2660 crore. EIL’s bookto-bill is at healthy ~4.5x (order book at | 10164 crore). We value EIL at 13.5x P/E on FY21E EPS of | 7.7 with a target price of | 105 per share and maintain HOLD rating EIL. Key risks: Any project related headwinds or delays in turnkey segment may further affect revenue growth.
2:22 PM
-- Ebitda at Rs 595.2 crore
-- Tax expense at Rs 145.2 crore
RESULTS CORNER:: Eicher Motors Q3 standalone net profit down 2.5% YoY at Rs 488.9 cr
-- Revenue at Rs 2,363.5 crore
-- Ebitda at Rs 595.2 crore
-- Tax expense at Rs 145.2 crore
2:14 PM
FMCG stocks under pressure
2:02 PM
Asian stocks edged up on Thursday, a day after U.S. S&P 500 hit a record peak following encouraging economic data, while investors keep a wary eye on the impact of the coronavirus outbreak.
MSCI's broadest index of Asia-Pacific shares outside Japan gained 0.39 per cent while Japan's Nikkei rose 1.63 per cent.
Global Markets check
European shares rose to a record high on Thursday, helped by China’s plan to cut tariffs on some US goods and a swathe of strong earnings. The pan-European STOXX 600 index rose as much as 0.7 per cent to a record high of 426.700.
China said on Thursday it plans to halve tariffs on some US goods, which could help improve negotiating conditions for a second phase of a trade deal after the signing of a Phase 1 agreement between the two countries earlier this year. The initial agreement had signaled no further escalation in a prolonged trade war which had severely hampered global economic growth.
Asian stocks edged up on Thursday, a day after U.S. S&P 500 hit a record peak following encouraging economic data, while investors keep a wary eye on the impact of the coronavirus outbreak.
MSCI's broadest index of Asia-Pacific shares outside Japan gained 0.39 per cent while Japan's Nikkei rose 1.63 per cent.
1:56 PM
MARKET CHECK:: Sensex off day's high
1:55 PM
Rupee check
Topics : Markets MARKET WRAP
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First Published: Feb 06 2020 | 7:29 AM IST