India-Pak tension sees Sensex slip 466 pts from day's high; ends at 35,905
All that happened in the markets today
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Benchmark Indices ended lower on Wednesday as tensions between India and Pakistan escalated.
The S&P BSE Sensex ended at 35,905, down 68 points or 0.19 per cent, while the broader Nifty50 index settled at 10,807, down 29 points or 0.26 per cent. The 30-share index had hit an intra-day of 36,371, while the 50-share Nifty surged to 10,939 during the day.
The S&P BSE Sensex ended at 35,905, down 68 points or 0.19 per cent, while the broader Nifty50 index settled at 10,807, down 29 points or 0.26 per cent. The 30-share index had hit an intra-day of 36,371, while the 50-share Nifty surged to 10,939 during the day.
Among the sectoral indices, Nifty IT index ended 0.5 per cent lower led by a decline in Wipro and Infibeam. While the Nifty Financial Service index settled 0.5 per cent lower weighed by Edelweiss and Indiabulls Ventures.
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In the broader market, the S&P BSE MidCap index ended 57 points, 0.40 per cent higher at 14,249, while S&P BSE SmallCap index settled at 13,573, up 23 points, or 0.17 per cent.
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In the broader market, the S&P BSE MidCap index ended 57 points, 0.40 per cent higher at 14,249, while S&P BSE SmallCap index settled at 13,573, up 23 points, or 0.17 per cent.
GLOBAL MARKETS
Asian shares were trading higher in the early trade on Wednesday after Federal Reserve Chairman Jerome Powell reinforced the US central bank’s recent shift towards a more “patient” approach on policy in the face of a slowing economy. MSCI’s broadest index of Asia-Pacific shares outside Japan added 0.1 per cent while Japan’s Nikkei share average gained 0.4 per cent.
In the overnight trade, US stocks settled lower. In the commodity market, oil prices rose on OPEC-led supply cuts and a report of declining US crude inventories.
(with Reuters input)
(with Reuters input)
4:06 PM
MARKET WRAP :: Jayant Manglik, President - Retail Distribution, Religare Broking
The Indian equity benchmark indices witnessed yet another highly volatile trading session. The nifty index opened higher, however escalating tensions between India-Pakistan led to a sharp fall in the markets. In the latter half, the markets managed to recover some of its losses before ending 0.3% lower at 10,807 levels.
The broader markets outperformed with BSE Midcap and Smallcap ending with gains of 0.4% and 0.2% respectively. The sectoral indices witnessed mixed trend. While Capital Goods, Realty and Auto ended with moderate gains, sectors like Consumer Durables, Banking and IT were the top losers.
The broader markets outperformed with BSE Midcap and Smallcap ending with gains of 0.4% and 0.2% respectively. The sectoral indices witnessed mixed trend. While Capital Goods, Realty and Auto ended with moderate gains, sectors like Consumer Durables, Banking and IT were the top losers.
We expect markets to remain volatile in the near term. On the domestic front, any escalation of tensions between India and Pakistan would keep the markets volatile. Further, India’s Q3FY19 GDP numbers on tomorrow would be keenly watched. Globally, positive developments on US-China trade deal is good for the global markets, however progress on Brexit deal front, crude oil price and currency movement would be actively tracked by investors
4:05 PM
HEAT MAP :: BSE Sensex
4:04 PM
Markets at a glance
(Image source: NSE)
3:37 PM
Market at close
The S&P BSE Sensex ended at 35,905, down 68 points or 0.19 per cent, while the broader Nifty50 index settled at 10,807, down 29 points or 0.26 per cent.
3:26 PM
Raveesh Kumar, MEA says
3:25 PM
Rain Industries hits 10% lower circuit on weak December quarter numbers
Shares of Rain Industries locked in lower circuit of 10 per cent at Rs 97.65 apiece on the BSE after the company reported the biggest net loss in the past four years in October-December quarter (Q4CY18), mainly due to lower operating performance. The petrochemicals company posted a net loss of Rs 139 crore in Q4CY18 against a net profit of Rs 307 crore in the year-ago quarter. Earlier, in December 2014 quarter Rain Industries posted a net loss of Rs 200 crore. READ MORE
3:21 PM
NEWS ALERT
3:12 PM
Elara Capital on Sanofi India
Sanofi’s portfolio is skewed more towards high-growing chronic portfolio and along with its leadership position in basal insulin provides an edge. Top products, such as Lantus, Insuman and Allerga, along with line extensions of Amaryl remain resilient.
Further, the company recently launched Toujeo (February 2018) has gained traction. At the CMP, the stock is trading at 16x CY20E EV/EBITDA, which is at a 30-40% discount to other MNC peers like GSK Pharma. We recommend Accumulate with a TP of INR 6,600 based on 30x CY20E P/E. Any regulatory headwinds to drug pricing in the domestic market are key risks to our call
Further, the company recently launched Toujeo (February 2018) has gained traction. At the CMP, the stock is trading at 16x CY20E EV/EBITDA, which is at a 30-40% discount to other MNC peers like GSK Pharma. We recommend Accumulate with a TP of INR 6,600 based on 30x CY20E P/E. Any regulatory headwinds to drug pricing in the domestic market are key risks to our call
3:08 PM
COMMENT :: UBS on inflation, rate cuts
We expect headline CPI inflation to remain below 4% YoY until Oct 2019 and average 3.8% YoY in FY20 (below the RBI's medium-term target of 4% YoY). Our forecast assumes tepid food inflation for the fifth consecutive year amidst an assumption of normal rainfall (no weather shock) and stable crude oil prices.
More importantly, we now expect core inflation to come off 100bps in FY20. Softer inflation could give the MPC enough leeway to ease monetary policy, especially given its renewed focus on supporting growth. We expect the MPC to cut the policy rate a cumulative 75-100bps in this cycle (including the recent 25bp rate cut).
More importantly, we now expect core inflation to come off 100bps in FY20. Softer inflation could give the MPC enough leeway to ease monetary policy, especially given its renewed focus on supporting growth. We expect the MPC to cut the policy rate a cumulative 75-100bps in this cycle (including the recent 25bp rate cut).
3:06 PM
MARKET CHECK
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First Published: Feb 27 2019 | 8:15 AM IST