MARKET WRAP: Sensex down 153 pts, Nifty below 12,100; Asian Paints falls 2%

After a one-day blip, benchmark indices once again slipped into the negative territory on Thursday, pulled down by heavyweights such as Reliance Industries (RIL), HDFC Bank, TCS, HUL and Asian Paints. Further, investors awaited more clarity on US President Donald Trump’s statement ahead of his visit to India that the two countries were working on a major trade deal.

The S&P BSE Sensex lost 153 points or 0.37 per cent to settle at 41,170, with Asian Paints (down over 2 per cent) being the top loser and IndusInd Bank (up over 3.5 per cent) the biggest gainer. 

 
NSE's Nifty50 index ended the session at 12,081, down 45 points or 0.37 per cent. 

Among individual stocks, IRCTC gained over 5 per cent to end at 1,928 . Adani Gas rallied 13 per cent to Rs 185.50 apiece on the BSE after media reports said Petroleum and Natural Gas Regulatory Board (PNGRB) disposed November 29 showcause notice to the company and the regulator has approved TOTAL's 37 per cent stake buy in the company. 

In the broader market, the S&P BSE Midcap index added 62.5 points or 0.4 per cent to 15,694 while the S&P BSE SmallCap index rallied 0.5 per cent to settle at 14,747. 

On the sectoral front, IT stocks bled the most, followed by FMCG and media counters. On the other hand, PSU bank stocks advanced the most. The Nifty PSU Bank index climbed 1 per cent to 2,169 levels. 

Markets will remain shut on Friday on account of Mahashivratri. 

GLOBAL MARKETS 

Asian stocks slipped and so did the region’s currencies on Thursday, as virus cases rose in South Korea and Japan and investors quit local assets in favor of safety further afield. MSCI’s broadest index of Asia-Pacific shares outside Japan slipped 0.3 per cent, led by drops on Hong Kong’s Hang Seng and South Korea’s KOSPI.

E-mini futures for the S&P 500 traded a fraction softer and European futures fell 0.2 per cent, while bonds firmed slightly.

The Australian dollar fell 0.6 per cent to an 11-year low of $0.6633 after a surprise rise in unemployment.

In commodities, oil prices added to overnight gains while gold loitered around $1,609 per ounce.

(With inputs from Reuters)


3:55 PM IST

3:54 PM IST

3:40 PM IST The S&P BSE Sensex dropped 153 points or 0.37 per cent to end at 41,170 while NSE's Nifty50 index ended at 12,081, down 45 points or 0.37 per cent. 

3:20 PM IST

3:05 PM IST

3:02 PM IST According to Federation of Automobile Dealers Associations (FADA), which collected vehicle registration data from 1,223 out of the 1,432 regional transport offices (RTOs), PV sales stood at 3,04,929 units in January 2019.   Two-wheeler sales declined 8.82 per cent to 12,67,366 units last month as compared with 13,89,951 units in January 2019. READ MORE

2:59 PM IST

2:56 PM IST

2:52 PM IST While increasing focus towards value added category would help improve margin, we believe higher working capital requirement limits the RoE expansion (RoEs~12%). We also believe a reduction in debt and exit of non-core business would be key monitorables for TTL, going forward. We slightly tweak our revenue and earnings estimates and model revenue, earning CAGR of 9%, 6%, respectively, for FY19-21E. We change our rating from HOLD to REDUCE with a revised target price of | 50/share (3xEV/EBITDA FY21E).

2:50 PM IST

2:45 PM IST The Department of Telecommunications will issue fresh notices to Vodafone Idea, Bharti Airtel and Tata Teleservices this week for not entirely paying their AGR dues. While Bharti Airtel paid Rs 10,000 crore on Monday, Vodafone Idea paid Rs 2,500 crore that day and another Rs 1,000 crore on Thusday. In all, it owes Rs 53,000 crore to the Telecom Department. READ MORE

2:38 PM IST COMPANY PRICE(rs) 52 WK HIGH CHG(%) ADANI ENTERP. 257.70 260.10 1.44 ADITYA BIR. FAS. 279.60 283.60 2.01 ALEMBIC PHARMA 668.35 682.50 -0.45 AMBER ENTERP. 1657.50 1690.00 0.76 APOLLO HOSPITALS 1793.45 1814.00 0.68 » More on 52 Week High

LIVE UPDATES

SECTOR WATCH | Top losers and gainers on the NSE


MARKET AT CLOSE | Top losers and gainers on the S&P BSE Sensex


CLOSING BELL

The S&P BSE Sensex dropped 153 points or 0.37 per cent to end at 41,170 while NSE's Nifty50 index ended at 12,081, down 45 points or 0.37 per cent. 

NEWS ALERT | PNGRB disposes Nov 29 show cause notice to Adani Gas; stock jumps over 11%


Market check | Sharp slide in Sensex


Passenger vehicle retail sales fall 5% in January on tepid response: FADA

According to Federation of Automobile Dealers Associations (FADA), which collected vehicle registration data from 1,223 out of the 1,432 regional transport offices (RTOs), PV sales stood at 3,04,929 units in January 2019.
 
Two-wheeler sales declined 8.82 per cent to 12,67,366 units last month as compared with 13,89,951 units in January 2019. READ MORE

Nifty extends fall, below 12,100 now


Market check


BROKERAGE RADAR | ICICI Securities on Time Technoplast

While increasing focus towards value added category would help improve margin, we believe higher working capital requirement limits the RoE expansion (RoEs~12%). We also believe a reduction in debt and exit of non-core business would be key monitorables for TTL, going forward. We slightly tweak our revenue and earnings estimates and model revenue, earning CAGR of 9%, 6%, respectively, for FY19-21E. We change our rating from HOLD to REDUCE with a revised target price of | 50/share (3xEV/EBITDA FY21E).

No ED probe against Co, says Escorts


DOT to issue fresh notice to telcos calling for full payment of AGR dues

The Department of Telecommunications will issue fresh notices to Vodafone Idea, Bharti Airtel and Tata Teleservices this week for not entirely paying their AGR dues. While Bharti Airtel paid Rs 10,000 crore on Monday, Vodafone Idea paid Rs 2,500 crore that day and another Rs 1,000 crore on Thusday. In all, it owes Rs 53,000 crore to the Telecom Department. READ MORE

BSE500 stocks that hit 52-week high today

COMPANY PRICE(rs) 52 WK HIGH CHG(%)
ADANI ENTERP. 257.70 260.10 1.44
ADITYA BIR. FAS. 279.60 283.60 2.01
ALEMBIC PHARMA 668.35 682.50 -0.45
AMBER ENTERP. 1657.50 1690.00 0.76
APOLLO HOSPITALS 1793.45 1814.00 0.68
» More on 52 Week High

Global Markets check

Asian stocks slipped and so did the region’s currencies on Thursday, as virus cases rose in South Korea and Japan and investors quit local assets in favor of safety further afield. China has reported a large drop in new cases and announced an expected interest rate cut to buttress its economy.

MSCI’s broadest index of Asia-Pacific shares outside Japan slipped 0.3 per cent, led by drops on Hong Kong’s Hang Seng and South Korea’s KOSPI.
 
E-mini futures for the S&P 500 traded a fraction softer and European futures fell 0.2 per cent, while bonds firmed slightly.

Elsewhere, oil prices added to overnight gains while gold loitered around $1,609 per ounce. US crude last sat 25 cents firmer at $53.54 per barrel and Brent added 23 cents to $59.35.

NEWS ALERT | Fitch affirms Bharti Airtel's long-term foreign currency rating at 'BBB-': CNBC TV18

-- Fitch removes rating from 'watch negative'

MSTC, Mishra Dhatu Nigam, IRCTC hit new highs, surge over 20% in a week

Shares of three state-owned companies, Indian Railway Catering and Tourism Corporation (IRCTC), MSTC, and Mishra Dhatu Nigam (MIDHANI), hit their respective fresh highs on the bourses on Thursday. These stocks have rallied in the range of 20 per cent to 27 per cent during this week, as compared to 0.39 per cent decline in the benchmark S&P BSE Sensex during the period. READ MORE

Global Markets Check

>> Asian stocks slipped and so did the region’s currencies on Thursday, as virus cases rose in South Korea and Japan and investors quit local assets in favor of safety further afield

>> MSCI’s broadest index of Asia-Pacific shares outside Japan slipped 0.3 per cent, led by drops on Hong Kong’s Hang Seng and South Korea’s KOSPI. Meanwhile, Japan's Nikkei closed 0.34 per cent higher.
 
>> E-mini futures for the S&P 500 traded a fraction softer and European futures fell 0.2 per cent, while bonds firmed slightly.

BUZZING STOCK:: Godfrey Phillips India up 5%


Rupee check


NEWS ALERT | Future Life to issue 51.44 lakh equity shares to IFC: BSE Filing

>> Also, 96.6 lakh shares to to a promoter group entity on a preferential basis.

>> Fund raised will be used towards enhancing stake in subsidiaries & associates of FLFL and debt reduction


Stocks that hit 52-week low on BSE

COMPANY PRICE(rs) 52 WK LOW CHG(rs) CHG(%)
GAYATRI PROJECTS 25.30 25.30 -1.30 -4.89
SOBHA 342.70 341.60 -9.80 -2.78
» More on 52 Week Low

NEWS ALERT | Max Fin, Max Life Boards approve 20-30% stake sale to Axis Bank in life insurance biz: sources to CNBC TV18

>> Max Board approves extension of Axis Bank's Bancassurance deal by 15 yrs

>> Max Group, Axis Bank may sign MoU today

NEWS ALERT | Telecom dept to issue fresh notices to companies for non-payment of dues: sources to CNBC TV18

>> Separate notice to Tata Teleservices for non-payment of full dues 

BROKERAGE RADAR | Edelweiss Securities on Media sector

We maintain the weightings at 60% for INOX Leisure and 40% for PVR—the top picks in our Model Media Portfolio. We expect multiplexes to continue to outperform given the appealing content pipeline and strong expansion plans. However, we would watch out for potential impact of the Coronavirus scare on footfall. For broadcasters, ad growth revival is likely from Q2FY21 coinciding with our expectation of a revival in consumption demand. For DTH companies, we expect challenges to persist in terms of ARPU growth and subscriber addition. Besides, uncertainty over NTO2.0 would remain an overhang on broadcasting and distribution in the near term. For print companies, revenue growth is likely to be difficult given: i) the cut in ad spends by advertisers; ii) competition from digital; and iii) pressure on circulation revenue growth.

Index Contributors at this hour


STOCK UPDATE:: AGC Networks up for the ninth straight day, hits new high of Rs 394.70

-- The stock has zoomed 170 per cent thus far in 2020

NEWS ALERT | DHFL lenders to meet today to review EoIs received: CNBC TV18

>> Banks may shortlist eligible suitors out of 24 EoIs received 

SBI Cards and Payment Services' $1.25 billion-IPO to open on March 2

The $1.25 billion initial public offering (IPO) of SBI Cards and Payment Services, the credit card arm of State Bank of India (SBI), will open on March 2, according to its prospectus. The company plans to issue new shares worth Rs 500 crore and will offer up to 130.5 million shares for sale, the prospectus, dated Feb. 18, showed.The bidding process will close on March 5.

Escorts, Tata Chemicals: 10 midcap stocks that look bullish on tech charts

The Nifty midcap index has risen over 15 per cent over the last six months with most stocks in the index showing upside. This move may push several stocks in new terrian with rise in volumes and positive sentiment. 

NIFTY MIDCAP INDEX: The monthly chart reveals a trend line breakout around 17,000 levels. This mark has been successfully conquered suggesting upside. The Moving Average Convergence Divergence (MACD) has risen above the zero line, which means the positive sentiment is emerging gradually. READ MORE
 

Muthoot Fin hits new high; overtakes PNB, AU Small Fin Bk in m-cap ranking

A sharp rally in the market price of Muthoot Finance has led to its market capitalisation (market-cap) touching Rs 36,823 crore, the BSE data shows. With this, the company overtook financials like AU Small Finance Bank (Rs 35,657 crore), Punjab National Bank (Rs 35,843 crore) and IDBI Bank (Rs 35,969 crore) in the m-cap ranking. READ MORE

Nifty Metal index off day's lows, up 1% now


Sebi fee cap: Move could force players to change biz model, say advisors

The Securities and Exchange Board of India’s (Sebi’s) move to cap fees for advisory services could force players to move out of the advisory business and switch to commission-linked services, with advisors seeing the move as detrimental to business viability. In its board meeting on Monday, the markets regulator laid down norms for advisors. READ MORE

Muthoot Finance up 5%


Rollover stats :: Emkay Global

■    Nifty rollover at 17% as compared to last 3 months average of 14% and Market wide rollover at 13% v/s last 3 months avg of 15% level. Nifty roll is currently trading at 5-6 points on screen there is dividend uncertainty in many stock, we are expecting dividend amount of 30point in March; considering this NIFTY roll is trading below its fair value.
 
■    Market-wide OI stands at 4.9bn shares, marginally higher from last month’s OI at same time; BANKNIFTY OI has decreased significantly by 24% and stands at 1.21mn shares and NIFTY OI at 14.3mn shares has been decreased by 4% compared to last month same time

Thomas Cook (India) gains 20% as board mulls share buyback

“The board of directors of the Company is scheduled to meet on Wednesday, 26th February, 2020 to consider and approve proposal for buyback of equity shares of the Company,” Thomas Cook (India) said in an exchange filing. READ MORE

NEWS ALERT | MCA probe finds no major irregularities in Indiabulls' deal, reports Bloomberg


Shree Cement could see Rs 700 cr inflows on inclusion in Nifty 50

Analysts at Edelweiss estimate inflows of $96 million (Rs 700 crore) into the stock on account of the Nifty inclusion.
 
On an absolute basis, Shree Cement will be the most expensive stock in the 50 share index. READ MORE

BROKERAGE RADAR | Anand Rathi Shares on ITC

ITC Limited (ITC) | CMP: Rs 207 | Revised Target: Rs 306

With strong operating cash flows, continuous capacity expansions across businesses and a healthy balance sheet, we continue to remain positive on the company over medium to longer term perspective and maintain our BUY rating on the stock with a revised target price of Rs 306 per share.

BROKERAGE RADAR | Centrum Broking on Financials

We continue to prefer SBI and ICICI among large-cap banks. Commentaries on growth, margins and NPA resolutions remain a key monitorable. We like Federal and Ujjivan SFB in the mid-cap space. CV volumes for Asset financers (AFCs) and Assam portfolio for the micro lenders (MFI) space remain key monitorables.

BROKERAGE RADAR | Prabhudas Lilladher on Hero MotoCorp

We believe while HMCL remain a strong franchise in motorcycle segment, it lagged to seize domestic scooter and exports opportunities. Strong focus on these segments going forward and impending rural recovery led by healthy sentiments should help HMCL outpace competition. We therefore maintain accumulate rating on the stock with price target of Rs 2,769 (unchanged). 

BROKERAGE RADAR | ICICI Securities on Aurobindo Pharma

We remain positive on Aurobindo’s long-term outlook considering its strong US pipeline and potential to launch more than 30 products every year, significant benefit of scale in the US considering Sandoz acquisition in Q4FY20E, and increasing contribution from complex generics (injectables, ophthalmics, penems, etc.). Maintain BUY and the target price of Rs 701/share.

Momentum Picks by ICICI Securities


STOCK ALERT | 0.8% equity exchanged


MARKET UPDATE:: Sensex turns green


Max Financial surges 16% on report of Axis Bank eyeing stake in Max Life

Shares of Max Financial Services (MFS) surged 16 per cent to its fresh 52-week high of Rs 596 on the BSE on Thursday on reports that Axis Bank is in talks to acquire more than 20 per cent stake in Max Life Insurance through fresh issue of equity. MFS is the holding company of Max Life Insurance (Max Life) -- India’s largest non bank-owned life insurer. READ MORE

MARKET UPDATE:: Broader markets outperform benchmarks


Vodafone Idea extends gains for second day, soars 66% from Tuesday's low

Shares of Vodafone Idea rose up to 12 per cent to Rs 4.71 on the BSE on Thursday, thus extending its Wednesday’s 38 per cent rally amid reports that the government is unlikely to invoke the company's bank guarantees as of now. The telecom services company's stock has now soared 66 per cent from Tuesday’s intra-day low of Rs 2.83 on the BSE. READ MORE

Sterlite Tech jumps 7% as it secures fresh orders worth Rs 1,500 crore

Shares of Sterlite Technologies (STL) jumped over 7 per cent on Thursday, a day after the company informed that it has added new orders of Rs 1,500 crore. These orders have ranged from continued business development in its core areas of optical connectivity solutions and network services to emerging areas such as software virtualisation, the company said in its press release. READ MORE

Most active stocks by volume

COMPANY PRICE(rs) CHG(%)
VODAFONE IDEA 4.63 10.50
RELIANCE POWER 1.78 0.00
NCC 43.55 1.16
YES BANK 35.85 1.56
SUZLON ENERGY 2.49 9.69
» More on Most Active Volume

BUZZING STOCK:: Balkrishna Industries up 2%


Nifty Pharma index off opening highs


BUZZING STOCK:: IRCTC zooms 3%, hits new high


Infibeam Avenues rises 3%

>> Co has forayed into the US, the world''s second largest digital payments market by revenue, and will offer its solutions to web and mobile-based small and medium enterprises (SME).


Thomas Cook rallies 14%

>> Board to consider share buyback on February 26


Sunteck Realty rises 2%

>>  The company informed that it received encouraging response for Sunteck MaxXWorld at Naigaon as number of units sold reached a mark of more than 1800 apartments.


Vodafone Idea rallies 11%


Sterlite Technologies jumps 5%

>> The company has bagged new orders of Rs 1,500 crore These orders have ranged from continued business development in its core areas of optical connectivity solutions and network services to emerging areas suchp as software virtualization.


Oil India declines over 2%


NEWS ALERT | DHFL reports Q3 net profit at Rs 934.35 crore


Max Financial Services surges over 6%

>> Max Life, Max Fin likely to discuss a proposal under which Axis Bank is expected acquire a part stake belonging to Analjit Singh in Max Financial Services.
 

Sectoral trends at NSE during Opening trade


Top gainers and losers on S&P BSE Sensex during Opening trade


First Trade


First Trade


Sebi fee cap: Move could force players to change biz model, say advisors

The Securities and Exchange Board of India’s (Sebi’s) move to cap fees for advisory services could force players to move out of the advisory business and switch to commission-linked services, with advisors seeing the move as detrimental to business viability. In its board meeting on Monday, the markets regulator laid down norms for advisors. READ MORE

Top gainers and losers on S&P BSE Sensex during Pre-open


Market at Pre-open


Rupee opening

Rupee opens weaker at 71.79/$ vs previous close of 71.52 against the US dollar

Market at Pre-open


Stocks to watch

Dairy stocks: The government on Wednesday approved a Rs 4,558-crore scheme to promote the dairy sector which will benefit about 9.5 million farmers, said Information and Broadcasting Minister Prakash Javadekar.
 
Bharti Airtel, Essel Group stocks: The deal between Subhash Chandra’s Essel group, the promoters of direct-to-home (DTH)) company Dish TV, and Sunil Mittal’s Bharti Airtel has been called off due to differences over valuation. READ MORE

Shree Cement could see Rs 700 cr inflows on inclusion in Nifty 50

Shares of Shree Cement rose 2.6 per cent to end at Rs 24,406 on Wednesday after NSE announced its inclusion to the Nifty 50. The Kolkata-based cement maker will replace Yes Bank in the index, effective March 27. Analysts at Edelweiss estimate inflows of $96 million (Rs 700 crore) into the stock on account of the Nifty inclusion. READ MORE

Lower costs, regional expansion could make SpiceJet margins fly high

The SpiceJet stock gained 4.3 per cent, thanks to the introduction of new regional routes and expectations of improving profitability from FY21. The carrier launched 20 new flights effective March-end, which will add to its existing network and, more importantly, to a couple of regional routes. With the latest additions, flights under the regional connectivity scheme have now increased to 52 destinations — the highest in the sector. READ MORE

Today's picks

HUL
 
Current: Rs 2,292
 
Target: Rs 2,320
 
Keep a stop at 2,275 and go long. Add to the position between 2310-2315. Book profits at 2,320. READ MORE

Nifty outlook & top stock recommendations by CapitalVia

Market rallied as broader indices gain; Nifty regained 12,000 mark

Market opened with gap-up and managed to trade higher due to strong global cues as Donald Trump ensured a big trade deal with India. Nifty closed at 12,125.90 gaining 133.40 points. All sectoral indices closed with green mark and witnessed broad based buying. Nifty bank closed at 30,838.20 adding 275.70 points to the previous day’s closing. As per weekly option data, handful of put writing on lower strikes ranging from 12,000 to 12,200 is seen which shows Nifty is witnessing firm support in sub -12,100 zone.  READ MORE

Stock calls by Vaishali Parekh of Prabhudas Lilladher

BUY SBI LIFE | CMP: Rs 938.20 | TARGET: Rs 1,050 - 1,100 | STOP LOSS: Rs 890
 
The stock has taken support near 900 levels making a higher bottom formation pattern in the daily chart and made the chart look attractive for further upside movement in the coming days. The RSI also indicated a trend reversal to signal a buy and with decent volume participation witnessed. We recommend to buy and accumulate this stock for an upside target of Rs 1,050 - 1,100, keeping the stop loss near Rs 890. READ MORE

Bulk deals on NSE as on Wednesday


Bulk deals on BSE as on Wednesday


SGX Nifty indicates a lower opening for Sensex, Nifty


FII/FPI & DII trading activity on NSE, BSE and MSEI


Rupee Check

Source: Bloomberg


Oil Check

>> At 7:58 am, Brent Crude Futures was at $59.02 per barrel-mark, up 0.51%

>> WTI Crude, meanwhile, was at $53.90 per barrel.

Asian Market Check

Source: Reuters


US Market Check

Source: Reuters


Track all the latest developments of the stock markets here.
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