Indices close in the red, but recover early losses; Nifty just around 12,000

Bharti Infratel fell sharply by 11.34 per cent.

3.40 pm

Closing bell: The equity indices Sensex and Nifty tracked Asian peers lower on Tuesday, as a revenue warning from tech giant Apple Inc signalled mounting financial fallout on businesses from the coronavirus epidemic in China.

At close, the broader NSE Nifty 50 index was down 0.44 per cent at 11,992.50, while the benchmark S&P BSE Sensex dropped 0.39 per cent to 40,894.38.

The Sensex hit an intraday high of 41,042.46 and a low of 40,610.95. Similarly, the Nifty touched an intraday high of 12,030.75 and a low of 11,908.05. The market breadth was negative as 1,606 shares declined, against the advance of 892 shares, while 156 shares were unchanged.

Except for Nifty Media and IT, all other indices ended in the negative territory, with the Nifty metal sub-index dropping 0.98 per cent.

3.10 pm

Nifty sectoral indices at 3.05 pm

 

 

2.55 pm

GP Petroleums plans green field plant in Gujarat with Rs 100 cr investment

GP Petroleums Ltd (GPPL), a leading automotive and industrial lubricants player in India, and part of UAE-based GP Global group, plans to invest Rs. 100 crore in a new state-of-the-art plant in Saronda, Gujarat to process over 300,000 kilo litres of lubricants, thus enabling the company to be present across the entire gamut of Indian lubes market.

This will be GPPL’s second blending plant in the country and will manufacture specialty value added products, in addition to the automotive and industrial lubricants catering to the entire value chain. Apart from the home grown IPOL brand, the plant may blend REPSOL branded automotive products as well.

2.45 pm

Barbeque Nation files IPO papers to raise Rs 1,000-1,200 cr

Casual dining chain Barbeque Nation Hospitality has filed fresh papers with markets regulator SEBI to raise an estimated Rs 1,000-1,200 crore through an initial public offering. The IPO comprises a fresh issue of shares worth Rs 275 crore and an offer-for-sale of up to 98,22,947 equity shares, according to the draft papers filed with the Securities and Exchange Board of India.

The company may consider a pre-IPO placement to the tune of Rs 150 crore. Proceeds of the issue will be utilised to repay an outstanding borrowing of Rs 205 crore in part or full and for general corporate purposes.

2.32 pm

Sugar exports may cross 5 MT this year: ISMA

India’s sugar export may cross 5 million tonne in the marketing year ending September on higher demand from overseas amid global deficit of 8-9 million tonne, industry body ISMA said on Tuesday

2.30 pm

RIL drops, shares of three group entities surge on consolidation move

Reliance Industries Ltd (RIL) shares traded marginally lower by 0.91 per cent on Tuesday after the company announced consolidation of all its media and distribution businesses under flagship ‘Network18’

Shares of Network18 Media & Investments traded 4.89 per cent higher at Rs 30.05 on the BSE. RIL stock traded at Rs 1,465.

While shares of the three group entities namely Hathway Cable & Datacom, Den Networks and TV18 Broadcast -- which have been merged into Network18 -- rose as much as 20 per cent. Hathway Cable & Datacom gained 20 per cent to hit upper circuit at Rs 23.10 on the BSE. Den Networks stock also touched the upper price band after gaining 9.98 per cent to Rs 59.50.

TV18 Broadcast scrip was trading higher by 12.72 per cent at Rs 28.35.

2.25 pm

Birla meets Telecom Secretary amid AGR issues

Amid talks of the government encashing its bank guarantee over default in payment of dues, Vodafone Idea Chairman Kumar Mangalam Birla met Telecom Secretary Anshu Prakash on Tuesday as he looked for options to keep the company afloat.

After the meeting, Birla said he “cannot say anything at the moment.”

2.20 pm

Bank strike: IBA advised to resume talks ahead of reconciliation meet on March 5

The Chief Labour Commissioner, New Delhi, has advised Indian Banks’ Association (IBA) to resume bipartite wage revision talks ahead of the next reconciliation meeting on March 5. This is with a view to resolving the issues raised by the banking unions, Sunil Kumar, President, and Soumya Datta, General Secretary, All India Bank Officers Confederation, said. Read more here

1.45 pm

Paracetamol price in India hiked 40 per cent as coronavirus affects supply chain

India’s pharmaceutical supplies have hit a new low due to disruption in the supply chain, following the extended shutdown of Chinese factories due to the coronavirus epidemic, Bloomberg reported. Read more here

12.40 pm

Nifty call: Initiate short with stop-loss at 12,000

Following the negative cues from the Asian markets, the Indian benchmarks are trading lower today. The Nifty spot and the Sensex spot indices are down by nearly one per cent each. While the Nikkei 225 index has slipped by 1.4 per cent, the Hang Seng index is down by 1.5 per cent. Read more here

12.10 pm

Vodafone-Idea stock falls sharply on rating downgrade

Shares of Vodafone Idea on Tuesday tanked over 16 per cent due to rating downgrade on AGR dues and other issues of the company.

On the BSE, the stock plunged 14.91 per cent to trade at ₹2.91 in early market hours. Later it was trading with a loss of 8.77 per cent at ₹3.12. The scrip plummeted to a low of ₹2.85, down 16.17 per cent, on the NSE. It was trading 7.35 per cent lower at ₹3.15.

12.05 pm

Weak demand, pricing hit agri exports in April-December

India’s farm produce exports continued to remain in the red for the first three quarters of the current financial year, despite a late pick-up in shipments of basmati rice. Read more here

11.50 am

DHFL stock zooms to hit upper circuit as over two dozens entities interested in takeover

Shares of Dewan Housing Finance Corporation Ltd (DHFL) on Tuesday shot up 5 per cent to hit upper price band after more than two dozen entities put in bids to takeover the debt-laden firm.

The stock zoomed 4.97 per cent to Rs 10.34 apiece on the Bombay Stock Exchange (BSE).

11.45 am

Hero MotoCorp to invest Rs 10,000 crore over the next five to seven years

Country's largest two-wheeler manufacturer Hero MotoCorp on Tuesday said it will invest Rs 10,000 crore over the next five to seven years on research and development (R&D), new product developments and expansions. Read more here

11.15 am

Maruti Suzuki launches the all-new IGNIS

Maruti Suzuki on Tuesday announced the prices of the all-new IGNIS, unveiled at the Auto Expo 2020. The all-new IGNIS exudes an SUV design with imposing front fascia, full rear appearance and high seating position. 

Adding to the SUV character of the all-new IGNIS are the striking rear spoiler, roof rails and high ground clearance.

The comfortable and spacious interior and the latest safety features enhance the driving experience. The new IGNIS is powered by peppy 1.2 litres BS6 compliant petrol engine with manual and Auto Gear Shift (AGS) transmission options.

 

10.40 am

JSW Steel wins 3 mines in Odisha

JSW Steel has emerged as the preferred bidder for three iron ore mines with cumulative reserves of 1,091 million tonnes in Odisha.

In a statement to BSE, JSW Steel said the company was declared the preferred bidder through a communication on February 15 from the Director of Mines, Odisha for three iron ore mines (Nuagaon iron ore mine, Narayanposhi iron and manganese ore mine, and Ganua iron ore mine) in Odisha.

10.20 am

Daily Rupee call: Adopt range trading strategy

The rupee (INR) opened yesterday’s session lower at 71.44 versus its previous close of 71.37 against the dollar (USD). However, the local currency, after registering an intraday low of 71.48, started to advance and rallied throughout the day and closed at 71.29. Read more here

10.06 am

Market update: Market benchmark BSE Sensex fell over 245 points to trade at 40,810 in openings deals on Tuesday on hectic selling by investors across sectors amid growing concerns over the economic impact of coronavirus epidemic.

The NSE gauge Nifty fell about 75 points to trade at 11,971. Analysts said worries persist over rising death toll and the economic fallout from the novel coronavirus.

The death toll from China’s coronavirus epidemic climbed to 1,868 on Tuesday as 98 more people died while the total number of confirmed cases jumped to 72,436.

10.05 am

FII activity: Foreign institutional investors had sold equities worth Rs 374.06 crore on a net basis on Monday, according to provisional exchange data.

10.04 am

Rupee opening: The rupee opened 11 paise lower at 71.42 against the US dollar in opening trade on Tuesday.

9.50 am

Supplies from China stable for now, but monitoring situation: Novartis’ Vas Narasimhan

Even as the coronavirus outbreak casts a shadow of uncertainty on supplies sourced from China, Novartis’ Global Chief Executive Officer Vasant (Vas) Narasimhan said the supplies are stable for now, but the company is monitoring the evolving situation. Read more here

9.35 am

HCL Tech bags contract from New Zealand dairy co-operative

Global technology company HCL Technologies on Tuesday announced a new large contract with New Zealand dairy co-operative Fonterra to modernise and manage the entire technology infrastructure Fonterra employees around the world use every day.

The multi-year partnership with HCL Technologies will consolidate Fonterra’s technology suppliers and bring together the Co-op’s IT infrastructure services under one umbrella. The technology edge services provided by HCL will enhance Fonterra’s employee experience to navigate through their business operations.

This partnership will also extend HCL’s New Zealand presence to three offices within the country. It will bring around 60 new jobs to the Waikato region, as the local support services for Fonterra employees will be based at its Hamilton Delivery centre.

 

9.25 am

Reliance Industries consolidates media business under Network 18

Reliance Industries announced a consolidation of its media and distribution businesses spread across multiple entities into Network18.

Under the Scheme of Arrangement, TV18 Broadcast, Hathway Cable & Datacom and Den Networks will merge into Network18 Media & Investments. Read more here

9.20 am

Opening bell: The benchmark indices, Sensex and Nifty, opened on a weak note on Tuesday tracking global cues. The Sensex was quoted at 40,899.34, down 156.35 points or 0.38 per cent. The Nifty was down 44.35 points or 0.37 per cent at 12,001.45.

Earlier, Asian shares fell, and Wall Street retreated from record highs on Tuesday after Apple Inc said it would not meet its revenue guidance for the March quarter as the coronavirus outbreak slowed production and weakened demand in China.

9.04 am

Day Trading Guide for February 18, 2020

Given below are supports and resistances for Nifty 50 futures and seven key stocks that can help in your intra-day trading:

₹1217 • HDFC Bank

S1

S2

R1

R2

COMMENT

1215

1203

1230

1246

Fresh short positions can be initiated with a stop-loss at ₹1,235 if the stock declines below ₹1,215 levels

 

₹789 • Infosys

S1

S2

R1

R2

COMMENT

784

770

800

815

Near-term trend looks positive. Hence buy the stock with stop-loss at ₹760 if the price moderates to ₹784

 

₹204 • ITC

S1

S2

R1

R2

COMMENT

200

196

206

210

On rallies, initiate fresh short positions with a tight stop-loss as the stock shows increased bearish momentum.

 

₹100 • ONGC

S1

S2

R1

R2

COMMENT

96

90

103

108

Consider initiating fresh short positions with a fixed stop-loss only if the stock decisively breaches ₹100 levels

 

₹1478 • Reliance Ind.

S1

S2

R1

R2

COMMENT

1460

1445

1485

1500

Initiate fresh long positions with a tight stop-loss only if the stock of RIL reverses higher from ₹1,460 levels

 

₹314 • SBI

S1

S2

R1

R2

COMMENT

310

300

321

333

Go long in the stock with a tight stop-loss if the price bounces from the support at ₹300.

 

₹2203 • TCS

S1

S2

R1

R2

COMMENT

2170

2150

2210

2230

The stock of TCS has corrected towards an important level of ₹2,200; buy the stock with stop-loss at ₹2,170

 

12074 • Nifty 50 Futures

S1

S2

R1

R2

COMMENT

12000

11970

12125

12175

Sell the futures contract on rallies with stop-loss at 12135 as the near-term trend seems to be bearish

 

S1, S2 : Support 1 & 2; R1, R2: Resistance 1 & 2.

9.02 am

Today's Pick - IndusInd Bank (₹1,172.9): Sell

The bear trend in the stock of IndusInd bank has been gaining ground in the past few trading sessions. As a result, the stock slumped and registered a fresh 52-week low of ₹1,164.5 on Monday. The price action suggests that there is more on the downside. Read more on the technicals here

9 am

Global stocks fall after Apple warns on coronavirus impact

Asian shares fell and Wall Street retreated from record highs on Tuesday after Apple Inc said it will not meet its revenue guidance for the March quarter as the coronavirus outbreak slowed production and weakened demand in China. Read more here

Published on February 18, 2020