Sensex, Nifty shed 1% on global slump

Closing Bell

The Indian stock market tracking its global peers traded deep into the red extending losses for the fourth straight session. Equity indices across Asia including Topix, Nikkei, Hang Seng and Shanghai were down sharply. Fears grew that coronavirus would hurt global growth.

In a day marked with big volatile movement, the BSE benchmark after opening lower at 40,194.89, covered 500 points having moved between a low of 39,760.39 and a high of 40,255.39 before finally settling at 39,888.96

The Sensex lost 392.24 points, or 0.97%, at 39,888.96, while the Nifty, on the NSE, was down 119.40 points to settle at 11,678.50

The virus has also hit Japan's stocks hard on rising worries it could lead to cancellation of the 2020 Summer Olympics scheduled to start in Tokyo in July. Japan's Nikkei stock index slid 1.1 per cent.

The top losers from the metal space included Jindal Steel & Power which shed nearly 5 per cent followed by NMDC, Hindalco Industries, Vedanta, SAIL, NALCO and Tata Steel.

Top losers among auto stocks were  Apollo Tyres, Tata Motors, Ashok Leyland, Motherson Sumi Systems, Maruti Suzuki, Exide Industries, Eicher Motors and Amara Raja Batteries.

All sectoral indices ended in the negative with metals, realty and auto stocks falling up to 2 per cent.

 

 

 

 

 

2.25 pm

 

2.25 pm

 

 

2.20 pm

 

2.10 pm

Tata Motors’ board approved committee gives nod to raise Rs 500 crore

 

Tata Motors on Wednesday said its board approved committee has given its approval for raising Rs 500 crore through issuance of non-convertible debentures on private placement basis.

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2.05 pm

Jet Airways: Consortium of Russian fund and Enso Group submits EoI

Russian government-backed Far East Development Fund, in partnership with Enso Group, has submitted its expression of interest to acquire a stake in Jet Airways. Prudent ARC and Synergy Group are also in the fray, according to sources.

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1.55 pm

Polyester yarn makers to see 15-20% rise in operating profit in FY21

 

The operating profits of polyester yarn manufacturers are set to rise 15-20 per cent next fiscal because of a 150-200 basis points spurt in operating margins.

This stems from lower raw material prices, healthy demand for polyester, and higher blending in garments and other products, according to an analysis by CRISIL.

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1.45 pm

 

 

 

1.05 pm

JSW Steel says Fitch revises outlook to negative

 

 

Steel major JSW Steel on Wednesday said Fitch has revised the outlook on the company to ‘negative’ from ‘stable’. “Fitch has affirmed Long-Term Issuer Default (IDR) Rating to ‘BB’ The outlook on the IDR has been revised to negative from stable,” the steel major said in a filing to the BSE.

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1 pm

 

 

Nifty 50 Index (Feb 26, 2020)

 

12.55 pm

Havells India bets big on smart innovations

 

Havells India, a leading fast-moving electrical goods and consumer durables company, is betting big on smart innovation in its products and aspires to extend its smart and Internet of Things (IoT) enabled portfolio beyond fans and water heaters to other small domestic appliances too.

Currently, Havells has smart products in fans and water heaters.

The stock was trading higher by nearly 1% to Rs 649.10 on the BSE today.

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12.50 pm

NIFTY SECTORAL INDICES

NIFTY SECTORAL INDICES (FEB 26, 2020)

 

12.40 pm

Cipla shares plunge nearly 6% after USFDA issues warning letter

 

Shares of drug firm Cipla tumbled nearly 6 per cent on Wednesday after the US health regulator issued a warning letter for its Goa manufacturing facility.

The shares plunged as much as 5.72 per cent to a low of ₹401 per unit on the BSE. Later, it was trading 1.49 per lower at ₹419 per unit. The shares of the company have been falling for the last three sessions. It has declined nearly 9 per cent since Thursday taking into account the today’s low.

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12.10 pm

India Cements, Navin Fluorine and Star Cement in limelight

 

India Cements Ltd soared 19.95% to Rs 104.6 on the BSE. The stock was the biggest gainer in the BSE's 'A' group. On the BSE, 57.23 lakh shares were traded on the counter so far as against the two-week average daily volume of 5.51 lakh shares.

Navin Fluorine International Limited jumped nearly 9% to Rs 1,585 on the BSE. On the BSE, 1.56 lakh shares were traded on the counter so far as against the two-week average daily quantity of 27,000 shares.

Prism Johnson Ltd surged 10.30% to Rs 68.00 on the BSE. On the BSE, 1.63 lakh shares were traded on the counter so far as against the two-week average volumes of 6.80 lakh shares.

Star Cement Ltd rose 10.20% to Rs 93.85. On the BSE, 67,000 shares were traded on the counter so far as against the two-week average volumes of 1,496 shares.

 

11.35 am

Bandhan Bank shares rally after RBI allows network expansion

Shares of Bandhan Bank on Wednesday jumped nearly 5 per cent in early market hours after Reserve Bank of India (RBI) allowed the private sector lender to expand its branch network.

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RBI lifts ban on Bandhan Bank network expansion

 

 

11.30 am

Thomas Cook’s buyback meet in focus

 

Shares of Thomas Cook (India) will remain in focus on Wednesday, as its board will meet to consider a buyback proposal.

Shareholders would be keen to know the buyback size, number of shares to be bought back, and price of the issue.

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11.20 am

Tata Power shares drop 4%; hits 52-week low

 

Tata Power share price touched a new 52-week low of Rs 48.90, falling over 4 per cent today as lower coal prices led to a decline in earnings.

The stock was now quoted at Rs 49.60, down by 4.06% on the BSE.

 

11.10 am

Sanofi India shares surge on earnings

 

Shares of Sanofi India jumped over 9 percent in early trade on BSE on February 26 to hit their fresh all-time high of Rs 7,637.55, a day after the company announced its quarterly earnings and said its board had approved payment of final dividend.

It pared its gains and was now quoted at 7,218, up Rs 217.30 or 3.10% from its previous close.

The company's profit for the period jumped 22.7 per cent year-on-year (YoY), at Rs 97.3 crore in the fourth quarter of 2019 against Rs 79.3 crore in the correspondin quarter of previous year.

 

 

 

10.55 am

SBI Cards upbeat on Rs 9,000-cr IPO; the issue opens on March 2

 

Bullish about the credit card business, SBI Cards and Payment Services on Tuesday said that the zero merchant discount rate (MDR) will not be a challenge for it. SBI has fixed the IPO price band at ₹750-755 a share.

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SBI Cards IPO to have exclusive day for retail investors?

The initial public offering of SBI Cards and Payment Services will be kept open for four days, according to market sources. The IPO is expected to be ...

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10.50 am

Rupee up 9 paise against dollar

The Indian rupee was trading at 71.76, up 9 paise over its previous close of 71.85 against the dollar.

 

 

10.45 am

 

Mid-cap stocks

 

10.30 am

Top Gainers

STOCK WATCH - GAINERS

 

10.30 am

SEBI move to curb POA abuse with new margin process

 

SEBI has now set a new process for brokers to take shares as margin from clients. From June 1, shares of clients lying in demat accounts with brokers will have to be specifically marked ‘shares pledged for the purpose of margin’. So far, the practice did not require any such specific pledge and merely shares lying in clients’ demat accounts held by brokers were considered for the purpose of margin.

 

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10.15 am

Dollar slips on caution US may not be immune to epidemic

 

The dollar was on the defensive on Wednesday as rising expectations of a US rate cut and warning from US health officials on a domestic coronavirus outbreak called into question the perceived relative strength of US financial assets.

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10.10 am

 

Sensex stocks

 

9.50 am

Rupee up 6 paise

The rupee was up six paise against the dollar on Wednesday. The domestic currency was quoted at 71.79, up by 6 paise versus the dollar.

It ended yesterdat at 71.85 against the US dollar.

 

Buy rupee on dips with stop-loss at 72.1

The overall market sentiment inclining to safer assets is weighing on emerging market currencies and the Indian rupee (INR) is no exception. The local ...

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9.45 am

Day Trading Guide for February 26, 2020

 

 

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

₹1200 • HDFC Bank

S1S2R1R2COMMENT
1185117012131225Initiate fresh short positions with stiff stop-loss if the stock fails to move beyond ₹1,213 levels

 

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9.40 am

Nocil (₹96): Buy

 

Investors with a short-term horizon can buy the stock of Nocil (formerly National Organic Chemical Industries Ltd) at current levels.

On Tuesday, the stock gained 4.6 per cent accompanied by above average volume and closed above the 21-DMA.

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9.35 am

India Cements, Navin Flourine surge early

Top notable gainers in early session on the BSE were India Cements, which rose Rs 12.25, or 14.07%, to Rs 99.30, Navin Flourine, up by Rs 146.75, or 10.06%, to Rs 1600.65, ITD Cementation rose Rs 5.45, or 10%, to Rs 60.50 and Prism Johnson gained Rs 3.35, or 5.43%, to Rs 65.

 

9.30 am

Opening Bell

Sensex down 223 points; nears 40 K mark

 

Stock market indices declined 0.50 per cent today taking cues from weak Asian markets. Equity indices across Asia including Nikkei, Hang Seng and Shanghai are down now by 1 per cent.

The virus has also hit Japan's stocks hard on rising worries it could lead to cancellation of the 2020 Summer Olympics scheduled to start in Tokyo in July. Japan's Nikkei stock index slid 1.1 per cent.

Chinese shares fell 1.3 per cent. Shares in South Korea , which has been rattled by a sudden rise in virus infections, briefly hit a two-month low.

The Dow Jones Industrial Average dropped 879 points, or 3.15%, to 27,081.36, while the S&P 500 index declined 3.03%. The Nasdaq Composite Index lost 255.67 points, or 2.77%, to 8,965.61.

The Sensex lost 203.23 points to 40,077.97, while the Nifty, on the NSE, was down 69.30 points to 11,728.95.

 

 

9.15 am

Top news stories to watch out for on February 26, 2020

 

State Bank of India is scheduled to hold a mega e-auction of over 1,000 open plots, commercial, residential and industrial properties. The auction is aimed to recover its dues from borrowers through sale of non-performing assets.

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9.10 am

Asian shares slump, bonds rally as virus fears grow

 

Asian shares fell on Wednesday as a US warning to Americans to prepare for the possibility of a coronavirus pandemic drove another Wall Street tumble and pushed yields on safe-haven Treasuries to record lows. The S&P 500 and the Dow Jones Industrial Average both shed more than 3 per cent on Tuesday in their fourth straight session of losses.

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9.10 am

Pre-Open Session

The BSE benchmark Sensex declined 86.31 points to 40,194.89 at the pre-open session today.

 

9.05 am

Dow down 3 per cent

US market ended lower for the fourth straight session on Tuesday, on growing fears over the COVID-19 illness beyond China and its potential economic impact on global growth.

The Dow Jones Industrial Average dropped 879 points, or 3.15%, to 27,081.36, while the S&P 500 index declined 3.03%. The Nasdaq Composite Index lost 255.67 points, or 2.77%, to 8,965.61.

9 am

Broker's Call: Indian Hotels

Motilal Oswal Services

Indian Hotels

CMP: ₹149.9

Target: ₹189

The Indian Hotels Company Ltd is a holding company. The company is engaged in short-term accommodation activities, and restaurants and mobile food service activities. The company is primarily engaged in the business of owning, operating and managing hotels, palaces and resorts.

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9 am

Broker's call: Havells India 

 

Emkay Global Research

Havells India

CMP: ₹643.5

Target: ₹715

After upgrading Havells to ‘Hold’ recently, we are further upgrading the stock to ‘Buy’ in the wake of positive feedback from recent channel checks which corroborate our estimates and projections that bake in a gradual revenue recovery from Q4FY20.

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8.55 am

 

Asian shares slump

Asian shares fell on Wednesday as a U.S. warning to Americans to prepare for the possibility of a coronavirus pandemic drove another Wall Street tumble and pushed yields on safe-haven Treasuries to record lows.

The S&P 500 and the Dow Jones Industrial Average both shed more than 3% on Tuesday in their fourth straight session of losses.

That led MSCI's broadest index of Asia-Pacific shares outside Japan down 1.28%. Japan was among the worst-performing market in the region, weighed by growing concerns the virus could cancel the Tokyo Olympics.

Yields on 10-year and 30-year U.S. Treasuries teetered near record lows and gold rose as worries about the economic impact of the virus outbreak boosted safe-haven assets.

Japan's Nikkei stock index slid 1.1%, while shares of Japan's Dentsu Group Inc, an advertising agency deeply involved in the planning and operation of the games, fell to a seven-year low on Wednesday.

Shares of sportswear makers and other companies related to the Olympics have also fallen recently.

The yield on benchmark 10-year Treasury notes traded at 1.3421% on Wednesday in Asia, close to a record low of 1.3070% The 30-year yield stood at 1.8142%, above a record low of 1.7860%.

The decline in yields weighed on the dollar. The greenback was last quoted at 110.25 yen, continuing a pullback from a 10-month high of 112.23 yen.

The dollar traded at $1.0872 per euro, off an almost three-year high of $1.0778 reached on Feb. 20.

Spot gold rose 0.53% to $1,643.75 per ounce as investors sought safe havens.

Oil prices recovered some recent losses in Asia, but there are lingering concerns that expected output cuts by major oil producers will not be enough to offset a decline in global energy demand caused by the virus.

U.S. crude ticked up 0.96% to $50.38 a barrel. Brent crude rose 0.78% to $55.38 per barrel.

The World Health Organization says the epidemic has peaked in China, but concern that its spread is accelerating in other countries is likely to keep investors on edge.

Chinese shares fell 1.3%. Shares in South Korea , which has been rattled by a sudden rise in virus infections, briefly hit a two-month low.

While the stock rout has been global, the recent pace of selling in Asia has not been as severe as it has on Wall Street, which has been hit hard by the escalation of virus cases outside of Asia.

The S&P 500 lost $2.14 trillion in market capitalization over the last four sessions, according to S&P Dow Jones Indices analyst Howard Silverblatt.

U.S. stock futures rose 0.2% in Asia on Wednesday, but that did little to brighten the mood.

Adding to recent fears was an alert from the U.S. Centers for Disease Control and Prevention on Tuesday warning Americans to prepare for the spread of coronavirus in the United States, signalling a change in tone for the Atlanta-based U.S. health agency.

Published on February 26, 2020