Sensex settles 205 points lower at 41,323, Tata Steel drops 3 per cent

NSE slips 54 points to 12,169

 

3:45 pm

Closing bell

The Sensex and Nifty closed Tuesday's session in the red. The Sensex finished 205 points or 0.49 per cent lower at 41,323. The Nifty ended at 12,169, down 54 points or 0.45 per cent lower.

The top gainers in the Sensex pack were UltraTech Cement, HDFC, Kotak Bank, ONGC and TCS. Tata Steel was the top loser in the session, dropping more than 3 per cent, followed by M&M, Asian Paints, Maruti and Power Grid that lost between 2-3 per cent.

3:30 pm

European shares decline on concerns over virus outbreak in China

Pedestrians walk by the bull and bear sculpture in front of the Frankfurt stock exchange. -- Reuters

Pedestrians walk by the bull and bear sculpture in front of the Frankfurt stock exchange. -- Reuters

 

European shares were on pace for their sharpest decline in three weeks on Tuesday, as mounting concerns over a new coronavirus outbreak originating in China sparked a rush to safe-haven bets.

The increased threat of infection, as millions travel for the Lunar New Year holidays, reminded investors of the economic fallout from the SARS crisis in 2003 that killed nearly 800 people. Click here to read in full the European markets report.

3:00 pm

Oil prices slide as supply concerns fade

Brent crude was down 1 cent at $62.01 a barrel. File Photo   -  Bloomberg

 

Oil prices fell nearly 1 per cent on Tuesday as investors expected Libya's oil production to eventually resume following a force majeure declared by the oil exporter on two major oilfields amid a military blockade.

Brent crude was down 56 cents, or nearly 0.9 per cent, at $64.64 per barrel by 0748 GMT, after rising to its highest in more than a week on Monday. US West Texas Intermediate crude was down 35 cents, or 0.6 per cent, at $58.19 a barrel. Click here to read in full the oil markets report.

2:45 pm

Yuan tumbles, yen rallies as spread of China virus unnerves markets

The dollar slid from around 110.25 yen to as low as 109.55 yen shortly after reports of North Korea's missile launch.

yen_3176615f

 

China's yuan tumbled on Tuesday, pulling away from six-month highs against the dollar, while the yen rallied as the spread of a pneumonia-like virus in China sparked a sudden bout of risk aversion and rattled world markets. Click here to read more on the global forex market.

2:20 pm

Asian shares feel a chill as China virus risks mount

Safe-haven bonds and the yen edged higher in Asia as the spread of a pneumonia-like virus in China reminded investors of the economic damage done by the SARS virus in 2003. File Photo   -  Reuters

 

Asian shares took a sudden turn for the worse on Tuesday as mounting concerns about a new strain of coronavirus in China sent a ripple of risk aversion through markets.

Safe-haven bonds and the yen edged higher as investors were reminded of the economic damage done by the SARS virus in 2003, particularly given the threat of contagion as hundreds of millions travel for the Lunar New Year holidays. Click here to read in full the Asian markets report.

 

1:25 pm

 

1:15 pm

Nifty call: Go short on rallies with stop-loss at 12,250

 

Following the bearish cues from the Asian markets, the Indian benchmark indices are heading south. Both the indices, i.e. the Nifty spot and the Sensex spot index, are down by 0.25 per cent each so far today. Major Asian indices such as the Nikkei and Hang Seng are down by 0.9 per cent and 2 per cent respectively. Click here to read in full the Nifty call report.

12:50 pm

Telecom stocks mixed after Supreme Court accepts fresh pleas on statutory dues

Prashant Nakwe

 

Shares of the telecom players traded mixed on Tuesday after the Supreme Court agreed to list next week the telecom firms’ fresh pleas, seeking a fresh schedule of payment of statutory dues to the DoT.

Shares of Vodafone Idea jumped almost 18 per cent to Rs 5.73 on the BSE, and gained 19.5 per cent to Rs 5.80 on the NSE.

On the other hand, the Bharti Airtel stock was trading marginally lower by 0.15 per cent at Rs 508.50 on the BSE. On the NSE, the scrip lost 0.07 per cent to trade at Rs 508.35.

The Tata Teleservices (Maharashtra) stock was trading 0.76 per cent lower at Rs 2.60 on the BSE and 1.92 per cent up at Rs 2.65 on the NSE.

Meanwhile, the shares of Reliance Industries, the parent firm of Reliance Jio Infocomm Ltd, was trading with gains of 0.34 per cent at Rs 1,537.25 on the BSE.

The Supreme Court on Tuesday agreed to list next week the fresh pleas of telecom firms, including Bharti Airtel, Vodafone Idea and Tata Teleservices, seeking a fresh schedule of payment of statutory dues to the tune of Rs 1.47 lakh crore to the Department of Telecommunications.

The telcos said they wanted an open court hearing on their fresh pleas, with regard to working out a fresh schedule of payment of their dues.

 

12:25 pm

Sensex, Nifty trade in the red

Benchmark indices, the Sensex and Nifty, continued to trade in negative territory after opening weak on Tuesday.

According to reports, the domestic market took cues from weak global markets. In Asia, the markets tripped on news of the spread of a pneumonia-like virus in China.

The Sensex was quoted at 41,402, down 116 points or 0.28 per cent lower. The Nifty also fell 34 points or 0.28 per cent to trade at 12,190.

The top gainers on the Sensex were ONGC, HDFC, Tech Mahindra, UltraTech Cement and IndusInd Bank. The laggards were Asian Paints, M&M, Tata Steel, Titan and Power Grid Corporation.

Telecom shares lifted the telecom index over 1 per cent on the BSE. On the other hand, the realty index was down 1 per cent, auto dropped 0.88 per cent, metals 0.85 per cent and consumer goods 0.76 per cent.

11:50 am

NSE emerges top derivatives exchange by number of contracts traded

 

National Stock Exchange of India Ltd (NSE) has become the world's largest derivatives exchange by number of contracts traded. 

NSE surpassed the Chicago-based CME Group to emerge as the largest derivatives exchange in 2019, according to statistics published by the Futures Industry Association (FIA), a derivatives trade body.  Click here to read in full the report on NSE is top derivatives exchange.

11:25 am

Hindustan Zinc stock falls over 2 per cent after Q3 results

 

Shares of Hindustan Zinc on Tuesday shed over 2 per cent after the company reported a 26.7 per cent decline in net profit at Rs 1,620 crore for the December 2019 quarter.

The stock opened at Rs 214 and slumped 2.19 per cent over the previous close to Rs 211.75 on the BSE. On the NSE, the scrip lost 2.17 per cent to Rs 211.65.

The company on Monday posted a 26.7 per cent decline in net profit at Rs 1,620 crore for the December 2019 quarter. Net profit in the year-ago period was Rs 2,211 crore, the company said in a BSE filing.

Total income during October-December dropped to Rs 5,117 crore as compared to Rs 6,090 crore in the year-ago quarter, the firm said.

11:15 am

Oil prices gain on Libya, Iraq supply worries

Brent crude was down 1 cent at $62.01 a barrel. File Photo   -  Bloomberg

 

Oil prices rose on Tuesday after Libya declared force majeure on two major oilfields following a military blockade and protests escalated in Iraq, raising supply concerns.

Brent crude was trading up 11 cents, or 0.2 per cent, at $65.31 per barrel by 0101 GMT. US West Texas Intermediate crude futures were up 20 cents, or 0.3 per cent, at $58.74 a barrel.

“Rising disruptions in ... Libya are likely to keep oil prices well supported in the coming days,” analysts from Australia and New Zealand Banking Group said in a note on Tuesday. Click here to read in full the global crude oil report.

11:00 am

Yen gains, yuan falters as stocks swoon on fears about China virus

The dollar slid from around 110.25 yen to as low as 109.55 yen shortly after reports of North Korea's missile launch.

yen_3176615f

 

The yen pulled ahead and the yuan fell against the dollar on Tuesday as the spread of a pneumonia-like virus in China sparked a sudden bout of risk aversion and sent Asian stocks skidding.

The yuan slipped against the US currency in onshore and offshore trade after a Chinese health expert said the virus can pass from person to person as the fourth death from the illness was confirmed. Click here to read in full the global forex market report.

 

10:50 am

Asia shares lurch lower, China flu risks mount

Safe-haven bonds and the yen edged higher in Asia as the spread of a pneumonia-like virus in China reminded investors of the economic damage done by the SARS virus in 2003. File Photo   -  Reuters

 

Asian shares took a sudden lurch lower on Tuesday as mounting concerns about a new strain of pneumonia in China sent a ripple of risk aversion through markets.

Safe-haven bonds and the yen edged higher as investors were reminded of the economic damage done by the SARS virus in 2003, particularly given the threat of contagion as hundreds of millions travel for the Lunar New Year holidays. Click here to read in full the Asian markets report.

 

10:25 am

Daily rupee call: Initiate short positions in rupee with stop-loss at 70.7

At the interbank foreign exchange, the rupee opened at 71.63.   -  istock.com

 

On Monday, the rupee (INR) traded and closed below the key level of 71 against the dollar (USD). After a flat opening, the Indian currency closed marginally lower at 71.11 versus its previous close of 71.08. The price action indicates further weakening. Click here to read in full the daily rupee call report.

 

10:10 am

Sensex, Nifty recover some early losses

The Sensex and Nifty trimmed some of the their opening losses to trade firmer in the morning session on Tuesday.

The Sensex was down 51 points or 0.12 per cent at 41,477, while the Nifty traded at 12,215, down 9 points.

The top gainers on the Sensex were ONGC, IndusInd Bank, SBI, ICICI Bank and NTPC. On the other hand, Asian Paints, M&M, Tata Steel, HeroMotoCorp and Tata Steel edged lower.

According to an agency report, the Sensex dropped over 200 points led by losses in index-heavyweights HDFC twins, Kotak Bank and ITC amid weak global cues.

After hitting an intra-day low of 41,301.63, the 30-share BSE index pared losses to trade 86.90 points or 0.21 per cent lower at 41,442.01.

Similarly, the broader NSE was trading 18.90 points, or 0.15 per cent, lower at 12,205.65.

According to the report, domestic investors turned wary amid subdued quarterly results by key index constituents and negative cues from global markets.

Further, market sentiment was also hit after the IMF on Monday lowered India’s economic growth estimate for the current fiscal to 4.8 per cent and listed the country’s much lower-than-expected GDP numbers as the single biggest drag on its global growth forecast for two years.

In October, the International Monetary Fund (IMF) had pegged India’s economic growth at 6.1 per cent for 2019.

Bourses in Shanghai, Hong Kong, Tokyo and Seoul were trading significantly lower in their early sessions.

Brent crude oil futures eased 0.48 per cent to $64.89 per barrel. Meanwhile, the rupee depreciated 6 paise to 71.06 against the US dollar in morning session.

In the previous session, Sensex settled 416.46 points, or 0.99 per cent, lower at 41,528.91, and the Nifty sank 127.80 points, or 1.03 per cent, to 12,224.55.

Meanwhile, on a net basis, foreign institutional investors bought equities worth Rs 5.87 crore, while domestic institutional investors offloaded shares worth Rs 1,419.85 crore on Monday, data available with stock exchanges showed. (with inputs from PTI)

10:00 am

Rupee dips 6 paise against US dollar in early trade

 

The rupee depreciated by 6 paise to 71.17 against the US dollar in opening trade on Tuesday, tracking a weak domestic equity market.

However, a weak dollar against other major currencies overseas and softening crude prices restricted the rupee’s fall, dealers said. Click here to read in full the rupee report.

9:45 am

How to play Budget week using Nifty options

 

The long-term outlook remains positive for Nifty 50 (12,352.35). Only a close below 10,030 will change the outlook negative for the index. If the current trend sustains, Nifty 50 could set a new peak above 13,250 while the index finds an immediate support at 12,020 and the next one at 11,850. With the Budget round the corner, the index may witness heightened volatility. Click here to read in full the report on Nifty options in Budget week.

 

9:30 am

What to Watch: Granules India: Results, buyback meet eyed

The board of Granules India will meet on Tuesday to consider quarterly results for the period ended December 2019. The Hyderabad-based firm’s board will also consider a proposal for buyback of equity shares. Shareholders will monitor the buyback size, quantum of shares to be bought back, the price and the mode of purchase (from open market or through tender route on proportionate basis). Promoter interest in the buyback would also be an important factor.

Aster DM Healthcare to turn ex-date for buyback

Shares of Aster DM Healthcare will remain in focus, as they will turn ex-date on Wednesday for the proposed buyback. The company plans to buy back ₹120 crore worth shares at ₹210 apiece. The board has determined January 24 as the record date for the purpose of determining the eligible shareholders to participate in the buyback. Investors who wish to participate in the buyback need to own Aster DM Healthcare shares by Tuesday to become eligible for the buyback.

HDFC AMC, ICICI Life, Havells to announce results

Tuesday will see a host of companies declaring their quarterly results for the period ended December 2019. Among these are: Digicontent, Hatsun Agro Product, Havells India, HDFC Asset Management, ICICI Prudential Life Insurance Co, Indiamart Intermesh, Jay Bharat Maruti, Kamat Hotels, Manaksia Aluminium Co (also for fund-raising), Newgen Software Tech, Polycab India, Rane (Madras), Repro India, Sasken Technologies, Snowman Logistics, Tejas Networks and Zee Entertainment.

 

9:15 am

Opening bell

The benchmark indices, the BSE Sensex and the NSE Nifty, opened Tuesday's session in the red.

The Sensex was down 187 points or 0.45 per cent lower  at 41,358, while the Nifty was quoted at 12,174, down 49 points or 0.41 per cent lower.

9:10 am

Day Trading Guide for Tuesday, January 21, 2019

₹1254 • HDFC Bank

S1

S2

R1

R2

COMMENT

1240

1220

1270

1285

Fresh short positions can be initiated with a tight stop-loss only if the stock falls below ₹1,240 levels

 

₹768 • Infosys

S1

S2

R1

R2

COMMENT

760

750

775

783

Make use of intra-day declines to buy the stock of Infosys while maintaining a fixed stop-loss at ₹760 levels

 

₹241 • ITC

S1

S2

R1

R2

COMMENT

239

236

244

247

Initiate fresh long positions with a stiff stop-loss if the stock of ITC moves beyond ₹244 levels

 

₹122 • ONGC

S1

S2

R1

R2

COMMENT

120

117

125

128

Near-term outlook is bearish for the stock of ONGC. Sell on rallies while retaining a fixed stop-loss at ₹125 levels

 

₹1532 • Reliance Ind.

S1

S2

R1

R2

COMMENT

1515

1500

1545

1560

Consider initiating fresh short positions with a fixed only if the stock of RIL falls below ₹1,515 levels

 

₹313 • SBI

S1

S2

R1

R2

COMMENT

307

300

320

327

Fresh short positions can be initiated with a stiff stop-loss if the stock fails to move beyond ₹320 levels

 

₹2170 • TCS

S1

S2

R1

R2

COMMENT

2150

2130

2190

2210

The stock is witnessing selling pressure at higher levels. Sell on rallies with a stop-loss at ₹2,190 levels

 

12263 • Nifty 50 Futures

S1

S2

R1

R2

COMMENT

12210

12160

12310

12360

Consider initiating fresh long positions with a tight only if the contract advances above 12,310 levels

 

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

9:00 am

Today's Pick: Power Grid Corporation of India (₹204.8): Buy

The stock of Power Grid Corporation of India jumped 3.7 per cent accompanied by above average volume on Monday, breaking above a key long-term resistance at ₹200 as well as a medium-term downtrend-line. Click here to read in full the Today's Pick on Power Grid.

 

Published on January 21, 2020