Sensex drops 190 points to settle at 40,723; ONGC down sharply

Nifty slides 73 points to finish below 12,000 level

 

3:30 pm

Closing bell

The benchmark indices, the Sensex and Nifty, closed around 0.5 per cent lower in a choppy session on Friday.

The Sensex slipped 190 points or 0.47 per cent to close at 40,723. The Nifty finished below the 12,000 level at 11,962, down 73 points or 0.61 per cent lower.

The top gainers in the Sensex pack were Kotak Bank (up 3.87 per cent), SBI (2.53 per cent), IndusInd Bank (2.23 per cent), Bharti Airtel (1.62 per cent) and Tech Mahindra (up 1.15 per cent).

On the other hand, ONGC led the laggards lower, plunging nearly 6 per cent during the session. PowerGrid (down 4 per cent), TCS, HCL Tech, Reliance and Tata Steel (down over 2 per cent) were the other notable losers during the session.

Among the BSE sectoral indices, the oil and gas, energy, metal and utilities indices dropped over 2 per cent, while the power index lost 1.8 per cent and basic materials 1.6 per cent.

 

 

3:10 pm

European shares climb in early trading on Brexit day

The pan-European STOXX 600 was up 0.3 per cent by 0811 GMT. File Photo   -  Reuters

 

Gains in airlines and mining stocks helped European shares rise in early trading on Friday, on a day the UK officially ends its 40-year membership of the EU.

The pan-European STOXX 600, which was up 0.3 per cent by 0811 GMT, was still looking at its second straight weekly decline on concerns about the coronavirus outbreak in China, which has now taken more than 200 lives.

Investors also took heart that the World Health Organisation (WHO) stopped short of travel and trade restrictions with China, even as it declared the virus outbreak a global emergency. Click here to read more on the European markets.

 

2:50 pm

Battered Asian currencies arrest slide on WHO confidence

Indian borrowers have raised a record $2.21 billion via 10 Samurai loans so far this year   -  Reuters

 

Asian currencies steadied their slide on Friday, as the World Health Organisation’s confidence in China's response to a rapidly-spreading new virus tempered worries over a jump in infections.

The WHO said late Thursday that the coronavirus outbreak was a global emergency, but opposed travel restrictions and said China's actions so far will “reverse the tide” of its spread. Click here to read in full the forex markets report.

 

2:35 pm

Oil climbs as WHO declares global emergency over spread of Wuhan virus

 

Oil prices rose on Friday following sharp losses this week, as the World Health Organisation (WHO) came out against travel and trade restrictions in declaring a global emergency over the spread of a coronavirus that originated in China last year.

Oil prices fell nearly 4 per cent through Thursday this week - hitting three-months lows - before rebounding on Friday, with investors and traders worried over how the spread of the virus would impact demand for oil and its products. Click here to read more on the global oil markets report.

2:15 pm

Benchmark indices edge up

The benchmark indices, which opened firm but shed their gains to slip into the red in the morning session, recouped most of their losses to trade firmer in the afternoon session on Friday. The Sensex was quoted at 40,908, a shade weaker than its overnight close. The Nifty was also trading in weakly negative territory at 12,021, down 14 points.

The top gainers on the Sensex were Kotak Bank (up nearly 4 per cent), IndusInd Bank and SBI (up 2 per cent), and Bajaj Auto and HeroMotoCorp (up 1 per cent each).

The laggards were ONGC, down nearly 5 per cent, followed by Power Grid (down 4.5 per cent), HCL Tech (1.8 per cent). TCS (1.5 per cent) and Reliance (1.2 per cent).

2:05 pm

Asia shares fight for footing after rough virus-scarred week

MSCI's broadest index of Asia-Pacific shares outside Japan extended its fall, dropping 0.4 per cent, to be poised for its worst weekly loss in a year of 4.6 per cent. File Photo   -  Reuters

 

Asian share markets fought to regain their footing on Friday as investors clutched at hopes China could contain the coronavirus, even as headlines spoke of more cases, mounting deaths, flight suspensions and production pauses at factories.

The World Health Organisation on Thursday declared a global emergency as the virus spread to more countries. Click here to read more on the Asian markets.

 

1:35 pm

Nifty call: Go long on strong rally above 12,050 levels with fixed stop-loss

 

Following a positive start, the Sensex and Nifty began to decline due to selling interest at higher levels. The Asian markets are displaying mixed cues; the Nikkei 225 is up 1 per cent at 23,205, while the Hang Seng index has fallen marginally by 0.2 per cent to 26,388 levels.  Click here to read the Nifty call report in full.

 

1:00 pm

 

12:55 pm

No fresh investment, redemption for mutual fund investors on Budget day

 

Mutual fund investors will not be able to make fresh investment or sell their units on Budget day because subscription and redemption are closed on Saturdays and Sundays, industry officials said.

Mutual funds subscriptions and redemptions will not be permitted because all the fund houses in their scheme information documents have declared Saturday and Sunday as “non-business days”.

Consequently, mutual funds investors will not be able to participate like others participants in the stock markets. Click here to read in full the report on no fresh investment, redemption for MF investors on Budget day.

 

12:45 pm

Adani energy subsidiary to set up 700 MW hybrid energy plant

 

Rosepetal Solar Energy Private Ltd, a wholly-owned subsidiary of Adani Green Energy Ltd, has received the requisite approvals to set up a 700 MW grid-connected hybrid renewable energy power plant.

The hybrid plant will be a mix of solar and wind power, according to a filing in the exchanges. Out of the 700 MW capacity, around 300 MW has a “Green shoe option”. Greenshoe options are used to provide price stability and liquidity. Click here to read in full the report on Adani energy arm to set up hybrid energy plant.

12:25 pm

Coronavirus — Your health insurance will cover this too

 

In the last five years alone, the world has faced outbreaks of dreaded viruses such as Ebola, Zika, Mers (Middle East Respiratory Syndrome), more recently Nipah, and now Corona. The Corona virus has already infected over 8,000 people globally, mostly in China. In India too, a person was diagnosed with Corona on Thursday. Though it is an isolated incident until now, it is important to understand if your health insurance policy provides cover to treat this infection. Click here to read more on insurance cover for coronavirus infection.

12:15 pm

Two-day PSU bank strike impacts services

Banks including State Bank of India (SBI) had informed customers in advance that operations may be impacted to some extent due to the strike.   -  Paul Noronha

 

ervices of public sector banks were impacted as employee unions went on a two-day nationwide strike from Friday to press for wage revision.

However, private sector lenders like ICICI Bank and HDFC Bank were operational. Click here to read more on the impact of the PSU bank strike.

 

11:50 am

PMC Bank crisis prompts govt to double insurance cover to ₹2 lakh: Report

A file photo of the Punjab and Maharashtra Cooperative Bank branch in Mumbai PAUL NORONHA

 

In view of the hardship faced by depositors of Punjab & Maharashtra Cooperative (PMC) Bank, the Centre is planning to increase the insurance cover on bank deposits to ₹2 lakh. The government will announce the decision on February 1, according to a report by Economic Times (ET).

The Centre is going to double the insurance cover by incorporating amendments to the Deposit Insurance & Credit Guarantee Corporation (DICGC) Act. Currently, the DICGC Act, 1961, provides insurance cover of up to ₹ 1 lakh for both principal and interest. Rest of the amount gets forfeited if a bank collapses. The cover was last fixed 25 years ago.  Click here to read more on the move to double insurance on bank deposits to Rs 2 lakh.

 

11:35 am

Wipro falls over 2 per cent after CEO and MD, Neemuchwala, steps down

 

The scrip of Wipro fell over 2 per cent on Friday after the company’s CEO and MD Abidali Z Neemuchwala decided to step down.

The firm’s shares dropped 2.28 per cent to Rs 235.30 on the BSE. On the NSE, it declined 2.28 per cent to Rs 235.20.

Wipro, early on Friday, announced that Neemuchwala has decided to step down due to family commitments.

He will continue to hold the office of the CEO and Managing Director, until a successor is appointed for a smooth transition and to ensure that business continues as usual, the company said in a BSE filing. - PTI

 

11:21 am

Sensex, Nifty shed early gains

After opening the day on a firm note, the benchmark indices slipped into the red in midmorning trade on Friday.

The Sensex was quoting at 40,831, down 81 points or 0.20 per cent. The Nifty was at 11,997, down 38 points or 0.32 per cent.

Kotak Bank jumped up nearly 4 per cent on the 30-share index; it was followed by IndusInd Bank (up 2.61 per cent), Bajaj-Auto (2.08 per cent), ITC (1.35 per cent) and Titan (0.67 per cent).

On the other hand, ONGC lost 3.94 per cent, followed by Power Grid (down 3.22 per cent), HCL Tech (2.27 per cent), TCS (2.03 per cent) and Reliance (1.49 per cent).

Among the BSE sectoral indices, the oil and gas index dropped nearly 2 per cent, utilities lost 1.63 per cent and energy 1.57 per cent. Banking and consumer durables shares were among the notable gainers during the session.

 

 

11:00 am

Oil jumps as WHO declares emergency

 

Oil prices jumped on Friday following sharp losses this week, as the World Health Organisation (WHO) came out against travel and trade restrictions in declaring a global emergency over the spread of the coronavirus that originated in China last year.

Oil prices had fallen nearly 4 per cent through Thursday this week - hitting three-month's lows - before rebounding on Friday, with investors and traders worried over how the spreading virus would impact demand for oil and its products. Click here to read in full the oil markets report.

10:50 am

Asian currencies arrest slide as WHO confident in virus response

Indian borrowers have raised a record $2.21 billion via 10 Samurai loans so far this year   -  Reuters

 

Asian currencies arrested their slide on Friday as confidence from the World Health Organization (WHO) in China's response to a new virus and upbeat data from the world's second biggest economy tempered worries over a jump in new infections.

The WHO said late Thursday the outbreak was a global emergency, but China's response so far will “reverse the tide” of the virus' spread. Click here to read in full the forex markets report.

 

 

10:35 am

Rupee rises 17 paise ahead of Economic Survey

 

The Indian rupee appreciated by 17 paise to 71.41 against the US dollar in early trade on Friday ahead of the release of the government’s Economic Survey later in the day.

Forex traders said market participants are assessing the economic implications of the coronavirus outbreak and awaiting cues from the Union Budget.

At the interbank foreign exchange the rupee opened at 71.46 and touched a high of 71.41, registering a rise of 17 paise over its previous close. On Thursday, the rupee had settled for the day at 71.58 against the US dollar.  Click here to read more on rupee trade.

 

10:25 am

Daily rupee call: Rupee might strengthen today

 

The overall bearish sentiment pulled down the rupee (INR) on Thursday as it closed lower at 71.49 versus its previous close of 71.25 against the dollar (USD). Though the Indian currency weakened, its downtrend was arrested by the support band between 71.5 and 71.6, from where it recouped some of its losses. Click here to read the Daily rupee call in full.

10:00 am

Sensex, Nifty hold firm

The Sensex and Nifty traded in positive territory in early session on Friday. The Sensex was at 40,978, up 65 points or 0.16 per cent higher on its previous close. The Nifty gained 59 points or 0.50 per cent to quote at 12,095.

The top gainers on the Sensex were Kotak Bank (up 3.72 per cent), Bajaj Auto (up 2.69 per cent), IndusInd Bank (up 2.57 per cent), M&M and HeroMotoCorp (both up over 1 per cent).

The laggards on the 30-share benchmark were ONGC (down 3.8 per cent), Power Grid (3.27 per cent), NTPC (1.36 per cent), HCL Tech (1.13 per cent) and ICICI Bank (down 0.83 per cent).

In the previous session, the Sensex settled 284.84 points, or 0.69 per cent, lower at 40,913.82, and Nifty closed 93.70 points, or 0.77 per cent, down at 12,035.80.

Meanwhile, on a net basis, foreign institutional investors sold equities worth Rs 962.28 crore, while domestic institutional investors purchased shares worth Rs 292.35 crore on Thursday, data available with stock exchanges showed.

According to an agency report, Kotak Mahindra Bank rallied over 4 per cent, after the private sector lender said it will withdraw a case concerning dilution of promoters’ shareholding in the bank, which it had filed against the RBI in the Bombay High Court.

According to the report quoting analysts, the market is now focused on the Economic Survey and the Union Budget, with high expectations of further stimulus to the economy.

A recovery global markets too buoyed investor sentiment here, traders said.

Bourses in Hong Kong, Japan and South Korea were trading with mild gains, while markets in China remained closed.

Benchmarks on Wall Street ended on a tepid positive on Thursday. Brent crude oil futures rose 1.88 per cent to USD 58.41 per barrel. The rupee appreciated 12 paise to 71.45 against the US dollar in morning session. (with inputs from PTI)

 

9:50 am

Asia shares fight for footing after turbulent week

MSCI's broadest index of Asia-Pacific shares outside Japan extended its fall, dropping 0.4 per cent, to be poised for its worst weekly loss in a year of 4.6 per cent. File Photo   -  Reuters

 

Asian share markets battled to regain their footing on Friday as investors clutched at hopes China could contain the coronavirus, even as headlines spoke of ever more cases and mounting deaths.

Helping steady the mood were surveys showing Chinese manufacturing activity came in much as expected in January while services actually firmed, though this was likely before the virus took full hold.

Indeed, reports some Chinese provinces were asking companies not to re-start until February 10 suggested activity would take a hard knock this month. Click here to read more on the Asian markets.

9:30 am

Bajaj Electricals board meeting

The board of directors of Bajaj Electricals will meet on Friday to consider, discuss and decide, inter alia, various matters in connection with the proposed rights issue, including the terms and conditions such as the issue price, rights entitlement ratio, record date, timing of the issue and other related matters. Earlier this month, the company’s board of directors had approved the proposal to raise a maximum of ₹350 crore by way of rights issue from eligible shareholders.

What to watch out for: SBI, BoI, Tech Mahindra results

About 75 companies including Arvind, Bharti Infratel, Brooks Lab, BOI, Butterfly Gandhimathi, Castrol, Cholamandalam, Future Consumer, HUL, Indian Energy Exchange, ITC, J&K Bank, Jubilant Life, Kansai Nerolac, Kirloskar Oil, Narayana Hrudayalaya, Omax Auto, PowerGrid, Punjab Chem, RPG Life, Ruchi Soya, State Bank of India, SPARC, Tech Mahindra, Texmaco Infra, Tourism Finance, Vascon, Vedanta and Veto Switch will declare their third quarter results for FY20 on Friday.

9:15 am

Opening bell

The benchmark indices, the BSE Sensex and the NSE Nifty, opened firm on Friday.

The Sensex was quoting at 41,074, up 160 points or 0.39 per cent. The Nifty gained 59 points or 0.50 per cent to trade at 12,095.

 

9:10 am

Day Trading Guide for Friday, January 31, 2020

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

₹1227 • HDFC Bank

S1

S2

R1

R2

COMMENT

1215

1200

1239

1255

Fresh short positions can be initiated with a fixed stop-loss only if the stock falls below ₹1,215 levels

 

₹780 • Infosys

S1

S2

R1

R2

COMMENT

772

762

789

799

Consider initiating fresh short positions with a tight stop-loss only if the stock reverses down from ₹789 levels

 

₹233 • ITC

S1

S2

R1

R2

COMMENT

231

228

236

239

Initiate fresh long positions with a stiff stop-loss if the stock of ITC advances above ₹236 levels

 

₹115 • ONGC

S1

S2

R1

R2

COMMENT

113

111

117

120

Fresh long positions are recommended with a fixed stop-loss only if the stock of ONGC moves beyond ₹117 levels

 

₹1442 • Reliance Ind.

S1

S2

R1

R2

COMMENT

1430

1415

1455

1470

The stock of RIL extended the downtrend and fell 2.5 per cent on Thursday. Sell on rallies with a stop-loss at ₹1,455

 

₹310 • SBI

S1

S2

R1

R2

COMMENT

305

299

316

322

Near-term stance is negatively biased for the stock of SBI. Go short on a fall below ₹305 with a fixed stop-loss

 

₹2138 • TCS

S1

S2

R1

R2

COMMENT

2120

2100

2160

2180

Initiate fresh long positions with a tight stop-loss only if the stock of TCS moves beyond ₹2,160 levels

 

12043 • Nifty 50 Futures

S1

S2

R1

R2

COMMENT

12000

11950

12085

12130

Consider initiating fresh long positions with a tight stop-loss if the contract rallies above 12,085 levels

 

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

 

9:00 am

Today's Pick: Crompton Greaves Consumer Electricals (₹266.9): Buy

buy-sell

 

The shares of Crompton Greaves Consumer Electricals gained 3.4 per cent with above average volume on Thursday, breaking above a key immediate resistance at ₹262. Investors with a short-term perspective can buy the stock at current levels. Since registering a 52-week low at ₹192 in February 2019, the stock has been in a long-term uptrend. Click here to read in full Today's Pick on Crompton Greaves.

 

Published on January 31, 2020