Benchmark indices falter on dismal macro data, Sensex down 106 points at 41,459

Closing bell

Equity benchmarks Sensex and Nifty retreated on Thursday as disappointing macroeconomic data and a sharp rise in the number of new coronavirus cases dampened investor sentiment.

The BSE gauge Sensex fell 106.11 points or 0.26 per cent to settle at 41,459.79. The index swung between a high of 41,709.30 and a low of 41,338.31 during the day.

Likewise, the NSE benchmark Nifty dropped 26.55 points or 0.22 per cent to close at 12,174.65.

On the Sensex chart, IndusInd Bank, Tata Steel, ONGC, ICICI Bank and Kotak Bank were among the top losers.

SBI, Titan, Infosys, Sun Pharma and Tech Mahindra emerged as the major gainers.

Of the 30 Sensex constituents, 16 closed in the red while 14 finished with gains.

Sectorally, BSE bank, finance and utilities indices were among the major laggards, while consumer durables, IT and teck rose the most.

In the broader market, both BSE smallcap and midcap indices outperformed the benchmark.

Hurting market sentiment, government data on Wednesday showed that industrial output contracted by 0.3 per cent in December while retail inflation jumped to a 68-month high of 7.59 per cent in January on high food prices.

On the currency front, the Indian rupee was trading on a flat note at 71.33 against the US dollar in intra-day trade.

Asian stocks closed mostly lower amid mounting concerns over the coronavirus epidemic.

The number of fatalities and new cases from China’s coronavirus outbreak soared on Thursday under a new diagnostic method, with over 200 more deaths and thousands of new patients.

Meanwhile, the International Energy Agency (IEA) said global oil demand will suffer its first quarterly drop in a decade as the novel coronavirus has hit the Chinese economy hard and its impact ripples throughout the world.

Reacting to IEA report, global crude oil benchmark Brent Futures tumbled about 2 per cent to trade at USD 55.25 per barrel. -PTI

European shares falter as virus toll in China surges; Nestle weighs

A Nestle logo pictured on a coffee factory in Orbe, Switzerland.

European shares fell on Thursday as a surge in new coronavirus cases in China blindsided investors, with food giant Nestle weighing the most after it postponed its 2020 growth target.

The pan-European STOXX 600 index fell 0.5 per cent by 0900 GMT. It had notched new highs in the last two sessions on optimism over what appeared to be a decline in new cases of infection, as well as a slow restart in factory activity after an extended break in China. Click here to read in full the European markets report .

Oil prices mixed as demand concerns outweigh output cut expectations

The current price fall should be seen as fortuitous for India

Oil prices were mixed on Thursday as concerns about falling demand caused by travel restrictions tied to the coronavirus outbreak in China, the world's biggest oil importer, outweighed expectations of supply cuts from major producers.

Brent crude fell 6 cents, or 0.1 per cent, to $55.73 per barrel at 0735 GMT. US West Texas Intermediate (WTI) was up 5 cents, or 0.1 per cent, to $51.22 a barrel. Brent rose 3.2 per cent on Wednesday, while WTI gained 2.5 per cent as a slowdown in new Chinese coronavirus cases boosted expectations of a demand recovery. CLick here to read more on the oil markets .

Jump in new coronavirus cases halts stock rally

Asia's share market rally paused on Thursday, bonds rose and trade-exposed currencies fell as a sharp rise in new coronavirus deaths and infections dented hopes that its spread was slowing.

China's Hubei province, where the virus is believed to have originated, reported 242 new deaths, double the previous day's toll, and confirmed 14,840 new cases on February 12. Click here to read in full the Asian markets report .

Sensex, Nifty trade in the red

The BSE Sensex and the NSE Nifty, which opened Thursday's session in negative territory, maintained their weak undertone to drop lower in the afternoon session.

The Sensex dropped 196 points or 0.47 per cent to quote at 41,369, while the Nifty was at 12,158, down 42 points or 0.35 per cent lower.

The top gainers in the Sensex pack were SBI, which rose 2.34 per cent, followed by Titan, (up 2.23 per cent), M&M (0.89 per cent), Sun Pharma (0.81 per cent) and Infosys (up 0.73 per cent).

The laggards were IndusInd Bank (which lost 3.71 per cent), ONGC (1.92 per cent), ICICI Bank and Tata Steel (1.61 per cent) and Kotak Bank (1.44 per cent).

Among the BSE sectoral indices, the consumer durables index gained 1.20 per cent and healthcare (0.83 per cent), while the notable losers were banking (down 1 per cent), finance (0.85 per cent) and realty (0.77 per cent).

CARE Ratings Chairman resigns

CARE Ratings on Thursday said its Chairman SB Mainak has resigned.

"...due to personal reasons S B Mainak, Chairman and Independent Director of the Company, has tendered his resignation with effect from February 11, 2020," it said in a regulatory filing.

SEBI is understood to have asked the rating agency for his removal in the IL&FS case.

CARE Ratings scrip was down 7.29 per cent in intra day trade on BSE.

Zydus Cadila gets USFDA nod to market Mesalamine suppositories

Zydus Cadila on Thursday said it has got final approval from the US health regulator to market Mesalamine suppositories. The drug is used to treat ulcerative proctitis, a type of bowel disease. Click here to read in full the report on Zydus Cadila gets USFDA nod to market Mesalamine suppositories

Nifty call: Sell on rallies with fixed stop-loss

The Sensex and the Nifty began the session on a flat note, taking weak cues from the Asian markets. The Nikkei 225 is down by 33 points or 0.14 per cent at 23,827, and the Hang Seng index has slipped 78 points or 0.28 per cent to 27,745 levels in today's session.  Click here to read more on the Nifty call .

Oil prices mixed as demand concerns outweigh output cut expectations

Oil prices were mixed on Thursday as concerns about falling demand caused by travel restrictions tied to the coronavirus outbreak in China, the world's biggest oil importer, outweighed expectations of supply cuts from major producers. Click here to read more on the oil markets .

Benchmarks edge lower at mid-session

The benchmark indices edged lower by mid-session on Thursday, after opening the day weakly negative.

The Sensex was down 191 points or 0.46 per cent at 41,374, while the Nifty slipped 43 points or 0.35 per cent to 12,157.

The top gainers in the Sensex pack were SBI, which jumped 2.91 per cent, followed by Titan (up 2.67 per cent), M&M (0.96 per cent) and TCS and Infosys (up 0.50 per cent).

The laggards were Kotak Bank (down 1.56 per cent), ONGC (1.55 per cent), IndusInd Bank (1.50 per cent), Maruti (1.46 per cent) and Tata Steel (1.38 per cent).

Yen gains, yuan and Aussie down as virus cases and deaths rise

The yen rose from a three-week low against the dollar on Thursday as investors sought safe havens after China's Hubei province, the epicentre of a coronavirus outbreak, reported a sharp jump in the number of new cases.

The Chinese yuan slipped against the dollar as the latest update on the spread of the virus provided a grim reminder to investors of the threat to the global economy, that has shaken markets in recent weeks.

Using a new method of diagnosis, Hubei on Thursday reported 14,840 fresh cases of the virus as of February 12, up from 1,638 new cases on Tuesday, with the number of deaths in the province rising by a daily record of 242 to 1,310. Click here to read in full the forex markets report .

Q3 results accelerate IRCTC shares further

The shares of Indian Railway Catering and Tourism Corporation (IRCTC) zoomed past 1,600-mark in early trade on Thursday after reporting strong Q3 numbers.

The PSU major has reported YOY revenue growth of 62 per cent at ₹734.98 crore for the quarter ended December 2019. Net profit rose 2.8 times to ₹205.8 crore, while Ebitda rose 2.7 times to ₹265.7 crore; margin stood at 37.1 per cent versus 22.7 per cent.

There has been no stopping the bull run in the IRCTC stock ever since it was listed in October 2019. The IRCTC stock on Thursday registered yet another peak at ₹1,609.30 on the BSE, but is currently ruling slightly lower at ₹1,574.85, a gain of 11 per cent, over the previous day’s close on the BSE.

The stock had a stellar start on October 14 after its blockbuster IPO, which saw the issue being subscribed 112 times — the biggest response to a public issue of any PSU so far. As against the issue price of ₹320, the IRCTC stock debuted at ₹644 on the BSE and closed at ₹729 on Day-1 of listing.

Jump in new coronavirus cases stymies stock rally

Asian stock markets wobbled on Thursday while safe-havens such as the yen, gold and bonds rose as the number of new coronavirus cases and deaths in the outbreak's epicentre jumped.

China's Hubei province, where the virus is believed to have originated, reported 242 new deaths, double the previous day's toll, and confirmed 14,840 new cases on February 12.

The rise in the number of cases, which came as officials adopted a new methodology for counting infections, is a seven-fold increase from a day earlier. Click here to read in full the Asian markets report .

Electronics industry fears supply disruptions, production cuts, price rise due to Coronavirus

With the Coronavirus in China showing no sign of abating, and parts of the country being stranded under quarantine, India’s electronics industry is fearing supply disruptions, production curtailment, as well as a negative impact on prices, revenue, product launches and local manufacturing. Click here to read in full electronics industry's fears on disruptions, production cuts .

Rupee slips 9 paise to 71.42 against US dollar in early trade

The rupee opened on a weak note and declined by 9 paise to 71.42 against the US dollar in opening trade on Thursday, after weak macro-economic data disappointed market participants.

Forex traders said disappointing macro economic numbers weighed on the local unit. Click here to read in full the rupee report .

What to Watch: All eyes on Autoline Ind's fund-raising plans

Shares of Autoline Industries will remain in focus on fund raising plans. The company’s board will meet on Thursday to consider fund raising by way of issuance of securities on preferential basis; a debt restructuring plan with two secured lenders; and issuance of shares and convertible and non-convertible debentures on preferential basis to the lenders by converting a part of the secured loans. Shareholders of Autoline Industries will closely monitor the developments.

IFCI, Wheels India, Vodafone Idea results

With the deadline for Q3 results coming to an end, about 250 firms will declare them on Thursday. The list includes: Adani Transmission, Allcargo Logistics, Apollo Hosp, Bombay Burmah, Century Ply, Dalmia Bharat, Future Retail, GMDC, GMR Infra, Gillette, Godrej Ind, Hind Aeronautics, Hind Copper, Hind Oil Exp, Ind-Swift, IFCI, ITDC, JP Associates, McLeod Russel, Mercator, PC Jeweller, SJVN, Sumitomo Chem, Uflex, Vodafone Idea and Wheels India.

Sensex, Nifty trade in the red

The benchmark indices, Sensex and Nifty, reversed their firm trend to slip into the red on Thursday.

The Sensex was at 41,420, down 143 points or 0.35 per cent lower. The Nifty slipped to 12,173, down 27 points or 0.22 per cent.

The top gainers in the Sensex pack were Titan (up 2.61 per cent), SBI (2.39 per cent), TCS (0.72 per cent), Nestle India (0.46 per cent) and Infosys (0.49 per cent).

The laggards were Kotak Bank (down 1.50 per cent), Axis Bank (1.42 per cent), HCL Tech (1.39 per cent), IndusInd Bank (1.28 per cent) and Maruti (1.08 per cent).

According to a PTI report, Sensex and Nifty slipped into the negative zone in opening deals, weighed down by disappointing macroeconomic data.

Both key indices were in the red primarily due to emergence of selling in financial and auto stocks.

Hurting market sentiment, government data on Wednesday showed that industrial output contracted by 0.3 per cent in December while retail inflation jumped to a 68-month high of 7.59 per cent in January on high food prices.

Ahead of the release of IIP and inflation data, the Sensex had settled 349.76 points, or 0.85 per cent, higher at 41,565.90; and the Nifty had clocked 93.30 points, or 0.77 per cent, gains to settle at 12,201.20 on Wednesday.

Provisional data showed that foreign institutional investors bought equities worth Rs 48.81 crore on a net basis on Wednesday.

The Indian rupee was trading lower by 8 paise at 71.41 against the US dollar in opening deals on Thursday.

Meanwhile, Asian stocks were trading mixed as coronavirus concerns continued to impact investor sentiment globally.

The number of fatalities and new cases from China’s coronavirus outbreak soared on Thursday, with over 200 more deaths and thousands of new patients.

Daily rupee call: Sell rupee below 71.4 with stop-loss at 71.2

On the back of considerable demand for the dollar (USD), the rupee (INR) weakened during Wednesday's session despite opening with a marginal gain. The Indian currency closed the session at 71.33, compared to its previous close of 71.28. If the domestic currency continues to decline, it might test the support at 71.4. Below that level, 71.5 is the support. On the other hand, if the rupee advances, it will face hurdles at 71.2 and 71.1. Click here to read the Daily Rupee Call in full.

Opening bell

The benchmark indices, the BSE Sensex and the NSE Nifty, opened Thursday's session weakly negative. The Sensex was at 41,522, down 42 points or 0.10 per cent. The Nifty also opened in weakly negative territory at 12,207.

Day Trading Guide for Thursday, February 13, 2020

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

₹1249 • HDFC Bank

₹781 • Infosys

₹213 • ITC

₹106 • ONGC

₹1470 • Reliance Ind.

₹320 • SBI

₹2170 • TCS

12228 • Nifty 50 Futures

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

Today's Pick: Minda Corporation (₹116.7): Buy

Minda corp plant

Investors with a short-term perspective can buy the stock of Minda Corporation at current levels. Breaking above a key resistance at ₹110, the stock jumped 6 per cent accompanied by above average volume on Wednesday. With this rally, the stock appears to have resumed its medium-term uptrend that has been in place since the August 2019 low of ₹65.5. Click here to read in full Today's Pick on Minda Corporation .