Market Highlights: Sensex, Nifty end in red as coronavirus fears spread wide and deep, Maruti drops 2% post Q3 earnings

By: |
Updated: January 29, 2020 10:09:11 am

Nobel laureate and economist Abhijit Banerjee on Monday flagged the concern that India country might be heading into a recession, and there is “nothing in the data” suggesting otherwise.

Sensex had plummeted 458 points or 1.10 per cent in intraday to finish the trade at 41,155.12 on Monday

Market Highlights: Equity benchmark indices ended around half a per cent lower on Tuesday as the investors sentiment were weighed by the impact of coronavirus on China’s and the world economy. The S&P BSE Sensex dropped around 280 points in the final hour of the trading on Tuesday as the outbreak of coronavirus continued to worry investors. The coronavirus death toll has already increased to 106. Sensex settled 188.26 points or 0.46 per cent lower at 40966.86, while broader Nifty 50 index ended at 12,060.25, down 59 points or 0.48 per cent. Bharti Airtel, Tata Steel, Reliance Industries and Maruti were the top laggards on the Sensex pack, while HDFC twins, Bajaj Finance, Sun Pharma, TCS and Tech Mahindra were among the top gainers on the index.  

The shares of Maruti Suzuki slipped 2.08 per cent to Rs 6995 apiece on BSE on BSE despite reporting a 5.1 per cent rise in Q3 FY20 net profit at Rs 1,565 crore as against Rs 1,489.3 crore in the corresponding period of last year on account of cost reduction efforts, lower operating expenses and reduction in corporate tax rate.

Nobel laureate and economist Abhijit Banerjee on Monday flagged the concern that India country might be heading into a recession, and there is “nothing in the data” suggesting otherwise. He re-emphasized the need for the government to address the banking sector. “The banking sector is in doldrums. It needs huge funding from the government. The Centre should also look at infrastructure sector funding,” added the 58-year-old Nobel Laureate.

Live Blog

Highlights

    16:45 (IST)28 Jan 2020
    Deepak Parekh’s HDFC joins list of corporate backers of startups; check who else bet on young ideas

    Mortgage finance company HDFC, which has been engaging with startups from quite some time and had launched multiple initiatives last year as well, is now looking at putting up to Rs 100 crore annually in technology startups. HDFC’s chairman Deepak Parekh at an event on Tuesday announcing the company’s plans added that a dedicated team will also be set-up understanding the startup ecosystem to invest in startups.

    Read full story

    16:40 (IST)28 Jan 2020
    PM-KISAN’s new record: 6 crore farmers get this much money directly into bank accounts in one go

    In a bit to fulfil the promises made to the Indian farmers under Pradhan Mantri Kisan Samman Nidhi (PM-Kisan) scheme, the government has paid Rs 12,000 crore to 6 crore farmers across the country. The money was directly transferred to the bank accounts of these farmers earlier in January, Prime Minister Narendra Modi said while addressing the third Global Potato Conclave in Gujarat.

    Read full story

    16:33 (IST)28 Jan 2020
    Sensex extends losses to second straight day; Maruti, RIL, Bharti Airtel among top laggards

    Equity benchmark indices Sensex and Nifty ended in red for the second straight session on Tuesday due to sell-off in the global markets on the back of fear of coronavirus. The new coronavirus has already killed 106 people. Ahead of the Union Budget and disappointing quarterly result by heavyweight Maruti Suzuki dragged the indices in the final hour of the trading.

    Read full story

    14:34 (IST)28 Jan 2020
    Maruti Suzuki shares fall despite posting 5% rise in net profit; here’s why

    Shares of Maruti Suzuki India plunged despite the automaker posting a rise in third-quarter profit on Tuesday. Maruti Suzuki India Ltd (MSIL) shares were trading at Rs 7,059.15, down 89.65 points, or 1.25 per cent on NSE. The country’s largest auto manufacturer reported a 5.1 per cent rise in Q3 FY20 net profit at Rs 1,565 crore as against Rs 1,489.3 crore in the corresponding period of last year.

    Read full story

    13:34 (IST)28 Jan 2020
    These 3 stocks hold Sensex in green today after yesterday’s 458-point fall amid coronavirus fears

    Three large-cap stocks, namely, Sun Pharma, HDFC and Bajaj Finance were mostly responsible for holding Sensex in green today after yesterday’s 458-point fall, and despite the fears of the economic fallout of China’s coronavirus. After opening sharply higher on Tuesday, Sensex and Nifty pared gains to trade flat with a positive bias in the noon session.

    Read full story

    13:04 (IST)28 Jan 2020
    Big bull Rakesh Jhunjhunwala under SEBI scanner for insider trading in this company: reports

    Big bull Rakesh Jhunjhunwala is under SEBI scanner on insider trading charges in family-owned firm Aptech, media reports said. The capital markets regulator has served the summons to the billionaire investor who is being investigated along with some other family members who are also shareholders in the education firm.

    Read full story

    12:00 (IST)28 Jan 2020
    Industrial and core output: Good and bad news likely, here’s what that means for economy

    The industrial output in December is once again expected to contract after a marginal recovery in the previous month. In the three months to October, India’s industrial output consecutively shrank on the back of slow economic growth. 

    Read full story

    11:22 (IST)28 Jan 2020
    Gold price falls today ahead of two-day Fed meeting outcome, yellow metal trades at Rs 40,509 per 10 grams

    Gold and silver prices were trading lower as Indian rupee opened stronger against the US dollar on Tuesday. “Comex gold was unchanged at $1,580 and MCX gold witnessed a minor correction since rupee has strengthened on Tuesday morning. Traders will observe an outcome of the Fed meeting (28th & 29th January).

    Read full story

    11:20 (IST)28 Jan 2020
    GST collections cross Rs 1 lakh crore mark three months in a row in January

    GST collections have crossed Rs 1 lakh crore mark for the third month in a row in January 2020. GST collection recorded in January 2020 is likely to be between Rs 1.08 lakh crore to Rs 1.13 lakh crore.

    Full story

    10:45 (IST)28 Jan 2020
    Year-long slowdown may not last longer; early indicators show green shoots of economic revival

    The year-long slowdown in India may not continue for long as early indicators suggest a recovery in the growth. While after three consecutive months of contraction, the industrial output rebounded to the expansion side in the month of November 2019, the contraction in the core industries also substantially narrowed in the same month. 

    Full story

    10:37 (IST)28 Jan 2020
    Rupee trades higher against US dollar on Tuesday as crude oil prices fall

    The Indian rupee opened marginally higher on Tuesday amid a fall in crude oil prices in the international market. The rupee opened at 71.38 a US dollar against the previous close of 71.44 a dollar.

    Read full story

    10:29 (IST)28 Jan 2020
    Coronavirus outbreak: Wall Street steps up to price-in fallout as risk assets turning into sea of red

    From stock volatility to currency options, the global risk-off tone spurred by the spreading coronavirus is showing up in derivative markets of all stripes. Hedging just turned more expensive for investors in one of the biggest China equity ETFs, while the cost of insuring some of Europe’s riskiest debt jumped.

    Full story

    10:26 (IST)28 Jan 2020
    Sensex trades over 100 points higher; Maruti Suzuki, M&M among top gainers ahead of quarterly earnings

    Domestic equity benchmark indices Sensex and Nifty opened higher on Tuesday led by gains in HDFC twins, Axis BankMahindra & Mahindra (M&M) and Maruti.

    Full story

    10:24 (IST)28 Jan 2020
    Budget 2020: Nobel awardee Abhijit Banerjee wants this tax on wealthy to fight inequality

    Amid rising inequality and fall in consumption especially in the rural sector, Nobel Laureate Abhijit Banerjee reiterated his strategy to alleviate poverty by reimposing Wealth tax on the country’s richest population in the upcoming union budget and following with redistribution of the wealth.

    Read full story

    08:35 (IST)28 Jan 2020
    Flying High! IndiGo parent’s net profit soars 168 per cent to Rs 495.97 crore in Q3

    InterGlobe Aviation, the parent company of low-cost carrier IndiGo, posted a 167.9% year-on-year jump in its net profit to Rs 495.97 crore for the December quarter, boosted by a 25.5% growth in operating revenue at Rs 9,931.68 crore. Revenues rose at a faster pace than capacity growth, the management said. The airline revised its capacity guidance for financial year 2021 downwards 20% from 25% earlier due to slowdown in aircraft addition.

    Full story

    08:35 (IST)28 Jan 2020
    Bank of Baroda slippage ratio to improve in FY21: CEO Sanjiv Chadha

    Bank of Baroda (BoB) expects slippages (fresh accretion of bad loans) to decline from the fourth quarter. The bank ratcheted up slippages of Rs 10,387 crore during the December quarter, against the average of Rs 6,000 crore it reported in previous quarters.

    Full story

    08:34 (IST)28 Jan 2020
    AGR crisis: Crisil, India Ratings downgrade Vodafone Idea

    Two rating agencies — Crisil and India Ratings & Research — have downgraded non-convertible debentures of Vodafone Idea worth Rs 3,500 crore. The downgrade comes after the Supreme Court refused to grant any relief to the telecom operator, which may find it challenging to make the payment against the adjusted gross revenue (AGR) related liability. Total debt of Vodafone Idea stood at Rs 99,660 crore as on September 2019, shows the data from Bloomberg.

    Full story

    08:33 (IST)28 Jan 2020
    Govt sweetens Air India sale offer, to exit 100%

    After a failed attempt in 2018, the government on Monday invited bids for privatising state-owned carrier Air India, a second effort in less than two years for stake sale in the debt-laden airline. Learning its lesson from the 2018 failure, the preliminary information memorandum states that 100% stake will be offloaded unlike 76% offered in the previous attempt. However, the new owners would be required to continue to use the “Air India” brand name and this cannot be changed.

    Full story

    08:33 (IST)28 Jan 2020
    India could be in recession, says Nobel laureate Abhijit Banerjee

    Nobel laureate and economist Abhijit Banerjee on Monday said the country could be passing through a phase of recession, and there is “nothing in the data” that suggests otherwise. Banerjee, during an address at the Kolkata Literary Meet, also said the priority of the government should be on refinancing the banking sector, which is in “doldrums”.

    Full story

    Next Stories
    1Markets likely to witness profit booking from FPIs
    2COVID-19 impact: United Breweries expects normalcy to return only after FY21
    3Ajay Tyagi gets 18 months’ extension as SEBI chairman