Share Market Highlights: Sensex, Nifty fall for third consecutive session, Moody’s cuts India growth to 5.4%

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Updated:Feb 17, 2020 3:54:44 pm

Share Market News Today | Sensex, Nifty, Share Prices Highlights: S&P BSE Sensex ended half a per cent or or 202 points lower at 41,055.67, while the broader Nifty 50 index settled 0.56 per cent or 68 points lower at 12,046 points

Share Market Today, Share Market LiveONGC was the top loser, down over 3%, followed by Sun Pharma, Bajaj Auto and NTPC. On the flip side, Titan was the top Sensex gainer with a growth of 1.83 per cent

Share Market News Today | Sensex, Nifty, Share Prices Highlights: Domestic equity market benchmarks Sensex and Nifty closed lower for the third consecutive session on Monday dragged by HDFC, ITC, RIL and ICICI Bank. S&P BSE Sensex ended half a per cent or or 202 points lower at 41,055.67, while the broader Nifty 50 index settled 0.56 per cent or 68 points lower at 12,046 points. As many as 17 stocks out of 30 Sensex stocks finished in red. ONGC was the top loser, down over 3%, followed by Sun Pharma, Bajaj Auto and NTPC. On the flip side Titan was the top Sensex gainer with a growth of 1.83 per cent. Nestle India, Tata Steel, TCS and Kotak Mahindra Bank were among the other gainers. Barring Nifty IT index, all the sectoral indices ended in red. The Nifty PSU Bank index dropped nearly 3% weighed by weakness in Bank of Baroda, PNB, Indian Bank and Bank of India. On the contrary, Nifty IT index closed flat to positive with TCS, Infosys, Wipro and Tech Mahindra as top index gainers. In the broader markets, S&P BSE MidCap index ended 0.91 per cent or 143 points lower at 15,519, while the S&P SmallCap index settled at 14,532 points, down 1.02 per cent or 150 points.

Days after the IMF said that the Indian economy needs urgent reforms, Moody’s cut growth projection to 5.4 per cent in 2020. The global rating agency had earlier projected the economy to grow at 6.6 per cent on account of slower than expected growth recovery. The rebound may begin in the current quarter, Moody’s said in its Global Macro Outlook update.

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    15:35 (IST)17 Feb 2020
    Sensex, Nifty extend losses

    S&P BSE Sensex ends half a per cent or or 202 points lower at 41,055.67, while the broader Nifty 50 index settles 0.56 per cent or 68 points lower at 12,046 points.

    15:22 (IST)17 Feb 2020
    Piyush Goyal lists these sectors to boost exports; fears this key concern can push India out of market

    Commerce Minister Piyush Goyal has said that the government has identified a few champion sectors, like textiles, fisheries and IT, to expand and become a world leader in exports. Speaking at DPIIT – FICCI Partnership Forum on Public Procurement for ‘Make in India’, Piyush Goyal underlined that the scale of production will play a very important role in remaining competitive in the global market as higher prices of the products made otherwise can keep India out of the market. Highlighting the issue of maintaining the standard of products, the minister said that he would endorse the issue of quality standards and urge all to participate to align with international standards as it will be the most critical aspect in the flagship ‘Make in India’ campaign.

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    15:16 (IST)17 Feb 2020
    Microsoft gets 3rd R&D hub in India; tech giant says will create jobs for thousands of engineers

    Tech giant Microsoft is all set to raise curtains on its third Research and Development centre in India which will also bring thousands of job opportunities for engineers. Ahead of Microsoft CEO Satya Nadella’s visit to the country, the US-based technology firm said: “The facility will open opportunities for thousands of engineers, with plans to expand to a full-fledged development centre, similar to IDC facilities in Bengaluru and Hyderabad,” Microsoft said in a statement on Monday. The centre will play a crucial role in Microsoft’s India’s expansion and growth story. However, Microsoft hasn’t divulged the details of the investment size for setting up the centre.

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    15:09 (IST)17 Feb 2020
    Muthoot Finance surges 17% to hit 52-week high

    Muthoot Finance shares hit a fresh 52-week high to Rs 868.65 apiece on BSE after the company posted a 66 per cent on-year growth in net profit at Rs 803 crore in the quarter ended December 31. It had a profit of Rs 485 crore in the year-ago quarter.

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    15:01 (IST)17 Feb 2020
    AGR dues: Facing unprecedented challenge, Vodafone Idea faces uphill task to survive

    Vodafone Idea Ltd.’s gamble seeking more time to pay the $4 billion it owes the Indian government failed in the nation’s top court, leaving the distressed mobile carrier with few options as it weighs its future. India’s Supreme Court last week rejected a plea by mobile carriers for extended payment schedule and asked them to deposit a combined $13 billion in past dues for spectrum and licenses by March 17. Vodafone Idea, struggling with mounting losses and debt, owes the most among its peers.

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    14:40 (IST)17 Feb 2020
    AGR dues: Facing unprecedented challenge, Vodafone Idea faces uphill task to survive

    Vodafone Idea Ltd.’s gamble seeking more time to pay the $4 billion it owes the Indian government failed in the nation’s top court, leaving the distressed mobile carrier with few options as it weighs its future.

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    14:11 (IST)17 Feb 2020
    Reliance Infra share price jumps 5% on strong Q3 results

    Shares of Reliance Infrastructure on Monday surged over 5 pc after the firm reported 18 per cent rise in consolidated net profit to Rs 345.51 crore for the third quarter ended December 31. The stock rose 5.13 per cent to trade at Rs 20.50 on the BSE.

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    13:44 (IST)17 Feb 2020
    Mishra Dhatu Nigam shares hit 20% upper circuit; stock prices jump 22% since Q3 results

    Mishra Dhatu Nigam (Midhani) shares hit 20 per cent upper circuit at Rs 216.30 a piece on BSE in Monday’s session after the company last week posted a 258 per cent on-year rise in net profit at Rs 60.50 crore for the quarter ended December 31. Total revenue of the company increased 35 per cent on-year to Rs 206.87 crore in the third quarter of the current fiscal. Mishra Dhatu Nigam share price surpassed its previous high of Rs 187 apiece touched on February 14.

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    13:27 (IST)17 Feb 2020
    After IMF calls for urgent reforms, Moody’s cuts India growth to 5.4%; check when economy may revive

    Days after the IMF said that the Indian economy needs urgent reforms, Moody’s cut growth projection to 5.4 per cent in 2020. The global rating agency had earlier projected the economy to grow at 6.6 per cent on account of slower than expected growth recovery. The rebound may begin in the current quarter, Moody’s said in its Global Macro Outlook update. IMF, last week said that the economy needs urgent structural and financial reforms on account of rising debt levels. Moody’s has projected the Indian economy to grow at 5.8 per cent for 2021 down from 6.7 per cent earlier.

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    13:16 (IST)17 Feb 2020
    SC rejects Vodafone Idea's proposal to pay Rs 2,500 crore; no relief for teleco on pending AGR dues

    The Supreme Court has rejected Vodafone Idea’s proposal to pay part of its adjusted gross revenue dues today and has also declined its request that no coercive action be taken against the telecom operator, according to news agency PTI. Vodafone Idea had urged the Supreme Court on Monday saying that it was ready to pay Rs 2,500 crore today and an additional Rs 1,000 crore by Friday requesting that no action be taken against the firm.

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    12:58 (IST)17 Feb 2020
    OYO losses up over 500% in FY19 even as revenue jumps 350%; cuts India losses

    Hospitality company OYO’s global expansion, particularly China during FY19 has led an increase its consolidated losses from 25 per cent of revenue in FY18 to 35 per cent in FY19, the company said in its audited financials for FY19. The company had “a primary presence in China and India” in FY19 and the “inherent costs of establishing new markets, including those related to talent, market-entry, operational expenses among others,” led to the net loss increase to “35% of revenue in FY19 to $335 million,” OYO said. However, the SoftBank-backed company was able to cut its losses in India from 24 per cent to 14 per cent of the revenue. The FY18 loss was $52 million signalling an increase of 544 per cent.

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    12:46 (IST)17 Feb 2020
    Bharti Airtel shares extend gains, hit 52-week high; should you buy or sell stock?

    Bharti Airtel shares hit 52-week high to touch Rs 568.60 apiece on BSE after the company said that it has paid Rs 10,000 crore to the Department of Telecom (DoT) towards statutory dues. The company has, further, said that it will the rest of the amount after self-assessment exercise. After the Supreme Court on Friday dismissed the modification plea on AGR liability, brokerage company Motilal Oswal is bullish on this telecom stock with an upside of 15 per cent.

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    12:19 (IST)17 Feb 2020
    State Bank of India no longer among the top 10 most-valued firms on BSE; this NBFC takes over

    India’s largest lender State Bank of India is no longer on the list of 10 most valued companies in terms of market capitalisation on the Bombay Stock Exchange. The state-owned bank has been over-taken by Bajaj Finance with a market capitalisation of Rs 2,87,802.92 crore

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    12:09 (IST)17 Feb 2020
    As Sensex, Nifty trade volatile, these stocks offer good bets after budget; here are 2 key concerns

    Even as Sensex and Nifty see volatility after the budget, sectors such as consumption, chemicals, private banks, and FMCG may provide a good buying opportunity, an investment manager said. Mahanagar Gas, Abbott Labs, ICICI Bank, HCL Tech and Kotak Bank, are among those stocks that are expected to be good bets, Yogesh Nagaonkar, CEO, Rowan Capital Advisors, told Shaleen Agrawal of Financial Express Online. Further sharing his views on expected risks going ahead, Yogesh Nagaonkar said that the outbreak of Coronavirus along with macroeconomic measures announced by the government may negatively impact stocks in the coming days.

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    11:55 (IST)17 Feb 2020
    After Supreme Court rap, Bharti Airtel pays Rs 10,000 crore towards AGR dues

    After Supreme Court rap and the government’s stringent deadline, Bharti Airtel on Monday said it has paid Rs 10,000 crore to the telecom department towards statutory dues. The company said it will make payment of the balance amount after self-assessment exercise. “The…total amount of Rs 10,000 crore has been paid on behalf of Bharti Airtel, Bharti Hexacom, and Telenor. “We are in the process of completing the self-assessment exercise expeditiously and will duly make the balance payment upon completion of the same, before the next date of hearing in the SC,” Bharti Airtel said.

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    11:46 (IST)17 Feb 2020
    With not even half of RIL’s Mukesh Ambani’s wealth, Radhakishan Damani India’s 2nd richest person

    Radhakishan Damani, who is the founder of grocery chain Avenue Supermart, is the second richest person in India and has a net worth less than even half of RIL chairman Mukesh Ambani’s total riches. According to Forbes’ Real-Time Billionaires’ Index, investor Radhakishan Damani has a total worth of $17.5 billion while India’s richest person Mukesh Ambani’s wealth is more than double this number at $57.5 billion. The retail mogul had recently left behind billionaire industrialist Shiv Nadar to become the country’s second-richest man and is now also ahead of other heavyweights such Uday Kotak, Gautam Adani and Lakshmi Mittal.

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    11:26 (IST)17 Feb 2020
    Gold prices fall today amid rising death toll from coronavirus in China; silver rates trade higher

    Gold prices fell today amid profit-booking by investors as the death toll from coronavirus in China has spiked. Gold April futures were trading lower at Rs 40,911 per 10 grams, down Rs 68, while silver March futures were trading Rs 198 higher at Rs 46,425 per Kg on MCX. Spot gold was little changed at $1,582.83 per ounce, having touched its highest since February 3 at $1,584.65 on Friday. US gold futures were steady at $1,585.90.

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    11:06 (IST)17 Feb 2020
    Budget 2020 hasn’t violated fiscal discipline: FM Sitharaman

    A day after Reserve Bank of India governor Shaktikanta Das sought to allay fears of the Budget proposal on fiscal slippage causing a spike in inflationary pressure, finance minister Nirmala Sitaraman reiterated on Sunday that the Budget FY21 hasn’t violated the fiscal discipline. Addressing a gathering of industry representatives in Hyderabad, she said, “We have not really breached the FRBM. We have not gone outlandish on it. We have kept fiscal discipline, which is a USP for both the Atal Bihari Vajpayee and Narendra Modi governments.”

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    10:57 (IST)17 Feb 2020
    Sensex, Nifty shed opening gains, key factors that may keep investors on edge

    Domestic equity market benchmarks Sensex and Nifty were trading flat to negative in the opening session on Monday tracking weakness in Asian markets amid coronavirus fears. “Since the earnings season is now behind us and there’s no major domestic event, global cues will dictate the market trend. Markets are closely eyeing the developments on the Coronavirus front and that will remain on the traders’ radar. We expect Nifty to consolidate further within 11,900-12,300 zone. We advise focusing on more on defensives viz. IT, Pharma and FMCG and select private banking majors for long trades while any rebound in the PSU banking and auto can be considered to create fresh shorts,” Ajit Mishra Vice President, Research, Religare Broking Ltd said.

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    10:51 (IST)17 Feb 2020
    LIC Housing Finance share price tanks 12% on news of possible merger with IDBI Bank, management denies reports

    LIC Housing Finance share price tanked during the early hours of trade as Te Business Standard reported that LIC Housing Finance might merge with IDBI Bank. The report was refused by the leadership of LIC Housing Finance in an interview on Monday morning.

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    10:29 (IST)17 Feb 2020
    Most of the sectoral indices trade lower

    Except Nifty FMCG and Nifty IT index, all the sectoral indices were trading lower. Nifty PSU Bank index was 2 per cent down weighed by J&K Bank, Indian Overseas Bank, PNB and Bank of Baroda. While Nifty FMCG index was up led by gains in Godrej Industries, Emami, HUL and Nestle India.

    10:26 (IST)17 Feb 2020
    14 out of 30 Sensex stocks trade in red

    As many as 14 stocks out of 30 Sensex stocks were trading lower. ONGC was the top loser, down 2.81 per cent, followed by SBI, HDFC, SUn Pharma and Bajaj Auto. On the flip side, Titan was the top Sensex gainer, up 1.86 per cent. Nestle India, Tata Steel, HUL and TCS were among the top gainers on the index.

    10:18 (IST)17 Feb 2020
    Gold imports dip 9 per cent to $24.64 billion during April-January

    Gold imports, which have a bearing on the country’s current account deficit (CAD), fell about 9 per cent to USD 24.64 billion (about Rs 1.74 lakh crore) during April-January period of the current financial year, according to Commerce Ministry data. Imports of the yellow metal stood at USD 27 billion in the corresponding period of 2018-19. The decline in gold imports has helped in narrowing the country’s trade deficit to USD 133.27 billion during April-January period of the current fiscal as against USD 163.27 billion a year ago. Gold imports have been recording a negative growth since July last year.

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    10:09 (IST)17 Feb 2020
    Vodafone Idea share price jumps 19% as company likely to make AGR payment to DoT

    Vodafone Idea shares surged as much as 18.89 per cent to Rs 4.09 apiece on BSE after the company on Saturday informed the exchange that it is assessing the amount that can be paid to the Department of Telecommunication (DoT) towards the dues calculated based on AGR. The company has proposed to pay the amount so assessed in the next few days. Around 9.30 AM, Vodafone Idea was trading 9.88 per cent higher at Rs 3.78 apiece.

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    09:51 (IST)17 Feb 2020
    LIC Housing Finance share price tanks 9%

    Share price of LIC Housing Finance has dropped more than 9 per cent during the opening hours of trade. Reports suggest that LIC Housing Finance's merger with IDBI Bank is set to be fast-tracked. LIC Housing Finance has also identified 14 projects which could be eligible for resolution under the government’s Rs 25,000-crore alternate investment fund (AIF) for reviving stalled residential projects. 

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    09:35 (IST)17 Feb 2020
    Top and losers on S&P BSE Sensex

    On Sensex, RIL was the top gainer followed by Power Grid, TCS and Infosys while Bajaj Auto, SBI, ONGC and M&M were among top laggards.

    09:28 (IST)17 Feb 2020
    Vodafone Idea share price jumps 19%

    The shares Vodafone Idea gained 19 per cent at Rs 4.02 apiece in the opening trade after the company said that it is assessing the amount that can be paid towards AGR dues, even as it flagged concerns over the continuation of its business.

    09:28 (IST)17 Feb 2020
    Sensex, Nifty open flat to negative

    S&P BSE Sensex was trading flat at 41,204 points, while the broader Nifty 50 index was trading at 12,095, down 18 points or 0.15 per cent. 

    09:04 (IST)17 Feb 2020
    Rupee opens weaker against US dollar

    The Indian rupee opened weaker at 71.47 a dollar vs Friday's close of 71.36 against the US dollar

    08:57 (IST)17 Feb 2020
    Airtel, Vodafone Idea, Tata Telecom likely to pay AGR dues on Monday: DoT source

    Telecom operators Bharti Airtel, Vodafone Idea and Tata Teleservices are likely to make payment for adjusted gross revenue (AGR) dues on Monday to avoid stringent punitive action from the Telecom Department, according to an official source. The three companies are jointly liable to pay dues of over Rs 1 lakh crore, but they have informed the Department of Telecom (DoT) of making only partial payment, as per their representatives. “Airtel, Vodafone Idea and Tata Teleservices have said that they will make payments on Monday. DoT will take action after evaluating the amount paid by them,” an official source told PTI.

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    08:45 (IST)17 Feb 2020
    Nirmala Sitharaman to hold press conference today

    Finance Minister Nirmala Sitharaman will hold an interactive session with trade and industry representatives, intellectuals, influencers, economics professors, professionals on Budget 2020 in Bengaluru today. Later in the afternoon, FM Sitharaman will hold a press conference.

    08:34 (IST)17 Feb 2020
    Sluggish demand: Earnings crawl in December quarter

    With most companies reporting tepid numbers in October-December, net profit rose marginally at 0.85% on a y-o-y basis. This was also on the back of lower tax rate and higher other income, without which the bottomline would have shrunk. Net revenue for a sample of 1,503 firms fell nearly 2% as India Inc was unable to push through volumes due to sluggish demand.

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    08:33 (IST)17 Feb 2020
    M&M Rating: Buy; Company logged a decent showing in Q3 FY20: Kotak Institutional Equities

    Losses in subsidiaries a cause for concern; FY20-22e EPS cut by 3-9% due to lower volume and Ebitda margin assumptions; ‘Buy’ retained as valuations are attractive. M&M + MVML reported Q3FY20 Ebitda of Rs 17.9 bn (+5% y-o-y), 3% above our estimate, led by better-than-expected Ebit margin in the automotive segment and cost cutting initiatives. Ebitda margin increased by 160 bps y-o-y to 14.8% (KIE: 14%) due to cost cutting initiatives and a richer product mix in the automotive business. SsangYong continued to incur losses in Q4CY19.

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    08:31 (IST)17 Feb 2020
    BHEL Rating: Neutral; Performance disappointed once again: Motillal Oswal

    BHEL’s Q3FY20 earnings continued to disappoint due to 23% y-o-y revenue decline as its two key projects are on hold (Yadadri and Udangudi). Due to forex gains and reversal of provisions, better margins are offsetting part of the revenue miss. But, operating performance was below expectations. BHEL’s management has refrained from providing any revenue guidance as its focus has shifted to cash-flow management; the company has Rs 380 bn of pending receivables, which has hardly moved over the last few years.

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    08:29 (IST)17 Feb 2020
    Hindalco Industries Rating: Hold; Q3FY20 results were in line with estimates: ICICI Securities

    Drop in power costs helped in Ebitda expansion; copper underperformance likely to worsen; TP revised to Rs 199. Hindalco has reported in-line Q3FY20 (standalone) with drop in power costs helping in Ebitda expansion. Integrated aluminium Ebitda increased by $94/te q-o-q. Better realised prices and lower costs (-2% q-o-q) will allow aluminium Ebitda to expand further in Q4FY20. Significant increase in linkage availability (~70% of Q3FY20 requirement) allowed margin expansion.

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    08:25 (IST)17 Feb 2020
    SGX Nifty suggests negative opening for Sensex, Nifty

    Trends on SGX Nifty suggest a negative opening for the Indian bourses, with a 9 points loss or 0.07 per cent. The Nifty futures were trading around 12,123-level on the Singaporean Exchange.

    08:24 (IST)17 Feb 2020
    US markets to remain close today

    On account of Washington's Birthday, US markets will remain closed today. On Friday, the Dow Jones Industrial Average dipped 25.23 points, or 0.1 per cent, to close at 29,398.08, S&P 500 gained 0.2 per cent to close at 3,380.16, while the Nasdaq Composite advanced 0.2 per cent to 9,731.18 and hit an all-time closing high on Friday.

    08:23 (IST)17 Feb 2020
    Asian stocks fall over coronavirus concerns

    Asian shares fell as the coronavirus fears return. MSCI’s broadest index of Asia-Pacific shares outside Japan dipped 0.1 per cent to 555.50, easing further from last week’s top of 558.30, which was the highest since late January. Australian shares and South Korea’s KOSPI index were each down 0.3 per cent.

    08:21 (IST)17 Feb 2020
    Indian markets could open flat today: Deepak Jasani, Head Retail Research, HDFC Securities.

    Indian markets could open flat today following flat US markets on Friday and largely mixed Asian markets today. The S&P 500 ended modestly higher on Friday following strong earnings from Nvidia and a report late in the session that the White House was considering a tax incentive for Americans to buy stocks. A recent Reuters poll showed the world’s second-biggest economy - China will grow at its slowest pace since the financial crisis in the current quarter but the downturn will be short-lived if the outbreak is contained. Technically, while the Nifty has corrected on Friday, the index could consolidate in a range between the 12000-12300 levels in the coming week. It is important that the supports of 11990 hold; else a further correction is likely, says Deepak Jasani, Head Retail Research, HDFC Securities.

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    Next Stories
    1Hindalco Industries Rating: Hold; Q3FY20 results were in line with estimates
    2BHEL Rating: Neutral; Performance disappointed once again
    3M&M Rating: Buy; Company logged a decent showing in Q3 FY20