Market LIVE: Sensex, Nifty end lower on F&O expiry; govt monitoring coronavirus impact on economy

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Updated:Feb 27, 2020 4:01:18 pm

Share Market News Today | Sensex, Nifty, Share Prices LIVE: S&P BSE Sensex closed 143 points or 0.36 per cent lower at 39,746, while the Nifty 50 index settled at 11,633, down 45 points or 0.39 per cent

Share Market Today, Share Market LiveONGC was the top loser followed by HCL Tech, M&M, SBI and IndusInd Bank. While Sun Pharma, Titan, Axis Bank and Asian Paint were the top index gainers.

Share Market News Today | Sensex, Nifty, Share Prices LIVE:  Buying in the final hour of the trade helped Nifty to close above 11,600 levels. Even as Sensex and Nifty recovered from day’s low during closing but still ended lower on the day of expiry of futures & options (F&O) contracts for February series. S&P BSE Sensex closed 143 points or 0.36 per cent lower at 39,746, while the Nifty 50 index settled at 11,633, down 45 points or 0.39 per cent. As many as 20 stocks out of 30 Sensex stocks ended lower in today’s trade. ONGC was the top loser, down 2.61 per cent, followed by HCL Tech, M&M, SBI and IndusInd Bank. While Sun Pharma, Titan, Axis Bank and Asian Paint were the top index gainers. Barring Nifty FMCG and Nifty Pharma, all the sectoral indices settled in red. Nifty PSU Bank dropped over 2 per cent weighed by PNB, Bank of Baroda and Indian Bank. However, Nifty Pharma index gained over half a per cent with Piramal Enterprises, Glen Mark and Lupin as top index gainers. In the broader market, the S&P BSE MidCap index fell 0.65 per cent to close at 15,072 while the S&P BSE SmallCap index lost 120 points or 0.83 per cent to settle at 14,209.

Finance Minister Nirmala Sitharman on Wednesday said the government is keeping a close watch on the impact of the coronavirus outbreak on the Indian economy. The minister also said that the process of merger of public sector banks was underway as per the schedule. The government has announced to merge 10 sector state-run banks to create four bigger lenders. The government is “closely monitoring” the impact of the coronavirus outbreak on the economy, she said.

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Highlights

    15:09 (IST)27 Feb 2020
    Gradual recovery underway? Economic growth may improve in Q4FY20; these 3 factors to be key drivers

    The economic growth is expected to improve in Q4FY20 after six consecutive quarters of slowdown, analysts said. Support from the corporate tax rate cuts, healthy crop production and fading away of weather disruptions in mining and allied sectors are likely to be the significant drivers of the growth rebound, the Barclays report said. The public spending may provide support to the economy even as private consumption continues to remain weak, it added. In Q4FY20, the GDP growth rate may be recorded at 5 per cent, just above the RBI’s projection of 4.9 per cent, the report added. The coal, steel, and cement showed a sharp sequential improvement in Q4 2019, even as the recovery in the services sector remains lacklustre, owing to weak credit growth, the report also said. The CSO is scheduled to release Q4FY20 GDP growth rate numbers of February 27, 2020.

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    14:36 (IST)27 Feb 2020
    Top gainers and losers on S&P BSE Sensex

    HCL Tech was the top laggard, down 1.87 per cent, followed by TCS, HDFC Bank and M&M. While NTPC, Kotak Mahindra Bank, Titan and ITC were among the top Sensex gainers. All the sectoral indices were trading lower. Nifty IT index dropped the most, weighed down by MindTree, HCL Tech, Tata Elxsi and TCS.

    14:36 (IST)27 Feb 2020
    After Aditya Puri who’s next? HDFC Bank’s MD opens up on succession plan

    Aditya Puri, MD at HDFC Bank, on Thursday said that the concerns being raised on the succession plan are overblown, CNBC TV-18 reported. “Succession is not a one -time affair”, Aditya Puri also said. There is no difference of opinion at the board level when it comes to a successor and it is rooting for the best candidate, Aditya Puri added. It’s not necessary that my successor will be an internal candidate only, he also said.

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    14:21 (IST)27 Feb 2020
    Modi’s doubling farmers’ income goal set to be achieved? Farm income shoots up this much in ten years

    As Prime Minister Narendra Modi strived to double farmers’ income, a Nasscom report has revealed that the average farmers’ income in the last ten years has increased by 1.7 times. This is in-line with the government’s aim to substantially increase the farmers’ income.

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    14:20 (IST)27 Feb 2020
    Kirana shops hold ground amid competition from ecommerce, supermarts; what’s helping them stay afloat

    Even while e-commerce platforms such as AmazonFlipkart and hypermarkets such as Reliance Fresh and Big Bazar give stiff competition to mom and pop stores, the neighbourhood stores continue to thrive as several factors such as vicinity play out in favour of Kirana stores.

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    13:32 (IST)27 Feb 2020
    Get back to lending, FM Nirmala Sitharaman tells chary public-sector banks

    Finance minister Nirmala Sitharaman on Tuesday asked public-sector banks (PSBs) to get back to the business of lending with a personal touch at the branch level and also ensure that small and medium businesses are not starved of liquidity. Sitharaman’s statement comes after the non-food credit growth plunged to an over three-year low of 7.1% year-on-year in the second fortnight of January, even though the liquidity surplus was in excess of Rs 2 lakh crore.

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    13:03 (IST)27 Feb 2020
    Modi’s doubling farmers’ income goal set to be achieved? Farm income shoots up this much in ten years

    As Prime Minister Narendra Modi strived to double farmers’ income, a Nasscom report has revealed that the average farmers’ income in the last ten years has increased by 1.7 times. This is in-line with the government’s aim to substantially increase the farmers’ income. Due to the efforts made as part of schemes and programmes of the Department of Agriculture and Farmers’ Welfare which also aligns with the strategy of doubling farmers’ income, there has been an appreciable improvement in efficiency bringing about a positive impact in the agriculture sector, Narendra Singh Tomar, Minister of Agriculture and Farmers’ Welfare had said in a reply to a question in Lok Sabha in December 2019.

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    12:46 (IST)27 Feb 2020
    Kirana shops hold ground amid competition from ecommerce, supermarts; what’s helping them stay afloat

    Even while e-commerce platforms such as Amazon, Flipkart and hypermarkets such as Reliance Fresh and Big Bazar give stiff competition to mom and pop stores, the neighbourhood stores continue to thrive as several factors such as vicinity play out in favour of Kirana stores. 10 years ago, it was expected that “Small neighbourhood stores would be threatened with increased competition from super/hypermarkets and e-commerce,” but now, “Small neighbourhood stores continue to be relevant owing to familiarity, proximity, monthly credit,” a joint report by BCG-RAI said this week. On the other hand, online shopping has the pull of reasonable prices and promotions while hypermarkets continue to attract crowds because of a better shopping environment and ambience.

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    12:23 (IST)27 Feb 2020
    Titan says no major impact of high gold prices, coronavirus on business; these reasons buoy demand

    Despite a recent spike in gold prices and the scare of coronavirus, Jewellery maker Titan has not witnessed a major impact on its watch business. “It could be because of two reasons. People are actually now looking at gold as something which will be going up for a period of time. Secondly, there is also the wedding season which is a strong one,” Subbu Subramaniam, CFO, Titan Company Ltd, told CNBC TV-18 in an interview on Thursday. Titan also expects to maintain 11-13% growth in the jewellery business in March. Gold prices have increased by 9% in 2020.

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    12:02 (IST)27 Feb 2020
    Economic revival in 2020? These five challenges about which India can do nothing may spoil the party

    As business sentiment across the globe is gloomy, there are five areas where the trouble may further escalate. The US-China trade war, Brexit, sanctions on oil trade, and the attack on Saudi Aramco’s oil facility destabilised the geopolitical balance in the previous year. In recent times, shifting trend growth in several economies, global spillover effects and disconnect between the financial cycles and business cycles in the face of supply shocks broadly explain why monetary policy around the world is in a state of flux, RBI said in its February bulletin.

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    11:49 (IST)27 Feb 2020
    SBI Cards’ IPO to unlock value for partners including SBI: Emkay Global Financial Services

    Given the higher share of OFS, the IPO is primarily to unlock value for existing investors (SBI and Carlyle) and also to provide a unique opportunity for investors to invest in a direct play on India’s rising consumerism and digital payment story. For SBI bank, the IPO would imply a value of Rs417bn/Rs59 per share (post holdco discount), adding another Rs11 to our target price for SBI (Rs380), Emkay Global Financial Services said in a recent research note

    11:34 (IST)27 Feb 2020
    Caution, gold investors: As prices hit all-time high, watch out for these factors before buying more

    Gold prices hit an all-time high earlier this week as investors around the world shunned riskier assets after the number of new coronavirus cases in China overtook fresh cases elsewhere. Germany announced that it was on the brink of an epidemic, and Bloomberg News reported citing a Food and Drug Administration official that the virus was on the cusp of a pandemic. Moreover, oil and Asian share markets too slipped in Thursday’s trade as the rapid global spread of the coronavirus kept investors edgy, seeking safety in gold and bonds.

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    11:28 (IST)27 Feb 2020
    RITES OFS opens on stock market; share price slumps 5%

    The government’s offer-for-sale (OFS) for selling up to 10 per cent stake in railway PSU RITES opened on stock exchanges on Thursday. The floor price for the OFS has been fixed at Rs 298, which is a discount of 6 per cent over Wednesday’s closing price of Rs 318.05. The government is selling 5 per cent stake in the company, with an option to retain oversubscription of another 5 per cent, taking the total issue size to 10 per cent.

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    11:15 (IST)27 Feb 2020
    Gold prices rise today as coronavirus outbreak spurs safe-haven demand, silver rates surge

    Gold prices on the Multi Commodity Exchange of India (MCX) rose today after two falling for two consecutive sessions amid coronavirus fears. Gold April futures were trading Rs 241 or 0.57 per cent higher at Rs 42,745 per 10 grams, while the silver March futures were ruling at Rs 47,025 per kg, up Rs 473 or 1.02 per cent on MCX. Gold prices gained in today’s session as the spread of coronavirus spiked the safe-haven demand.

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    10:41 (IST)27 Feb 2020
    All sectoral indices slip in red

    All the sectoral indices were trading deep in red. Nifty Realty declined the most, down 2.86 per cent. While Nifty IT index, too was trading lower with the weakness in MindTree, Just Dial and HCL Tech.

    10:35 (IST)27 Feb 2020
    Sensex, Nifty slip for fifth day on coronavirus fears; key things from today’s trade

    Extending the opening losses, domestic equity market benchmarks Sensex and Nifty were trading nearly a per cent lower on Thursday dragged by selling in index heavyweights such as ICICI Bank, HDFC twins, RIL and TCS. S&P BSE Sensex dropped 327 points or 0.82 per cent at 39,540, while the broader Nifty50 index, slipped below 11,600-level to trade at 11,575 points.

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    10:28 (IST)27 Feb 2020
    No new taxes in Gujarat budget; focus on education, health

    No new taxes were proposed in the Gujarat budget for 2020-21, presented by the BJP government on Wednesday, which saw a healthy allocation of Rs 31,955 crore for education, Rs 11,243 crore for health and Rs 7,423 crore for the agriculture sector. The Rs 2,17,287-crore budget for the next fiscal has an overall surplus estimates of Rs 275 crore. In the budget presented on the first day of the assembly session, Deputy Chief Minister Nitin Patel, who also holds the finance portfolio, proposed to reduce electricity duty for shops and offices, cold storages, religious places and dharmshalas, giving benefits of Rs 320 crore to them.

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    10:06 (IST)27 Feb 2020
    Sensex, Nifty extend opening losses

    S&P BSE Sensex dropped 327 points or 0.82 per cent at 39,540, while the broader Nifty50 index, slipped below 11,600-level to trade at 11,575 points

    09:57 (IST)27 Feb 2020
    Vodafone Idea share price jumps 6% in early trade

    Vodafone Idea shares rose 6 per cent to Rs 4.20 apiece on BSE after the company on Wednesday wrote to the DoT enumerating a list of sops it would need to stay afloat.

    09:34 (IST)27 Feb 2020
    Nifty IT index top sectoral loser

    All the sectoral indices were trading lower. Nifty IT index dropped the most, weighed down by MindTree, HCL Tech, Tata Elxsi and TCS. While Nifty Bank index was also trading lower with HDFC Bank, PNB and Bank of Baroda as top losers.

    09:33 (IST)27 Feb 2020
    Top gainers and losers on S&P BSE Sensex

    As many as 24 out of 30 Sensex stocks were trading in red today. HCL Tech was the top laggard, down 1.87 per cent, followed by TCS, HDFC Bank and M&M. While NTPC, Kotak Mahindra Bank, Titan and ITC were among the top Sensex gainers.

    09:23 (IST)27 Feb 2020
    Sensex, Nifty open in neagtive

    BSE S&P BSE Sensex opened 193 points or half a per cent lower at 39,695, while the broader Nifty 50 index was ruling at 11,627, down 51 points or 0.44 per cent.

    09:05 (IST)27 Feb 2020
    Rupee opens flat against US dollar

    The Indian rupee opened flat at 71.65 a dollar on Thursday vs previous close of 71.66 against the US dollar

    08:49 (IST)27 Feb 2020
    AGR payout: Vodafone Idea seeks host of concessions

    As the government struggles to resolve the adjusted gross revenue (AGR) crisis, Vodafone Idea, the most badly hit company by the Supreme Court order on the matter, has written to the department of telecommunications (DoT) enumerating a list of sops it would need to stay afloat.

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    08:24 (IST)27 Feb 2020
    Government closely monitoring Coronavirus impact on economy: FM Nirmala Sitharaman

    Finance Minister Nirmala Sitharman on Wednesday said the government is keeping a close watch on the impact of the coronavirus outbreak on the Indian economy. The minister also said that the process of merger of public sector banks was underway as per the schedule. The government has announced to merge 10 sector state-run banks to create four bigger lenders.

    Read full story

    08:10 (IST)27 Feb 2020
    Asian stocks slip

    Asian share markets slipped on Thursday. MSCI's broadest index of Asia-Pacific shares outside Japan traded flat. Australia's S&P/ASX 200 was 0.5 per cent lower while Japan's Nikkei fell 1.4 per cent.

    08:05 (IST)27 Feb 2020
    FII and DII data

    On a net basis, foreign institutional investors (FIIs) sold shares worth Rs 3,336.6 crore, while domestic institutional investors (DIIs) bought shares of worth Rs 2,785.67 crore on Wednesday, as per the data available on the NSE.

    08:05 (IST)27 Feb 2020
    Indian markets could open in negative: Deepak Jasani- Head Retail Research, HDFC Securities

    Indian markets could open in the negative today following mild loss in US indices overnight and weak Asian markets today. Markets corrected further on Wednesday for the fourth consecutive session. Selling intensified in the afternoon session. The Nifty lost 119.4 points or 1.01% to close at 11,678.5. Cash market turnover on NSE was higher than average as the Feb month derivatives expiry nears. Technically, with the Nifty moving down further, traders will need to watch if the Nifty can now hold above the next major supports at 11614; else the current downtrend is likely to continue. Any pullback rallies could find resistances at 11783-11812, says Deepak Jasani- Head Retail Research, HDFC Securities

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