Market Highlights: Sensex crashes 800 pts, metals, autos drag; IMF says coronavirus puts global economy recovery at risk

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Updated:Feb 24, 2020 4:27:24 pm

Share Market News Today | Sensex, Nifty, Share Prices Highlights: S&P BSE Sensex ended 806 points or 1.96 per cent lower at 40,363, while the broader Nifty 50 index settled below the crucial 11,850-mark, at 11,838, down 242 points or 2 per cent

Share Market Today, Share Market LiveIndex heavyweights such RIL, HDFC, ICICI Bank, TCS and Axis Bank were among the major contributors towards today’s fall. All Sensex constituents traded in the red.

Share Market News Today | Sensex, Nifty, Share Prices Highlights: Extending the morning losses, domestic equity market benchmarks Sensex and Nifty ended nearly 2 per cent lower as the number of new infections from coronavirus outside China spooked global markets. S&P BSE Sensex ended 806 points or 1.96 per cent lower at 40,363, while the broader Nifty 50 index settled below the crucial 11,850-mark, at 11,838, down 242 points or 2 per cent. Index heavyweights such RIL, HDFC, ICICI Bank, TCS and Axis Bank were among the major contributors towards today’s fall. All Sensex constituents traded in the red. Tata Steel was the top index loser with a decline of 6.39 per cent, followed by ONGC, Maruti, Titan, ICICI Bank and HDFC. India VIX, the barometer of volatility in the market, spiked 25.63 per cent to close at 17.21. All the sectoral indices ended in red, Nifty Metal index was the top sectoral loser, down 5.36 per cent dragged by Jindal Steel, JSW Steel and SAIL. The Nifty Auto index settled 3.5 per cent lower weighed down by Motherson Sumi, Bharat Forge and Tata Motors.

The deadly coronavirus epidemic could put an already fragile global economy recovery at risk, the IMF warned Sunday, as G20 financial chiefs discussed ways to contain its economic ripple effects. Global growth was poised for a modest rebound to 3.3 per cent this year, up from 2.9 per cent last year, International Monetary Fund chief Kristalina Georgieva said after a two-day meeting of G20 finance ministers and central bank governors in Riyadh.

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    15:39 (IST)24 Feb 2020
    Sensex crashes 800 points, Nifty slips below 11,850-mark

    S&P BSE Sensex ended 806 points or 1.96 per cent lower at 40,363, while the broader Nifty 50 index settled below the crucial 11,850-mark, at 11,838, down 242 points or 2 per cent.

    15:03 (IST)24 Feb 2020
    Bharti Infratel extends deadline for merger with Indus Towers by 2 months

    Bharti Infratel on Monday extended the deadline for its merger with Indus Towers by two more months to April 24, but cautioned that final call on scheme implementation will be taken by the board based on assessment of telecom crisis and its impact.

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    14:39 (IST)24 Feb 2020
    DIY Mutual Fund investing: Key things to keep in mind before starting SIP yourself

    Selecting a top-of-the-table MF scheme is not all about the Do It Yourself (DIY) investment to ensure that your financial goals would be fulfilled. Although the market risks associated with equity MF reduce with the length of investment period, but it differs from person to person how much risk he/she should take depending on financial need, available resources, investment period and risk appetite.

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    14:22 (IST)24 Feb 2020
    Sensex tumbles over 500 points, Nifty tests 11,900 level

    S&P BSE Sensex was trading 505points or 1.23 per cent lower at 40,8664, while the broader Nifty 50 index was ruling at 11,917, down 163 points or 1.35 per cent.

    14:21 (IST)24 Feb 2020
    Inflation ties RBI’s hands; no room for rate cut but need for fiscal stimulus

    Despite a weak economic condition, RBI may maintain the status quo on interest rates in the coming months as well. The high inflation has tied the hands of the central bank to further ease the repo rate. “MPC minutes restate high inflation constraining further easing. The February policy minutes reflected the limitation of further easing even as growth remains a worry,” said a report by Kotak Economic Research. The retail inflation has swelled beyond the RBI’s benchmark and the relief is not expected anytime soon. With CPI inflation likely to remain above the RBI’s upper tolerance band of 6 per cent in the coming months, the Kotak report expects the MPC to keep the interest rates unchanged in the first half of this calendar year.

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    13:58 (IST)24 Feb 2020
    GAIL to invest Rs 1.05 lakh crore to create infrastructure for gas-based economy

    GAIL India Ltd, the country’s largest gas utility, will invest Rs 1.05 lakh crore over the next five years to expand pipelines, lay city gas distribution network and raise petrochemical production capacity, its new chairman and managing director Manoj Jain said on Monday.

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    13:41 (IST)24 Feb 2020
    Petrol, diesel prices to no longer pinch your pocket; retail fuel may remain cheap in coming months

    People may not need to worry about a rise in petrol and diesel prices for months to come, as the retail fuel is set to remain cheap with the crude oil demand subdued across the globe. Crude oil prices are expected to remain low due to weak consumption.

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    13:17 (IST)24 Feb 2020
    Mukesh Ambani tells Satya Nadella how Jio cut data charges down to Rs 12 from Rs 300 per GB

    Highlighting the big change that the introduction of Reliance Jio brought into the Indian telecom sector, RIL Chairman Mukesh Ambani on Monday said that Jio has helped the data charges to reduce substantially. The cost of data has been lowered to Rs 12-14 per GB now from Rs 300-500 per GB in the pre-Jio days, Mukesh Ambani said in a conversation with Microsoft CEO Satya Nadella at Microsoft’s Future Decoded CEO Summit in Mumbai. The consumption has gone up and Digital India has become a people’s movement now, Mukesh Ambani, also said. Adding, he said that Prime Minister Narendra Modi gave the domestic telecom industry vision on Digital India. Speaking on the occasion, Satya Nadella urged Indian business leaders to build technology capabilities that are inclusive in nature.

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    12:46 (IST)24 Feb 2020
    Top gainers and losers on S&P BSE Sensex

    Tata Steel was the top laggard, down 3.58 per cent, followed by Maruti, ONGC, HDFC and ICICI Bank. On the flip side Infosys, Tech Mahindra, TCS, SBI and IndusInd Bank were the top Sensex gainers.

    12:46 (IST)24 Feb 2020
    Sensex, Nifty off day's low

    S&P BSE Sensex was trading 350 points or 0.85 per cent lower at 40,820, while the broader Nifty 50 index was ruling at 11,969, down 112 points or 0.92 per cent.

    12:32 (IST)24 Feb 2020
    Max Financial share price gains, Axis Bank stock slips; here’s what sales deal means for both

    While Max Financial Services, the parent company of Max Life, has seen its share price gain close to 14 per since the speculations of the deal started making the rounds, Axis Bank has slipped 1 per cent.

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    12:06 (IST)24 Feb 2020
    Rupee slips 30 paise against US dollar on Monday as death toll from coronavirus spikes

    The Indian rupee declined by 30 paise to 71.94 against the US dollar in opening trade on Monday amid muted opening in domestic equities and strengthening of the American currency overseas. Besides, as investor sentiments remained fragile amid coronavirus fears. China’s death toll from the new coronavirus rose to 2,592 on Monday.

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    11:49 (IST)24 Feb 2020
    Gold prices hit record high, surpass Rs 43,000 per 10 grams; check what’s fuelling the rally in yellow metal

    Gold prices hit a fresh record high on Monday tracking weakness in Indian rupee as the new cases of coronavirus surged in Italy, China, South Korea and Iran. Around 11.15 AM, the gold April futures were trading Rs 394 or 0.92 per cent higher at Rs 43,060 per 10 grams, while silver March futures were ruling at Rs 48,600 per kg, up Rs 296 or 0.61 per cent.

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    11:17 (IST)24 Feb 2020
    Sensex, Nifty trade in deep red, track global equities; key factors behind today’s fall

    Domestic equity market benchmarks Sensex and Nifty were trading in deep red on Monday as global equities continue to slide amid coronavirus fears. The S&P BSE Sensex was trading 429 points or 1,04 per cent lower at 40,741, while the broader Nifty 50 index was ruling at 11,951, down 130 points or 1.08 per cent. Barring the Nifty IT index, all the sectoral indices were trading in the red. The nifty Metal index dropped 3.30 per cent, dragged by Jindal Steel, Hindalco and JSW Steel.

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    11:07 (IST)24 Feb 2020
    Max Financial Services gains and Axis Bank slips

    After announcing that Axis Bank and Max Financial Services have entered into a confidentiality and exclusivity arrangement to explore a long-term strategic partnership, the latter has gained close to 4 per cent while the former is down 1.43 per cent.

    10:44 (IST)24 Feb 2020
    GMR Infrastructure share price jumps 11% as it signs deal with Groupe ADP for 49% airport stake

    According to the agreement, Groupe ADP will hold 49 per cent stake in GMR Airports Limited for an equity consideration of Rs 10,780 crore, valuing GAL at the Base Post Money Valuation of Rs 22,000 crore. The equity consideration consists of Rs 9,780 crore towards secondary sale of shares by GMR group; and  Rs 1,000 crore equity infusion in GMR Airports Limited.

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    10:32 (IST)24 Feb 2020
    Aurobindo Pharma shares drop 18% as USFDA revokes VAI status for Unit IV; brokerages revise target price

    Aurobindo Pharma share price fell as much as 18 per cent to Rs 491.90 apiece on BSE in today’s trade after the USFDA revoked the voluntary action initiated (VAI) status for the company’s plant on February 21. The company in a BSE filing said it has received a communication that US FDA inspection at Unit IV is still open and under review by way of rescindment of 90-day VAI letter that was issued by them on February 18, 2020. Inspection at Unit IV was conducted by the US FDA from November 4-13, 2019. Around 10.30 AM, Aurobindo Pharma shares were trading 15 per cent lower at Rs 509.80 a piece on BSE.

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    10:14 (IST)24 Feb 2020
    AGR dues: High-level talks held to discuss relief measures for telcos

    The department of telecommunications (DoT) on Sunday held a high-level meeting, which was attended by officials of the finance ministry and government think tank NITI Aayog to explore solutions for the crisis emanating from the adjusted gross revenue (AGR) dues. Though government officials refused to comment, sources said the meeting was the first in a series and was held to apprise officials across ministries of the crisis at hand and possible solutions which the government can look at.

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    09:55 (IST)24 Feb 2020
    Slowdown effect: Govt spending on poor slows as economy trends down

    The slowdown in economic growth has undermined the government’s ability to augment expenditure on schemes meant for redistribution and welfare of the poor and the disadvantaged. While there isn’t clear segregation of ‘pro-poor schemes’ in the Budget, an analysis by FE identifying items of expenditure with purposes of welfare/uplift of the poor showed that growth of such spending nosedived from a robust 25.6% in FY17 and 22% in FY18 to just 2.3% in FY19. GDP expansion rate fell from 8.2% in FY17 to 7.2% in FY18 and further to 6.8% in FY19.

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    09:42 (IST)24 Feb 2020
    Aurobindo Pharma shares plunge 10%

    Aurobindo Pharma share price plunged 10 per cent to hit a lower circuit at Rs 539.60 apiece on BSE after the USFDA revoked the voluntary action initiated (VAI) status for the company's plant on February 21.

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    09:37 (IST)24 Feb 2020
    S&P BSE Metal down 3.39%

    S&P BSE Metal index dropped 3.39 per cent amid global sell-off in the early trade. Hindalco was the top index loser, down 5.82 per cent, while Jindal Steel and Tata Steel were down 4 per cent each.

    09:30 (IST)24 Feb 2020
    Nifty Metal index drops 3% in opening trade

    Barring Nifty IT index, all the sectoral indices were trading in red. The nifty Metal index slid over 3 per cent lower, dragged by Hindalco, Hindustan Copper, Jindal Steel and Tata Steel. On the contrary, Nifty IT index was trading higher led by gains in Infosys, Tech Mahindra and TCS.

    09:29 (IST)24 Feb 2020
    Top gainers and losers on S&P BSE Sensex

    Among 30 Sensex stocks, 26 stocks were trading in red. Tata Steel was the top laggard, down 3.44 per cent, followed by HDFC, NTPC, Power Grid and ONGC. On the flip side Infosys, Tech Mahindra, TCS, HUL and Sun Pharma were the top Sensex gainers.

    09:29 (IST)24 Feb 2020
    Sensex, Nifty drop over 1% each

    S&P BSE Sensex dropped 450 points or 1.09 per cent lower at 40,720, while the broader Nifty 50 index was ruling at 11,930, down 150 points or 1.25 per cent.

    08:57 (IST)24 Feb 2020
    Shree Cement Rating: Neutral — Margin outlook strong given recent price hikes

    Shree Cement’s (SCRM’s) result reflects the benefit of improved pricing in north as Ebitda/t was strong as expected. Costs are also coming down. We maintain our FY20/21 EPS estimate and Neutral rating. While the margin outlook appears strong given recent price hikes, we believe valuations (18x FY21e EV/Ebitda) already capture the expected gains.

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    08:47 (IST)24 Feb 2020
    ONGC Rating: Overweight — Prices to impact near-term earnings

    Q3 saw a miss; stock the cheapest among upstream stocks globally; FY20-21e EPS cut by ~11% with TP down to Rs 172. ONGC reported a miss in Q3. While production has stabilised, lower crude and gas prices should impact near-term earnings. The stock is trading at 4.2x P/E (consensus) and is the cheapest stock globally among upstream energy stocks. Continued government stake sale down remains the key near term overhang. We expect a large dividend for Q4.

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    08:31 (IST)24 Feb 2020
    SGX Nifty suggests negative opening for Sensex, Nifty

    Nifty futures were trading lower on the Singapore Exchange, indicating a gap down opening for the Indian bourses. Around 8.30 AM, SGX Nifty was 85.50 points, or 0.71 per cent, down at 11,949.

    08:28 (IST)24 Feb 2020
    Global shares fall

    Global shares extended losses on Monday where Nikkei futures slipped more than a per cent. Australia’s benchmark index slid 1.6 per cent while New Zealand was down about one per cent. South Korea’s KOSPI index fell 2.2 per cent. MSCI’s broadest index of Asia-Pacific shares outside Japan off 0.7 per cent to 541.48.

    08:26 (IST)24 Feb 2020
    Traders should hedge the position as per their risk appetite: Vishal Wagh, Research Head, Bonanza Portfolio Ltd

    Donald Trump, President of the USA is visiting India. The agenda for the meeting with PM will be to lay down a forthcoming trade deal between India and the US. So we are expecting news flows to continue in the coming days. Traders should hedge the position as per their risk appetite, says Vishal Wagh, Research Head, Bonanza Portfolio Ltd.

    08:25 (IST)24 Feb 2020
    Markets will be looking to US president Trump’s visit to India: Vinod Nair, Head of Research at Geojit Financial Services

    The markets will be looking to US president Trump’s visit to India and any indications towards the trade deal. Although no major announcements are expected, markets will be looking forward to commentary regarding the same. Defence stocks might be in focus. China is also expected to slowly limp back to normalcy as more factories resume work and the raw material constraints reduce, especially for the Auto, Pharma and electronics industry, says Vinod Nair, Head of Research at Geojit Financial Services.

    08:23 (IST)24 Feb 2020
    Investors are also advised to book profits in specialty chemical space: Jimeet Modi, Founder & CEO, SAMCO Securities & StockNote

    Market is likely to gather evidence from global economy before deciding its journey. Given the virus woes subsiding to an extent, markets are likely to react positively in the coming week unless a black swan event hits the Street. Investors can look at accumulating private banks and cement stocks as Shree Cement’s entry in Nifty50 certainly makes a good case for this sector to gain strength in terms of market weight. While autos would be a stay away sector. Investors are also advised to book profits in the specialty chemical space specifically the stocks that have risen solely on the shoulder of coronavirus. Nifty50 closed the week at 12080.85, down by 0.27%, says Jimeet Modi, Founder & CEO, SAMCO Securities & StockNote.

    08:21 (IST)24 Feb 2020
    Volatility to remain high to the scheduled derivatives expiry of February month contracts: Ajit Mishra, VP - Research, Religare Broking

    The movement of the benchmark index in the last two weeks shows indecisiveness among the participants. And, we expect volatility to remain high to the scheduled derivatives expiry of February month contracts. Though the number of confirmed cases of coronavirus is receding in China, which is positive, the impact on the economic growth would continue to be a key monitorable. On the benchmark front, Nifty is currently hovering within 11,900-12,300 zone and either side decisive break would trigger the next directional move. Since we’re seeing a mixed trend on the sectoral front, traders should largely focus on stock selection and risk management, says Ajit Mishra, VP - Research, Religare Broking.

    08:16 (IST)24 Feb 2020
    FII and DII data

    On Thursday, foreign institutional investors (FIIs) bought shares worth Rs 1,495.25 crore, and domestic institutional investors (DIIs) sold shares of worth Rs 699.62 crore on a net basis, as per the data available on the NSE.

    08:14 (IST)24 Feb 2020
    Indian markets could open in the negative: Deepak Jasani- Head Retail Research, HDFC Securities

    Indian markets could open in the negative today following two negative closings in the US and negative Asian markets today. India's infrastructure output data for January will be unveiled on 28 February 2020. The quarterly GDP estimate for the quarter October-December, 2019 will be released on 28 February 2020. US President Donald Trump will visit India on February 24 and 25. Donald Trump and Prime Minister Narendra Modi are reportedly likely to deliver a speech at the newly build Motera stadium. Expectation of outcome of President Trump and the actual outcome could drive markets in the initial part of the coming week. Technically, the Nifty seems to be in consolidation mode. Further upsides are likely once the immediate resistance of 12160 is taken out. Crucial supports to watch for resumption of weakness are at 12042-11991, says Deepak Jasani- Head Retail Research, HDFC Securities

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