Market LIVE: Nifty below 12K, RIL, Airtel send Sensex 160 pts lower; Moody’s cuts India growth estimates

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Updated:Feb 18, 2020 3:56:18 pm

Share Market News Today | Sensex, Nifty, Share Prices LIVE: S&P BSE Sensex closed 161 points or 0.39 per cent lower at 40,894 points, while the broader Nifty 50 index settled at 11,993 points, down 53 points or 0.44 per cent

Sensex, NiftyBharti Airtel was the top loser, down 2.80 per cent, followed by IndusInd Bank, Maruti, Hero MotoCorp, HDFC and Nestle India

Share Market News Today | Sensex, Nifty, Share Prices LIVE: Domestic equity market benchmarks Sensex and Nifty closed lower for the fourth consecutive session on Tuesday dragged by HDFC, RIL, Bharti Airtel, Maruti and IndusInd Bank. S&P BSE Sensex closed 161 points or 0.39 per cent lower at 40,894 points, while the broader Nifty 50 index settled at 11,993 points, down 53 points or 0.44 per cent. As many as 20 out of 30 Sensex stocks finished in red in today’s trade. Bharti Airtel was the top loser, down 2.80 per cent, followed by IndusInd Bank, Maruti, Hero MotoCorp, HDFC and Nestle India. Among Sensex gainers, SBI gained the most, up 1.08 per cent. Infosys, Power Grid, Tech Mahindra and TCS were among other gainers on the index. Barring Nifty IT and Nifty Media index, all the sectoral indices closed in red. The nifty Metal index lost the most, dragged down by Hindalco, Jindal Steel and Hindustan Zinc.

Moody’s Investors Service on Monday cut its India GDP growth forecast for 2019 (calender) by 60 bps to 5% and by a sharper 120 bps to 5.4% for 2020, in what reflected a continuing trend of such downward revisions by prominent domestic and foreign agencies. While the economy may well begin to recover in the current quarter, we expect any recovery to be slower than we had previously expected. Accordingly, we have revised our growth forecasts to 5.4% for 2020 and 5.8% for 2021, down from our previous projections of 6.6% and 6.7%, respectively,” Moody’s said in its latest Global Macro Outlook report.

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    15:56 (IST)18 Feb 2020
    Sensex, Nifty close in red for fourth consecutive session

    S&P BSE Sensex closed 161 points or 0.39 per cent lower at 40,894 points, while the broader Nifty 50 index settled at 11,993 points, down 53 points or 0.44 per cent

    15:31 (IST)18 Feb 2020
    Pharma industry ensures no shortage of drugs but prices may surge amid coronavirus outbreak; here’s why

    Even as the pharma industry representatives have assured the government that there are enough drugs and medicines to deal with any contingency, the prices of many major drugs may shoot up in India. The pharma bodies have ensured that there will be no shortage of any drugs, Active Pharmaceutical Ingredients (APIs) and medicines in the coming days in India. The assurance of sufficient availability of drugs was given in the fifth meeting of the task force held yesterday, which was constituted by the government to formulate a road map for the enhanced production of APIs in the country and curb the over-dependence on imports.

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    15:30 (IST)18 Feb 2020
    Ease of lending: MSME lender Lendkingkart automates disbursement; to give loans worth this much amount

    Credit and Finance for MSMEs: Small business lender Lendingkart has partnered with non-banking finance company Northern Arc Capital to disburse over Rs 150 crore in working capital to small and medium businesses. The “full-stack” co-lending partnership by Lendingkart’s NBFC arm Lendkingkart Finance will enable loan disbursement process including “data and information flow, bureau check and documents verification and validation to credit decisioning and customer funding,” without any manual intervention, the company said. So far, Lendingkart has disbursed more than 76,000 loans to over 64,000 MSMEs across the country. The company has raised around Rs 983 crores in funding till date.

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    15:29 (IST)18 Feb 2020
    How Amazon CEO Jeff Bezos’ $1 billion funding promise to MSMEs will impact small business investments

    Credit and Finance for MSMEs: Despite the economic downturn, Jeff Bezos, the world’s richest man, is massively bullish about India. He said as much during his recent visit to India and is backing up his words by investing as much as $1 billion in India’s small and medium business. You don’t get to be the worlds’ richest man without a sweeping vision. Jeff Bezos has one to win the hearts and minds of Indian SMBs. It’s not a coincidence that the timing of Amazon’s decision to create digital haats comes on the heels of Mukesh Ambani’s plan to disrupt retail across India.

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    14:39 (IST)18 Feb 2020
    Patanjali ramps up stores amid slowdown: Baba Ramdev’s firm to open largest outlet at IGI tomorrow

    Baba Ramdev-led Patanjali Ayurveda is ramping up its retail presence at major airports across the country and is all set to raise curtains on its biggest outlet in India tomorrow at Delhi’s Indira Gandhi International Airport. The outlets will be opened in partnership with JHS Svendgaard Retail Ventures Pvt Ltd which is a subsidiary of JHS Svendgaard Laboratories Ltd. The latest Patanjali store is spread across 1,000 square ft at Terminal 3, International Departures, of Indira Gandhi International Airport and the same will be inaugurated by Baba Ramdev and Hardeep Singh Puri, Minister, Civil Aviation, SK Tijarawala, Patanjali spokesperson, told Financial Express Online.

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    14:31 (IST)18 Feb 2020
    As India becomes fifth largest economy, here’s how real is real growth

    A US-based report has shown that India’s economy has become the fifth-largest economy of the world, but how much would it contribute to Prime Minister Narendra Modi’s USD 5 trillion economy dream? As India may find a reason to cheer about the new height of the country’s GDP, the prolonged slowdown in the country is still a concern. “India share in world GDP has been rising as it has been growing faster than the global GDP. It will continue to improve its raking going ahead,” D K Joshi, Chief Economist, Crisil, told Financial Express Online. However, there are many other factors that can pave separate ways for statistical growth and real growth.

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    14:16 (IST)18 Feb 2020
    Barbeque Nation IPO to be out soon; here’s what casual dining chain plans

    Barbeque Nation Hospitality on Tuesday filed fresh papers with market regulator SEBI for its IPO. The casual dining chain plans to raise Rs 1,000-1,200 crore through the IPO, media reports said. The public offering by the company includes a fresh issue of shares worth Rs 275 crore and an offer for sale of up to 98,22,947 equity shares. A pre-IPO placement worth Rs 150 crore may also be considered. The money raised would be used to repay an outstanding borrowing of Rs  205 crore in part or full and for general corporate purposes. The IPO will allot up to 50 per cent to qualified institutional buyers (QIBs) and 15 per cent to non-institutional bidders. The remaining 35 per cent will be allocated to retail individual bidders.

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    13:52 (IST)18 Feb 2020
    Irdai says ‘yet to get’ proposal from LIC on IPO

    Insurance watchdog Irdai is yet to get any proposal from life insurance behemoth LIC on an initial public offering but feels a listing is better from a governance perspective, chairman S C Khuntia said on Tuesday.

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    13:07 (IST)18 Feb 2020
    Muthoot Finance shares hit 52-week high, trade near brokerages’ target price; should you buy stock?

    Muthoot Finance share price hit a fresh 52-week high to Rs 898 apiece in the noon deals on BSE on the back of strong December quarter earnings where the company posted a 66 per cent on-year rise in consolidated net profit at Rs 803 crore. The company had posted a net profit of Rs 485 crore in the corresponding quarter of last year. Following the quarterly results, at least two brokerage and research firms have given a buy rating to this gold financing company. Muthoot Finance shares surpassed its previous high of Rs 882 touched on Monday.”We expect the company to maintain its leadership position in gold financing owing to its strong business model (low cost of operations, high margins and negligible ALM & NPA issues) and revival in asset growth. Owing to strong traction in gold loans & earnings performance seen in 9MFY20, we have revised our yearly estimates,” JM Financial Services said in a research note.

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    12:55 (IST)18 Feb 2020
    SBI Cards IPO gets SEBI nod, should you invest or not? Here’s what analysts think

    SBI Card and Payment Services, another PSU stock is about to enter the market after getting a go-ahead from Securities Exchange Board of India (SEBI) to float an initial public offering (IPO). If reports are to be believed the IPO size could be somewhere upwards of Rs 6,000 crore. The second-largest credit card issuer in India, SBI Cards is an arm of public sector lender State Bank of India and has a market share of 18 per cent. With good margins and low capital requirements, analysts say, SBI Cards could be a lucrative bet.

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    12:48 (IST)18 Feb 2020
    SBI Cards IPO gets SEBI nod, should you invest or not? Here’s what analysts think

     With good margins and low capital requirements, analysts say, SBI Cards could be a lucrative bet. SBI Cards will offer upto 130.5 million shares through the IPO, which includes share sale by SBI and CA rover Holdings - a group company of Carlyle Group. 

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    12:37 (IST)18 Feb 2020
    Will Modi’s $5 trillion economy goal be reality by 2025? Former World Bank economist explains maths

    Even as Prime Minister Narendra Modi-led BJP government has set itself an ambitious target of achieving a $5 trillion economy by 2024-25, the target can only be achieved by 2032-33, Kaushik Basu, former Chief Economist of The World Bank, wrote in the Indian Express. “Compute the size of the GDP and it becomes clear that the target of $5 trillion will be reached not in 2024-25, but in 2032-33,” he wrote in the national daily. India’s GDP is growing at a rate of 4.5%, according to the latest official figures and in 2018-19, its GDP stood at $2.75 trillion. “Clearly, in 2019-20, the GDP will rise to $2.87 trillion, which is $2.75 trillion plus 4.5% of 2.75,” he added.

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    12:14 (IST)18 Feb 2020
    Dispute over AGR dues: Vodafone Idea closer to default; DoT-telcos’ litigation to rise

    Vodafone Idea moved one step closer to default with the company able to pay, on Monday, just Rs 2,500 crore of its total AGR liability of Rs 53,039 crore. The telco’s lawyer told the Supreme Court his client would deposit another Rs 1,000 crore by Friday; the Supreme Court rejected senior counsel Mukul Rohatgi’s appeal to stop the Department of Telecommunications (DoT) from encashing Vodafone Idea’s bank guarantee.

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    11:53 (IST)18 Feb 2020
    Gold, silver prices gain today, track weaker rupee amid coronavirus outbreak

    Gold prices were trading higher on Tuesday amid a rally in the greenback and a weaker rupee. Tech giant Apple Inc on Monday said it will not meet its revenue guidance for the March quarter as the coronavirus outbreak slowed production and weakened demand in China. “MCX gold has opened with more than 200 points gap up although the greenback has continued to rally. Weak rupee in the domestic market too has pushed the yellow metal up. Already it is a holiday-shortened week for India, the focus will shift to FOMCs minutes which will come on Thursday. For intraday sentiment is likely to be positive. MCX April contract Rs 41,000-41,100 is resistance & supports are near Rs 40,900-40,770,” Jigar Trivedi, Fundamental Research Analyst – Commodities, Anand Rathi Shares and Stock Brokers said.

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    11:35 (IST)18 Feb 2020
    Coronavirus outbreak likely to dent Apple’s growth; iPhone maker set to miss its Q4 revenue target

    Apple Inc. doesn’t expect to meet its revenue guidance for the March quarter because of work slowdowns and lower smartphone demand, showing that the virus outbreak in China is taking a bigger-than-predicted toll on one of the world’s most valuable companies. The company said that the iPhone, which generates the bulk of Apple’s revenue, is temporarily constrained due to production ramping up more slowly than anticipated. “Work is starting to resume around the country, but we are experiencing a slower return to normal conditions than we had anticipated,” the company said in a statement Monday. In addition, demand for iPhones has been reduced because stores in China have been closed or operating with reduced hours and few customers, the company said.

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    11:22 (IST)18 Feb 2020
    Nifty Pharma trading in the red, down by 1.57%

    Pharma stocks are down today as fears of delayed supply from Chinese raw material suppliers loom large. Pirala Enterprises was down 3.37 per cent; Biocon 2.36 and Lupin fell by 2.18 per cent

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    11:01 (IST)18 Feb 2020
    RIL, Maruti, pvt bank stocks drag Sensex 300 points; here’s what weighing markets today

    Domestic equity market benchmarks Sensex and Nifty continued their weak trend and were trading lower tracking their week Asian peers. Tech giant Apple Inc on Monday had flagged lower revenue as a result of the epidemic, saying it would not meet its revenue guidance for the March quarter. S&P BSE Sensex was trading 313 points or 0.76 per cent lower at 40,742 points while the broader Nifty 50 index was ruling below the crucial 12,000-mark, at 11,941, down 105 points or 0.88 per cent.

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    10:31 (IST)18 Feb 2020
    JSW Energy share price jumps 5% on take-over of GMR's Odisha thermal plant for Rs 5,321 crore

     JSW Energy’s installed power generation capacity will jump to 5,609 megawatts with the signing of the deal. JSW Energy share was trading at Rs 67.80 up from its closing on the previous day at 63.55.

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    10:28 (IST)18 Feb 2020
    Hathway Cable & Datacom, TV18 Broadcast shares jump 20% as RIL announces to consolidate media business

    The Nifty Media index was the only gainer among the sectoral indices. It was trading around 1.22 per cent higher to 1,883 points led by gains in TV18 Broadcast, Balaji Telefilms, Network18 and ZEEL. “Under the scheme of the arrangement, TV18 Broadcast, Hathway Cable & Datacom and Den Networks will merge into Network18 Media & Investments. The appointed date for the merger shall be February 1, 2020,” TV18 Broadcast said in a BSE filing.

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    10:13 (IST)18 Feb 2020
    JSW Energy share price jump more than 5 %

    JSW Energy announced yesterday that the company will take over GMR Kamalanga Energy Ltd (GKEL) ― the business unit of GMR Infrastructure that houses the 1,050 mega-watt (MW) thermal power plant in Odisha. The deal will increase JSW Energy's power generation capacity.

    09:59 (IST)18 Feb 2020
    Media stocks rally, Hathway Cable & Datacom Limited zooms 20% on RIL's media business consolidation

    Media stocks such as Hathway Cable & Datacom Limited, TV18 Broadcast, DEN Networks were trading higher in the opening trade on BSE after the Mukesh Ambani's owned RIL announced a consolidation of its media and distribution businesses spread across multiple entities into Network18. Hathway Cable & Datacom shares hit an upper circuit of 20% to Rs 23.10 apiece on BSE. Among other stocks, DEN Networks shares climbed 10 per cent to Rs 59.50 and Network18 Media & Investments surged 4.89 per cent to Rs 30.05. While RIL shares were trading 0.72 per cent lower at 1467.80 apiece.

    09:41 (IST)18 Feb 2020
    Sensex, Nifty slip further in trade

    Extending morning losses, Sensex was trading 246 points or 0.60 per cent lower at 40,809 points while the broader Nifty 50 index slipped below crucial 12,000 mark and was trading at 11,960, down 86 points or 71 per cent.

    09:39 (IST)18 Feb 2020
    All 30 Sensex stocks trade in red

    All the 30 Sensex stocks were trading lower,  IndusInd Bank was the top loser, down 2.75 per cent, followed by Tata Steel, Hero MotoCorp, Maruti and ITC

    09:34 (IST)18 Feb 2020
    Den Networks climbs 7% in opening trade

    Den Networks stocks gain 7.30 per cent to Rs 58.05 a piece on BSE on RIL's media business consolidation announcement.

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    09:32 (IST)18 Feb 2020
    Hathway Cable & Datacom hits 20% upper circuit

    Hathway Cable & Datacom shares hit 20% uppper circuit to Rs 23.10 apiece on BSE in the opening trade after the Reliance Industries announced a consolidation of its media and distribution businesses spread across multiple entities into Network18.

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    09:29 (IST)18 Feb 2020
    Top gainers and losers on S&P BSE Sensex

    As many as 27 out of 30 Sensex stocks were trading in red. IndusInd Bank was the top loser, down 1.24 per cent, followed by Sun PharmaHero MotoCorpNTPC and Power Grid. Conversely, TCSTech Mahindra and SBI were the only gainers on the index

    09:29 (IST)18 Feb 2020
    Sensex, Nifty open in red

    S&P BSE Sensex was trading 145 points or 0.35 per cent lower at 40,911, while the broader Nifty 50 index was ruling at 12,005 points, down 41 points or 0.35 per cent.

    09:03 (IST)18 Feb 2020
    Rupee opens lower against US dollar

    Rupee opens lower at 71.42 a dollar vs Monday's close of 71.30 against the US dollar

    08:59 (IST)18 Feb 2020
    Reliance Industries to merge media, distribution businesses into Network18

    Under the scheme of arrangement, TV18 Broadcast, Hathway Cable & Datacom and Den Networks will merge into Network18 Media & Investments, which will be an integrated media and distribution company with a revenue of Rs 8,000 crore. The restructuring will create value-chain integration, and render substantial economies of scale. It also simplifies the corporate structure of the group by reducing the number of listed entities, said a statement by TV18 Broadcast Ltd.

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    08:54 (IST)18 Feb 2020
    SBI Cards gets Sebi’s go ahead to float IPO

    SBI Cards and Payment Services, the credit card unit of the country’s largest lender State Bank of India (SBI), has received markets regulator Sebi’s go ahead to float an initial public offering. The company, which had filed draft IPO papers in November, obtained “observations” from the Securities and Exchange Board of India (Sebi) on February 11 latest update with the regulator showed. Sebi’s observations are necessary for any company to launch public issues including initial public offer, follow-on public offer and rights issue.

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    08:52 (IST)18 Feb 2020
    Nikkei falls to two-week low as Apple warning hurts technology stocks

    Japanese stocks fell to two-week low on Tuesday, dragged down by tech companies after Apple Inc warned it was unlikely to meet its sales target for the March quarter as the coronavirus outbreak hurt production and demand in China. The Nikkei average fell 1.2% to 23,237.44 points by the midday break, its lowest level since Feb. 4, and the broader Topix dropped 1.2% to a two-week low of 1,667.72.

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    08:39 (IST)18 Feb 2020
    Asian stocks fall

    In Asian markets, MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.20 per cent while Japan’s Nikkei slid 0.59 per cent.

    08:34 (IST)18 Feb 2020
    Trends on SGX Nifty indicate negative opening for Sensex, Nifty

    Trends on SGX Nifty indicate a negative opening for the Indian bourses, with a 29.50 points loss or 0.24 per cent. The Nifty futures were trading around 12,043-level on the Singaporean Exchange.

    08:28 (IST)18 Feb 2020
    Banks having significant exposure in Telecom players continue to be in limelight: Vinod Nair, Head of Research at Geojit Financial Services

    Domestic growth concerns seem to be back in the market as indicated by a recent downgrade by Moody’s. Banks having significant exposure in Telecom players continue to be in the limelight as lack of funds could delay the payments and degrade the quality of banks balance sheet. Continuous rise in corona cases has forced major Asian peers to downgrade their growth outlook which could cause a ripple effect in other nations in the first quarter while recovery is expected from the second, says Vinod Nair, Head of Research at Geojit Financial Services

    08:26 (IST)18 Feb 2020
    Indian markets could open mildly negative tracking Asian markets: Deepak Jasani- Head Retail Research, HDFC Securities

    Indian markets could open mildly negative today following largely negative Asian markets today following warning by Apple. Asian stocks fell with U.S. futures and bond yields after Apple Inc. said quarterly sales would miss forecasts, illustrating the blow to corporate earnings and economic growth from the deadly coronavirus. Apple Inc said it will not meet its revenue guidance for the March quarter as the coronavirus outbreak slowed production and weakened demand in China. Apple told investors its manufacturing facilities in China have begun to re-open but are ramping up more slowly than expected. The warning from the most valuable company in the United States sobered investor optimism that economic stimulus by Beijing and other countries would protect the global economy from the effects of the epidemic, says Deepak Jasani- Head Retail Research, HDFC Securities.

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