Share Market LIVE: M&M, Tata Steel, ITC drag Sensex 162 pts; FM proposes to consider rationalisation of GST rates once a year

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Updated:Feb 10, 2020 3:46:18 pm

Share Market News Today | Sensex, Nifty, Share Prices LIVE: S&P BSE Sensex settled 162 points or 0.39 per cent down at 40,980 points. The Nifty 50, on the other hand, finished at 12,039, down 60 points or 0.49 per cent.

Share Market Today, Share Market LiveHeavyweights like M&M, ITC, Tata Steel, LT, Axis Bank, Infosys were the top contributors towards today’s fall

Share Market News Today | Sensex, Nifty, Share Prices LIVE: Domestic equity market benchmarks Sensex and Nifty traded in negative territory, to close over 0.25 per cent lower on Monday. S&P BSE Sensex settled 162 points or 0.39 per cent down at 40,980 points. Heavyweights like M&M, ITC, Tata Steel, LT, Axis Bank, Infosys were the top contributors towards today’s fall. At the index level, Bajaj Finance (up 1.5546 per cent), RIL, Kotak Mahindra Bank, TCS, Asian Paint, HUL were among the top gainers on the Sensex, while M&M (down 7.17 per cent), Tata Steel, ONGC and Sun Pharma were the top laggards. The Nifty 50, on the other hand, finished at 12,039, down 60 points or 0.49 per cent. M&M shares slipped 7.17 per cent to Rs 528 on BSE after the company’s net profit plunged 73 per cent on-year to Rs 380 crore in December quarter.

All the key sectoral indices finished trading in the negative territory. Nifty Metal index, top loser, was down 3 per cent weighed by Tata Steel, SAIL, Hindalco and Coal India. The Nifty Auto index, too, settled 2.5 per cent lower, dragged by weakness in M&M, Motherson Sumi Systems, Bharat Forge and Eicher Motors. In the broader market, S&P BSE MidCap index dropped 124 points or 0.78 per cent to close at 15,781 points, while S&P BSE SmallCap index settled at 14,776 points, down 64 points or 0.43 per cent.

Finance minister Nirmala Sitharaman on Sunday said the government has ‘literally’ proposed to the GST Council to consider rationalisation of GST rates once a year and not every three months as was the trend so far. “In GST, you have entered into a certain level of rates. Every change in it leads to refund issues. We have discussed in the GST Council, and now we literally proposed to the GST Council, not formally, it is a part of our small discussion, we said that can we consider a situation where once a year alone you do any rate rationalisation, reduction or increase. Not every three months,” the finance minister said.

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Share Market News Today | Sensex, Nifty, Share Prices LIVE:

Highlights

    15:46 (IST)10 Feb 2020
    Sensex down 162 points, Nifty at 12,039; M&M plunges 7%

    S&P BSE Sensex settled 162 points or 0.39 per cent down at 40,980 points. Heavyweights like M&M, ITC, Tata Steel, LT, Axis Bank, Infosys were the top contributors towards today’s fall. The Nifty 50, on the other hand, finished at 12,039, down 60 points or 0.49 per cent.

    15:23 (IST)10 Feb 2020
    6 times more foreign tourists visit Tamil Nadu’s temples, quiet beaches than Goa’s glam nightlife

    Foreign tourists visit India for temples, palaces, historical sights, and peace, more than glamourous beaches and nightlife. This is further attested by the fact that while a little less than 10 lakh foreign tourists visited Goa in 2018, more than 60 lakh such tourists preferred Tamil Nadu for their visit. Tamil Nadu was the state to host a maximum number of foreign tourists in one year, according to the data provided by Prahlad Singh Patel, MoS (IC), Ministry of Tourism, in a reply to a question in Lok Sabha today.

    Read full story

    14:41 (IST)10 Feb 2020
    Disappointed that LTCG tax was not removed? Here’s what stopped FM Sitharaman from doing so in budget

    Facing criticism for not removing the long term capital gains (LTCG) tax, Finance Minister Nirmala Sitharaman said that the ministry would wait for one more year to take a call on it. The ongoing share market volatility has not allowed the ministry to make a reasonable estimate on the same, news agency PTI reported Nirmala Sitharaman as saying.

    Read full story

    14:19 (IST)10 Feb 2020
    Monthly payments to get easier; Now, Paytm automates bill payment for OTT subscriptions, others

    Your monthly payments for subscriptions such as Netflix, Hotstar, along with other recurring bills and utility services can now be automated as digital payments platform Paytm has added a new feature for the same. “Users can set automatic payments for recurring use-cases including utility recharges, bill payments, content subscription, mutual fund investments, loan repayments, grocery purchases, membership fees, housing society payments among others,” the homegrown digital payments company said.

    Full story

    13:39 (IST)10 Feb 2020
    ACC share price falls, brokerages say ‘buy’ post December quarter results. Check target prices

    ACC shares were trading over 3 per cent lower at Rs 1468.55 apiece on BSE in Monday’s trade even as the company posted an 18 per cent on-year rise in consolidated net profit at Rs 273 crore for the quarter ended December 31. The company had posted a net profit of Rs 232 crore in the corresponding period of the previous year. Post healthy quarterly earnings, at least two brokerage companies have recommended to buy this cement major with an upside of up to 19 per cent.

    Read full story

    13:30 (IST)10 Feb 2020
    Monthly payments to get easier; Now, Paytm automates bill payment for OTT subscriptions, others

    Your monthly payments for subscriptions such as Netflix, Hotstar, along with other recurring bills and utility services can now be automated as digital payments platform Paytm has added a new feature for the same. “Users can set automatic payments for recurring use-cases including utility recharges, bill payments, content subscription, mutual fund investments, loan repayments, grocery purchases, membership fees, housing society payments among others,” the homegrown digital payments company said in a statement on Monday.

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    13:01 (IST)10 Feb 2020
    Sensex, Nifty continue to trade lower

    At 1 PM, the S&P BSE Sensex was trading 231 points or 0.56 per cent down at 40,911 points. The Nifty 50, on the other hand, was ruling at 12,023, down 75 points or 0.62 per cent.

    Check live prices

    12:47 (IST)10 Feb 2020
    Tata Steel shares lead decline in metal stocks, fall over 5% on weak Q3 earnings

    Tata Steel shares fell as much as 5.39 per cent to Rs 445.55 apiece on BSE on Monday after the company reported a consolidated net loss of Rs 1,228.53 crore for the quarter ended December 31. The company had posted a consolidated net profit of Rs 1,753.07 crore during the corresponding period a year ago.

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    12:24 (IST)10 Feb 2020
    ‘Govt should revisit proposal to lend more to MSMEs by opening refinancing window for loans’

    SME accounts for 45 per cent of industrial output and 40 per cent of the total exports in India. It generates employment for 60 million people and creates 1.3 million jobs every year. Given that a majority of India’s population lives in villages and tier-1 and tier-II cities, the SME sector has also emerged as a key factor to urbanize rural India. However, after demonetisation and implementation of GST, the sector has been suffering and an overall slowdown in the economy has broken the back of the SMEs.

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    11:59 (IST)10 Feb 2020
    As Sensex, Nifty trade volatile, here’s market strategy for investors; ICICI Bank, SBI, L&T good bets

    Even as Sensex and Nifty have recovered from the budget-day lows, the investors are recommended to adopt a strategy of buy on dips looking at the sharp surge in the past days, said an investor. SBIICICI Bank, L&T, APL Apollo Tubes, and United Spirits are among the few stocks that investors can consider anticipating recovery in broad-based economic activity, Devarsh Vakil, Head, Advisory (PCG), HDFC Securities, told Ashish Pandey of Financial Express Online.

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    11:47 (IST)10 Feb 2020
    Alert! You are buying illegal, fake cigarette every one out of three times

    Ever wondered why sometimes your cigarette tastes different or gets available at comparatively cheaper prices? It may be fake. One out of every three cigarettes available in the market is illegal, making it vulnerable to health hazards. One of the few ways by which illegal products are pushed into the market is by overproduction by tobacco companies, saving tax on the surplus. Since the surplus quantity is not monitored, its composition also goes unchecked.  Illicit tobacco harms individual and population health in additional ways. 

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    11:31 (IST)10 Feb 2020
    Donald Trump $4.8 trillion budget to face skepticism, overwhelming politics

    Confronted with the threat of trillion-dollar-plus deficits for as far as the eye can see, President Donald Trump is offering a USD 4.8 trillion budget plan for the upcoming fiscal year that rehashes previously rejected spending cuts while leaving Social Security and Medicare benefits untouched. Trump’s fiscal 2021 budget plan, to be released Monday, isn’t likely to generate a serious Washington dialogue about what to do, if anything this election year, about entrenched fiscal problems that have deficits surging despite a healthy economy. 

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    11:19 (IST)10 Feb 2020
    Haldiram’s IPO soon? With $1 billion sales, India’s homegrown food company has this plan

    India’s very own food and snacks company Haldiram’s has hit a major milestone of topping $1 billion in sales, almost double that of fast-food giant McDonald’s local business. With its sales at over $1 billion in the last financial year 2019-20, Haldiram’s has doubled its business in just a span of four years. Haldiram’s has also changed its strategy to combat slowdown. 

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    11:05 (IST)10 Feb 2020
    Gold prices fall today, silver rates trade flat amid rise in death toll from coronavirus outbreak

    Gold prices fall on Monday tracking weak global cues amid rising death toll from coronavirus outbreak and its economic impact. Gold April futures were trading flat to negative at Rs 40,619 per 10 grams, down Rs 25, while silver March futures were ruling flat to positive with just up 14 at Rs 46,120 per kg on MCX.

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    10:49 (IST)10 Feb 2020
    Sensex, Nifty extend morning losses, these key factors drag equity indices today

    A host of factors dragged the domestic equity market benchmarks Sensex and Nifty on Monday. The rising death toll from the coronavirus in China has raised concerns about the severity and its economic impact. Among other factors, the release of macroeconomic data, Delhi poll results and other global cues dampened the investor sentiment.

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    10:41 (IST)10 Feb 2020
    Q3 results impact: Tata Steel, M&M top losers on S&P BSE Sensex

    Tata Steel and M&M are among the top losers on S&P BSE Sensex, down 4.24 per cent and 4.96 per cent, respectively after the companies announced their December quarter earnings.

    Check live prices:  Tata Steel | M&M

    10:30 (IST)10 Feb 2020
    Macroeconomic data release

    Apart from corporate earnings for December quarter, Delhi election results would be declared on February 11, December IIP and CPI for January on February 12, and WPI for January is scheduled to release on February 14.

    10:18 (IST)10 Feb 2020
    27 out of 30 stocks in red-

    As many as 27 stocks out of 30 Sensex stocks were trading in the red. Tata Steel and M&M among top losers, down over 4 per cent each, followed by ONGC, IndusInd Bank and NTPC. On the other hand, HUL, Bajaj Finance and ICICI Bank gained the most on the index.

    10:07 (IST)10 Feb 2020
    Nifty Metal index slips 2.3 per cent over coronavirus outbreak

    The Nifty Metal index edged lower on Monday as the rising death toll from coronavirus in China has raised alarm bells about the severity and its economic impact. Top losers on the Nifty Metal index include Welspun Corp, Tata Steel, SAIL and Coal India.

    10:03 (IST)10 Feb 2020
    NSE sectoral indices

    All the sectoral indices were trading in red. The Nifty FMCG index was down over half a per cent dragged by Jubilant FoodworksGodrej IndustriesUnited Breweries and Tata Global. Nifty Bank index, too, was trading in red with RBL Bank, IndusInd Bank, IDFC First Bank as top losers in the index.

    09:50 (IST)10 Feb 2020
    Nifty Bank index down half a per cent

    Nifty Bank index dropped nearly half a per cent or 146 points dragged by IndusInd Bank, RBL Bank, HDFC Bank and Axis Bank.

    09:38 (IST)10 Feb 2020
    Tata Steel drops 5% post Q3 earnings

    Tata Steel dropped 5 per cent to Rs 447.60 in the early trade on Monday after the company reported a net loss of Rs 1,228.53 crore for the quarter ended December.

    09:32 (IST)10 Feb 2020
    Top gainers and losers on S&P BSE Sensex

    As many as 25 stocks out of 30 Sensex stocks were trading in red on Monday. Bajaj Finance, HUL, ICICI Bank, Bajaj Auto and HDFC were among top gainers. While Tata Steel, M&M, ONGC, IndusInd Bank, Sun Pharma were among top laggards on the index.

    09:29 (IST)10 Feb 2020
    GNFC jumps 12% in opening deals

    Shares of GNFC climbed 12 per cent to Rs 203.90 apiece on BSE in the early trade.

    09:18 (IST)10 Feb 2020
    Sensex, Nifty open lower on Monday

    At 9.17 AM, S&P BSE Sensex was trading 62 points or 0.15 per cent lower at 41,080, while the broader Nifty 50 index was ruling at 12,074, down 24 points or 0.22 per cent.

    09:10 (IST)10 Feb 2020
    Economic slowdown: India Inc continues to undergo pain, firms struggled to push volumes in Q3

    Even in a festive quarter, India Inc has struggled to grow the top line, with most companies unable to push through volumes. Most companies have been unable to meet even the tempered expectations though some like Bharti Airtel did well, after many quarters. However, the pain can be seen in that revenues in the three months to December, remained flat Y-o-Y. The increase in the profit after tax, is, mostly the result of the lower tax rate, else, for a clutch of 713 companies, the profit before tax barely grew.

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    09:08 (IST)10 Feb 2020
    Sensex, Nifty in pre-opening session

    Sensex, Nifty shows a quiet start in the pre-opening session. S&P BSE Sensex was trading 65 points or 0.16 per cent higher at 41,207, while the broader Nifty 50 index was ruling at 12,098, down 40 points or 0.33 per cent.

    09:03 (IST)10 Feb 2020
    Rupee opens higher against US dollar

    The Indian rupee opened higher at 71.35 a dollar against Friday's close of 71.40 a dollar. 

    08:50 (IST)10 Feb 2020
    Volatility will reduce substantially and markets may enter a wait and watch mode: Jimeet Modi, Founder & CEO, SAMCO Securities & StockNote

    Now since the budget, RBI policy & major corporate results are behind us, Indian bourses will henceforth try to adjust and assimilate the reality. Before making any meaningful strides, markets will absorb how these policy decisions have impacted corporates’ underlying performance. Going ahead, the overhang of coronavirus will largely drive the mood of the stocks in the short term. Volatility will reduce substantially and markets may enter a wait and watch mode with some amount of profit booking in certain pockets. Investors are advised to wait and let the markets settle before allocating any meaningful savings to direct equities, says Jimeet Modi, Founder & CEO, SAMCO Securities & StockNote.

    08:48 (IST)10 Feb 2020
    GDP will reach new heights: Niti Ayog official

    The country’s economy would grow in the next few years and the GDP would reach a commendable position, a senior official in NITI Ayog said on Sunday. “The Indian economy is going to rise in the next few years and the workforce of youth will take the country to new heights,” Ramanan Ramanathan, mission director Atal Innovation Mission and Additional Secretary NITI Aayog, said here.

    Read full story

    08:45 (IST)10 Feb 2020
    Higher Dividend: 60 firms can return Rs 88,600 crore to shareholders

    The government’s plan to list LIC next fiscal may help unlock the life insurance behemoth’s true potential and ensure greater accountability, but at the moment it’s bleeding from a string of bad investments. Gross bad loans of LIC jumped almost five times in eight years through FY19 to as high as 6.15%.

    Read full story

    08:38 (IST)10 Feb 2020
    FPIs remain net buyers in capital markets in February so far; invest Rs 5,177 crore

    Foreign investors remained net buyers in Indian capital markets for a sixth straight month in February, putting in a net amount of Rs 5,177 crore mainly in the debt segment in the month so far, according to depositories data. Foreign portfolio investors (FPI) put in Rs 6,350 crore in the debt segment between February 3-7, the data showed. However, FPIs pulled out Rs 1,172.56 crore from equities during the period, resulting in a total net investment of Rs 5,177.44 crore.

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    08:36 (IST)10 Feb 2020
    Oil prices drop amid coronavirus outbreak

    Oil prices slipped as Russia said it would need more time before committing to output cuts along with the Organization of the Petroleum Exporting Countries and other producers amid falling demand for crude as China battles the coronavirus. Since January 17, oil prices have fallen by 14% while copper has is down around 10 per cent, as per Reuters news report.

    08:33 (IST)10 Feb 2020
    US stocks closed lower on Friday

    On Wall Street, the Dow Jones Industrial Average slipped 0.67 per cent to 29,182.58. The S&P 500 dropped 0.26 per cent to 3,337.11 and the Nasdaq Composite was down 0.14 per cent at 9,559.00.

    08:32 (IST)10 Feb 2020
    Asian stocks fall as death toll from coronavirus rises

    Stocks and oil fell while safe-haven gold rose on Monday as the death toll from a coronavirus outbreak surpassed the SARS epidemic, raising alarm bells about its severity. MSCI's broadest index of Asia-Pacific shares outside Japan dropped 0.7 per cent. Japan's Nikkei fell 0.8 per cent while South Korea's KOSPI was down 1.4 per cent and Australian shares eased 0.5 per cent.

    08:29 (IST)10 Feb 2020
    Oil India, GAIL to report Q3 earnings today

    Oil India, GAIL, Indiabulls Real Estate, Grasim Industries, GIC, Bajaj Hindusthan Sugar, Bajaj Consumer Care, Bharat Forge, Balrampur Chini, MRF, Capacite Infraprojects, Dilip Buildcon, Eros International and Union Bank are among companies that are scheduled to release their December quarterly results today.

    08:27 (IST)10 Feb 2020
    FII and DII data-

    Foreign portfolio investors (FPIs) were buyers of domestic stocks to the tune of Rs 162 crore, while domestic institutional investors (DIIs) were net sellers to the tune of Rs 179 crore on Friday, as per the NSE data.

    08:25 (IST)10 Feb 2020
    Indian markets could open flat to negative: Deepak Jasani Head of Retail Research HDFC Securities

    Indian markets could open flat to negative following negative US markets on Friday and largely negative Asian markets today. Wall Street fell from record levels on Friday after a four-day rally as investors digested the monthly U.S. jobs report and braced for the next coronavirus developments, but stocks still posted solid gains for the week. The S&P 500 recorded its biggest weekly percentage increase in eight months and the Nasdaq tallied its biggest weekly rise in more than a year. After showing a sharp rise in the last four sessions, the Nifty slipped into a profit booking mode on Friday and closed the day lower. The Nifty declined today 39.6 points or 0.33% to close at 12,098.35. Among stocks under coverage, Trent, Ashok Leyland, VBL, BPCL could do well, says Deepak Jasani Head of Retail Research HDFC Securities.

    08:21 (IST)10 Feb 2020
    It is advisable to keep buying interest in the Market with stop loss below 11950 levels: Vishal Wagh, Research Head, Bonanza Portfolio Ltd

    Nifty has created strong bullish Piercing candlestick formation on the weekly chart whereas, on a daily basis it has created bearish engulfing candlestick pattern. So, going forward markets will continue to receive buying support near to 12000 levels. It is advisable to keep buying interest in the Market with stop loss below 11950 levels, says Vishal Wagh, Research Head, BONANZA PORTFOLIO LTD

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