Market Highlights: Sensex, Nifty end lower for second consecutive day, Vodafone Idea tumbles 22%, Airtel top gainer

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Updated:Feb 14, 2020 4:18:24 pm

Share Market Highlights: S&P BSE Sensex ended 209 points or 0.50 per cent lower at 41,250, while the broader Nifty 50 index finished at 12,113 points, down 61 points or 0.50 per cent

Share Market Today, Share Market LiveVodafone Idea shares tumbled 22.32 per cent to Rs 3.48 per cent apiece on BSE after Supreme Court AGR order on modification pleas filed by telecom companies

Share Market Highlights: Domestic equity market benchmarks Sensex and Nifty extended the losses and finished half a per cent lower for the second day on BSE on Friday dragged down by HDFC Bank, ITC, SBI, IndusInd Bank and Axis Bank. S&P BSE Sensex ended 209 points or 0.50 per cent lower at 41,250, while the broader Nifty 50 index finished at 12,113 points, down 61 points or 0.50 per cent. As many as 22 stocks out of 30 Sensex stocks ended in red today. IndusInd Bank was the top loser with a 4.24 per cent decline, followed by Power Grid, NTPC, Hero MotoCorp and M&M. Conversely, Bharti Airtel was the top Sensex gainer with a growth of 4.71 per cent. HCL Tech, RIL, ICICI Bank and Tech Mahindra were among the top gainers on the index. All the nifty sectoral indices ended lower, with PSU Bank Index down 2 per cent weighed by weakness in J&K Bank, Indian Bank, UCO Bank and SBI. Nifty Bank, auto, FMCG, metal and realty were down over a per cent. In the broader markets, S&P BSE Midcap index fell 0.88 per cent to 15,647.89, while S&P BSE Smallcap index settled 0.46 per cent lower at 14,673 points.

Vodafone Idea shares tumbled 22.32 per cent to Rs 3.48 per cent apiece on BSE after Supreme Court AGR order on modification pleas filed by telecom companies. The Supreme Court on Friday rejected the modification pleas filed by the telcos seeking new schedule of AGR payments.

S&P on Thursday affirmed India’s rating at BBB-/A-3 while keeping the outlook stable, global news agency Reuters reported. The global rating agency also said that India’s structural growth outperformance remains intact. “India’s stable outlook reflects the view that India’s growth will stabilize and begin to recover from its current low ebb,” S&P said. The rating agency, however, pointed out that India’s fiscal position remains precarious, with elevated fiscal deficits and net government indebtedness.

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Highlights

    16:09 (IST)14 Feb 2020
    Coronavirus to remain a dominant factor for the next week: Santosh Meena, Senior Analyst, TradingBells

    A volatile week ends on a flat note while midcap and SmallCap underperform the market. Coronavirus is still dominating as a key factor in the global market and it will continue to remain a dominant factor for the next week as well. Q3 earnings season has almost end where the movement of the global market will have a major impact on the Indian market. Technically, Nifty is still in bullish momentum where 20-DMA of 12065 is immediate support; below this, we can expect short term weakness in the market and 100-DMA of 11930 will be the next support. In the upside 12200-12300 is a critical supply zone; above this Nifty is likely to resume its uptrend for a fresh all-time high.

    Banknifty underperformed as it was struggling to cross its 50-DMA of 31500 and then witnessed sharp selling pressure from there. 30800-30600 is an immediate support zone for it, below this it may see further selling pressure towards 200-DMA of 30150. In the upside, if it manages to cross its 50-DMA of 31500 then we can expect a sharp short-covering rally towards 32000 level, says Santosh Meena, Senior Analyst, TradingBells

    15:48 (IST)14 Feb 2020
    Sensex, Nifty end lower for second consecutive day

    S&P BSE Sensex ended 209 points or 0.50 per cent lower at 41,250, while the broader Nifty 50 index finished at 12,113 points, down 61 points or 0.50 per cent.

    15:25 (IST)14 Feb 2020
    From RIL to GAIL, top oils and gas stocks to buy amid coronavirus outbreak

    The death toll from coronavirus has risen by 116 in China’s Hubei province. While India Ratings and Research (Ind-Ra) in a statement said the coronavirus outbreak is unlikely to affect Indian corporates’ supply chains in the near term, provided it remains contained in the Hubei province. This global epidemic has impacted supply chains across the world. China is a major trading partner of India and the manufactured goods have the highest share in India’s exports to China, followed by petroleum and crude products.

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    15:08 (IST)14 Feb 2020
    Modi needs to give bankers, investors proof that he will protect them

    All too often, when a problem is highlighted in some government plan/scheme, bureaucrats come up with a fix and, we’re told, the problem has been taken care of; problem is, often enough, the problem reoccurs. A recent example of this is the angel tax that had the start-up community rightly exercised; despite various iterations, experts say the fix still doesn’t address the problem and, it appears, the ESOP tax seems to be going the same way.

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    15:05 (IST)14 Feb 2020
    NSE declares 3 brokers as defaulters; expels from membership

    The National Stock Exchange (NSE) has declared three stock brokers — Vrise Securities, Kaynet Finance and BMA Wealth Creators — as defaulters for non-compliance with the regulatory provisions of the bourse. In addition, they have been expelled from the membership of the exchange, the NSE said in three separate circulars. The move effective from February 13 has been taken as these brokers failed to comply with the NSE guidelines, they added. Under the guidelines, stock brokers are required to fulfill their obligations and should not involve in any misconduct, or unprofessional conduct among others.

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    14:37 (IST)14 Feb 2020
    Amid Coronavirus scare, these 3 consumer durable stocks could gain as China halts production

    As China continues to battle the outbreak of the deadly Coronavirus, closed factories in China could impact the business of Indian consumer durable manufacturers that import various components from Chinese suppliers. However, these three stocks could gain from the production halt at Chinese factories.

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    13:51 (IST)14 Feb 2020
    Indian Railways to offer world-class airport-style comforts at railway stations for nominal user fee; details

    Pay nominal user fee for world-class Indian Railways stations: The Indian Railway Station Redevelopment Corporation Limited (IRSDC) is currently working towards the redevelopment of many railway stations across the country, with an aim to transform them into swanky airport-like hubs. Recently, Financial Express Online learned that an airport-like user fee will be levied on passengers who use the redeveloped railway stations. The move is likely to result in a marginal hike in fares. At various airports, the User Development Fee is charged by passengers and the rate of this fee varies based on various factors. However, Indian Railways has made it clear that the user fee for the redeveloped stations will be kept at a nominal amount so that passengers while experiencing airport-like comforts, don’t feel a pinch on their pockets.

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    13:24 (IST)14 Feb 2020
    Wholesale inflation at 8-month high; here’s how Coronavirus impact may fix things in February

    After retail inflation rose to a six-year high, wholesale prices too surged in January, beating estimates. WPI-based wholesale inflation for the month of January 2020 was recorded at 3.1 per cent, an eight-month high, as against CNBC-TV18 poll of 2.90 per cent. The inflation hit 3.1 per cent last time in April 2019. It stood at  2.59 per cent for the previous month and 2.76 per cent during the corresponding month of last year. The retail inflation, released by the government earlier this week, rose to 7.59 per cent in January, much above the RBI’s comfort range, mainly owing to surging vegetable and food prices. In the final bi-monthly policy for FY20, the RBI kept the interest rates unchanged, while keeping an accommodative stance. The central bank had projected the inflation to rise further in the first half of 2020.

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    13:04 (IST)14 Feb 2020
    IMF to Nirmala Sitharaman: India needs these reforms urgently; economy weaker than projected earlier

    India needs further reforms and fiscal consolidation measures are needed owing to rising debt levels, IMF said, even as S&P kept India’s outlook stable lifting sentiment amid the slowdown. The Indian economy needs more structural and financial reforms owing to surging debt levels while keeping mind more accommodative fiscal stance in budget 2020, IMF also said. In response to the question by Finance Minister Nirmala Sitharaman, IMF spokesperson Gerry Rice said that along with reforms urgent measures are needed as a part of medium-term fiscal consolidation strategy by the government.

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    12:38 (IST)14 Feb 2020
    WPI inflation for January comes in at 3.1%

    WPI inflation for the month of January rises to 3.1 per cent, according to the data released by the Ministry of Commerce & Industry. WPI grew 2.59 per cent during the month of December 2019.

    12:17 (IST)14 Feb 2020
    Ratan Tata’s unfulfilled love story; former Tata Group chief tells why his relationship fell apart

    Ratan Tata, the former chairman of Tata Sons, is usually a low-key person who does not like to divulge details about his life. However, he made an exception recently and spilled beans about his heartbreaking love story and how he “almost got married”. Speaking to Humans of Bombay, the philanthropist said that he fell in love once in Los Angeles but could not marry his lady love. “It was in LA that I fell in love and almost got married,” he said. However, due to some family issues, he had to come back to India and his relationship didn’t flourish. I “thought that the person I wanted to marry would come to India with me, but because of the 1962 Indo-China war her parents weren’t okay with her making the move anymore, and the relationship fell apart,” he added.

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    12:01 (IST)14 Feb 2020
    Supreme Court takes strong note on AGR payment delay; directs telecos to pay Rs 1.47 lakh crore

    The Supreme Court today took strong note of non-compliance of its order asking telecom firms to pay adjusted gross revenue (AGR) of Rs 1.47 lakh crore to DoT, according to news agency PTI. Shares of Vodafone Idea fell 8.89 per cent while Tata Teleservices dropped down 5.71 per cent after the apex court hearing. Bharti Airtel was trading largely flat, up by 0.46 per cent. A visibly unhappy, Supreme Court bench comprising Justice Arun Mishra, Justice Abdul Nazeer and Justice M R Shah also expressed anguish over the order passed by the telecom department’s desk officer staying the effect of its verdict in AGR matter.

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    11:38 (IST)14 Feb 2020
    Gold prices fall today as rupee rises against US dollar, sliver rates trade higher; check intraday level

    Gold trades marginally lower on Friday as Indian rupee appreciated against the US dollar. “MCX gold on Friday morning has opened with a small loss since rupee has appreciated. More importantly, the dollar index reached a four-month high-level yesterday after the US reported strong CPI data for January. Meanwhile, weekly initial jobless claims too fell sharply to 205,000 from 210,000 forecast,”Jigar Trivedi, Fundamental Research Analyst – Commodities, Anand Rathi Shares and Stock Brokers said. Gold April futures were trading flat at Rs 40,650 per 10 grams, while silver March futures were ruling at Rs 45,884 per kg, up Rs 85 on MCX.

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    11:21 (IST)14 Feb 2020
    DMart share price falls as Radhakishan Damani and family decide to reduce stake

    Avenue Supermarts, the parent company of DMart, saw its share price drop by 3.50 per cent on Friday morning as the company’s promoters geared up to sell part of their stake in the company through an offer for sale or OFS. Promoters announced on Thursday that they will sell 14.8 million shares or 2.28 per cent of their stake in the company on February 14 to non-retail investors and on February 17 to retail investors and non-retail investors. Avenue Supermarts share price fell to trade at Rs 2,455 down from its previous close of Rs 2,544.

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    11:12 (IST)14 Feb 2020
    Sensex slips 500 points from day’s high, key factors weighing the markets today

    Domestic equity market benchmark Sensex and Nifty were trading in negative territory after shedding opening gains on Friday, taking cues from their Asian peers. “The updates on the spread of Coronavirus would continue to remain one of the key monitorable for market participants. On the domestic front, the last leg of earnings announcement would induce stock-specific volatility in select companies. Further, given the higher than expected CPI data and lower IIP growth numbers disappointed the street, however, WPI data scheduled to release would also be actively tracked. We continue to maintain our cautious stance due to stretched valuations and subpar earnings season, Ajit Mishra, VP – Research, Religare Broking Ltd said.

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    10:35 (IST)14 Feb 2020
    Nestle’s Maggi, Munch, KitKat remain star performers; shares hit 52 week high after Q3 results

    Nestle India has released its earnings for 1st January 2019 to 30 September 2019 and despite the headwinds of an economic slowdown, the FMCG major reported strong growth numbers. The company’s shares also hit 52-week high after result announcement on Thursday. Nestle India shares were trading at 16,505 apiece, up 0.53% on BSE at the time of publishing. Behind the company’s growth are its staple sunshine performers including Maggi range of noodles and its chocolate brands such as KitKat and Munch. Nestle also said that the new launches in the Maggi range of noodles have also received “encouraging” response.

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    10:21 (IST)14 Feb 2020
    Vodafone Idea shares jump 15% ahead of Supreme Court hearing on modification pleas for AGR dues

    Vodafone Idea shares surged as much as 15 per cent to Rs 5.15 apiece on BSE ahead of AGR hearing today. The Supreme Court will hear fresh pleas of telcos including Bharti Airtel, Vodafone Idea and Tata Teleservices, seeking a new schedule of payment of statutory dues of Rs 1.47 lakh crore to the Department of Telecommunications. Around 9.45 AM, Vodafone Idea shares were trading 11.16 per cent higher at Rs 4.98 apiece on BSE.

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    10:01 (IST)14 Feb 2020
    Telecom stocks in focus today, hoping to get relief on AGR dues from Supreme Court

    The Supreme Court will today hear modified pleas from telecom operators who are seeking to negotiate with the telecom department the terms of adjusted gross revenue payment.

    09:38 (IST)14 Feb 2020
    Nestle India hits 52-week high post Q3 earnings

    Nestle India shares hit 52-week high at Rs 16,545 apiece on BSE after the company posted a 38.4 per cent on-year rise in net profits in December quarter.

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    09:32 (IST)14 Feb 2020
    Vodafone Idea shares surge 15% in early trade

    Shares of Vodafone Idea surged 15 per cent to Rs 5.15 apiece on BSE as Supreme Court is likely to hear the modification pleas of the telcos including Vodafone Idea today.

    09:18 (IST)14 Feb 2020
    Sensex, Nifty trade higher in early deals

    Sensex jumps 150 points or 0.35 per cent at 41,606.48 points, Nifty opened 50 points or 0.41 per cent higher at 12,224.50 points

    09:03 (IST)14 Feb 2020
    Rupee opens higher against US dollar

    The Indian rupee opened higher at 71.29 a dollar verus the previous close of 71.33 a dollar

    08:59 (IST)14 Feb 2020
    RBI’s new asset recognition norms for realty credit negative for banks: Moody’s

    Ratings agency Moody’s on Thursday said the Reserve Bank of India’s move to revise asset recognition norms for bank loans to the real estate sector is credit negative for lenders as it would defer the recognition of such loans. The RBI on February 7 allowed banks to not classify real estate loans as restructured for one year if the project is delayed for reasons beyond the control of real estate developers. “While this will alleviate near-term asset quality risk to the banks from the real estate sector, it will not address the credit issues facing real estate developers,” the ratings firm said.

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    08:45 (IST)14 Feb 2020
    Crude oil windfall to India’s rescue: How weak crude oil prices may give respite amid economic gloom

    As the Organisation of Petroleum Exporting Countries (OPEC) cut its crude oil demand outlook for 2020, the world is now looking at the oil cartel to see whether there will be a further cut in production by OPEC. After it first cut production in 2017 to support hike in prices, the rate of Crude Oil from OPEC basket surged to as high as $83 per barrel. However, a lot has changed since OPEC and its allies last decided to extend their cut in production. Prices are down and so is demand; and while this might not be good news for OPEC and its allies, India’s oil marketing companies (OMC) and the country in general could benefit, according to experts.

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    08:33 (IST)14 Feb 2020
    Q3 loss at Rs 6,453 crore! Viability under threat, says Vodafone Idea

    A day before the Supreme Court is slated to hear the telecom operators’ petition seeking staggered payment of adjusted gross revenue dues, Vodafone Idea – which needs to pay the highest and is the weakest financially – said in categorical terms that its viability depends on the positive outcome of its petition.

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    08:32 (IST)14 Feb 2020
    FII and DII data

    Foreign institutional investors (FIIs) bought shares worth Rs 1,061.39 crore, while domestic institutional investors (DIIs) sold shares of worth Rs 960.48 crore on a net basis on Thursday, as per the data available on the NSE.

    08:32 (IST)14 Feb 2020
    ONGC, Fortis Healthcare among 946 companies to report their Q3 earnings

    ONGC, Embassy Office Parks REIT, Fortis Healthcare, MMTC, DCM, Delta Leasing & Finance, Eveready Industries India, SAIL Balkrishna Industries, Graphite India, Muthoot Finance, Pfizer, Reliance Power, IRB Infra, Edelweiss Financial Services and Reliance Capital are among the companies that are scheduled to release their December quarter earnings later in the day today.

    08:29 (IST)14 Feb 2020
    Oil prices climb on prospects for deeper OPEC+ output cuts

    Oil prices edged higher on Thursday as investors hoped the world's biggest producers would cut output more while they largely shrugged off forecasts of slumping demand due to the coronavirus outbreak in top oil importer China. Brent crude ended the session up 55 cents, or 1%, at $56.34 a barrel while U.S. West Texas Intermediate (WTI) settled up 25 cents, or 0.5%, at $51.42 a barrel.

    08:29 (IST)14 Feb 2020
    US stocks slip in overnight trade

    On Wall Street, the Dow Jones Industrial Average index fell 128.11 points, or 0.43 per cent, to 29,423.31. The S&P500 index lost 5.51 points, or 0.16 per cent, to 3,373.94 and the Nasdaq Composite index dropped 13.99 points, or 0.14 per cent, to 9,711.97.

    08:27 (IST)14 Feb 2020
    Asian stocks fall in early trade

    Asian shares fell as investors were spooked by a sharp rise in the number of coronavirus cases in China this week while oil prices extended gains on hopes of more production cuts. MSCI's broadest index of Asia-Pacific shares outside Japan dipped 0.08% with South Korea's Kospi falling 0.25% while Japan's Nikkei slid 0.67%. U.S. stock futures shed 0.07% in Asia, after the S&P 500 lost 0.16%

    08:25 (IST)14 Feb 2020
    Sensex, Nifty end lower on Thursday

    S&P BSE Sensex ended at 41,459.79, down 106.11 points or 0.26 per cent, weighed down by the banking stocks, while the Nifty50 closed at 12,174.65, down 26.55 points or 0.22 per cent on Thursday.

    08:23 (IST)14 Feb 2020
    Last leg of earnings announcement would induce stock-specific volatility in select companies: Ajit Mishra, VP - Research, Religare Broking Ltd

    After two consecutive days of healthy gains, the Indian markets witnessed selling pressure at higher levels and Nifty ended the session lower by 0.2% to close at 12,175 levels. Unsupportive global cues and profit-taking led to a decline in the benchmark indices. The updates on the spread of Coronavirus would continue to remain one of the key monitorable for market participants. On the domestic front, the last leg of earnings announcement would induce stock-specific volatility in select companies. Further, given the higher than expected CPI data and lower IIP growth numbers disappointed the street, however, WPI data scheduled to release tomorrow would also be actively tracked. We continue to maintain our cautious stance due to stretched valuations and subpar earnings season, says Ajit Mishra, VP - Research, Religare Broking Ltd

    08:21 (IST)14 Feb 2020
    Indian markets could open in the positive despite negative US markets: Deepak Jasani- Head Retail Research, HDFC Securities

    Indian markets could open in the positive despite negative US markets on Thursday and following largely positive Asian markets today. Nifty seems stuck at the hurdle of around 12250 levels. Present minor weakness is so far not raising any threat to the recent uptrend of the Nifty. The crucial lower supports to be watched around are at 12100-12050 and a move below this support could be considered as a top reversal pattern in the market. At the same time, on the upper side 12250-12275 is proving to be a key overhead resistance for the next few sessions, says Deepak Jasani- Head Retail Research, HDFC Securities

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