January 29, 2020
Share Market LIVE: Domestic key indices Sensex and Nifty opened strongly bullish on Wednesday on back of positive global trend, amid December earnings announcements by index heavyweights. BSE 30-share S&P Sensex traded 200 points higher at 41,165 and NSE 50-shares index Nifty 50 gained 60 points to trade at 12,125. Domestic markets traded higher today, tracking bullish trend from overseas as investors shrugged off concerns over the impact of on world economies by the rapidly-spreading coronavirus, that has killed over 100 people globally due to the epidemic. Investors are likely to trade amid pre-budget market volatility today, with the Union Budget nearing on Feb 1. Investors are also awaiting December quarter earnings that are scheduled to be released today. Yesterday, backed by high selling pressure in metal, media and auto scrips, BSE S&P Sensex ended 168 points lower at 40,986 and NSE Nifty50 closed 58 points lower at 12,060. Companies set to announce their earnings on Wednesday are Escorts, Bajaj Finance, Bajaj Finserv, Tata Power, Jubilant Foodworks, Birla Corporation, Pidilite Industries, IDFC First Bank, Godrej Consumer Products and Crompton Greaves Consumer among others.
Here’s a look at the live updates of the market action on BSE and NSE today:
Marico gains over 3%
11: 55 AM
Shares of Marico gained 3.27% intraday after the company said it has commenced commercial production successfully at plant in Sanand, Gujarat on January 28, 2020, to manufacture personal care products.
Global key events
11: 40 AM
Markets globally await cues from the US Federal Reserve meeting, scheduled later on Wednesday. Investors are also cautious ahead of a Bank of England policy decision on Thursday. Financial markets have been hit recently by the spread of the coronavirus and a growing death toll are taking stock of the economic fallout. Overseas, trend stayed mixed due to the coronavirus outbreak, that has killed over 100 people globally due to the epidemic.
Allcargo Logistics rises 2%
11: 35 AM
Allcargo Logistics share price today touched an intraday high of Rs 119.6, rising 2.18% on BSE after the compny said it has acquired 2,54,03,340 equity shares i.e. 20.83% stake of Gati Limited.
11: 10 AM
Sensex and Nifty climbed 0.75% each, trade led by gains in metal, auto, IT and energy stocks amid recovery in global equities. Market particiapants said besides positive recovery in global market, domestic equities climbed higher today on hopes of an economic revival in the upcoming budget. Market trend will be determined by domestic factors rather than the global cues, traders said. Further, short-covering ahead of January derivatives expiry also lifted key indices, they added.
Gainers and losers today
Tata Steel, Infosys, M&M, Bharti Airtel, Maruti and Hero MotoCorp were among the major gainers. Dr Reddy, YES Bank, Eicher Motor, TCS and HDFC slipped in the red.
Indiabulls Housing Fiannce rises 2%
10: 55 AM
Shares of Indiabulls Housing rose 2% in traded after the comapy said it plans issue an offer to all Debenture holders for pre-mature redemption of its NCDs maturing in February 2020. The company will also evaluate further pre-mature redemption of its NCDs from time to time, the filing added.
Infibeam Avenues fell 4.8% post Q3 earnings
10: 40 AM
The company’s net profit fell 17.6% to Rs 26.05 crore for the quarter ended December 31, 2019 as against Rs 31.62 crore for the same period in the previous year. The company’s net sales of Rs 160.41 crore during the quarter ended December 31, 2019 as compared to Rs 322.94 crore during the quarter ended December 31, 2018, registering a de-growth of 50.33%.
Following the result update, shares of Infibeam Avenues touched an intraday low of Rs 56.4, falling 4.81% on BSE.
Brent Crude today
10: 35 AM
Brent crude oil futures rose 1.36 per cent to USD 59.61 per barrel.
FII/ DII action on Tuesday
10: 30 AM
On a net basis, foreign institutional investors sold equities worth Rs 1,357.56 crore, while domestic institutional investors purchased shares worth Rs 711.70 crore on Tuesday, data available with stock exchanges showed.
Manappuram Finance rises over 3%, touches new high post Q3 result
10: 20 AM
Manappuram Finance shares rose 3.18% to an all-time high of Rs 194.6 today, post the company’s Q3 earnings. The company reported 62% rise (YoY) in consolidated net profit to Rs 399.07 crore during the quarter ended December 31, 2019, as against Rs 245.10 crore, recorded in a year-ago period. Total income rose 28%(YoY) to Rs 1,414.25 crore in the October-December quarter of the current fiscal as compared to Rs 1,100.81 crore in the same period last financial year. The company board has declared an interim dividend of 55 paise per equity share of Rs 2 each.
Maruti Suzuki rises 1% post Q3 result
Maruti Suzuki India shares were trading 1% higher today after the automaker reported robust numbers for Q3 earnings . The car maker reported 5% rise (YoY) in consolidated net profit to Rs 1,565 crore during the quarter ended December 31, 2019, as against Rs 1,489 crore, recorded in a year-ago period. The company cited rise in profit on account of cost reduction efforts, lower operating expenses, lower commodity prices and reduction in corporate tax rate, partially offset by higher sales promotion expenses, higher depreciation, and lower fair value gains on invested surplus. The automobile manufacturer’s total revenue rose 4.4% (YoY) to Rs 21,490 crore in the October-December quarter of the current fiscal as compared to Rs 20,585 crore in the same period last financial year. Total tax expenses of Maruti registered a de-growth of 22% (YoY) at Rs 441 crore during the quarter ended December 31, 2019, from Rs 570 crore, booked in the corresponding quarter in the previous year. EBITDA came in at Rs 2,102 crore in Q3 FY20, recording a rise of 8.9% from Rs 1,931 crore in Q3 FY19. Following the earnings update, shares of Maruti Suzuki fell 1.4% intraday to the low of Rs 7,040.05 on BSE today.
Ramco Systems declined 7% post Q3 result
9: 55 AM
Shares of Ramco Systems fell nearly 7% in trade despite the company reported a 294.28% rise (YoY) in consolidated net profit to Rs 5.77 crore during the quarter ended December 31, 2019, as against net loss of Rs 2.97 crore, recorded in a year-ago period. Total income rose 2.56%(YoY) to Rs 149.23 crore in the October-December quarter of the current fiscal as compared to Rs 145.50 crore in the same period last financial year.
Dr Reddy gets 5 observations for Srikakulam plant
9: 45 AM
Dr Reddy shares declined 2.7% in trade today after the pharma major announced that it received 5 observations in the audit of its API manufacturing plant at Srikakulam , Andhra Pradesh, the last of the units facing the US regulator’s warning letter. The latest filing by the company said that US FDA has completed the inspection on the facility on January 28, 2020 and issued a Form 483 with 5 (five) observations to the company.
Central Bank of India gains nearly 3% post Q3
9: 35 AM
The share price of Central Bank of India rose 2.8% in the early trading hours of Wednesday to the day’s high of Rs 19.90 as the lender posted roust result fro October-December quarter yesterday, post market session.
The company reported 124.12% rise (YoY) in consolidated net profit to Rs 164.28 crore during the quarter ended December 31, 2019, as against net loss of Rs 681.16 crore, recorded in a year-ago period. Total income rose 14.98%(YoY) to Rs 7,307.98 crore in the October-December quarter of the current fiscal as compared to Rs 6,356 crore in the same period last financial year.
PSU bank employees threaten to go on two-day strike from Jan 31
9: 30 AM
Bank unions have threatened to go on a two-day nationwide strike from January 31 to press for early wage revision. The wage revision for employees of public sector banks is pending since November 2017.Many banks including SBI have informed customers that operations may be impacted to some extent due to the proposed two-day nationwide strike beginning January 31.If proposed strike materialises, it will coincide with the beginning of the Budget session and presentation of Budget 2020-21.
Bahrti Airtel gains 2% post clarification, top gainer today
9: 25 AM
Bharti Airtel share price gained in trade today as the telecom company clarified to the exchanges with reference to ‘DGFT blacklisting Bharti Airtel ‘ that the company has not applied for any such license since April, 2018 since there was no operational need for the same. Company has fulfilled all its export obligations under the past licenses and has applied for closure of these licenses along with necessary documents to the authorities in this regard.
The filing dded that the Airtel is working towards an expeditious closure of this matter with the office of the DGFT and for getting the company’s name removed from the DEL. It must also be noted that the said action does not limit the ability of the company to undertake future imports or exports.
With the opening bell, Airtel’s share price gained 2.1% to the intraday high of Rs 501, merely 26 points away from the 52-week high of Rs 527.20 on BSE.
9: 15 AM
Domestic key indices Sensex and Nifty opened strongly bullish on Wednesday on back of positive global trend, amid December earnings announcements by index heavyweights. BSE 30-share S&P Sensex traded 200 points higher at 41,165 and NSE 50-shares index Nifty 50 gained 60 points to trade at 12,125.
Burger King India receives SEBI’s nod for IPO
9: 10 AM
Burger King India has received markets regulator SEBI’s approval for an initial public offer. The company, which filed its draft IPO papers with the watchdog in November, obtained its final observations on January 24, as per the latest update with the Securities and Exchange Board of India (SEBI).
Rupee opens higher
9: 10 AM
Rupee opens higher at 71.23 against the UD dollar on Wednesday as compared to yesterday’s close of 71.32 per American currency.
9: 05 AM
Sensex and Nifty both gained over 0.40% each on Wednesday’s pre-open session, tracking bullish trend from overseas as investors shrugged off concerns over the impact of on world economies by the rapidly-spreading coronavirus, that has killed over 100 people globally due to the epidemic.
Global Market update
8: 55 AM
Markets globally shrugged off worries of China’s flu-like illness amid decent earnings this season, although increasing death toll from coronavirus outbreak continued to keep markets on edge.
MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.2%,Australian shares rose 0.41%, while Japan’s Nikkei stock index rose 0.27%.
In US, stocks closed lower as investors worried about the economic impact of a virus outbreak in China. The Dow Jones Industrial Average fell 358.92 points, or 1.24%, to 28,630.81, the S&P 500 lost 41.05 points, or 1.25%, to 3,254.42 and the Nasdaq Composite dropped 139.20 points, or 1.49%, to 9,175.71.
Stocks to watch out on January 29
8: 50 AM
Maruti, Cummins, Tata Coffee, JK Cement, Wabco, Ramco Systems, Central Bank of India, Manappuram Finance, Century Textiles among others are the top stocks to watch out for in Wednesday’s trading session ,as the companies released their quarterly results yesterday, post market hours.
8: 45 AM
Escorts, Bajaj Finance, Bajaj Finserv, Tata Power, Jubilant Foodworks, Birla Corporation, Pidilite Industries, NIIT Technologies, Vaibhav Global, Kaya, IDFC First Bank, Godrej Consumer Products, Crompton Greaves Consumer Electricals, Sundram Fasteners, Cholamandalam Financial Holdings, Quess Corp, GOCL Corporation , Foseco India, Dixon Technologies, Bharat Gears, Security And Intelligence Services (India), Ramco Industries, Ramco Cements, Ptc Industries, Transport Corporation Of India and TCI Developers among others will be releasing their Q3 results today.
8: 30 PM
Domestic key indices Sensex and Nifty ended in bearish territory on Tuesday amid negative cues from overseas, backed by high selling pressure in metal, media and auto scrips. BSE S&P Sensex ended 168 points lower at 40,986 and NSE Nifty50 closed 58 points lower at 12,060. In terms of sectors, excpet realty, financial services and IT, all the other indices closed in red.