Shree Cement to be in Focus
Shree Cement, the country's second largest cement maker by market capitalisation, will replace private sector lender Yes Bank in Nifty50 with effect from March 27, 2020.
The Indian rupee ended at 71.55 per dollar today, lower by 27 paise compared to Monday's close of 71.28 per dollar.
Taking Stock: More than 250 stocks hit 52-week low; Nifty fails to hold 12K
Indian market recovered losses but failed to reverse the trend on February 18 as the S&P BSE Sensex fell more than 160 points to close below 41,000 while the Nifty50 failed to hold on to 12,000 levels.
Vinod Nair, Head of Research at Geojit Financial Services:
Market sentiment continued to be hit by covid-19 after issue of warning note from key global MNC’s regarding the sales impact. Global weakness is expected to hurt domestic market as high valuation and low economic growth is not supportive. Apart from the same the huge government dues to be paid by telecom sector will keep banking stocks volatile impacting the market performance.
Gaurav Dua, Sr VP, Head – Capital Market Strategy & Investments, Sharekhan by BNP Paribas:
Despite the weak global cues the markets recovered some of the lost ground in the last one hour of trading to end close to 12,000 mark on Nifty. The buying interest in IT services companies along with surge in the government-owned energy stocks led the recovery in the markets. Even the mid-cap index recovered from the intra-day low levels which is an encouraging sign. However, given the rising global uncertainties, the near term outlook appears to be lack-luster and the bias could remain negative.
HDFC Mutual Funds sells 2.07 percent stake in Balkrishna Industries on February 17.
Amit Shah, Technical Research Analyst with Indiabulls Ventures:
11,850 is 61.8% Fibonacci retracement support zone and markets are likely to find support near the mentioned zone. Momentum has weakened in the near term and recoveries are likely to be shaky. 12,100 is likely to act as a resistance zone on the way up.
Gaurav Ratnaparkhi, Senior Technical Analyst, Sharekhan by BNP Paribas:
The bulls attempted to push the Nifty back above 12,000 mark however failed by a short margin on closing basis. Overall structure shows that the minor degree bounce is an opportunity to initiate a fresh short position. The benchmark index is unlikely to surpass 12,060-12,100 on the upside. On the other hand, 11,850-11,800 will be the initial target area with intermediate support at 11,908.
Ajit Mishra, VP - Research, Religare Broking:
Weak domestic data, muted earnings and the concern over global economic growth slowdown due to coronavirus is likely to weigh on the markets sentiments. Hence, we would remain cautious on the Indian markets in the near term. Investors would keep a watch on movement of currency and crude oil prices.