Market Closing
Benchmark indices continued to reel under selling pressure for third consecutive session on Monday. The30-share BSE Sensex fell 151.45 points to 36,395.03and the Nifty50 plunged 54.80 points to 10,888.80.
The broader markets also caught in bear trap with the Nifty Midcapindex falling 1.7 percent and Smallcapshedding 1.8 percent, underperforming frontliners.
The market breadth was largely in favour of bears as about two shares declined for every share rising on the NSE.
Reliance Industries and ICICI Bank were leading contributors to the Nifty's fall.
Dr Reddy's Labs and M&M were biggest losers among Nifty50 stocks, down more than 5 percent each. ONGC, Hindalco Industries and UltraTech Cement were down 4-5 percent.
However, Tata Steel, Cipla, IOC, Tata Motors and HCL Technologies gained 1-2.5 percent.
Eicher Motors Q3 profit rises 0.4% to Rs 533 cr
Royal Enfield maker Eicher Motors' third quarter (October-December) consolidated profit grew by 0.4 percent year-on-year to Rs 533 crore with low revenue growth and weak operating income.
Revenue from operations in Q3 increased 3.2 percent to Rs 2,341 crore year-on-year, but Royal Enfield sales volume declined 6 percent YoY against 3.6 percent rise in Q2.
The company sold 1.94 lakh units during the quarter ended December 2018.
Management Interview
V C Sehgal, Chairman of Motherson SumiSystems told CNBC-TV18 that December quarter was very tough & challenging and March quarter (Q4FY19) would continue to be challenging but he expects pick up in FY20.
Tariff issues & Brexitcontinued to be the hurdles for industry, he said, adding the company set up33 new plants in last 4 years which would help in additional volumes.
He has maintained company's guidance for 2020 and expectsQ2FY20to be the quarter when SMP picks up.
"We will make every effort to reduce debt further and cross 40 percent return on capital employed," Sehgalsaid.
BPCL, Wockhardt among 10 trading ideas that could give 3-12% return in 1 month
The Nifty index witnessed lower rolls from January to February series and it has seen addition of around 20 percent in the last six-seven trading sessions of this series... Read More
Crude Oil Prices Fall
Oil prices fell as drilling activity in the United States picked up and a refinery fire in the USstate of Illinois resulted in the shutdown of a large crude distillation unit.
Concerns about faltering economic growth curbing fuel demand also weighed on oil markets, traders said.
USWest Texas Intermediate (WTI) crude futures were at $52.43 per barrel, down 0.55percent, from their last settlement. Source: Reuters.
DHFL's Clarification on Income Tax Department Notice
DHFL said the company was in receipt of a notice from the Income tax department on February 7 seeking information / evidence on certain aspects of the books of accounts.
"We are in the process of collating the requisite details and would be submitting before the regulatory department in due course of time. Kindly note that the notice does not refer to any suspicious transactions," the housing finance company added.
MTNL Seeks Claims Of Up To Rs 500 Cr From DoT
Cash-strapped MTNL has approached the Telecom Department seeking claims of about Rs 500 crore, under multiple heads, including rendering of communications services and reimbursement of employees-related payments made, according to a source.
A source in Department of Telecom (DoT) said that the claims are spread over the last many years and that the request is currently under examination.
"MTNL has raised claims dating back to the year 2000-01 onwards. In all, it has sought about Rs 500 crore on various grounds," the official with knowledge of the matter said. Source: PTI.
Earnings
State-runPower Finance Corporation's third quarter profit grew by 70.6 percent year-on-year to Rs 2,075.8 crore, driven by one-time gain of Rs 641 crore.
Revenue from operations during the quarter increased 18 percent to Rs 7,362 crore compared to Rs 6,246 crore in same period last year.
Provision write-back for the quarter stood at Rs 296 crore against provisions of Rs 59 crore in same period last year, the company said, adding exchange gain during the quarter was at Rs 347.2 crore against Rs 12 crore in corresponding period last fiscal.
Also there was dividend income of Rs 102 crore for the quarter against Rs 10 crore in year-ago.
Shorts Build Up in Power Finance Corporation after Q3 Earnings
The stock declined a percent after Q3 earnings. Shorts build up was seen in the stock with increase in open interest as well as volume.
CESC Ventures Q3 Earnings
Consolidated net profit fell 73.2 percent year-on-year to Rs11 crore and revenue from operations increased14.7 percent to Rs1,130 crore in quarter ended December 2018.
Tata Power fell nearly 4 percent.
Futures and Options data suggests that there is short build-up in the stock with increase in open interest, but the volume declined.
Market Update
Benchmark indices remained under pressure with the Sensex falling 226.75 points to 36,319.73, dragged by Reliance Industries, ICICI Bank, L&T and Bajaj Finance.
TheNifty50 fell 71.10 points to 10,872.50, but there was sharp decline in broader markets. The Nifty Midcap and Smallcap indices dipped more than 1.5 percent.
Nearly threeshares declined for every share rising on the NSE.
Shares of Dewan Housing fell nearly 6 percentbefore recovering as investors reacted to buzz of I-T department notice to the firm.
According to a CNBC-TV18 report, the income tax department sent a notice to DHFL under Section 131 of I-T Act. Further, the company has been asked to furnish books of accounts.
CARE Ratings Limited has revised the rating assigned to Energy Development Company's various credit facilities as mentioned below:
Long term Bank Facilities| Rating B+; Stable | Revised from D
Short term Bank Facilities | CARE A4 | Revised from D
19 stocks among BSE 200 universe have touched their respective 52-week low. They include Balakrishna Industries, Coal India, Mahindra & Mahindra, MRF and Vedanta among others.
Most of the metal stocks are trading in the red. Many among them are trading near their 52-week low.
Nifty Pharma index is down over 2% intraday. All but one stock in the index is trading in the red. Dr Reddy's is the biggest loser, which is down over 6%.
Buzzing:
Sun TV Network climbs 7% as analysts remain positive on the stock. They see38-54% return after stellar Q3 earnings.
Market Update
Sensex is down 186.80 points or 0.51% at 36359.68, and the Nifty down 71.70 points or 0.66% at 10871.90.
About 594 shares have advanced, 1414 shares declined, and 98 shares are unchanged.
India VIX, the indicator of volatility, is up 3.34 percent intraday at 15.56.
Market Update
Equity benchmarks have extended their fall from the opening mark. The Nifty is now below 10,900.
The Sensex fell 121.44 points or 0.33% at 36425.04, and the Nifty declined 53.20 points or 0.49% at 10890.40. The market breadth is negative as 469 shares advanced, against a decline of 980 shares, while 68 shares were unchanged.
Shares of Tata Steel, Kotak Mahindra Bank and Cipla have gained the most, while M&M, Hero MotoCorp, and Indiabulls Housing lost the most.
Dr Reddy's falls
Shares ofDr Reddy’s Laboratoriesfell 4 percent on Monday morning as investors reacted to observations being issued to the company by US FDA.
The stock touched an intraday high of Rs 2,704.70 and an intraday low of Rs 2,659.95.
The company on Friday told the exchanges that its Formulations Manufacturing Plant - 3 at Bachupally, Hyderabad had been inspected by the US FDA. It has been issued a Form 483 with 11 observations
Indiabulls Housing cracks 5%
Shares of Indiabulls Housing Finance are down around 5 percent in trade on Monday morning. Take a look at its intraday chart.
Market opens
Equity benchmarks have opened marginally lower, with the Nifty trading around 10,900.
The Sensex is down 53.26 points or 0.15% at 36493.22, while the Nifty is down 36.90 points or 0.34% at 10906.70. The market breadth is narrow as 211 shares advanced, against a decline of 169 shares, while 62 shares were unchanged.
Selling is visible across sectors, with maximum pain seen in automobiles and pharmaceuticals, among others. The Nifty Midcap index is down around 0.20 percent.
Bharti Airtel, Yes Bank, Tata Steel and Titan are the top gainers, while M&M, Power Grid, Dr Reddy’s and Tata Motors lost the most.
Rupee opens
The Indian rupee has opened at 71.23 per US dollar. This implies an appreciation of 8 paise from its previous close of 71.31 per US dollar.
On Friday, the rupee appreciated by 14 paise Friday to close at 71.31 against the US dollar on persistent foreign fund inflows even as the greenback strengthened overseas amid fresh concerns over global growth.
Market at pre-open
Pre-opening rates indicate a flat start for equity benchmarks on Monday morning.
The Sensex is up 39.31 points or 0.11% at 36585.79, and the Nifty up 7.10 points or 0.06% at 10950.70.
The rupee has opened at 71.23 per US dollar against Friday’s close of 71.31 per US dollar.
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