MARKET WRAP: Sensex slips 106 pts, Nifty ends at 12,175; financials decline

All that happened in markets today

Benchmark indices snapped two days of gain and inched lower on Thursday as investors reassessed the scope of the coronavirus outbreak after China's Hubei province reported a record rise in the death toll. A surprise drop in industrial output for December and a rise in January inflation to a six-year high also dampened sentiment.

The S&P BSE Sensex dipped 106 points, or 0.26 per cent, to 41,460 levels. IndusInd Bank (down 3.5 per cent), Tata Steel (down nearly 2 per cent), and ONGC (down around 2 per cent) were the top laggards in the Sensex pack. On the other hand, Titan (up over 2 per cent), SBI (up over 2 per cent) and Infosys (up around 1.5 per cent) gained the most.

The broader Nifty50 index gave up the 12,200 mark to settle at 12,175, down 27 points, or 0.22 per cent.

Sectorally, Nifty Private Bank index fell around 1.4 per cent to 17,083 levels. Nifty Bank slid 0.8 per cent to 31,230 points. On the upside, pharma and IT stocks advanced the most. 

In the broader market, the S&P BSE MidCap slipped 23 points, or 0.15 per cent, to 15,766 and the S&P BSE SmallCap index ended at 14,727, down 0.03 per cent. 

GLOBAL MARKETS

In broader Asian markets, MSCI’s broadest index of Asia-Pacific shares outside Japan was trading flat. China’s Hubei province reported 242 new deaths and 14,840 new cases as of Wednesday.

Oil prices were mixed on Thursday as concerns about falling demand caused by travel restrictions tied to the coronavirus outbreak in China, the world’s biggest oil importer, outweighed expectations of supply cuts from major producers.

Brent crude fell 6 cents, or 0.1 per cent, to $55.73 per barrel at 0735 GMT. US West Texas Intermediate (WTI) was up 5 cents, or 0.1 per cent, to $51.22 a barrel. Brent rose 3.2 per cent on Wednesday while WTI gained 2.5 per cent as a slowdown in new Chinese coronavirus cases boosted expectations of a demand recovery.

(With inputs from Reuters)

3:40 PM

SECTOR WATCH | Gainers and losers on the NSE

3:40 PM

MARKET AT CLOSE | Top gainers and losers on the S&P BSE Sensex

3:37 PM

CLOSING BELL

The S&P BSE Sensex slipped 106 points or 0.26 per cent to settle at 41,460 levels while the NSE's Nifty50 ended at 12,175-mark, down 27 points or 0.22 per cent. 

3:25 PM

BROKERAGE RADAR | Anand Rathi Shares on HealthCare Global Enterprises

We retain our Buy recommendation and target price of Rs 175 based on 7x FY22e EV/EBITDA. Further, capex tapering since HCG enters a consolidation phase would result in debt reduction from FY21.

Risks: Price cap by government on oncology treatment, delay in ramping up new centres.

3:11 PM

RESULTS CORNER:: Godrej Industries Q3 consolidated net profit up 29.2% at Rs 156.7 cr

-- Revenue up 11.5 per cent at Rs 2,696.3 cr

-- Ebitda at Rs 158.6 cr

-- Ebitda margin at 5.9%

3:08 PM

SECTOR WATCH:: Nifty IT index off day's lows

3:00 PM

BUZZING STOCK:: IRCON International up 4%

2:57 PM

IndusInd Bank at day's low, slips 4%

2:49 PM

Market check | Sensex pares losses partially

2:43 PM

NEWS ALERT | United Farmers Investment to acquire entire stake held by India Agri Business Fund and Real Trust : BSE filing

>> The Existing Shareholders currently holds 29.91% of the voting equity shareholding in DFL

>> The existing Shareholders will be exiting DFL pursuant to the share purchase agreement executed amongst the Sellers, DFL and the Investor (“SPA”).

>> The Company’s shareholding in DFL will not undergo any change pursuant to the transaction

Alert: United Farmers Investment is a subsidiary of Saudi Agricultural & Livestock Investment Company

2:38 PM

BROKERAGE RADAR :: Motilal Oswal Financial Services on Neuland Labs

With its Q3 FY20 revenue growing 19% to `2bn, Neuland posted a strong recovery in its financial performance. The CMS division continues to be the leading growth driver; besides, the contribution from prime molecules was quite significant (51% of sales, 46% a year ago). On the better product mix and cost-optimisation measures, the EBITDA margin expanded 451bps y/y to 13.8%. The better operating performance helped PAT grow 137% y/y to `111m. We roll over to FY22e and expect momentum in CMS and specialty molecules to help Neuland post revenue/EBITDA/PAT CAGRs of 14%/34%/58% over FY19-22. We maintain our Buy recommendation and target of `644, based on 13x FY22e EPS.

2:24 PM

Pharma stocks trade higher; Dr Reddy's, Divis Labs top gainers

2:16 PM

Rupee check

2:12 PM

RESULTS CORNER:: Gillette India Q3 net profit up 31.6% at Rs 71.1 cr

-- Revenue down 3.4% at Rs 459.3 cr

 

-- Ebitda up 2% at Rs 99.6 cr

 

2:03 PM

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