MARKET WRAP: Sensex slips 162 pts amid coronavirus scare; metals plunge

All that happened in markets today.

Tracking global peers, domestic stocks ended lower for the second consecutive day on Monday as uncertainties around coronavirus weighed on investor sentiment. The number of deaths from China's new virus epidemic jumped to 902 after the hardest-hit province of Hubei reported 91 new fatalities. READ MORE
 

The S&P BSE Sensex declined 162 points or 0.39 per cent to end at 40,980. During the session, the index witnessed 373-point swing. NSE's Nifty50 index ended at 12,031.50, down 67 points or 0.55 per cent.  

Metal stocks such as Tata Steel, Vedanta, SAIL, National Aluminium Company, (NALCO), and MOIL witnessed heavy selling after China’s metal association on Friday said  that the country's nonferrous metal output will fall at least 10 per cent YoY in February owing to coronavirus. Tata Steel also took a knock on poor Q3 numbers. The company posted loss of Rs 1,229 crore for December quarter. Shares of the company finally settled at Rs 444 apiece on the BSE, down around 6 per cent. 

On the upside, Avenue Supermarts pipped Bajaj Finserv in terms of market capitalisation (m-cap). The stock zoomed 11 per cent during the session to hit a fresh 52-week high of Rs 2,537 on the BSE. At close, the stock stood at Rs 2,484, up over 8.6 per cent while the m-cap was at Rs 1.5 trillion-mark. READ MORE

Volatility index India Vix climbed over 3 per cent to 14.18 levels. 

In the broader market, both mid and small-cap indices underperformed market. The S&P BSE MidCap index slipped around 0.8 per cent to settle at 15,781 while the S&P BSE SmallCap index lost 0.4 per cent to end at 14,776 levels. 

GLOBAL MARKETS

Global shares fell on Monday as the death toll from a coronavirus outbreak exceeded the SARS epidemic of two decades ago, though Chinese shares rose as authorities lifted some work and travel curbs, helping businesses to resume operations.

MSCI’s All Country World Index, which tracks shares across 47 countries, was down 0.2 per cent.

Shares in Asia registered a mixed performance.

MSCI’s broadest index of Asia-Pacific shares outside Japan reversed some of its early losses but was still down 0.4 per cent. Japan’s Nikkei was off 0.6 per cent, South Korea’s KOSPI was 0.5 per cent weaker while Australia’s benchmark index eased a shade. China’s indexes were the only ones in the black in Asia with the blue-chip index adding 0.5 per cent and Shanghai’s SSE Composite up 0.3 per cent.

In commodities, Brent crude futures eased 0.5 per cent to $54.22 a barrel while US crude futures fell 0.7 per cent to $49.97 a barrel. Since January 17, oil prices have fallen by 14 per cent while copper is down around 10 per cent.

(With inputs from Reuters) 

3:51 PM

SECTOR WATCH | All the sectoral indices on the NSE end in the red

3:50 PM

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

3:40 PM

CLOSING BELL

The S&P BSE Sensex slipped 162 points or 0.39 per cent to end at 40,980 while the NSE's Nifty50 ended at 12,031.50, down 67 points or 0.55 per cent.

3:17 PM

NEWS ALERT | Avenue Supermarts rallied 9% today, overtook Bajaj Finserv in m-cap

3:03 PM

Riding high on RBI governor's assurance, bond market up for a long bull run

Ten-year bond yields have fallen 16 basis points (bps) since the Union Budget on February 1. And short-term bond yields such as three-year ones have fallen 25 bps since the Reserve Bank in its monetary policy on February 6 introduced long-term repo operations (LTROs) to give banks one and three year money at 5.15 per cent, against the prevailing market rate of nearly 6 per cent. READ MORE

2:55 PM

MARKET CHECK

2:53 PM

MARKET CHECK | Tata Steel extends decline, slips 6%

2:52 PM

Nifty sectoral indices at this hour

2:51 PM

Index Contributors at this hour

2:39 PM

Coronavirus impact | Auto industry concerned over supply from China: SIAM

Auto industry body Society of Indian Automobile Manufacturers (SIAM) said it will be collecting information and data from its members in the next couple of days to understand if there could be disruptions, and to what extent, if there are any.

 

"It is still slightly early to comment on it. The only thing I can say is that there are apprehensions and everybody is waiting to see as today is the day when China (market) is supposed to open up post their Chinese New Year holidays," SIAM Director General Rajesh Menon told reporters here. READ MORE

2:34 PM

SECTOR WATCH:: Public sector banks trade lower

COMPANY NAME	LATEST	HIGH	LOW	CHG(%)
ST BK OF INDIA	317.60	322.80	317.05	-0.90
PUNJAB NATL.BANK	57.10	58.85	57.00	-2.89
BANK OF BARODA	89.85	92.25	89.65	-2.39
I O B	10.45	10.60	9.05	7.40
UNION BANK (I)	47.90	49.00	47.70	-2.04

2:26 PM

Heatmap: S&P BSE Sensex

2:17 PM

Earnings Alert | GAIL Q3 result

>> Standalone net profit at Rs 1,250.6 crore

>> Revenue at Rs 17,769 crore

>> EBITDA at Rs 2,072.5 cr; margin at 11.7%

2:12 PM

Global Markets check

Asian shares fell on Monday as the death toll from a coronavirus outbreak exceeded the SARS epidemic of two decades ago, though Chinese shares gained as authorities lifted some work and travel restrictions, helping businesses to resume operations.

In early European trades, the pan-region Euro Stoxx 50 futures, German DAX futures and FTSE futures all slipped 0.1 per cent while US stock futures were more upbeat with e-minis for S&P 500 adding 0.2 per cent.

MSCI’s broadest index of Asia-Pacific shares outside Japan reversed some of its early losses but was still down 0.4 per cent. Japan’s Nikkei was off 0.6 per cent, South Korea’s KOSPI was 0.5 per cent weaker while Australia’s benchmark index eased a shade.

 

China’s indexes were the only ones in the black in Asia with the blue-chip index adding 0.5 per cent and Shanghai’s SSE Composite up 0.3 per cent.

In commodities, Oil prices slipped lower on Monday as traders assessed China’s oil demand following the coronavirus outbreak and waited to see if major producers will cut output further to balance markets. Brent crude slipped to $53.63 a barrel in early Asian trade, the lowest since January 2, 2019, before recovering to $54.32 by 0804 GMT, down 15 cents. US West Texas Intermediate fell 17 cents to $50.15 a barrel after striking a low of $49.56.

2:06 PM

Trent up for third straight day, surges 18% post December quarter results

Trent was trading higher for the third straight day, up 5 per cent on the BSE on Monday to hit a new high of Rs 697 in an otherwise weak market. The stock of the Tata Group company has rallied 18 per cent in the past three trading days after reporting 38 per cent year on year (YoY) growth in its standalone net profit at Rs 56 crore in December quarter (Q3FY20). Revenue from operations jumped 32.5 per cent to Rs 870 crore on YoY basis. READ MORE