MARKET WRAP: Sensex falls 241 pts; banks, FMCG, IT stocks among top losers

All that happened in markets today

The frontline indices ended over 0.5 per cent lower weighed by banking and fast-moving consumer goods (FMCG) stocks.

The S&P BSE Sensex ended at 36,154, down 241 points or 0.66 per cent, while the broader Nifty50 index settled at 10,831, down 57 points or 0.53 per cent.

Among the sectoral indices, the Nifty PSU index, the top loser of day, fell 1.75 per cent led by decline in Bank of India and Union Bank. The Nifty Financial Service index, too ended 1.09 per cent lower dragged by  Edelweiss Financial Services and HDFC. 

In the broader market, S&P BSE MidCap index ended 9 points, or 0.06 per cent lower, while S&P BSE SmallCap index settled at 13,392. The S&P BSE SmallCap index hit a 52-week low of 13,390 on Tuesday, on the back of sharp decline in fertiliser, graphite electrode, paper and auto ancillary stocks after they reported a weak set of numbers for the quarter ended December 2018 (Q3FY19). The index has fallen below its previous low of 13,397 touched on October 9, 2018, in the intra-day trade. READ MORE

BUZZING STOCKS

Shares of Gujarat Narmada Valley Fertilizers and Chemicals (GNFC) tanked 12 per cent to Rs 271 in the intra-day deals on the BSE on Tuesday, as the company posted 27 per cent year-on-year (YoY) decline in net profit at Rs 166 crore in December 2018 quarter (Q3FY19). The fertilizers company had reported a profit of Rs 228 crore in a year-ago quarter. The stock ended the day at Rs 275.50, down 10.45 per cent. 

Aluminium producer Hindalco Industries Ltd posted a 34.4 per cent drop in third-quarter profit on Tuesday, hurt by an increase in input costs, mainly of coal and furnace oil. Revenue from operations rose 8 per cent.

GLOBAL MARKETS

Asian shares edged up on Tuesday as investors hoped a new round of US-China trade talks would help to resolve a dispute that's dented global growth and some corporate earnings.

MSCI's broadest index of Asia-Pacific shares outside Japan added 0.3 per cent. The Shanghai Composite Index rose 0.6 per cent, South Korea's KOSPI climbed 0.4 per cent and Australian shares were up 0.4 per cent. Japan's Nikkei advanced 2 per cent after a market holiday on Monday, lifted by a weaker yen.

(with Reuters input)

4:09 PM

MARKET COMMENT :: Jayant Manglik, President, Religare Broking

In the absence of any major domestic and global triggers selling pressure could continue in the coming sessions, hence we maintain our cautious stance on the Indian markets in near term. The focus of investors would be on last leg of Q3FY19 earnings season. Further, market participants would closely monitor the progress of trade talks between US-China, behaviour of crude oil prices and fluctuation in currency as it would further induce volatility in the markets. We would advise Investors to stay focused on selective blue chip companies. However, considering the near term uncertainty, traders should strictly hedge their leveraged positions

3:39 PM

Sectoral gainers and losers of the day on NSE

3:35 PM

Gainers and losers of the day on S&P BSE Sensex

3:33 PM

Market at close

The S&P BSE Sensex ended at 36,154, down 241 points or 0.66 per cent, while the broader Nifty50 index settled at 10,831, down 57 points or 0.53 per cent.

3:21 PM

Top losers on BSE500

COMPANY	PRICE(rupees)	CHG(rupees)	CHG(%)	VOLUME
G N F C	274.40	-33.80	-10.97	385707
MEGHMANI ORGAN.	51.90	-3.65	-6.57	255016
SOMANY CERAMICS	318.30	-19.75	-5.84	2025
TEJAS NETWORKS	142.00	-8.25	-5.49	2498
T N NEWSPRINT	192.00	-10.90	-5.37	50161

3:10 PM

Hindalco third-quarter profit plunges on higher input costs

Aluminium producer Hindalco Industries Ltd posted a 34.4 percent drop in third-quarter profit on Tuesday, hurt by increase in input costs, mainly of coal and furnace oil.

 

Standalone net profit after tax was 2.47 billion rupees ($34.87 million)in the quarter ended Dec.31, compared with 3.77 billion rupees a year ago READ MORE

3:04 PM

Reliance Home Finance Q3 profit up 38% at Rs 55 cr, stock down 6%

Reliance Home Finance, the housing finance arm of Reliance Capital, reported a net profit of Rs 55 crore in the quarter ended December 2018. Profits were up 37.5 per cent in the third quarter of 2018-19 over the same period last fiscal. READ MORE

2:46 PM

JM Financial on SpiceJet

SpiceJet has aggressively stepped up fleet expansion plan with addition of 12 aircraft in 3Q and plans to add eight Boeings in 4Q. The arbitration award disallowing issue of warrants to the erstwhile promoters and fixing the maximum liability for the company has been challenged before the court by all the parties on various aspects of the award.

The Company has been recently awarded 36 new sectors under UDAN III. Aggressive utilisation levels – PLF 90%+ backed by strong regional presence and variety of aircraft to size up demand in regional routes remains key strength. We ascribe an EV/EBITDAR multiple of 6.5x to arrive at a fair value of Rs 106.

Maintain BUY.

2:28 PM

Top gainers and losers on S&P BSE Sensex

2:18 PM

BSE SmallCap index hits 52-week low

The S&P BSE SmallCap index hit a 52-week low of 13,390 on Tuesday, on the back of sharp declines in fertiliser, graphite electrode, paper and auto ancillary stocks after they reported a weak set of numbers for the quarter ended December 2018 (Q3FY19).

The index has fallen below its previous low of 13,397 touched on October 9, 2018, in the intra-day trade. With today’s fall, the small index slipped 28 per cent from its 52-week high level of 18,672 on February 14, 2018. In comparison, the S&P MidCap index and the benchmark index S&P BSE Sensex were down 17 per cent and 7 per cent, respectively, from their 52-week high levels. READ MORE

2:04 PM

Earnings Impact

2:02 PM

NEWS ALERT

Hindalco: PAT at Rs 713 crore, up by 47%, for Hindalco Standalone plus Utkal Alumina 

1:44 PM

Bharat-22 ETF additional sale on Feb 14, govt looks to raise Rs 3,500 cr

The government will launch an additional offering of Bharat-22 Exchange Traded Fund (ETF) on February 14 to raise at least Rs 3,500 crore, officials said Tuesday. This ETF sale would be for a single day, in which both institutions and retail investors can participate, they said. READ MORE

1:32 PM

STOCK IMPACT

HEG trades nearly 3.5% down post December quarter results

1:30 PM

NEWS ALERT

HEG reports net profit at Rs 866.83 crore vs Rs 342.11 crore year ago