Sensex ends a tad above 34,000, down 407 pts, Nifty falls 1%; banks drag

All That happened in markets today.

Benchmark indices slumped more than 1% on Friday, in line with Asian peers, as the global rout in equities returned, while lingering concerns over inflation back home weighed on the market.

Asian stocks tumbled to two-month lows after US shares plummeted again in the face of rapidly rising bond yields.

Global cues have weighed on Indian stock markets with major indexes on track for a second straight weekly fall after embarking on a record-hitting spree in January.

US markets remained the epicentre of the global sell-off, with the Dow plunging 4.1% and the S&P 500 sinking 3.7% overnight.

Higher yields are seen hurting equities as they increase borrowing costs for companies and reduce their risk appetite. They also present a fresh alternative to investors, who may choose to allocate some of their money from equities to bonds.

3:44 PM

Top Sectoral gainer: Nifty Metals

3:41 PM

Top Sectoral loser: Nifty bank 

3:39 PM

23 stocks from BSE500 gain over 10% during current week in weak market

 

FDC, SpiceJet, Steel Authority of India (SAIL), Bharat Forge, Ipca Laboratories, Jet Airways and Bajaj Electricals are among 23 stocks from the S&P BSE500 index up over 10% during current week in an otherwise weak market.

 

Bombay Dyeing & Manufacturing, HEG, Fortis Healthcare, Himachal Futuristic Communications (HFCL), Firstsource Solutions, Jamna Auto Industries, Greenply Industries and Shankara Building Products, too, were up more than 10%. READ MORE

3:36 PM

Sectoral Trend

3:33 PM

Sensex losers and gainers

3:32 PM

Markets at Close

 

Benchmark indices slumped more than 1% on Friday, in line with Asian peers, as the global rout in equities returned, while lingering concerns over inflation back home weighed on the market.

 

The S&P BSE Sensex ended at 34,005, down 407 points while the broader Nifty50 index settled at 10,454, down 121 points.

3:20 PM

Everything's a sell in China after $828 billion equity rout

 

Investors got a stark reminder of how fast their bets can turn in China, where the most bullish trades are falling apart.

 

The country’s currency was their latest favorite to succumb to a route that has roiled financial markets around the world this week, losing as much as 1.2% on Thursday for the biggest decline since the aftermath of its 2015 shock devaluation. That follows a selloff in large caps and banks that has wiped out about $828 billion from the value of Chinese equities. READ MORE

3:12 PM

Insolvency process: JSW, Tata Steel lead in buying stressed assets

JSW Steel and Tata Steel have emerged as the most aggressive bidders for stressed assets put on the block under the Reserve Bank of India (RBI)-mandated insolvency process. READ MORE

3:00 PM

Market Check

S&P BSE Sensex	33,961.77		-1.31%
Nifty 50	10,451.65		-1.18%
S&P BSE 200	4,577.40		-0.95%
Nifty 500	9,247.25		-0.81%
S&P BSE Mid-Cap	16,621.81		-0.16%
S&P BSE Small-Cap	18,147.06		0.09%

2:55 PM

India's January retail inflation seen easing only slightly, still above target: Reuters poll

 

Retail inflation in India eased only slightly last month from a 17-month high hit in December, according to a Reuters poll, offering scant relief to policymakers mindful of the tentative economic recovery. The Reserve Bank of India (RBI) kept its key policy rates unchanged on Wednesday and retained its “neutral” stance in an attempt to maintain a delicate balancing act and nurture growth.

 

But the central bank raised its inflation expectations for the fiscal year starting in April on surging oil prices and after the government announced an increase in rural and healthcare spending in its budget, which would be inflationary. “There are upside risks to inflation, primarily stemming from higher minimum support price (MSP) for kharif crops as stated in the union budget, increase in customs duties, and fiscal slippage,” said Nikhil Gupta, research analyst at Motilal Oswal.

2:42 PM

HPCL Q3 profit rises 23% to Rs 19 bn; income up 13%

 

State-owned oil refiner Hindustan Petroleum Corp Ltd's profit rose 22.6 per cent in the third quarter, beating estimates. Profit rose to Rs 19.50 billion ($303.05 million), compared with Rs 15.90 billion a year earlier. Analysts on average had expected a profit of Rs 15.50 billion, according to Thomson Reuters data READ MORE

Earnings impact: HPCL
 

2:25 PM

Healthy outlook: Aurobindo Pharma posts Rs 5.95 billion net profit in Q3

 

Aurobindo Pharma's reported profit after tax at Rs 5.95 billion for the December quarter (Q3), up a mere 3% year-on-year, may have disappointed the street as the stock fell 2.4% to Rs 602 on Thursday, but a look at the core performance and future prospects provide comfort. For one, Aurobindo had to re-measure its US deferred tax assets and liabilities based on the new tax law and also recognise a one-time charge of Rs 664 million in Q3.

 

Thus, its net profit came below estimates of Rs 6.63 billion. CLICK HERE FOR FULL STORY

2:06 PM

Bharat Forge: Market share gains, new products helped to outperform in Q3

 

The Bharat Forge stock was up nearly 8% on a better-than-expected December quarter performance, a strong outlook for the March quarter and FY19, and investments in an electric vehicle start-up. Top line growth of 47% over the year-ago period was led by 38% growth in volumes, while the rest came from increasing share of value-added products. READ MORE

1:49 PM

Moody's ups outlook on IOB and Central Bank to positive from stable

 

Global ratings agency Moody's has revised the outlook on two Indian public sector lenders, the Indian Overseas Bank (IOB) and Central Bank of India (CBI), from "stable" to "positive".

 

The positive outlook reflects the upward pressure that could develop on the banks' long-term ratings if capital positions continue to improve over the next 12-18 months due to capital infusions from the government, Moody's said in statement on Friday. CLICK HERE FOR FULL STORY

1:48 PM

MARKET CHECK

Index	Current	Pt. Change	% Change
S&P BSE SENSEX	33,999.80	-413.36	-1.20
S&P BSE SENSEX 50	10,910.66	-116.26	-1.05
S&P BSE SENSEX Next 50	34,422.79	-209.35	-0.60
S&P BSE 100	10,850.64	-107.75	-0.98
S&P BSE Bharat 22 Index	3,681.85	-30.58	-0.82