MARKET WRAP: Stocks roiled on coronavirus fears, Sensex plunges 807 pts

All that happened in markets today

12:47 PM

SECTOR WATCH:: Telecom stocks under pressure

COMPANY	LATEST(rs)	CHG(%)	VOLUME
VODAFONE IDEA	4.17	-5.23	51959563
BHARTI AIRTEL	536.40	-1.67	89638
TEJAS NETWORKS	66.40	-1.19	4557

12:43 PM

NEWS ALERT | Mobile networks in India are better or at par with anybody else in the world: Ambani

-- Privileged to play a very small role in digital India with the launch of Jio: Ambani

-- Fundamentally, India's progress has happened on the back of technology

-- In the early days, TCS, Infosys drove the tech reforms

12:37 PM

Biocon hits 52-wk high as Malaysian unit gets 3 observations from US FDA

The stock of India’s biggest biotechnology company was trading higher for the third straight day, and has surpassed it's previous high of Rs 321 touched on February 15, 2019 in the intra-day trade. It hit an all-time high of Rs 359 on September 26, 2018. READ MORE

12:36 PM

NEWS ALERT | Very excited about our partnership with Microsoft: Reliance Industries chairman Mukesh Ambani

-- Partnership with Microsoft will be the defining partnership of the decade: Ambani

11:55 AM

Chart Check: How to trade paint stocks amid decline in crude oil prices

Brent Crude fell over two per cent to $57.04 per barrel on Monday, as the rapid spread of the coronavirus in several countries outside China left investors fretting about a hit to demand. Back home, equity benchmark indices opened lower with a cut of 1 per cent. The overall sentiment may lose the positive grip if the trend continues on weaker side. However, the paint companies are showing decent upside over the last few sessions and may continue to do so. READ MORE

11:47 AM

MARKET UPDATE:: Broader indices outperform; India VIX up 10%

11:39 AM

NEWS ALERT | US President Donald Trump arrives in India

11:35 AM

Stocks that hit 52-week high on BSE in a weak market

COMPANY	PRICE(rs)	52 WK HIGH	CHG(rs)	CHG(%)
AJANTA PHARMA	1472.00	1485.00	25.95	1.79
BIOCON	320.40	321.00	5.40	1.71
ESSEL PROPACK	199.45	203.60	11.95	6.37
FDC	261.60	269.05	11.60	4.64
GMR INFRA.	26.30	26.55	2.70	11.44

11:26 AM

Shilpa Medicare hits fresh 52-week high; stock zooms 89% in a month

Shares of Shilpa Medicare were locked in 5 per cent upper circuit at Rs 491, also its fresh 52-week high, on the BSE on Monday in an otherwise weak market. In the past one month, the pharmaceutical company's stock has zoomed 89 per cent after reporting a strong set of numbers for the quarter ended December 2019 (Q3FY20). In comparison, the S&P BSE Sensex slipped 2 per cent during the period. READ MORE

11:25 AM

Mid-, small-cap indices beat Nifty50 despite poorer earnings show

The mid- and small-cap indices are racing ahead of the benchmarks this year. However, their earnings scorecard for the December quarter has been much worse than the Nifty’s. According to an analysis by ICICI Securities, nearly half the Nifty50 companies’ net profit has exceeded consensus estimates. READ MORE

11:15 AM

MARKET CHECK | GMR Infra extends gains

11:12 AM

BROKERAGE RADAR | Emkay Global on Automobile sector

We reiterate our OW stance on the auto sector. We have upgraded Escorts to Buy from Hold, on a likely recovery in Tractor sales cycle, market share gains, robust growth in the Railways segment and reasonable valuations. Our top Buys and OWs in sector EAP are Maruti Suzuki India, Ashok Leyland, Tata Motors and Escorts. TVS Motor is our top Sell-rated stock, and we are UW on it in EAP

11:06 AM

Crude oil prices likely to face resistance at $58/bbl on coronavirus fears

The onset of the Coronavirus had pushed crude oil prices in a bear phase this year. Typically, a bear market is defined as a fall of 20 per cent or more from the high. The WTI Crude fell from a high of $65.65 a barrel in January fell to a low of $49.31 on February 4, translating into a fall of 24.88 per cent. Crude oil prices declined as global investors and traders weighed the effects of spreading coronavirus, which has dampened demand for oil from China, world's second top consumer. READ MORE

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10:58 AM

BROKERAGE RADAR | Prabhudas Lilladher on Aurobindo Pharma

We downgrade Aurobindo Pharma to ‘Sell’ (earlier Hold) and retain TP of Rs 525 (PE 10x of FY22E). We believe that complete resolution of Unit –1, 4, 7, 9, 11 would be a difficult to achieve in near term. Being a large API plant, the Unit-11 is key for maintaining lower COGS for many current and future ANDAs of highly

genericized molecules. The Unit-4 and Unit-7 are the two largest US contributors in injectable and oral drugs respectively. Hence, the high uncertainty over the three key plants to impact valuation of ARBP till positive outcome from its remediation works are achieved.

10:51 AM

Max Financial extends rally on Axis Bank deal, up 15% in two days

The stock has surged 15 per cent in the past two trading days. It was trading higher for the fifth straight day and touched its 52-week high level of Rs 598 on Thursday, February 20, 2020.

 

“Axis Bank, Max Financial Services and its subsidiary Max Life Insurance Company Limited (Max Life) signed a confidentiality and exclusivity arrangement to explore the possibility of Axis Bank entering into a long-term strategic partnership with Max Life,” Max Financial said in an exchange filing. READ MORE