MARKET WRAP: Sensex tanks over 450 pts amid global sell-off; metals tumble

All that happened in the markets today

1:54 PM

NEWS ALERT | Centre nominates Sanjeev Kaushik as Govt Nominee Director on the Board of Indian Bank

Alert: Kaushik is Additional Secretary, Department of Financial Services

1:50 PM

Cement stocks gain up to 24% ahead of Budget 2020. Should you book profit?

Market analysts expect fortunes of the cement industry to take a favourable turn, led by demand revival, surging cement prices, industry consolidation, and benign raw material prices. "The heavy rains in the country should also prove beneficial for kharif crop, which should again help revive rural demand," analysts at Edelweiss Broking said in an industry update. READ MORE

1:41 PM

NEWS ALERT | Financial position of Air India very fragile: Hardeep Singh Puri, aviation minister

>> Govt has limited resources, pvt sector can help airline by bringing required capital

>> Employee cost of Air India and Air India Express 11% of total revenue

>> A document inviting expressions of interest in Air India, released on Monday, said the government would sell a 100 per cent stake in the carrier, which operates both domestic and international routes. READ MORE

1:36 PM

NEWS ALERT | Will announce new scheme to reduce losses of distribution cos: RK Singh, power minister

>> Aim to reduce discom losses to 15% from 18.79% in FY19

>> Aim to implement tighter prudential norms for borrowing from PFC, REC

(As reported by CNBC TV18)

1:24 PM

NEWS ALERT | NCC allots 92 lakh eq shares on conversion of warrants to a promoter on preferential basis

>> Shares allotted at Rs 117.37

1:24 PM

HDFC twins drag Sensex lower

1:12 PM

Nifty sectoral indices at this hour

1:03 PM

MARKET UPDATE:: Sensex range-bound, subdued

12:59 PM

Q3 preview: Automakers likely to post subdued sales, improved margins

As Maruti Suzuki kicks-off the third-quarter earnings season for automakers on Tuesday, most analysts expect the companies to report a subdued performance for the period under review amid muted demand leading to lower volumes and higher discounts. Based on the monthly sales figures, wholesale volume de-growth trend continued for the domestic automobile space largely due to weak economic growth, rising cost of ownership coupled with inventory correction by original equipment manufacturers (OEMs). Overall, volume declined around 13 per cent year-on-year during the quarter, amidst sharp retail uptick in the festive period. READ MORE

12:44 PM

Pharma shares gain; Dr Reddy's, Alembic, Divis, Laurus Labs hit 52-wk highs

At 12:06 pm, the S&P BSE Healthcare index was the top gainer among sectoral indices, and was up 1.1 per cent. In comparison, the benchmark S&P BSE Sensex was trading 0.43 per cent lower. The healthcare index was trading at its highest level since May 3, 2019. READ MORE

12:31 PM

IndiGo Q3 preview: PBT may rise 48% YoY, commentary on A320neo engines eyed

Lower net fleet additions, higher fuel costs, and persisting issues with A320 neo engines could mar InterGlobe Aviation’s – parent company of budget carrier IndiGo – December quarter results for the financial year 2019-20 (Q3FY20).

 

The budget carrier, which is slated to report its Q3FY20 earnings later today, is also scheduled to hold an extraordinary general meeting (EGM) on January 29, likely on exit norms proposed by co-promoter Rakesh Gangwal. READ PREVIEW HERE

12:12 PM

Banking sector under stress, govt can't bail it out, says Abhijit Banerjee

“The financial sector is the biggest stress point currently. There is no question that the finance sector is something we should worry about, the banking sector is stressed. The government really is not in a position to bail it out, so we are talking about a long process of attrition, that’s going to be costly.
 

“We also know that due to a demand deficit in the economy, cars and two-wheelers are not selling, and those things are signs of a general fact that people lack confidence that the economy is going to grow fast so they are holding back, they are not spending,” he said. READ MORE

12:02 PM

Challenges before FM: Boosting growth, reining in fiscal deficit

As the Modi government prepares to present its annual Budget on February 1, economic growth is on a downward trajectory and poised to be the lowest in over a decade.

 

This leaves Finance Minister Nirmala Sitharaman with a difficult choice in her second Budget — whether to rein in the Centre's fiscal deficit at the targeted level or widen it to stimulate the economy. READ MORE

12:00 PM

RESULT UPDATE:: Dr Reddy's reports net loss of Rs 569.7 cr in Q3FY20 because of impairment of non-current assets of Rs 1,320 cr

11:40 AM

Top losers on BSE at this hour