MARKET WRAP: Sensex zooms 237 pts, Nifty holds 12,100; metals gain

All that happened in the markets today

9:11 AM

NEWS ALERT | Morgan Stanley on MSCI Index review on Feb 12

>> MSCI could increase woight of HDFc Life by 15 bps

>> Weight could be halved for Shriram Transport

>> Weight of UltraTech Cement could go up by 17 bps

>> Bandhan Bank's weight may go up by 32 bps

(as reported by CNBC TV18)

9:03 AM

Top gainers and losers on S&P BSE Sensex during Pre-open

9:02 AM

Market at Pre-open

9:02 AM

Market at Pre-open

9:01 AM

Rupee opening

Rupee opens higher at 71.23/$ vs Monday's close of 71.30 against the US dollar

8:51 AM

Britannia's Q3 far from crunchy, low consumer sentiment pull numbers down

Thanks to the deteriorated consumption sentiment, Britannia reported lower-than-expected revenue growth in the December 2019 quarter (third quarter, or Q3). Consolidated net sales rose by 3.8 per cent year-on-year (YoY) to Rs 2,936 crore, against Bloomberg consensus estimate of Rs 3,031 crore, with volume growth decelerating to around 2 per cent, from 3 per cent the previous quarter. READ MORE

8:50 AM

Non-resident investors are staring at higher tax rates on dividends

Non-resident investors coming through the foreign direct investment (FDI) route and not availing treaty benefits are a worried lot as they stare at a higher tax outgo, with the withholding tax on dividends considerably higher than the applicable tax rates. Post amendment, Section 115A of the Income Tax Act provides that non-residents would be taxed on the dividend at 20 per cent, plus surcharge and cess. READ MORE

8:43 AM

Wipro looking at external candidates for next CEO after Neemuchwala's exit

Information technology (IT) services major Wipro is learnt to be evaluating a few external candidates and at least two internal aspirants for its top post after incumbent Abidali Neemuchwala announced his exit late last month. According to sources in the know, some of external candidates being considered for the post of chief executive officer (CEO) include Bhaskar Ghosh of Accenture, Ritesh Idnani of Tech Mahindra (TechM), Ravi Kumar S of Infosys, and Nitin Rakesh of Mphasis, among others. READ MORE

8:39 AM

Muted outlook, weak Dec quarter results to weigh on Bharat Forge stock

A muted outlook and weak December quarter results led to a 3.7 per cent fall in the stock of Bharat Forge. Sluggish demand across segments saw volume in terms of tonnage fall 30 per cent year-on-year (YoY). While weakness was evident in exports, the overall decline in revenues of 36 per cent was led by the domestic segment, which reported a 39.5 per cent fall. The company indicated that the demand scenario over the next couple of quarters will be soft. READ MORE

 

8:36 AM

STOCKS TO WATCH

Financial, automobile, and realty stocks could trade actively today after the RBI on Monday notified that banks would not be required to maintain the cash reserve ratio for five years on their deposits for an amount equivalent to loans given to the MSME, housing and vehicles sectors between January 31 and July 31

 

Wipro: According to a Business Standard report, Information technology services major is learnt to be evaluating a few external candidates and at least two internal aspirants to replace Abidali Neemuchwala, who announced his exit late last month. 

 

ONGC, Indian Oil Corporation and NTPC were the top three profitable PSUs in 2018-19, whereas BSNL, Air India and MTNL incurred highest losses for a third consecutive year, according to a survey tabled in Parliament on Monday.

 

RESULT REACTION

 

Chalet Hotels: December quarter profit surges 126 per cent to Rs 33.4 crore, revenue rises 12.4 per cent to Rs 278.1 crore YoY.

 

Bombay Dyeing: Profit at Rs 162.4 cr, revenue dips 8.6 per cent to Rs 377.7 cr YoY.

 

Bajaj Consumer Care: Net profit declines 16.6 per cent at Rs 50.1 crore, revenue down 7.9 per cent at Rs 211.5 crore YoY

8:34 AM

UltraTech relatively happy in comparison with ACC on the D-Street

ACC’s lower-than-expected performance for the December quarter led by a sharper-than-expected fall in realisations disappointed the Street, with its share price falling over three per cent on Monday. ACC’s results were announced after market hours on Friday. In contrast, over a fortnight back, UltraTech’s shares had gained 2.5 per cent after it posted a relatively better performance for the October-December period. Although UltraTech is far bigger in size, the two are comparable given their pan-India presence.  READ MORE

8:29 AM

Banks to get 5-year CRR relief for lending to auto, housing, MSMEs

The Reserve Bank of India (RBI) on Monday said banks would not be required to maintain the cash reserve ratio (CRR) for five years on their deposits for an amount equivalent to loans given to the MSME (micro, small, and medium enterprises), housing and vehicles sectors between January 31 and July 31. Banks currently maintain 4 per cent on their deposits as CRR. READ MORE

8:25 AM

Coronavirus impact: Experts see weakest quarter for global growth since GFC

With coronavirus getting a tighter grip on the China and impacting world trade, most analysts have started lowering global growth forecasts as measured by the gross domestic product (GDP) for the first quarter of calendar year 2020 (Q1-2020). Those at UBS, for instance, expect this would be the weakest quarter for global growth since the global financial crisis (GFC) and on par with the Asian crisis in the late 1990s. READ MORE

8:22 AM

Delhi poll outcome at best may see a knee-jerk reaction in markets

Outcome of the Delhi Assembly polls due February 11 can at best trigger a knee-jerk reaction in the markets that can be used to buy for the long-term, say analysts. Though they caution that the benchmarks may remain choppy on the outcome day and are not yet discounting a loss for the Narendra Modi – led Bharatiya Janata Party (BJP), the bigger issue for the markets is now a pick-up in the economy, growth in corporate earnings and global cues. READ MORE

8:19 AM

Nifty outlook and top trading ideas by Jay Anand Thakkar of Anand Rathi

NIFTY: BUY | TGT: 12,150 | SL: 11,950

 

Nifty closed in the negative territory in the last trading session, however, the fall seems to be corrective; hence, the dip should be utilized as a buying opportunity for the target of 12,150 with a stop loss of 11,950. READ MORE