Key equity indices extended losses and hit fresh intraday low in early afternoon trade. The Nifty slipped below its crucial 12,100 mark. At 12:30 IST, the S&P BSE Sensex, was down 123.82 points or 0.3% at 41,133.92. The Nifty 50 index declined 41.3 points or 0.34% at 12,072.15.
The selling was broad based. The S&P BSE Mid-Cap index was down 0.44% while the S&P BSE Small-Cap index was down 0.68%.
The market breadth favored the sellers. On the BSE, 777 shares rose and 1474 shares fell. A total of 166 shares were unchanged. In Nifty 50 index, 19 stocks advanced while 31 stocks declined.
Derivatives:
The NSE's India VIX, a gauge of market's expectation of volatility over the near term, jumped 5.98% to 14.43. The Nifty February 2020 futures were trading at 12,093, a premium of 1.5 points compared with the spot at 12,091.50.
On the options front, the Nifty option chain for 27 February 2020 expiry showed maximum call open interest (OI) of 26.44 lakh contracts at the 12,500 strike price. Maximum Call writing was witnessed at 12,100 strike price, which added 2.97 lakh contracts.
Maximum put OI of 38.32 lakh contracts was seen at 12,000 strike price. Put writing was observed at 12,100 strike which added 2.21 lakh contracts.
The option chain indicates that the Nifty will stay between 12,000 and 12,500 level till February expiry.
Buzzing Index:
Shares of automobile manufacturers tumbled after the Supreme Court on Friday rejected FADA's application to extend March 31 deadline for BS-IV vehicle sales. The apex court didn't consider FADA's application for extension of selling and registering BS-IV Stock Vehicles beyond the stipulated deadline.
The Nifty Auto index slipped 0.49% to 7,783.50, extending its losing run for third day. The Nifty auto index has declined 1.89% in three consecutive trading sessions.
JBM Auto (down 1.78%), SML Isuzu (down 1.21%), Bajaj Auto (down 1.05%), Atul Auto (down 0.99%), TVS Motor Company (down 0.5%), Mahindra & Mahindra (down 0.33%) and Eicher Motors (down 0.1%) were top losers in auto segment.
Stocks in Spotlight:
Shares of CARE were down 1.06% at Rs 520.80 after the board decided to terminate the employment of Rajesh Mokashi as managing director (MD) & CEO of the company with effect from 16 July 2019. The company's board, as advised by Securities and Exchange Board of India (Sebi), vide its letter dated 12 February 2020, has decided to institute an inquiry in the matter of interference by officials of CARE including the erstwhile chairman and the erstwhile MD & CEO in the rating process in the last 3 years. The board has already initiated the process of appointing MD & CEO of CARE.
Glenmark Pharmaceuticals' consolidated net profit surged 64% to Rs 190.74 crore in Q3 December 2019 (Q3 FY20) as against Rs 116.33 crore reported in Q3 December 2018 (Q3 FY19). Net sales rose 5.1% year-on-year (Y-o-Y) to Rs 2,638.62 crore in Q3 FY20. Profit before tax (PBT) soared 75.9% to Rs 270.98 crore Y-o-Y. Current tax expenses jumped 77.4% to Rs 111.75 crore during the period under review. EBITDA climbed 1.2% to Rs 440.07 crore during Q3 FY20 as against Rs 434.68 crore in Q3 FY19. The result was announced after market hours on Friday, 14 February 2020. Shares of Glenmark Pharmaceuticals were trading 6.37% lower at Rs 312.4 on BSE.
Steel Authority of India (Sail) slipped 1.14% to Rs 43.45 after consolidated net loss stood at Rs 343.57 crore in Q3 December 2019 (Q3 FY20) as against a net profit of Rs 653.93 crore reported in Q3 December 2018 (Q3 FY19). Net sales rose 4.4% year-on-year (Y-o-Y) to Rs 16,542.48 crore in Q3 FY20. Pre-tax loss stood at Rs 498.85 crore in Q3 FY20 as compared to pre-tax profit of Rs 982.33 crore in Q3 FY19. Current tax expenses surged 501.3% to Rs 41.79 crore over Rs 6.95 crore paid in Q3 December 2018.
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