Markets LIVE: Dalal Street in Bear Grip, Sensex Trading Below 34,000-Mark

Dredging Corp posts loss at Rs 22.52 cr in Oct-Dec Quarter | Dredging Corporation of India (DCI) today reported a standalone loss of Rs 22.52 crore for the quarter ended December 2017 due to fall in revenues. However, the company had posted a profit of Rs 14.04 crore in the year-ago period, Dredging Corporation of India said in a filing to BSE. The standalone income of the company declined to Rs 122.90 crore, over Rs 153.94 crore in the corresponding quarter of the previous fiscal. The company's total expenses during the quarter increased to Rs 144.43 crore from Rs 138.73 crore in the year-ago period.

Manappuram Finance Q3 net profit down 14% at Rs 173 crore | Manappuram Finance has reported a 14.4 per cent decline in its consolidated net profit to Rs 173.34 crore in the third quarter ended December 31. The company's net profit in corresponding October- December period stood at Rs 202.54 crore. The total income of the company witnessed a fall of 3.1 per cent to Rs 872.78 crore for the quarter as against Rs 900.51 crore in the year-ago period, Manappuram Finance said in a statement. The asset under management (AUM) rose by 0.7 per cent to Rs 14,650 crore as on December 31, 2017 from Rs 14,555 crore a year ago.

Gillette Q2 net up 7.34% at Rs 58.77 crore | Gillette India today reported a 7.34 per cent increase in net profit at Rs 58.77 crore for the quarter ended December on 31, 2017. The company, which follows January-December financial year, had posted a net profit of Rs 54.75 crore in the corresponding period of the previous financial year. Its revenue from operations during the period under review stood at Rs 407.52 crore. It was Rs 396.82 crore in the year-ago quarter, Gillette India said in a BSE filing. Revenue from operations is not comparable due to the introduction of GST from July 1, which replaced excise duty and other input taxes. Shares of Gillette India were trading 4.04 per cent higher at Rs 6,600 on BSE. 

#3QWithCNBCTV18 | @HPCL Q3

Alert: Derived Q3 Gross Refining Margin for HPCL at $9.06/bbl Vs Est of $8/bbl pic.twitter.com/xM2nhDHSY7

— CNBC-TV18 (@CNBCTV18Live) February 9, 2018

Bank of America Merrill-Lynch's barometer of market sentiment remained in ‘sell’ territory on Friday, after a week of market turmoil which has left US equities down more than 10 percent from their peaks and in so-called ‘correction’ territory, reports Reuters.

RBI sets rupee reference rate at 64.3686 against USD | The Reserve Bank of India on Friday fixed the reference rate of the rupee at 64.3686 against the US dollar and 78.8902 for the euro. The corresponding rates were 64.1616 and 78.7455 on Thursday. The according to an RBI statement, the exchange rates for the pound and the yen against the rupee were 89.7105 and 59.06 per 100 yens, respectively, based on reference rates for the dollar and cross-currency quotes at noon. The SDR-rupee figure will be based on this rate, the statement added.

Fortis tells CNBC-TV that loans are adequately secured & repayment has since commenced; Total value of loans are approx Rs 473 cr.* These entities have become part of the promoter group as of December 31; same loans recognised as related party transactions. * Deployed funds in secured investments with cos in normal course in treasury operations. Shares of Fortis Healthcare jumped 24.5 per cent today amid reports that Manipal hospital, backed by TPG, is in advanced talks to merge the company with itself. The stock erased its early losses and soared 24.54 per cent to Rs 157.05 on BSE during the afternoon trade. At NSE, shares of the company zoomed 24.31 per cent to Rs 156.70. BSE has sought clarification from Fortis Healthcare with reference to reports that Manipal hospital is in advanced talks to merge Fortis Health with itself.

From Agencies: Singh Brothers of @fortis_hospital likely to have taken $78 million out of firm, Singh brothers are said to be working out to pay back money pic.twitter.com/iLn4iBxuZI

— CNBC-TV18 (@CNBCTV18Live) February 9, 2018

Wholesale price inflation also likely eased in January, to 3.25 percent from a year ago, compared to 3.58 percent in December. Still, the central bank is expected to keep rates on hold at least until the second half of 2019, but would consider a hike if inflation breached 6.0 percent, the upper limit of its inflation target, a poll taken ahead of the RBI's policy Feb. 7 meeting found. Highlighting growth concerns, the latest poll also showed industrial production expanded at a slower 6.2 percent pace in December from 8.4 percent in November. Output in eight core industries, which account for nearly 40 percent of India's industrial output, grew 4.0 percent year-on-year in December, compared with 7.4 percent growth in November, official data showed.

Fortis Healthcare gained as much as 24 percent in early trade after Singh brothers resigned from directorships of the company, but stock came off day's high to trade with 10 percent gains after agencies told CNBC-TV18 that Singh brothers are said to have taken USD 78 million out of the firm. Singh brothers are said to be working to pay back the money. Deloitte is said to have refused to certify company's Q2 results.

Tokyo's Nikkei index drops 2.3%, extending global slump | Tokyo's benchmark index plunged more than two percent on Friday after European and US stocks suffered big drops as volatility continued to dog equity markets. The Nikkei index fell 2.32 percent, or 508.24 points, to close at 21,382.62. Over the week, it lost 8.13 percent. The broader Topix index was down 1.91 percent, or 33.72 points, at 1,731.97, leaving it down 7.09 percent over the week. "Unless US stocks settle, it's hard to change market sentiment," said Hikaru Sato, a senior technical analyst at Daiwa Securities. "Uncertainty is likely to continue for now as the market may need about a month to adjust itself," Sato told AFP. Yoshihiro Ito, chief strategist at Okasan Online Securities, said in a commentary: "Investors are discouraged by a higher yen and plunges in European and US stocks." But Kyoko Amemiya, senior market advisor at SBI Securities, said the drops presented an opportunity for investors. "Falls in Japanese shares certainly reflect drops in US shares, but there is no fundamental change in Japanese corporate performances," she told AFP.

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.

Sensex, Nifty slump as global sell-off returns | Indian shares slumped more than 1 percent 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 U.S. 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. "The sell-off is likely a retest of the bottom and obviously driven by selling in overseas markets. The long overdue correction is taking place amidst growth in earnings, reduction in crude oil (prices) and stable domestic yields," said Sunil Sharma, chief investment officer at Sanctum Wealth Management. Improvement in earnings alongside price correction creates attractive buying opportunities, particularly in the consumer and industrial sectors, Sharma added.

Frontline indices were trading near day's low in late morning deals as the Sensex was down 517.63 points or 1.50 percent at 33,895.53 and the Nifty fell 163.50 points or 1.55 percent to 10,413.40. The broader markets continued to outperform, with the Nifty Midcap falling only 0.6 percent. About 1,529 shares declined against 839 advancing shares on the BSE. Banks, technology and oil & gas stocks drove the market lower while metals stocks outperformed.

#3QWithCNBCTV18 | Muthoot looks to continue with the strategy of reducing gold auction to improve the topline, targets keeping NIM at & around 12% on a steady state basis pic.twitter.com/mMnvgYwxFd

— CNBC-TV18 (@CNBCTV18Live) February 9, 2018

Top gainers: Out of Nifty 50 stocks, 47 stocks continued to trade in red. Three stocks, which bucked the trend, are Tata Steel (up over 1 percent), Lupin (up 1 percent) and Coal India (up 0.7 percent).

Amid a weakening global trend, gold futures traded lower by Rs 89 at Rs 30,018 per 10 grams today as speculators trimmed positions. At the Multi Commodity Exchange, gold for delivery in April was trading lower by Rs 89, or 0.30 per cent, at Rs 30,018 per 10 grams in a business turnover of 170 lots. Similarly, the metal for delivery in June fell by Rs 82, or 0.27 per cent, to Rs 30,165 per 10 grams in 11 lots. Analysts said the fall in gold futures was mostly attributed to cutting down of positions by participants in tune with a weak trend overseas. Meanwhile, gold prices fell 0.10 per cent to USD 1,317 an ounce in Singapore today.

Taiwan Index falls 6.8% for the week, most since September 2011

Poll | Public sector lender Bank of India is likely to post net loss at Rs 51.5 crore for quarter ended December 2017 against net profit of Rs 101.7 crore in same quarter last year. Net interest income during the quarter is seen falling 1.3 percent to Rs 2,826.6 crore compared to Rs 2,862.6 crore in year-ago, according to average of estimates of analysts polled by CNBC-TV18. Analysts said if slippages in Q3 fall further (from Rs 2,141 crore in Q2FY18), net interest margin come above 2.1 percent (2.15 percent in Q2) and gross non-performing assets improve (from 12.62 percent in Q2) then that would be taken positively by the Street.

Asian stocks fell on Friday, with Chinese shares slipping to multi-month lows after Wall Street shares dropped again in the face of rapidly-rising bond yields, while perceived havens such as the yen and Swiss franc were in demand. In addition to pressure from the drop in global shares, Chinese equities were weighed by factors such as investors attempting to stay liquid ahead of the Lunar New Year holidays and pressure to meet rising margin calls. The Shanghai Composite Index retreated 4.1 percent after slipping to its lowest since May 2017 and the blue chip CSI300 index was down 4.6 percent, after plumbing a six month low.The slide resulted in Chinese stocks following their U.S. counterparts into correction territory - a fall of 10 percent or more. China's central bank said on Friday it released temporary liquidity of almost 2 trillion yuan ($316.11 billion) to meet cash demand before the long Lunar New Year holidays. Japan's Nikkei sagged 3.2 percent, en route for a weekly loss of 8.9 percent. MSCI's broadest index of Asia-Pacific shares outside Japan dropped 2.3 percent to a two-month low.

#CNBCTV18Market | Just Dial still in negative territory, but recovers 4% from day's low pic.twitter.com/hVSTTb6z4M

— CNBC-TV18 (@CNBCTV18Live) February 9, 2018

#CNBCTV18Market | IDBI Bank makes a sharp move, recovers 5% from lows pic.twitter.com/IonBLawCNf

— CNBC-TV18 (@CNBCTV18Live) February 9, 2018

The MSCI Asia Pacific Index is also heading for its darkest week since February 2016.

The S&P 500 closed on a two-month low and if trends are to be believed, it is heading for its lowest week since 2011. The index has already lost its gains for the year.

#CNBCTV18Market | Hind Zinc seeing a major upmove, stock approaches 52-week high pic.twitter.com/xOYcbdaWQZ

— CNBC-TV18 (@CNBCTV18Live) February 9, 2018

Japan’s equity benchmarks dipped by about 3 percent on account of the global tank with South Korea’s market falling by almost 2 percent and Hong Kong’s stock exchanges plummeted by almost 4 percent.  Global price basket for West Texas Intermediate oil fell to almost $60 a barrel.

Pradip Shah, IndAsia Fund Advisors told CNBC-TV18 that reaction to markets could be sentimental due to upcoming state elections. He is very optimistic about Indian markets despite current fall. The Sensex fell more than 2,000 points from its record highs. "We will see drop in stock prices till March 2018 and the selling pressure is inevitable," he said.

#3QWithCNBCTV18 | Don’t think inventory write-down will happen next quarter; sugar production will exceed demand going ahead, says Balrampur Chini pic.twitter.com/buNG85dcSB

— CNBC-TV18 (@CNBCTV18Live) February 9, 2018

CONSUMER INFLATION ALSO MILD | China's consumer inflation also eased to the lowest since July 2017. The consumer price index (CPI) rose 1.5 percent from a year earlier, in line with expectations and slowing from December's gain of 1.8 percent, the National Bureau of Statistics (NBS) said. On a month-on-month basis, CPI rose 0.6 percent in January. The food price index declined 0.5 percent from a year earlier due to a higher base last year, after falling 0.4 percent in December. Non-food prices rose 2.0 percent, compared with 2.4 percent in December.  The milder inflation readings are somewhat at odds with strong import and export data on Thursday, which suggested China's economy largely retained its momentum or possibly even picked up a step at the start of the year. But analysts said the softer January price data by itself did not suggest the economy is at risk of a sharper slowdown, as it can be too skewed by seasonal factors. Indeed, the consensus view is that China will see only a modest pullback in GDP growth to 6.4 percent this year.