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Economic Times | 02 Mar, 2020 | 02.08PM IST
Live: Sensex jumps 700 points; ICICI Bank, RIL and Infosys top index contributors
ICICI Bank, Reliance Industries, TCS and Infosys were among the top index contributors.
!1 New UpdateClick here for latest updates
After the demonetisation, obviously, there were a large number of digital products that came to the market. The aspirations of people that they can start a transaction from anywhere in India contributed towards a shift that you see from metro to the tier one and tier two cities. After we entered into the relationship with State Bank of India, we could utilize the vast reach that they have.
- Hardayal Prasad, MD & CEO, SBI Card
On all these days, markets actually came so fast that you got a superb opportunity to buy. This kind of opportunities, when there is panic and you have the ability to buy, offers you a very interesting situation
- S Naren, CIO of ICICI Prudential AMC
Oil comes off lows as hopes of OPEC cut, stimulus counter virus gloom
Oil prices rebounded more than $1 a barrel after earlier hitting multi-year lows on Monday, as hopes of a deeper cut in output by OPEC and stimulus from central banks countered worries about damage to demand from the coronavirus outbreak, Reuters reported. Brent crude was at $51.31 a barrel, up $1.64 or 3.3%, by 0502 GMT, off $48.40, the lowest since July 2017.
Emerging markets continue to see redemptions - EPFR
- EPFR-tracked Emerging Markets Equity Funds ended February by posting their fourth outflow in the past five weeks as investors scrambled to factor in the Wuhan coronavirus epidemic, the recent drop in oil prices and disruptions to travel and tourism into their outlooks for this asset class.
- The diversified Global Emerging Markets (GEM) Equity Funds accounted for the biggest share of the week’s headline number and retail redemptions climbed to a 16-week high.
Diageo raises stake in United Spirits to 55.9%
British spirits giant Diageo has bought shares worth about Rs 352 crore or 0.7% in United Spirits, raising its total stake in India's largest liquor firm to 55.9%.
The maker of Johnnie Walker and Smirnoff purchased 50.75 lakh shares at Rs 693.25 per share on the National Stock Exchange. "India remains one of the most exciting growth markets in the world for total beverage alcohol. This transaction forms part of Diageo’s long-term strategy of premiumisation within the market," Diageo said in a statement.
The maker of Johnnie Walker and Smirnoff purchased 50.75 lakh shares at Rs 693.25 per share on the National Stock Exchange. "India remains one of the most exciting growth markets in the world for total beverage alcohol. This transaction forms part of Diageo’s long-term strategy of premiumisation within the market," Diageo said in a statement.
TVS Motor sales down 15% in February at 2,53,261 units; stock down 6%
TVS Motor Company on Monday reported 15.39 per cent decline in total sales at 2,53,261 units in February on account of BS-IV reduction and impact of parts supply disruption due to coronavirus outbreak. The company had sold 2,99,353 units in February 2019, TVS Motor Co said in a statement. "As planned, the company is on track to reducing dealer level BS-IV stock in the domestic market and is confident of retailing it this month," it said.
Mining stocks up; Coal India climbs 3%
Mining stocks were trading in the positive zone in Monday's afternoon session.
Orissa Minerals Development Company (up 7.42 per cent), Divyashakti Granites (up 4.92 per cent), Ashapura Minechem (up 4.79 per cent), Aro Granite Industries (up 4.68 per cent), Coal India (up 3.42 per cent), 20 Microns (up 3.05 per cent) were the top gainers.
We have tried to be patient so far and not jump in until we see where the coronavirus is going. But valuations have gotten a little more interesting and clearly interest rates are going to come down a lot on a global basis.
- Arvind Sanger, Managing Partner of Geosphere Capital Management
Asian stock markets reverse losses on global policy stimulus hopes
Asian shares steadied from early losses on Monday as investors placed their hopes on a coordinated global monetary policy response to weather the damaging economic impact of the coronavirus epidemic, Reuters reported.
SBI Card IPO subscribed 4% within 15 minutes
The mega IPO by SBI Cards and Payment Services (SBI) was subscribed 4 per cent within the first 15 minutes of the bidding process on Monday.
The price band for the issue is fixed at Rs 750-755 and the minimum amount one can invest by subscribing a lot of 19 shares is Rs 14,345.
India's mfg activity eases marginally in February: PMI
The country's manufacturing sector activity eased in February from a near eight-year high in the previous month and business sentiment took a hit amid impact of coronavirus outbreak on exports and supply chains, a monthly survey said on Monday. At 54.5 in February, the headline seasonally adjusted IHS Markit India Manufacturing Purchasing Managers' Index (PMI) held close to January's near eight-year high of 55.3, signalling improvement in operating conditions across the sector.
Godrej Consumer soars 7% after Credit Suisse upgrade
Godrej Consumer Products rallied about 7 per cent in Monday’s trade after global brokerage Credit Suisse upgraded the stock.
The Swiss broker said Godrej Consumer Products is finally coming out of a rough patch. It said its home insecticides (HI) business is showing some signs of recovery.
Credit Suisse pointed out that the valuations have seen a significant de-rating in recent times. A gradual re-rating can be expected as HI performance improves.
The broker has pegged the target price at Rs 680. That translates into 21 per cent potential upside from the last closing.
The Swiss broker said Godrej Consumer Products is finally coming out of a rough patch. It said its home insecticides (HI) business is showing some signs of recovery.
Credit Suisse pointed out that the valuations have seen a significant de-rating in recent times. A gradual re-rating can be expected as HI performance improves.
The broker has pegged the target price at Rs 680. That translates into 21 per cent potential upside from the last closing.
Bharat Electronics rises 3% as JP Morgan sees up to 30% upside
Shares of aerospace and defence company Bharat Electronics jumped over 3 per cent in Monday’s trade after JP Morgan upgraded the scip.
The US-based broker turned ‘overweight’ on the stock with a target price of Rs 97. That means a potential upside of 31 per cent from the last close.
JP Morgan said the phase of earnings decline for the state-owned company is likely over.
The US-based broker turned ‘overweight’ on the stock with a target price of Rs 97. That means a potential upside of 31 per cent from the last close.
JP Morgan said the phase of earnings decline for the state-owned company is likely over.
Top 10 NSE gainers in morning session
Price as on 02 Mar, 2020 10:50 AM, Click on company names for their live prices.
128 stocks hit 52-week lows on NSE
Around 128 stocks fell to touch their 52-week lows on NSE in Monday's session. Among the stocks that touched their 52-week lows were Mahindra & Mahindra, Future Consumer, Tata Power Company, HCL Infosystems, Burnpur Cement and HT Media. Zee Media, Oriental Carbon, Birla Tyres, Jain Irrigation Systems and Balkrishna Paper Mills also featured among the stocks that touched their 52-week lows on NSE.
SBI Card IPO opens: Who can apply for how much shares
SBI Card plans to raise up to Rs 10,341 crore by selling 13.71 crore shares at the upper end of the Rs 750-Rs 755 price band. The lot size has been decided at 19 shares, meaning one will have to shell out at least Rs 14,250 to bid for the issue. Separate share quotas have been set aside for six different categories of investors — anchor, qualified institutional buyers, non-institutional investors, retail, SBI shareholders and employees.
Indiabulls Housing soars 20% as RBI dismisses violation charge
Shares of Indiabulls Housing Finance climbed over 20 per cent in Monday’s early trade after it informed bourses that the Reserve Bank of India’s (RBI) affidavit has mentioned no violations of any nature or kind regarding the company. In a regulatory filing, the company said the RBI submitted its affidavit in the court in the PIL matter, and the RBI affidavit highlighted the details of loans taken by the borrowers mentioned in PIL and the repayment dates of such loans.
The services sectors such as retailing, tourism and transportation will get impacted significantly. It also means that normal work, office activities and production may get impacted. That is the fear which is building in currently. It is very hard to put any numbers here, but the economic impact could persist for some time. Please keep in mind the fact that the impact will be felt more on the medium and small enterprises, which may not have the capacity to withstand a prolonged economic slowdown.
- Sanjeev Prasad, Kotak Institutional Equities
Gujarat Gas, IGL gains up to 3% as Macquarie raises target prices
Shares of Gujarat Gas and Indraprastha Gas gained up to 3 per cent in Monday’s trade after global brokerage Macquarie raised its target price on the scrips.
The Australian broker said it continues to remain positive on Indian city gas space. Hence, it raised its target price on Gujarat Gas from Rs 240 to Rs 330 per share. This means a potential upside of nearly 20 per cent from the last close.
Macquarie while maintaining ‘outperform’ rating said the regulatory tailwinds will support volume growth for the company.
Meanwhile, the broker maintained its ‘neutral’ stance on Indraprastha Gas Limited (IGL) but raised the target price to Rs 485 from Rs 420. This translates into an upside of about 10 per cent.
The Australian broker said it continues to remain positive on Indian city gas space. Hence, it raised its target price on Gujarat Gas from Rs 240 to Rs 330 per share. This means a potential upside of nearly 20 per cent from the last close.
Macquarie while maintaining ‘outperform’ rating said the regulatory tailwinds will support volume growth for the company.
Meanwhile, the broker maintained its ‘neutral’ stance on Indraprastha Gas Limited (IGL) but raised the target price to Rs 485 from Rs 420. This translates into an upside of about 10 per cent.
Andrew Holland sees a 50 bps rate cut by RBI
India GDP figures have many revisions which leads me to think that growth is lower than headline and hence RBI can… https://t.co/jzBOwh7ok7
— Andrew Holland (@Hollaand) 1583120658000Auto stocks gain despite weak sales data
Price as on 02 Mar, 2020 09:46 AM, Click on company names for their live prices.
Tata Motors, YES Bank, IB Housing among most active stocks on NSE
Price as on 02 Mar, 2020 09:21 AM, Click on company names for their live prices.
OPENING BELL: Sensex surges 750 points, Nifty tops 11,400; ICICI Bank jumps 4%, SBI 3%
Pre-open session: Sensex surges 11,00 points, Nifty nears 11,400; rupee trades at 72.09 against dollar
Singapore trading sets stage for positive start
Nifty futures on the Singapore Exchange traded 78 points, or 0.70 per cent, higher at 11,245, indicating a positive start for Dalal Street.
Tech view: Nifty forms bearish candle
Rohit Singre Senior Technical Analyst at LKP Securities said the index may see good support in the 11,100-11,000 range. If it manages to hold above the range, some relief rally towards the strong hurdle in the 11,400-11,650 zone is possible, he said. “The most concerning thing is India VIX, which shot up 70 per cent last week. Once we see some cooldown in India VIX, we may see some stability in the market,” Singre said.
Asian shares extend fall
The rout in world stocks deepened on Monday, with investors rattled by weekend data from China that showed its fastest ever contraction in factory activity, raising fears of a global recession from the coronavirus. Japan's Nikkei opened 1.3 per cent lower at a six-month trough. Australia's S&P ASX/200 fell 3 per cent and New Zealand's NZ50 slid 3 per cent into correction territory.
China Caixin manufacturing PMI fuels slowdown fears
The Caixin/Markit Manufacturing Purchasing Managers' Index (PMI) tumbled to 40.3 in January, the lowest level since the survey began in 2004, and down sharply from the 51.1 reading in January as well as the 50-mark that separates growth from contraction.
US stocks tumbled for 7th day
On Friday, the Dow Jones Industrial Average index fell 357.28 points, or 1.39 per cent, to 25,409.36. The S&P500 index lost 24.54 points, or 0.82 per cent, to 2,954.22 and the Nasdaq Composite index added 0.89 point, or 0.01 per cent, to 8,567.37. The indices also registered registered their deepest weekly percentage losses since October 2008.
Gold prices rise on safe haven appeal
Gold prices rose more than 1 per cent on Monday, following a steep fall across the precious metals complex in the previous session, as worries that the coronavirus epidemic could push the global economy into recession sent investors scurrying for safe havens. Spot gold gained 1.2 per cent to $1,602.90 per ounce, having slumped more than 4 per cent in intraday trade on Friday.
Oil prices recover from multi-year lows
Oil prices erased losses after earlier hitting multi-year lows on Monday as hopes that a bigger than expected production cut from OPEC and stimulus from central banks could offset economic gloom from the coronavirus outbreak. Brent crude was at $50.32 a barrel, up 65 cents, or 1.3 per cent, after earlier dropping to $48.40, the lowest since July 2017.
Virus toll crosses 3,000 mark
The number of deaths globally in the new coronavirus outbreak passed 3,000 on Monday, as China reported 42 more deaths. The new fatalities were all in the virus epicentre Hubei province, the National Health Commission said, bringing the overall toll in mainland China to 2,912. Health officials also reported the lowest daily tally of fresh infections since late January, with 202 new cases.
Budget session of Parliament to resume today
The second half of Parliament's Budget Session is set to resume today. The session is likely to be stormy as the Congress party has said that it will seek the resignation of Union Home Minister Amit Shah over the Centre's alleged failure in containing violence in the national capital, ANI reported.
India GDP at 7-year low
India's economic growth slowed to a near 7-year low of 4.7 per cent in October-December 2019 on continued slump in manufacturing, and now faces the next big challenge of coronavirus outbreak stifling global growth. Despite being one of the strongest periods due to festival season and higher rural spending driven by kharif harvest, October-December was the third straight quarter of growth decline and the lowest rate in 27 quarters.
DIIs buy Rs 7,621 crore worth of stocks
Net-net, foreign portfolio investors (FPIs) were sellers of domestic stocks to the tune of Rs 1,428.74 crore on Friday, data available with NSE suggested. DIIs were net buyers to the tune of Rs 7,621.16 crore, data suggests.
Sensex on Friday
Continuing its downward spiral for the sixth straight session, equity benchmark Sensex plummeted 1,448 points on Friday following a manic global selloff as market participants fretted over the impact of the rapidly-spreading coronavirus. After nosediving over 1,525 points during the day, the 30-share BSE barometer ended 1,448.37 points, or 3.64 per cent, lower at 38,297.29.
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