Sensex, Nifty LIVE Updates on February 17: Tracking losses in index majors, share market indices continued to trade on a bearish note on Wednesday, amid mixed global equities. Falling for the second straight session, BSE 30-share Sensex was trading 100 points lower at 51,995 and NSE Nifty 50 fell by 20 points at 15,290. Nestle India, ONGC, HDFC, TCS, PowerGrid and ICICI Bank were among the top losers today. On the other hand, Bajaj Auto, SBI, Bajaj Finance and Reliance Industries were among the gainers. Yesterday, Sensex ended 49 points lower at 52,104 and Nifty fell 1.25 points to 15,313. On Tuesday, Sensex hit a record high of 52,516 and Nifty hit a lifetime high of 15,431.
Here's a look at the LIVE updates of the market action on BSE and NSE today
11. 56 AM: Indraprastha Gas Q3 outlook
Geojit Financial Services said in its note today," Revenue declined 13.2% YoY in Q2FY21 due to lower volumes (-6.5% YoY).CNG volumes down by 9.1% YoY but PNG volumes remains flat. EBITDA margin increased significantly to 10.1pps YoY benefitted by lower natural gas purchase costs and improved volumes partially offset by higher other expenses.Resultantly PAT increased by 18.0% YoY. Improved capacity utilization, easing of COVID restrictions and institutions reopening will support the company's operational and financial performance in the near future. Hence, we reiterate BUY rating on the stock with a revised price target of Rs. 630 based on SOTP methodology."
11. 47 AM: Ujjivan SFB Outlook and Valuation
LKP Securities said in its note today,"Although asset quality deterioration was a negative surprise, we believe management has taken the right step in fast tracking provisions for the stress book, ensuring focus returns to growth in FY22-23E. We believe the company will benefit from lower credit costs and higher growth in FY22-23E due to the clean-up initiated in the quarter. We recommend BUY with target price of ?48, implying a valuation of 2.1x FY23E P/ABV."
11. 30 AM: Gold international & domestic outlook
Kshitij Purohit, Product Manager, Currency & Commodities, CapitalVia Global Research said," International Gold and Silver prices are trading with marginal gains since morning supported by the hopes of quick economy recovery and weak U.S. Dollar. However, upside movement remained capped as U.S. treasury yields raced to their highest levels since the breakout of coronavirus worldwide.
Technically, MCX Gold April opened on a positive and has been trading with same bias. Price are sustaining above 47000 levels and may continue the same in the upcoming session as well. Support is at 47200-47000 levels whereas resistance is at 47700-47800 levels. Market may trade between support and resistance levels during the evening session."
11. 23 AM: LIC Housing Finance outlook
Jyoti Roy - DVP- Equity Strategist, Angel Broking said," LIC Housing finance is one of India's largest housing finance companies with a loan book of over Rs. 2.1lakh crore at the end of Q3FY21 with a strong presence across all geographies. Stress on the developers loan book which accounts for ~`7% of the company's loan book had led to a de-rating of the stocks as it has raised concerns over asset quality issues. The management has highlighted that 2-3 large developer books will get resolved in Q4FY21. The company has posted a good set of numbers for Q3FY21 as individual home disbursements as up by 30.7% YoY. Incremental cost of funding for the company stood at 5.25% for the quarter which should lead to improvement in spreads going forward. Management commentary was also positive on the asset quality front as they do not expect an increase in NPA by more than 1% while restructuring should not exceed 1% of the book. Strong growth in disbursements along with lowers than expected stress on asset quality should lead to further rerating for the company. We have a BUY rating on LIC Housing Finance with a target price of Rs. 570."
11. 11 AM: Market update
racking losses in index majors, share market indices continued to trade on a bearish note on Wednesday, amid mixed global equities. Falling for the second straight session, BSE 30-share Sensex was trading 100 points lower at 51,995 and NSE Nifty 50 fell by 20 points at 15,290.
11.08 AM: Nestle share price drops 5% post Q3 earnings
Shares of Nestle India traded as the top loser in the Sensex pack, falling over 5% intraday after the FMCG major reported 2.25 per cent on-year rise in its net profit for the quarter ended December to Rs 483.3 crore, compared with Rs 472.64 crore in the corresponding quarter of the previous fiscal.
Following the result update, shares of the most consistent Sensex performers from FMCG category opened at day's high of Rs 16,900 and fell 5.01% to hit an intraday low of Rs 16,360 on BSE.
Later the stock was trading 2.7% lower at Rs 16,748, as against the previous close of Rs 17,222.45. The stock has fallen 4.8% in the last 2 days.
During the quarter under review, the company's revenues in the quarter grew 9% YoY to Rs 3,432.6 crore. The board of the packaged food major also approved a final dividend for the financial year ended December 31 of Rs 65 per share.
Nestle share price drops 5% post Q3 earnings; top loser on BSE
10. 52 AM: Market update
Share market indices opened on a bearish note on Wednesday, amid mixed global equities. Falling for the second straight session, BSE 30-share Sensex was trading 180 points lower at 51,893 and NSE Nifty 50 fell by 55 points at 15,257. Nestle India, ONGC, HDFC, TCS, PowerGrid and ICICI Bank were among the top losers today. On the other hand, Bajaj Auto, SBI, Bajaj Finance and Reliance Industries were among the gainers.
10. 45 AM: Nifty outlook
Sameet Chavan (Chief Analyst-Technical and Derivatives, Angel Broking) said,"Monday's strong close coupled with favourable global cues in the morning, our markets managed to carry their momentum at the opening yesterday. However, since we reached a crucial resistance zone of 15380 - 15500 (which is the 161% 'Golden Ratio' of the entire fall from Jan'20 highs to March'20 lows), markets saw some profit booking at higher levels. We were not surprised with it as we had advocated on booking profits in the mentioned range. With yesterday's small correction, still there is no weakness visible on charts; but we continue to remain cautious and advise against creating aggressive longs now. For the coming session, 15380 - 15430 remains to be a key resistance; whereas on the lower side, further weakness is possible after breaking below 15240. In this scenario, 15175 - 15100 can be retested.
10. 32 AM: Seven Islands files papers for Rs 600 crore IPO
Logistics firm Seven Islands Shipping on Tuesday said it has filed papers with markets regulator Sebi for a public offering to raise up to Rs 600 crore.
The company said it will utilise the proceeds to buy vessels at a cost of Rs 352.43 crore.
"Sea-borne logistics company Seven Islands Shipping has filed its papers with the regulator for a Rs 600-crore initial public offering," the company said in a statement.
Logistics firm Seven Islands files papers for Rs 600 crore IPO
10. 20 AM: Bitcoin races past $50,000 for first time
Bitcoin rose above $50,000 on Tuesday to a new record high, building on a rally fuelled by signs that the world's biggest cryptocurrency is gaining acceptance amongst mainstream investors.
Bitcoin hit a new high of $50,602, and was last up 5% at $50,300. It has risen around 72% so far this year, with most of the gains coming after electric carmaker Tesla said it had bought $1.5 billion in bitcoin.
Bitcoin races past $50,000 for first time amid growing acceptance
10. 12 AM: Global markets today
Asian markets are trading lower taking cues from overnight weakness seen in S&P500 on rising bond yield concerns. Japan's exports rose 6.4% in Jan.
US markets marked fresh highs yesterday backed by cyclical sectors on expectation of more fiscal stimulus to power economy but NASDAQ & S&p500 closed off the highs later.
European markets closed on a mixed note as positivity which fueled recent upside lost steam. Euro zone GDP contracted 0.6% QoQ against estimate of 0.7% fall.
Oil price continued to move up as a cold front shut wells and refineries in Texas and as Houthi group claimed to have struck airports in Saudi Arabia which raised supply concerns
10.06 AM: Nifty Outlook
Geojit Financial said in its note today," The doubts we had cast on upside prospects yesterday intensified after exhaustion set in following rapid ascent to the mid 15400s early in the day. The pull back thereof now aims the downside marker of 15179 that we had noted yesterday. Directional moves are less expected, with the day likely to be dominated by briefy choppy moves."
9. 55 AM: Top losers and gainers
Nestle India, ONGC, HDFC, TCS, PowerGrid and ICICI Bank were among the top losers today. On the other hand, Bajaj Auto, SBI, Bajaj Finance and Reliance Industries were among the gainers.
9. 46AM: Morning market view
Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services said.," An important development yesterday was the US 10-year bond yield touching 1.29%, the highest level since Feb 2020. The bond market is factoring in a rise in inflation in the coming months. The rise in yield reflects the market's concern that President Biden's proposed $1.9 trillion fiscal stimulus package on top of the massive monetary stimulus will lead to a spike in inflation. If the yields continue to rise, it can be negative for equity markets. It may be too early to take an investment call based on this. But, this space has to be watched. The texture of the market continues to be 'Buy on Dips' since FPI inflows continue to be strong"
9. 40 AM:Nestle Q3 outlook
Amarjeet Maurya - AVP - Mid Caps, Angel Broking said, "During the 4QCY20, Nestle India Ltd (NIL) reported revenue of ~Rs3,433cr (up ~9% YoY) due healthy domestic sales growth, broad based and largely driven by volume and mix. Nearly two thirds of our key products, boosted by in-home consumption, posted double digit growth. Further, E-Commerce grew by 111% and now contributes 3.7% of domestic sales. On the EBITDA front, the company has reported Rs777cr and EBITDA margin at 22.6%, which is up by 60bps yoy due to lower operating expenses. On the bottom-line front, PAT grew by ~2% to Rs483cr."
9. 34 AM: Stocks to watch today on February 17
Future Retail, L&T Finance, ICICI Bank, Adani Ports, TVS Srichakra, Nestle among others are the top stocks to watch out for in Wednesdday's trading session
Stocks in news: Future Retail, L&T Finance, ICICI Bank, Adani Ports, TVS Srichakra, Nestle
9. 27 AM: Opening session
Share market indices opened on a bearish note on Wednesday, amid mixed global equities. Sensex was trading 180 points lower at 51,893 and Nifty fell by 55 points at 15, 257.
9. 15 AM: Nifty outlook
Reliance Research said in its note today," NSE-NIFTY extended gain post surpassing its near-term hurdle of 15,250-level convincingly and recorded new high of 15,432-level. Later due to higher level profit booking the index ended on a flat note. Overall market breadth remained negative and major sectors remained mix. Major technical indicators turned negative, but remained above their threshold level. The index has potential to test 15,500-15,800-16,000-level in the short-term. In case of decline, the index will find support at around 15,000-level initially and 14,850-level subsequently.
As for the day, support is placed at around 15,227 and then at 15,140 levels, while resistance is observed at 15,416 and then at 15,519 levels."
9. 09 AM: FII action
Foreign portfolio investors (FPIs) bought shares worth Rs 1,144.09 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 1,559.53 crore in the Indian equity market on 16 February, provisional data showed.
9.00 AM:Global markets
Asian stocks were trading lower on Wednesday following overnight cues from US and European markets. Markets in China remain closed on Wednesday for the Lunar New Year holidays. Meanwhile, Japan's exports rose 6.4% in January as compared with a year earlier.
In US, the Dow hit an all-time high on Tuesday, while the S&P 500 and the Nasdaq retreated slightly from record levels.
8. 50 AM: Closing
Yesterday, Sensex ended 49 points lower at 52,104 and Nifty fell 1.25 points to 15,313.Sun Pharma, ITC, HDFC were trading among the top losers today while RIL, L&T, Maruti were among the top gainers. Sensex hit a record high of 52,516 and Nifty hit a lifetime high of 15,431.
On the currency front, Indian rupee depreciated to 72.775, compared with its previous closing of 72.68.
Sensex, Nifty close flat after scaling record highs
Top gainers on Tuesday: List of 8 shares that rose up to 6%: PowerGrid, ONGC, NTPC, Kotak Bank