KEY HIGHLIGHTS
Sensex Tumbles 939 Points From Day’s High After New Virus Cases Emerge
Indian equities ended lower after a last-hour selloff, extending declines for the seventh consecutive trading session.
The S&P BSE Sensex swung from a gain of as much as 2.05 percent or 785.88 points to end 0.39 percent lower at 38,149.67. The NSE Nifty 50 swung from a gain of as much as 2.06 percent and fell 0.62 percent to close at 11,132.75. The broader markets represented by the NSE Nifty 500 Index fell 0.62 percent.
That came after two more positive cases of the novel coronavirus—one in Delhi and another in Telangana—were reported, the Union Health Ministry said on Monday.
The person from Delhi had travelled to Italy, it said, adding he is being diagnosed at Ram Manohar Lohia Hospital. The other person with the coronavirus infection has a travel history to Dubai, the ministry added.
The market breadth was tilted in favour of sellers. About 1,105 stocks declined and 701 shares advanced on National Stock Exchange.
Ten out of 11 sectoral gauges compiled by NSE ended lower, led by the NSE Nifty Media Index’s 4.6 percent fall. On the flipside, the NSE Nifty IT Index was the only sectoral loser, down 1.4 percent.
With inputs from PTI.
Money Market Update: Rupee Reverses Gains, Turns Sole Asia Loser
The Indian rupee reversed gains against the U.S. dollar to be Asia’s only worst-performing currency. The home currency depreciated as much as 0.37 percent to 72.42 against the greenback.
The local legal tender had appreciated as much as 0.19 percent earlier.
Yes Bank Worst Performer On Nifty After Two Large Trades
Shares of the private bank declined as much as 13.9 percent, biggest intraday slide in three months, to Rs 29.80 apiece.
That came after nearly 22.3 lakh shares of the lender changed hands in two large trades on National Stock Exchange, according to Bloomberg data. Buyers and sellers were not known immediately.
The stock fell 34 percent so far this year compared with a 7.4 percent fall in Sensex.
Market Check: Sensex Drops Nearly 1,300 Points From Day’s High
Indian equities erased gains during the last-hour trading session.
The S&P BSE Sensex swung from a gain of as much as 2.05 percent to fall as much as 1.34 percent to 38,147 and the NSE Nifty 50 swung from a gain of as much as 1.48 percent to fall as much as 2.06 percent.
That came after two more positive cases of the novel coronavirus -- one in Delhi and another in Telangana - were reported, the Union Health Ministry said on Monday.
The person from Delhi had travelled to Italy, it said, adding he is being diagnosed at Ram Manohar Lohia Hospital.
The other person with the coronavirus infection has a travel history to Dubai, the ministry added.
With inputs from PTI
Hero MotoCorp At Six-Year Low Ahead Of February Sales Announcement
Shares of Hero MotoCorp swung from a gain of as much as 2.87 percent to fall as much as 4.4 percent to below Rs 2,000 for the first time since March 2014.
The company is set to announce its sales data for February.
State Bank Of India At Five-Month Low
Shares of the country's largest state-run lender declined 6 percent intraday Rs 285.10 each—its lowest level since October 2019.
The stock traded at 13 times its 20-day average for this time of the day, Bloomberg data showed. SBI was the second biggest loser on Nifty Index.
Stocks Moving On Heavy Volumes
Omaxe
- Stock fell as much as 3.2 percent to Rs 152.
- Trading volume was more than 11 times its 20-day average.
AIA Engineering
- Stock fell as much as 3.7 percent to Rs 1,722.
- Trading volume was seven times its 20-day average.
Lakshmi Machine Works
- Stock rose as much as 1 percent to Rs 3,200.
- Trading volume was more than four times its 20-day average.
Indian Hotels
- Stock swung from a gain of as much as 2.7 percent to fall as much as 1.9 percent.
- Trading volume was almost four times its 20-day average.
Market Check: Sensex, Nifty Erase Gains
Indian equities traded off day’s high.
The S&P BSE Sensex and the NSE Nifty 50 traded little changed at 38,254 and 11,184 respectively. Both the indices had risen as much as 2.06 percent earlier.
Aviation Stocks Decline; SpiceJet Falls 5%, IndiGo Down 6%
Shares of the airline operators—InterGlobe Aviation and SpiceJet erased gains and fell over 5 percent each.
SBI Cards IPO Subscribed 22% So Far On Day 1
India’s first billion-dollar initial public offering in at least two years has had a steady start.
The IPO of SBI Cards and Payments Ltd. was subscribed 22 percent as of 2:15 p.m. on Monday, the first of the four-day share sale. Against an issue size of 10.02 crore shares, the SBI Cards IPO has received bids for 2.17 crore shares, with retail investors making the bulk of the purchases. (Read the full story here)
Market Check: Sensex, Nifty Off Day’s High
Indian equities traded off day’s high.
The S&P BSE Sensex rose 0.8 percent to 36,805 after gaining as much as 2.05 percent earlier and the NSE Nifty 50 rose 0.6 percent after gaining as much as 2.06 percent earlier.
The broader markets represented by the NSE Nifty 500 index rose 0.78 percent.
Future Consumer Halts 10-Day Losing Streak
Shares of Future Consumer halted their 10-day losing streak. The stock rose as much as 9.8 percent, the most since Jan. 7, 2020, t Rs 13.50.
The Relative Strength Index was below 30, indicating that the stock may be oversold, Bloomberg data showed.
Graphite India, HEG Halt Six-Day Losing Streak
Shares of Graphite India halted a six-day losing streak. The stock rose as much as 12.1 percent, the most since October 2019, to Rs 250. Meanwhile, shares of HEG rose as much as 10.1 percent to Rs 964.70.
The European Union is said to review graphite-electrode tariffs on HEG, according to a Blomberg report.
- EU to re-evaluate anti-dumping, anti-subsidy duty rates on HEG
- EU tariff review opened in response to a request by HEG
- Alert: EU levies aim to help producers such as Germany's SGL Carbon
Source: Bloomberg
Commodity Update: Crude Oil Rebounds After Falling Below $50 A Barrel
The Brent crude erased morning losses, swinging from a fall of as much as 4.2 percent to gain as much as 2.2 percent.
Large Trade Alert: Tata Motors
About 23.6 lakh shares of Tata Motors changed hands in two large trades, Bloomberg data showed. Buyers and sellers were not known immediately.
Global Markets Update: Stock Slide Halts
Asian stocks and U.S. equity futures climbed for the first time in eight days Monday, reversing early declines in wild trading amid signs of support from central banks.
- Japan’s Topix index rose about 1 percent as of 1:36 p.m. in Tokyo.
- South Korea’s Kospi index added 1 percent.
- Futures on the S&P 500 climbed 1 percent.
- The underlying gauge fell 0.8 percent on Friday.
- Australia’s S&P/ASX 200 Index slid 0.9 percent.
- Hong Kong’s Hang Seng gained 0.9 percent.
- Shanghai Composite rallied 2.9 percent.
Get your daily fix of global markets here.
Sectoral Check: NSE Nifty IT Index Best Performer
All the 11 sectoral gauges compiled by NSE traded higher, led by the NSE Nifty IT Index’s 2.7 percent advance.
Large Trade Alert: Yes Bank
About 11 lakh shares of Yes Bank changed hands in a large trade, Bloomberg data showed. Buyers and sellers were not known immediately.
Manufacturing PMI Eases In February
The Markit India Manufacturing Purchasing Managers’ Index fell to 54.5 in February from 55.3 in January, according to a statement. In PMI parlance, a print above 50 means expansion, while a score below that denotes contraction.
Affle India Halts Two-Day Losing Streak
Shares of Affle India halted their two-day losing streak. The stock rose as much as 8.2 percent to Rs 1,947.
The company acquired mobile advertising technology company Mediasmart and Calle García de Paredes for a cash consideration of €5.12 million.
The scrip declined 13 percent in the past five days and rose 12 percent in the past 30 days. Affle India traded at 72 times its estimated earnings per share for the coming year, according to Bloomberg data.
F&O Check: Nifty 11,500 Call Option Premium Jumps 41%
Nifty’s 11,500 call option contract was among the most active Nifty option contracts on National Stock Exchange.
Premium on the contract, which is set to expire on March 5, rose 41.39 percent to Rs 55. About 76,875 shares were removed from the open interest which stood at over 18.32 lakh shares.
Market Check: Sensex, Nifty Surge
Indian equities rebound after falling for six consecutive trading sessions.
The S&P BSE Sensex rose 1.5 percent to 38,860 and the NSE Nifty 50 rose 1.48 percent to 11,368. The broader markets represented by the NSE Nifty 500 Index rose 1.6 percent.
Stocks Reacting To February Auto Sales Announcement
Key Highlights (YoY)
Maruti Suzuki
- Stock rose as much as 2.5 percent to Rs 6,439.55.
- Total sales down 1.1 percent to 1,47,110 units (Estimate: 1,46,045 units)
- Total domestic vehicle sales down 3.6 percent to 1.36,849 units.
- Exports up 7 percent to 10,261 units.
M&M
- Stock fell as much as 2.8 percent to Rs 444.35, the lowest since February 2014.
Auto sales highlights
- Total sales down 42 percent to 32,476 units (estimate: 47,050 units).
- Total domestic sales down 42 percent to 30,637 units.
- Exports down 40 percent to 1,839 units.
Tractor sales highlights
- Total sales up 19 percent to 22,561 units.
- Domestic sales up 21 percent to 21,877 units.
- Exports down 22 percent to 684 units.
Tata Motors
- Stock rose as much as 3.8 percent to Rs 133.90.
- Total sales down 32 percent to 40,634 units (Estimate: 44,772 units)
- Total domestic sales down 34 percent to 38,002 units.
- Total commercial vehicle sales down 33 percent to 28,086 units.
- Total passenger vehicle sales down 31 to 12,430 units.
TVS Motor
- Stock fell as much as 1.3 percent to Rs 430.05.
- Total sales down 15 percent to 2,53,261 units.
- Domestic two-wheeler sales down 27 percent to 1,69,684 units.
- Three-wheeler sales up 26 percent to 17,370 units.
- Exports up 24.5 percent to 82,877 units.
Eicher Motors
- Stock rose as much as 2.4 percent to Rs 16,999.
VECV
- Total sales down 29 percent to 4,586 units.
Royal Enfield
- Total Sales up 1 percent to 63,536 units.
- Exports down 8 percent to 2,348 units.
Escorts
- Stock rose as much as 6.7 percent to Rs 832.
- Total sales up 18.8 percent to 8,601 units.
- Domestic sales up 16.3 percent to 8,049 units.
- Exports rose 71.4 percent to 552 units.
Bajaj Auto
- Stock rose as much as 1.9 percent to Rs 2,944.50.
- Total sales down 10 percent to 3,54,913 units.
- Domestic motorcycle sales fell 21 percent to 1,46,876 units.
- Motorcycle exports rose 15 percent to 1,63,346 units.
- Total motorcycle sales fell 5 percent 3,10,222 lakh units.
- Domestic commercial vehicles sales declined 38 percent to 21,871 units.
- Commercial vehicles’ exports fell 24 percent to 22,820 units.
- Total commercial vehicle sales fell 31 percent to 44,691 units.
- Total domestic sales fell 24 percent to 1,68,747 units.
- Total exports rose 9 percent to 1,86,166 units.
Ashok Leyland
- Stock rose as much as 6.3 percent to Rs 74.30.
- Total sales fell 37 percent to 11,475 units.
- Medium and heavy commercial truck sales fell 58 percent to 4,894 units.
- Medium and heavy commercial bus sales rose 41 percent to 2,474 units.
- Total medium and heavy commercial vehicle sales fell 45 percent to 7,368 units.
- Light commercial vehicle sales fell 17 percent to 4,107 units.
Catch all the live auto sales updates here.
Zensar Technologies Falls For Second Consecutive Trading Session; Shares Near Five-Year Low
Shares of Zensar Technologies fell for the second consecutive trading session. The stock fell as much as 2.4 percent to Rs 133.35, the lowest since July 2015.
Trading volume was almost five times its 20-day average, according to Bloomberg data. The Relative Strength Index was below 30, indicating that the stock may be overbought.
Mishra Dhatu Nigam Resumes Gain To Hit Record High
Shares of Mishra Dhatu Nigam resumed gains after a one-day blip. The stock rose as much as 12.4 percent to hit an all-time high at Rs 278.80.
The Relative Strength Index was above 70, indicating that the stock may be overbought, according to Bloomberg data. The scrip advanced 114 percent in the past 12 months compared to a 6.2 percent gain in the Sensex.
Indiabulls Group Stocks Advance
Shares of Indiabulls Housing finance rose as much as 25 percent, the most since November 2019, to Rs 349.75, while shares of Indiabulls Ventures and Indiabulls Real Estate rose as much as 10 percent and 5 percent respectively.
Opening Bell: Sensex, Nifty Open Higher
Indian equities opened higher, halting their six-day losing streak.
The S&P BSE Sensex rose 2 percent or 765 points to trade above 39,000 and the NSE Nifty 50 rose 2 percent to 11,426. The broader markets represented by the NSE Nifty 500 Index rose 2.2 percent.
The market breadth was tilted in favour of buyers. About 1,182 stocks advanced and 285 shares declined on National Stock Exchange
All the 11 sectoral gauges compiled by NSE traded higher, led by the NSE Nifty Media Index’s 3 percent gain.
Your Complete F&O Trade Setup
Index Futures
- Nifty March futures closed at 11,149.1, discount of 52.5 points versus 4 points.
- Nifty March futures OI up 6 percent, adds 8.3 lakh shares in OI.
- Nifty Bank March futures closed at 29,053.9, discount of 93.2 points versus premium of 68.7 points.
- Nifty Bank March futures OI up 26 percent, adds 2.6 lakh shares in OI.
Options
- Nifty PCR at 1.10 versus 1.37 (across all series)
Nifty Weekly Expiry: March 5
- Max OI on call side at 12,000 (20.2 lakh shares)
- Max OI on put side at 11,000 (14 lakh shares)
- OI addition seen in 11,500C (+17 lakh shares), 11,400C (+11.2 lakh shares)
- OI shedding seen at 11500P (-5.2 lakh shares), 11,600P (-4.2 lakh shares)
Nifty Monthly Expiry: March 26
- Max OI on call side at 12,000 (22.8 lakh shares)
- Max OI on put side at 11,800 (22.3 lakh shares)
IPO Alert: SBI Cards
SBI Cards and Payments Services
- Issue Date: March 2-5
- Price Band: Rs 750-755
- Issue Size: Rs 10,276- 10,341 crore
- Fresh Issue: 0.66 crore shares for Rs 500 crore
- Offer for Sale: 13 crore shares for Rs 9,850 crore
- Post Issue Market Cap: Rs 70,425- 70,891 crore
How Indian ADRs Fared On Friday Night
Bulk Deals: Anup Engineering, ACG Networks, United Spirits
- Anup Engineering: Washington University sold 69,722 shares at Rs 522.24 each.
ACG Networks
- Citoc ventures bought 2,65,000 shares at Rs 422 each.
- Silverleaf Oak Advisors sold 265000 shares at Rs 422 each.
United Spirits
- Relay BV bought 50,75,000 shares at Rs 693.25 each.
- Recovery Officer sold 50,75,000 shares at Rs 693.25 each.
Repco Home Finance
- Fidelity bought 5,37,177 shares at Rs 284.46 each.
- Birla MF sold 515687 shares at Rs 284.5 each.
Shriram Trans Fin
- Integrated Core Strategies bought 26,10,875 shares at Rs 1,198.63 each.
- Blackrock Advisors sold 29,14,638 shares at Rs 1,195.76 each.
Money Market Update: Rupee Opens Higher
The Indian rupee opened higher against the U.S. dollar. The home currency appreciated as much as 0.15 percent to 72.07 against the greenback.
Pre-Market Check: Sensex, Nifty Set To Open Higher
Indian equities are set for a positive start.
The S&P BSE Sensex rose 1 percent to 38,670 during the pre-market trade and the NSE Nifty 50 rose 1.66 percent to 11,390.
Stocks To Watch: Affle India, Bharti Airtel, Coal India, Dr. Reddy's Laboratories
- Bharti Airtel on Saturday said that it has made an additional payment of Rs 8,004 crore towards adjusted gross revenue dues to the Department of Telecom, according to a PTI report. The payment of Rs 8,004 crore is in addition to Rs 10,000 crore the company paid on Feb. 17, 2020 in compliance with the Supreme Court judgment, it said in a regulatory filing. The company said it calculated the liabilities on a self-assessment basis till Dec. 31, 2019 and the payment includes interest up to Feb. 29, 2020, the report added.
- Dr. Reddy’s Laboratories said that the U.S. Food and Drug Administrator Investigator has revised Form 483 with just one observation, in place of two observations intimated earlier for the Formulations Manufacturing Plant - 3 at Bachupally, Hyderabad.
- Adani Gas said that Total Holdings SA has acquired 41.1 crore shares in the company representing 37.4 percent stake. The sellers included SV Adani Family Trust, Afro Asia Trade Investments, Worldwide Emerging Market Holding, Universal Trade and Investment and Adani Tradeline.
- NTPC said that 800 MW Unit 1 of Darlipalli Super Thermal Power Station Stage-I is declared open for commercial operation. The commercial capacity of NTPC and NTPC group will become 49,695 MW and 58,156 MW respectively.
- JPSL said that BlackRock’s stake in the company fell to 3.29 percent from 3.38 percent after the fund disposed 8.7 lakh shares on Feb. 27.
- Affle India acquired mobile advertising technology company Mediasmart and Calle García de Paredes for a cash consideration of €5.12 million.
- Coal India: February production up 14.2 percent (YoY) to 66.26 million tonnes. February sales up 6.8 percent (YoY) to 54.97 million tonnes.
- MOIL: Prices of various types of Manganese ores reduced by 5-10 percent.
February Auto Sales Update
Key Highlights (YoY)
Maruti Suzuki
- Total sales down 1.1 percent to 1,47,110 units (Estimate: 1,46,045 units)
- Total domestic vehicle sales down 3.6 percent to 1.36,849 units.
- Exports up 7 percent to 10,261 units.
M&M Auto
- Total sales down 42 percent to 32,476 units (estimate: 47,050 units).
- Total domestic sales down 42 percent to 30,637 units.
- Exports down 40 percent to 1,839 units.
Tata Motors
- Total sales down 32 percent to 40,634 units (Estimate: 44,772 units)
- Total domestic sales down 34 percent to 38,002 units.
- Total commercial vehicle sales down 33 percent to 28,086 units.
- Total passenger vehicle sales down 31 to 12,430 units.
Eicher Motors-VECV
- Total sales down 29 percent to 4,586 units.
Escorts
- Total sales up 18.8 percent to 8,601 units.
- Domestic sales up 16.3 percent to 8,049 units.
- Exports rose 71.4 percent to 552 units.
M&M Tractor
- Total sales up 19 percent to 22,561 units.
- Domestic sales up 21 percent to 21,877 units.
- Exports down 22 percent to 684 units.
Catch all the live auto sales updates here.
DataWatch: February Manufacturing PMI
- Markit India manufacturing PMI data for February to be released
- RBI to hold third long-term repo auction
Global Markets Update: Oil Rebounds
- The spread of the coronavirus rattled global financial markets, sending U.S. stocks to their worst week since the financial crisis more than a decade ago.
- European stocks are nearing a correction and Thursday’s slew of negative company news is partly to blame as investors fret over the impact on businesses of the coronavirus.
- Expectations the OPEC+ alliance will deepen output cuts put a floor under last week’s 16 percent plunge in oil prices, with futures in New York rallying even as the coronavirus continued to spread rapidly.
- Federal Reserve Chairman Jerome Powell said the coronavirus “poses evolving risks” to the U.S. economy and signalled the central bank is prepared to cut interest rates if necessary to sustain the country’s longest-ever expansion.
Get your daily fix of global markets here.
SGX Nifty Suggests Positive Start; Asian Stocks Reverse Losses
Good Morning!
The Singapore-traded SGX Nifty, an early indicator of NSE Nifty 50 Index’s performance in India, rose 1 percent to 11,278.50 as of 8:10 a.m.
Equities began Monday reversing early declines in wild trading amid signs of support from central banks following the recent rout in global stocks.
Japanese stocks reversed losses after the Bank of Japan moved to take efforts to try and stabilise markets. Chinese shares saw the bulk of gains and futures on the S&P 500 futures climbed.
Short on time? Well, then listen to this podcast for a quick summary of All You Need To Know before the opening bell.
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