Sensex, Nifty End 1.5% Lower; Record High For RIL
Graphs are displayed on a computer screen at a securities brokerage in Hong Kong, China. (Photographer: Justin Chin/Bloomberg)

Sensex, Nifty End 1.5% Lower; Record High For RIL

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Markets At Close

  • Benchmark indices end with losses despite brief recovery from day's low
  • Nifty ends 1.6% lower at 9,813
  • Sensex ends 1.63% lower at 33,228
  • Nifty Bank ends 3.6% lower at 19,912
  • Nifty Midcap Index ends 1.2% lower
  • Nifty Smallcap Index ends 0.4% higher
  • India Volatility Index ends 6.1% higher at 32.71
  • Nifty PSU Bank (up 1.44%) and Nifty Media (up 0.87%) were the only sectoral gainers
  • Nifty Auto, FMCG and Metal index end between 1.5-2% lower
  • Nifty Realty index ends 3% lower
  • GAIL ends as the top Nifty gainer; up 3.7%
  • IndusInd Bank ends as the top Nifty laggard; down 7.2%
  • 877 stocks on the NSE end with gains while 948 decline

Closing Bell: Markets End In-Line With Global Cues

Indian equity markets mirrored the sell-off across global equities as investors remain concerned over a second wave of Covid-19 infections.

Despite a brief recovery in the final hour of trade, benchmark indices ended with losses of over 1.5%.

The S&P BSE Sensex ended 1.63% lower at 33,228. The index managed to recover 300 points from the day's low of 32,923.

The NSE Nifty 50 index too ended with losses of 1.6% at 9,813, gaining almost 90 points from the day's low of 9,726.

Among the sectoral indices, private banks dragged the Nifty Bank lower and the index ended with losses of 3.5%. Nifty Realty was the other sectoral index which ended with losses of 3%.

Nifty Auto, FMCG and Metals index ended with losses between 1.5-2%.

Market breadth turned adverse towards the close of trade. 877 stocks on the NSE ended with gains while 948 declined.

Maiden Gas Exchange To Help Get Market Pricing, Says Minister

India's Oil Minister Dharmendra Pradhan said that India's is moving to a market-driven pricing for natural gas and such a transition can be aided by a gas exchange.

The minister also said that the government is working on a new policy on gas pipeline tariff to rationalise rates on gas networks.

India's biggest gas utility - GAIL India is likely to be split into two divisions with one division focusing on gas transportation.

The company's Kochi-Mangaluru re-gasified LNG pipeline will be commissioned in a few days.

Source: Bloomberg

GAIL is the top gainer on the Nifty 50 index, trading with gains of over 3% at Rs 99.35.

Earnings Reaction: CSB Bank

  • Net loss of Rs 59.68 crore from net profit of Rs 28.14 crore
  • Net Interest Income flat at Rs 389 crore
  • Provisions rise to Rs 84.32 crore from Rs 27.61 crore
  • Gross NPA at 3.54% from 3.22%

Shares gained as much as 6.5% to Rs 143.65, post the announcement.

Earnings Estimates: Tata Motors Q4FY20

  • Revenue seen 29% lower at Rs 61,353 crore
  • Likely to report net loss of Rs 1,466 crore from net profit of Rs 1,117 crore
  • Ebitda seen 49% lower at Rs 4,283 crore
  • Ebitda margin seen lower at 7% from 9.8%
  • All estimates are consolidated and compared on a year-on-year basis

Key Factors At Play For Tata Motors:

  • 47% volume decline in the fourth quarter to impact revenue
  • JLR retail sales fell 31% in the fourth quarter
  • Inventory pile up due to Covid-19 lockdown to impact margins
  • Higher expenses to impact net profit

Stock Update: IRB Infra

  • Top performer on the Nifty Smallcap Index
  • Gains as much as 12% to Rs 70.85
  • Biggest single-day gain in two months
  • Snaps two-day losing streak
  • Trades at the highest level in six weeks
  • Today's volumes are 2.6 times higher than its 30-day average
  • Breaks above its 50-Day Moving Average at 65
  • Has gained over 50% from its 52-week low of Rs 45.6 on March 25, 2020
  • Nine out of the 14 analysts tracking the stock have a buy recommendation; one sell call
  • Return potential for the stock as per Bloomberg data is 66.9%
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