Sensex reversed early gains to end lower, dragged down by banks exposed to telecom operators who were told by SC to clear their dues by March 17.
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Nifty has managed to hold the support at 12,000, but followup buying was missing as the index failed to hold above 12,250 and closed the week on a flattish note. There was a tug of war between the bull and the bears, with little supply at higher levels. Till the time Nifty holds above 12,000, we may see an extension of optimism with the consolidative move towards 12,250
- Chandan Taparia, Motilal Oswal Securities
Nifty corrected from its resistance zone of 12,250 and closed on a negative note. The 12,000 level is likely to act as near term support. Expect Nifty to remain in the 12,000-12,250 range for a few sessions. Market breadth was negative for the third session in a row, but nothing alarming as yet. We continue to remain positive on pharma sector, especially midcap stocks. Support: 12,100-12,000 & Resistance: 12,250-12,450
- Amit Shah, Technical Research Analyst with Indiabulls Ventures
Options data indicates stiff resistance at 12,200 where aggressive Call writing has been observed on the weekly and monthly expiry. Nifty will continue to witness selling pressure and can decline towards 12,000-11,900 where fresh Put writing was observed
Nifty has good support at 11,990, and if it manages to hold above this level, then we may see small consolidation in the market in the 12,000-12,250 range. Immediate support is coming near 12,050-11,990, while resistance is at 12,190-12,250 zone
- Rohit Singre, Senior Technical analyst, LKP securities
Nifty faced stiff resistance at around 12,250 level. We observe an emergence of strong selling pressure around 12,200-250, which signals a possible completion of recent upside bounce in the market. We observe a formation of doji type candle pattern as per weekly time frame chart, after a sharp upside bounce of last week. This could indicate an indecision among market participants at the higher levels. Such doji patterns after a reasonable upmove could signal a reversal pattern, post confirmation. The short term trend of Nifty seems to have reversed at the key overhead resistance of 12,250 level. There is a higher possibility of further weakness in the next week. The next lower levels to be watched at 11,950-11,900 for the next week
Nifty faced stiff resistance as it approached the crucial resistance zone of 12255 i.e. 78.6% retracement of the decline from 12,430 to 11,614 & the swing high of 12,272. This is an opportunity for traders to initiate a fresh short position. On the downside, 12,100-12,000 is the key support zone to watch out for. Breach of these supports will allow the Nifty to take a dive towards the daily lower Bollinger Band, which is near 11,800
Market traded volatile and settled with a cut of over half a per cent amid mixed cues. Dalal Street is facing headwinds from both domestic and global fronts, however, the benchmark still looks comparatively stable. Stocks, on the other hand, are witnessing volatile swings and we expect this trend to continue, at least in the near future. In the absence of any major local event, we feel global cues will largely dictate the market trend
- Ajit Mishra, VP - Research, Religare Broking
Supreme court ruling on telecom players will impact the asset quality of banks having decent exposure to the sector. Bank stocks will be under pressure given high inflation and RBI unlikely to cut rates in the near term
- Vinod Nair, Head of Research, Geojit Financial Services
Bank, FMCG stocks drag Sensex 202 pts lower; Nifty ends at 12,113
CLOSING BELL: Bank, FMCG stocks send Sensex 202 pts lower; Nifty ends at 12,113; Voda Idea plunges 22%, SpiceJet up 4%
AGR-hit Vodafone Idea postpones Q3 analyst call
Price as on 14 Feb, 2020 03:27 PM, Click on company names for their live prices.
CK Narayan on Bata India
Seeing weakness come into Bata charts after a very long time. Perhaps take some money off the table here, methinks.
Manappuram Finance gets board's nod for raising up to Rs 1,150 crore
Price as on 14 Feb, 2020 03:22 PM, Click on company names for their live prices.
I expect 2021 to be much better overall than 2019-20: Adi Godrej
SpiceJet reports Rs 73.2 crore profit in Dec quarter
Budget carrier SpiceJet on Friday posted a net profit of Rs 73.2 crore for the three months ended December. "This profit is after a non-cash forex charge on account of Ind AS 116 of Rs 75.9 crore without which the profit would have been Rs 149.1 crore," the airline said in a release. Ind AS 116 or Indian Accounting Standard 116 pertains to leases. In the 2018 December quarter, the carrier recorded a profit of Rs 55.1 crore.
Govt willing to do more beyond Budget to boost growth: FM
Finance Minister Nirmala Sitharaman on Friday said that if required, the government would take more steps beyond the announcements made in the Union Budget 2020-21. At an interactive session on 'Budget and Beyond' with professionals from asset management, wealth advisory, tax consultancy and other related industries, the minister also said the Budget 2020-21 was a budget where the impact on equity, bond and currency markets was positive.
The SC order directing the telecom companies to settle the pending AGR dues by March 17, 2020 puts further uncertainty on their operational sustainability, particularly that of Vodafone Idea. The latter’s ability to pay an amount of over Rs 55,000 crore by the stipulated date is uncertain given its current financial flexibility. While Airtel needs to pay an amount of Rs, 35,500 crore, they have been able to raise funds in the recent past. Acuité expects telecom tariffs to rise further by at least 20%-25% in the near to medium term to support the payments of such large dues to DoT.
- Suman Chowdhury,President, Ratings at Acuité Ratings & Research
Under IBC, 3QFY20 haircut at ~90%
Based on available data for all 190 cases resolved under the insolvency resolution process till 3QFY20, financial creditors have faced a haircut of ~57% on admitted claims. While the amount yielded on resolution as a percentage of liquidation value is high (~200%), it has been declining. The haircut for cases resolved in 3QFY20, was quite high at 88%. Barring a few cases, almost all resolutions in 3QFY20 had a haircut of >60%. The average premium to liquidation value was 120% for accounts resolved in 3QFY20. While some accounts have shown superior results, the overall haircut scenario is dismal. (Source: Kotak Institutional Securities)
NCLT orders inclusion of Videocon's overseas assets in bankruptcy process
The National Company Law Tribunal (NCLT) has ordered the inclusion of Videocon Industries' overseas oil and gas business in the ongoing insolvency process being conducted in the country.
Videocon was in the first list of the 12 largest accounts that the Reserve Bank of India referred for bankruptcy in late 2016. The diversified group owes collectively over Rs 1 lakh crore to lenders.
Financials, FMCG among top Sensex drags
Top 10 NSE gainers in afternoon session
Price as on 14 Feb, 2020 02:00 PM, Click on company names for their live prices.
DMART OFS: Non-retail quota subscribed 30% so far
The offer for sale (OFS) by Avenue Supermarts, which opened on Friday, got subscription for 40,41,162 shares or 30.34 per cent against the non-retail offer size of 1,33,20,000 shares.
Retail investors, and non-retail investors who choose to carry forward their bids, will be allowed to make bids on Monday. The quota reserved for retail investors is 14,80,000 shares. The company has set the floor price of the issue at Rs 2,049.
Shares of telecom major Bharti Airtel advanced over nearly 4 per cent to a record high of Rs 564.50 during the day, with its market valuation surpassed Rs 3 lakh crore mark.
Telecom players including Vodafone Idea and Bharti Airtel are buzzing on Dalal Street in Friday’s trade after the Supreme Court slammed mobile carriers for non-payment of billions of dollars in government dues and threatened them with contempt proceedings if they didn't pay up by March 17.
GVK Power Q3 loss narrows marginally to Rs 120 crore
GVK Power and Infrastructure on Friday reported marginal narrowing of consolidated loss at Rs 120.06 crore for the quarter ended December 2019. The company had posted consolidated loss of Rs 122.61 crore in the year-ago period, GVK Power and Infrastructure said in a filing to BSE. The loss "for the year (is) attributable to owners of the company," the filing said.
Foreign portfolio investors (FPIs) from Mauritius and the Cayman Islands are looking to restructure their pooling vehicles and registering new entities in Singapore to hold Indian stocks, after New Delhi proposed to change the rule to tax indirect transfer of shares.
Page Industries slips 5% on disappointing Q3 results
Price as on 14 Feb, 2020 12:31 PM, Click on company names for their live prices.
Consumer Durables shares trade higher; Blue Star up 2%
Consumer Durables shares were trading higher in Friday's session.
Shares of Blue Star (up 1.73 per cent), Symphony (up 0.74 per cent), Crompton (up 0.72 per cent), Titan Company Ltd (up 0.33 per cent), VIP Industries (up 0.26 per cent) and Voltas (up 0.05 per cent) were among the top gainers.
Jan WPI inflation at 3.1% vs 2.59% in December
PC Jeweller drops 8% as Q3 profit tanks 73%
Shares of PC Jeweller tanked 8 per cent in Friday’s trade after the jewellery maker reported a 73 per cent decline in consolidated net profit at Rs 35.61 crore for December quarter.
The circular operationalizes the steps that SEBI had taken in their Nov 2019 Board Meeting. We believe these measures will bring about standardization, transparency and clarity in reporting and disclosure norms. Ban of upfront fee, only trail fee for distributors, cap on operating expense, standardising returns calculation and stream lining client reporting format are welcome investor friendly steps. This will prove to be beneficial in the long run for investors and PMS industry.
- Anish Teli, Portfolio Manager & Managing Partner, QED Capital Advisors
Gammon Infrastructure Q3 loss widens to Rs 51 crore
Price as on 14 Feb, 2020 11:40 AM, Click on company names for their live prices.
JM Financial gets shareholders' nod to raise up Rs 850 crore
JM Financial Ltd on Friday said it has received shareholders' approval to raise up to Rs 850 crore through issuance of securities. In a regulatory filing the company said that at its annual general meeting (AGM) held on Wednesday, shareholders have given approval to raise Rs 850 crore. The company further said that 99.94 per cent votes were cast in favour of the special resolution.
SC asks telecom firms to deposit dues by March 17: Agencies
Telecom stocks mixed as SC draws contempt against telcos
Price as on 14 Feb, 2020 10:59 AM, Click on company names for their live prices.
SC draws contempt against telcos, DoT officials for non-compliance with SC order
#BREAKING | SC draws contempt against telcos, DoT officials for non-compliance with SC order @VodafoneIN… https://t.co/BsBmsxA1pi
Vodafone Idea jumps 12%, Bharti Airtel 2% ahead of SC hearing on AGR dues
Shares of telecom firms Bharti Airtel and Vodafone Idea climbed up to 12 per cent in Friday’s trade after reports that the Supreme Court will hear fresh pleas of these telecom firms including Tata Teleservices, seeking a new schedule of payment of statutory dues to the tune of Rs 1.47 lakh crore to the Department of Telecommunications. The pleas filed by Vodafone Idea, Bharti Airtel, and Tata Teleservices have sought more time for payment of adjusted gross revenue (AGR) related dues.
Uflex jumps 3% on strong Q3 results
Price as on 14 Feb, 2020 10:45 AM, Click on company names for their live prices.
Around 63 stocks fell to touch their 52-week lows on NSE in Friday's session.
Among the stocks that touched their 52-week lows were Apcotex Industries, Bharat Gears, Birla Tyres, Engineers India, GIC Housing Finance, Future Supply Chain Solutions, Indian Bank, Jayant Agro Organics, The Jammu & Kashmir Bank, Kirloskar Oil Engines, Oriental Hotels, Premier Explosives, R.P.P. Infra Projects, Universus Photo Imagings and Zensar Technologies.
YES Bank continued its rally for the second day on Friday on fundraising buzz and jumped further 7 per cent. The investors also took positives from it sale of Eveready Industries shares. The private lender in a regulatory filing on Thursday said it has sold 68,80,149 shares of Eveready Industries. At current prices, the transaction is valued at nearly Rs 45 crore.
Bullion counters can remain on a firm path. Gold can move towards Rs 40,800 while taking support near Rs 40,400 while silver can improve towards Rs 46,100 while taking support near Rs 45,500.
Avenue Supermarts’ founder Radhakishan Damani has become the fifth richest individual in India amid the ongoing rally in the stock price of D-Mart's promoter firm. Damani's total net worth stood at $13.30 billion on February 14, higher than Lakshmi Mittal’s $13.10 billion, Gautam Adani's $10.9 billion and Sunil Mittal's $9.62 billion.
We expect that volatility for the rupee would continue to remain low and any major trigger on the global front could trigger a move for the currency. Today, USDINR pair is expected to quote in the range of 71.20 and 71.80.
- Motilal Oswal Financial Services
Vodafone Idea, YES Bank, TaMo among most active stocks on NSE
Price as on 14 Feb, 2020 09:24 AM, Click on company names for their live prices.
Nifty futures on the Singapore Exchange traded 20 points, or 0.16 per cent, higher at 12,170.50, indicating a positive start for Dalal Street.
Tech view: Nifty support stays intact
Nifty on Thursday formed a small bearish candle on the daily chart. The index recovered after breaching its immediate support of 12,150, but the advance-decline ratio remained in favour of the bears. Chandan Taparia of Motilal Oswal Securities said that the support for the index is intact at lower levels, which may attract buying interest on declines.
Asian stocks fall in early trade
Global shares eased on Friday, as investors were spooked by a sharp rise in the number of coronavirus cases in China this week while oil prices extended gains on hopes of more production cuts. MSCI's broadest index of Asia-Pacific shares outside Japan dipped 0.08 per cent with South Korea's Kospi falling 0.25 per cent while Japan's Nikkei slid 0.67 per cent.
US stocks end lower in overnight trade
On Wall Street, the Dow Jones Industrial Average index fell 128.11 points, or 0.43 per cent, to 29,423.31. The S&P500 index lost 5.51 points, or 0.16 per cent, to 3,373.94 and the Nasdaq Composite index dropped 13.99 points, or 0.14 per cent, to 9,711.97.
946 cos to report Q3 earnings today
SAIL Balkrishna Industries, Graphite India, Muthoot Finance, Pfizer, Reliance Power, IRB Infra, Edelweiss Financial Services, Eris Lifesciences, Fortis Healthcare Future Enterprises, IVRCL, Ahluwalia Contracts, Anant Raj and Reliance Capital are among firms scheduled to announce Q3 results today.
Oil prices steady in early trade
Oil prices extended their week-old recovery on hopes that the world's biggest producers would cut output more as demand looks set to drop sharply due to the outbreak of coronavirus. US WTI crude futures were flat at $51.42 per barrel in early Friday trade but up 2.2 per cent on the week, on course to post their first weekly gains in six weeks.
FIIs buy Rs 1,061 crore worth of stocks
Net-net, foreign portfolio investors (FPIs) were buyers of domestic stocks to the tune of Rs 1,061 crore on Thursday, data available with NSE suggested. DIIs were net sellers to the tune of Rs 960 crore, data suggests.
Sensex on Thursday
The Sensex closed 106 points lower at 41,459.79 after falling as much as 41,338.31 earlier in the day and the broader Nifty settled at 12,174.65 lower by 26.55 points. Banks and financial sectors stocks closed sharply lower, with ICICI Bank, Kotak Bank and HDFC Bank featuring as the top Nifty losers.
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