Sensex, Nifty LIVE Updates on February 18: Share market indices continued declining for third straight session on Thursday, as investors booked profits post the steep gains worldwide. Tracking weak cues from Asian equities, Sensex ended 379 points lower at 51,324 and Nifty fell by 89 points to 15,118. Sectorally, auto, metal, media and PSU Bank index were in buying demand, while FMCG, IT, realty private banking and pharma sectors witnessed selling. ONGC, SBI, Power Grid, RIL, NTPC, ITC, Tech Mahindra, Infosys, RIL, TCS and IndusInd Bank were among the top gainers. On the other hand, Axis Bank, Bajaj Finserv, HDFC Bank, HUL, HDFC, Airtel and L&T were among the top losers today. Amid rising bond yield concerns, Asian stocks were trading mixed following overnight cues from US and European markets. Traders said moving forward investors will keenly look for international cues. The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, fell 0.49% to 21.39. The BSE's market capitalization stood flat at Rs 205 lakh crore. Yesterday, BSE 30-share Sensex ended 400 points lower at 51,703 and NSE Nifty 50 fell by 104 points at 15,208.
Here's a look at the LIVE updates of the market action on BSE and NSE today
4.00 PM: Market at close
Share market indices continued declining for third straight session on Thursday, as investors booked profits post the steep gains worldwide. Tracking weak cues from Asian equities, Sensex ended 379 points lower at 51,324 and Nifty fell by 89 points to 15,118.
3. 55PM: Nifty Tech View
Rohit Singre, Senior Technical Analyst at LKP Securities said,"One more negative session witnessed on the street as the index closed at 15117 with loss of 0.60 percent and formed a bearish candle for a third consecutive session on the daily chart. Index consecutively breaking every support and now final strong support is placed at 15k mark any close below said levels can push the index to more dipper level of 14750 zone, strong resistance is coming near 15250 fresh upside-only possible if index managed to sustain above 15250 zone."
3. 20 PM: Happiest Minds Technologies share hits new 52-week high
Happiest Minds Technologies share price surged over 15% to hit a new 52-week of Rs 538 apiece on Thursday after the brokerage research firm Nomura initiated coverage with a 'buy' rating to the stock.
The stock of the Ashok Soota-founded information technology company gained another 15.6% intraday in today's session to a new 52-week high of Rs 559 and traded in a wide range of Rs 74.3.
The stock not only breached the 12-month price target of Rs 480 apiece set by the Nomura on Wednesday but also rose as much as 20% and later settled 19.82% higher at a record high of Rs 483.55.
3. 05 PM: Nifty Tech View
Ashis Biswas, Head of Technical Research at CapitalVia Global Research said,"Indian stock indices turned negative, with Sensex and Nifty trading with notable losses. Domestic optimism was influenced by pessimistic hints from other Asian markets. Nifty is currently trading at 15107, down by 131 points or -0.86 % after trading in a range of 15250 and 15084. the traders are advised to refrain from building a new buying position until further improvement and breakout of 15370."
2. 43 PM: Phillips Carbon Black share price up 4%
Phillips Carbon Black shares advanced 3.77% to Rs 208.45 on BSE . This was after company informed about the commissioning of two specialty black lines at Palej in Gujarat. The lines are for production of wide range of specialty black products totalling about 32,000 MTPA (million tonnes per annum) to service the growing needs of its customers.
2. 36 PM: Heidelberg Cement outlook
Centrum Broking said,"Heidelberg Cement India (HEIM) in 3QFY21 continued to deliver a steady performance that was driven by realization gains of 4.5% YoY and 3.8% volume growth. The focus continues to be on guarding prices over market share preference. Effectively revenues grew by 8.4% YoY to Rs5.95bn."
The brokerage added,"We feel limited capacity headroom will restrict HEIM's growth FY22 onwards. Additionally, Central India markets will see an entry of sizeable companies in the next two years that may restrict realization growth. Effectively HEIM will underperform its peers. We maintain our FY21e but upgrade FY22e earnings estimates to Rs13.9/sh (Lower interest cost). We arrive at a fair value of Rs208/sh (earlier Rs190) assigning 7.0x EV/EBITDA FY23e earnings. At our TP, HEIM trades at a replacement cost of Rs6.8bn/mn tonnes FY23e capacities. We downgrade HEIM to Reduce (earlier ADD rating)."
2. 27 PM: Lodha Developers files draft papers with SEBI for Rs 2,500-crore IPO
Mumbai-based realtor Macrotech Developers Ltd, or Lodha Developers, has filed draft papers with the capital market regulator, Securities and Exchange Board of India (SEBI) to raise Rs 2,500 crore via an initial public offering (IPO).
With a dilution of 10% stake, Lodha Developers plans to raise around Rs 2,500 crore through listing of its shares on the stock exchanges in next few months.
As per the draft red herring prospectus (DRHP) filed late Tuesday, net proceeds from the issue will be utilised for the reduction of aggregate outstanding borrowings of the company on a consolidated basis, acquisition of land or land development rights, and general corporate purposes.
2. 14PM:Dish TV India share price up 4%
Dish TV India shares jumped 4.29% to Rs 12.4 on BSE. This was after the company said that its board approved raising upto Rs 1,000 crore through permissible modes in one or more tranches.
2.04 PM: Market update
Benchmark indices continued to extend heavy losses for third session today, as shares from financial services, private banks and auto sectors declined. Overseas, Asian stocks were mixed on Thursday. European markets opened higher, amid key earnings and U.S. data.
The S&P BSE Mid-Cap index rose 0.53%. The S&P BSE Small-Cap index gained 0.70%.
1. 56 PM:KNR Constructions outlook
Reliance Research said in its note today,"KNR Constructions (KNRC) is expected to see healthy traction in the coming period on the back of robust order book and likely pick-up in fresh order awarding by the government. Its total order inflow reached ~Rs40bn in FY21 YTD, while it was targeting order inflow of Rs30-40bn from EPC and HAM projects by Mar'21. Considering order book of ~Rs77bn (as of 9MFY21) and execution ramp-up, KNRC is expected to report healthy performance in ensuing quarters. We maintain our positive view on KNRC mainly owing to strong balance sheet, decent working capital cycle and sound execution credential. Further, likely completion of ongoing deals for HAM projects with CUBE Highways are likely to release a large portion of equity. We recommend BUY for a time horizon of 15 days with a Target Price of Rs250 and Stop Loss of Rs202.
1. 38 PM: Market outlook
Likhita Chepa, Senior Research Analyst at Capitalvia Global Research said,"Indian equity benchmarks made flat-to-positive start on Thursday amid mixed global cue with opening at 15238.70 and turned negative in late morning deals, with both Sensex and Nifty trading with notable losses. Negative cues from other Asian markets impacted domestic sentiments. Traders ignored the reports of continuing efforts to improve the ease of doing business in the securities market, Sebi approved a number of proposals, including relaxing minimum public offer requirements and amending norms for portfolio managers. Meanwhile, in order to boost telecom industry, the government has approved a Rs 12,195 crore production-linked incentive (PLI) scheme for telecom gear manufacturing in India. Nifty sectoral indices were trading mixed, with Nifty PSU Bank index gaining 3.3 per cent while Nifty Pharma lost nearly half a per cent."
1. 23 PM: YES Bank share price jumps over 4%
YES Bank shares were rising over 4% on Thursday's session, ranking among the most active banking scrips in terms of volumes on both BSE and NSE.
Reversing trend after four days of consecutive fall, YES Bank stock price opened at its previous close of Rs 15.90 and rose 4.4% to the intraday high of Rs 16.60. Amid high volatility, the stock also hit an intraday low of Rs 15.65.
YES Bank stock trades higher than 100-day moving averages but lower than 5, 20, 50 and 200-day moving averages.
YES Bank share price jumps 4% after 4-day fall
1. 15PM: Page Industries outlook
Amarjeet Maurya - AVP - Mid Caps, Angel Broking said," Page Industries Ltd (PIL) is engaged in the manufacturing distribution and marketing of Innerwear Athleisure Sleepwear and Swimwear for men, women and kids. Recently, PIL's CEO Mr. Vedji Ticku (CEO) has submitted his resignation letter owing to personal commitments and from peak stock has corrected ~11%. In our view, this event will not Impact company's financial going ahead. We believe any correction in stock prices provides a buying opportunity to investors. Hence, we are positive on stock."
12. 55 PM: ITC Q3 outlook
Geojit Financial Services said in its Q3FY21 outlook note today,"Q3FY21 standalone revenue up 4.9% YoY (+5.0% QoQ) led by growth in FMCG and Agri businesses. EBITDA margins improved further sequentially to 34.3% (vs. 34.1% in Q2FY21). PAT grew 13.3% QoQ to Rs. 3,663cr. Company declared interim dividend of Rs.5/share during the quarter. We see decent uptick in growth across all of ITC's segments over the coming quarters. Though GoI's draft bill on sales of loose cigarettes may have some impact on its cigarette business in the near term, ITC's diversified portfolio is expected to deliver strong growth over the longer term. Hence, we reiterate our BUY rating on the stock with a rolled forward target price of Rs. 265 based on SOTP."
12. 36 PM: GAIL stock price hits new 52 week high
GAIL share price surged over 9% intraday on Thursday's volatile session and hit a new 52 week high of Rs 147.75 after the board of directors of the company approved a share buyback plan.
The company is going to opening buyback programme between February 25 to March 10, for up to 6,97,56,641 fully paid-up equity shares of face value Rs 10 each, representing 1.55% of the number of equity shares in the issued, subscribed and paid-up equity share capital of the company.
Following the update, GAIL share price opened with a gain of 3.68% today at Rs 139.30 and later touched an intraday as well as fresh high of Rs 147.75, rising 9.97% over the previous close of Rs 134.35 on BSE.
GAIL stock price hits new 52-week high on buyback approval
12. 20 PM: RailTel Corporation IPO subscribed 7.6 times last day
The initial public offering (IPO) of state-owned RailTel Corporation of India was subscribed 7.6 times on its third and last day of bidding. The Rs 820-crore public issue at a price band of Rs 93-94 per share, was subscribed 12.09 times by retail investors, 3.18 times in QIB category and 3.29 times in the NII category today.
RailTel Corporation of India's Rs 819.24-crore IPO - the seventh issue this year, is a complete offer for sale of 8,71,53,369 equity shares by the government. The minimum market lot size for the IPO is 155 shares, where an individual investor can apply for up to 13 lots (2015 shares or Rs 189,410). The public issue was fully subscribed on the very first day of the bidding.
RailTel IPO subscribed 7.6 times on last day; price band fixed at Rs 93-94
12. 12 PM: Market falls further
Share market indices continued trading on a bearish note for third straight session on Thursday, as investors booked profits post the steep gains worldwide. Tracking weak cues from Asian equities, Sensex traded 350 points lower at 51,350 and Nifty fell by 85 points to 15,118.
12.01 PM: Heranba Industries Q3 outlook
Keshav Lahoti-Associate Equity Analyst, Angel Broking said,"Heranba Industries has a robust past track record of performance. In the future, we expect Company to gain market share and improve margins. Company has priced its issue at 22.1x PE on a trailing basis, which is quite reasonable by looking at the future prospects of the Company. Its peers such as Rallis India, Sumitomo Chemicals and Bharat Rasayan are trading at 23.1x, 47.3x and 27.0x PE on a trailing basis respectively. Company return ratios are superior to peers (ROE is above 30%). Company has a strong financial position and has been generating positive cash flow. We expect a good listing for the Company. We are positive on the long term prospects of the Company, we recommend "SUBSCRIBE" to the Heranba Industries IPO for long term as well as for listing gains."
11. 51 AM: Wall Street falters at open with Fed minutes in focus
Wall Street's main indexes opened lower on Wednesday as investors stayed away from making big bets ahead of the release of minutes from the U.S Federal Reserve's January meeting.
The Dow Jones Industrial Average fell 123.1 points, or 0.39%, at the open to 31,399.11. The S&P 500 fell 30.1 points, or 0.76%, at the open to 3,902.57, while the Nasdaq Composite dropped 153.9 points, or 1.10%, to 13,893.57 at the opening bell.
Wall Street falters at open with Fed minutes in focus
11. 42 AM: RailTel IPO
Keshav Lahoti-Associate Equity Analyst, Angel Broking said,"RailTel is amongst the largest neutral telecom infrastructure providers in India with pan-India optic fiber network. Company has a diversified portfolio of services and solutions. Although, the telecommunications industry in India is highly regulated and changes in laws, regulations or governmental policy could potentially adversely affect the business, prospects, financial condition, cash flows and results of operations. There are no listed peers for the Company. Company has priced its issue at 21.4x PE on a FY20 trailing basis, which is quite reasonable by looking at the strong future growth rates of the Company. RailTel IPO is subscribed over 6.6 times on day 2. We expect the IPO to be subscribed many times.We expect a good listing for the Company. We are positive on the long term prospects of the industry as well the Company, we recommend "SUBSCRIBE" to the RailTel IPO for long term as well as for listing gains."
11. 30 AM: Market falls further
Share market indices continued trading on a bearish note for third straight session on Thursday, as investors booked profits post the steep gains worldwide. Tracking weak cues from Asian equities, Sensex traded 250 points lower at 51,440 and Nifty fell by 55 points to 15,155.
11. 21AM: Market turns red
Share market indices continued trading on a volatile note on Thursday, as investors booked profits post the steep gains worldwide. Tracking weak cues from Asian equities, Sensex traded 50 points lower at 51,700 and Nifty gained by 5 points to 15,214.
11. 16 AM: VA Tech Wabag Q3 outlook
Geojit Financial Services said in its Q3FY21 outlook note today,"Current order backlog stands at Rs.10,712Cr with order intake of Rs.971Cr during the quarter. Company registered better than expected revenue of Rs.796Cr registering a growth of 17.2%YoY and 30.8% QoQ. We expect revenue to grow at a CAGR of 11.7% over FY20-23. Increased government focus on water recycling and higher budgetary spend will boost the order intake going forward. Debt level has shown significant reduction and stands at Rs.383Cr against Rs.482Cr in FY20 and Rs.392Cr in Q2FY21. We expect further decline in debt level due to improved revenue generation. Considering the positive outlook of the water treatment industry and expected revenue rebound along with improving cash position, we value the stock at 1 year forward PE of 10.5x its FY23E earnings with a target price of Rs.288, and upgrade our rating to BUY."
11.00 AM: Market update
The market breadth, indicating the overall health of the market was positive on BSE, with 1,687 shares rising, 853 shares falling and a total of 139 unchanged shares.
The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, fell 0.49% to 21.39. The BSE's market capitalization stood flat at Rs 206 lakh crore.
10. 53 AM: Gold and silver outlook
Kshitij Purohit, Product Manager, Currency & Commodities at CapitalVia Global Research Limited said,"LBMA Gold Spot trading below $1800 levels, Dollar index trading higher weighing the precious metal. Medium-term momentum has turned negative as the MACD index generated a crossover sell signal. Downside support is $1760 - $1745 levels, Resistance is at $1810 - $1835 levels. MCX Gold February trading with negative momentum near 46400, Higher dollar Index and Bond Yield weighing the domestic gold price. Downside support for the metal is 46200 - 45800. Resistance for the metal is 46800.
MCX Silver is trading near 69000 levels Downside support is 68600 - 67200 levels, we know that inflation will play the role and precious metals will doing quite well. silver also must move based upon industrial demand Resistance is at 70700 - 71400 levels.
10. 33 AM: Currency Outlook
Kshitij Purohit, Product Manager, Currency & Commodities at CapitalVia Global Research Limited said,"The rupee opened on flat at 72.76 against the US dollar in opening trade on Thursday morning, yesterday it was down against the US dollar due to rise in US 10-year bond yield. FII bought 1008 CR into the domestic equity market gave support to the local currency, the benchmark 5.85% bond maturing in 2030 ended at 98.67 rupees. Dollar index trading strong at 90.95 in morning session. Fed's commitment to maintain its dovish policy stance and for the outlook on asset purchases, which will in turn drive the outlook for U.S. yields.
Technically, USDINR Feb Future closed at 72.80. it is expected to trade with bullish momentum for the day, Market is trading in very narrow range on the previous trading day, below 72.60 market could see Bearish momentum up to 72.48 levels."
10. 20 AM: Global markets today
Asian markets trade mixed as Chinese markets trade in green after Lunar holidays. Shanghai up over 1.5%. Australia's unemployment rate decreased to 6.4% in Jan.
US markets saw profit booking from highs as investors analysed whether strong retail sales, which grew 5.3% in Jan, would lower the urgency for passing Govt. stimulus next week.
European markets closed on a lower note as investors gave importance to rising bond yields in US and outlook for inflation.Retail stocks were the major laggard.
10. 11 AM: Nifty outlook
Geojit Financial said in its note,"The 15179 region highlighted as the downside marker in the last two days, foiled multiple bear attacks yesterday. Such failed attacks may encourage bulls to lift prices today, but favoured view expects such attempts to be brief. Towards this end, the prospects of extended plunge towards 14740 will have to be carefully weighed, but may held off for a session or two to be acted upon. Alternatively, direct rise above 15298 could dilute the bear signs, encouraging us to look onward aiming 15660-16000, but favoured view fails to see the potential of a vertical rise, right away."
10.03 AM: Opening session outlook
Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments said,"The markets have been a tad nervous since yesterday. The key support to watch out for is 15100 and until we do not close below this level, traders can accumulate long positions at the current juncture and keep a stop below the 15100 support level. 15500 can be a potential target."
9. 55 AM: Top gainers and losers
ONGC, SBI, Power Grid, RIL, NTPC, ITC, Tech Mahindra, Infosys, RIL, TCS and IndusInd Bank were among the top gainers. On the other hand, Axis Bank, Bajaj Finserv, HDFC Bank, HUL, HDFC, Airtel and L&T were among the top losers today.
9. 40 AM: Market outlook
Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services said,"IMF projects India's GDP growth rate at 11.5% and 6.8% for 2021& 2022 respectively. This means India will be the fastest growing large economy in the world in the medium term. Going by the Q1 & Q2 trends, earnings growth also is likely to accelerate. This explains the upgrading of India by most foreign brokerages. Sentiments are positive as reflected in the sustained FPI inflows. Institutional investment is seeing rotation from the star performers of 2020 like pharma & IT to economy facing cyclicals like financials & industrials. However, the rise in crude is a macro- negative for India"
9. 30 AM: Stocks to watch today on February 18
GAIL, Jubilant FoodWorks, Jindal Stainless, Bharti Airtel, Shree Cement among others are the top stocks to watch out for in Thursday's trading session
Stocks in news: GAIL, Jubilant FoodWorks, Jindal Stainless, Bharti Airtel, Shree Cement
9. 22 AM: Nifty outlook
Reliance Research in its note said," NSE-NIFTY failed to record new high amidst undergoing profit booking. Overall market breadth remained negative and major sectors remained mix. However FII continued their buying trend. Major technical indicators were negatively poised, 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 15,148 and then at 15,088 levels, while resistance is observed at 15,292 and then at 15,375 levels.
9. 11 AM: FII action
Foreign portfolio investors (FPIs) bought shares worth Rs 1,008.20 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 1,283.38 crore in the Indian equity market on 17 February, provisional data showed.
9.00 AM: Global markets today
Overseas, Asian stocks were mixed on Thursday, amid lingering pandemic concerns pushed against stronger economic data, and with little firm direction from Wall Street.
In US, the Nasdaq closed lower while the S&P 500 was little changed on Wednesday as concerns about inflation added some pressure on stocks.
8. 50 AM: Closing session on Wednesday
Tracking losses in index majors, share market indices ended on a bearish note on Wednesday, amid mixed global equities. Falling for the second straight session, BSE 30-share Sensex ended 400 points lower at 51,703 and NSE Nifty 50 fell by 104 points at 15,208.
Nestle, Asian Paints, Maruti, Bajaj Finserv, HDFC Bank, IndusInd Bank, HDFC and Dr Reddy's were among the top losers today. On the other hand, SBI, Power Grid, RIL, NTPC, M&M, Airtel and Axis Bank were among the top gainers.
Top losers today: Nestle, Asian Paints, Maruti, Bajaj Finserv fall up to 3%