Share Market Update: Sensex closes 428 points higher, Nifty at 12,130; Vodafone Idea up 40%

Share Market Update: Market benchmark indices Sensex and Nifty recovered from four sessions of straight fall and ended at day's high on Wednesday, tracking overseas trend, amid heavy buying in metal, pharma and realty scrips. BSE 30-share S&P Sensex ended 428 points higher at 41,323 and NSE 50-share index Nifty50 closed 137 points higher at 12,130. Sensex made a high of  41,357, while Nifty touched 12,134 in trade today. In terms of sectors, all the indices currently trade in the green, with pharma index ending at 2.3% gain, followed by media that closed almost 2% higher. Asian markets were trading positive today with investors keeping a close watch on rising coronavirus cases in China.

Here's a look at the live updates of the market action on BSE and NSE today:

Closing Bell

3: 45 PM

Market benchmark indices Sensex and Nifty recovered from four sessions of straight fall and ended at day's high on Wednesday, tracking overseas trend, amid heavy buying in metal, pharma and realty scrips. BSE 30-share S&P Sensex ended 428 points higher at 41,323 and NSE 50-share index Nifty50 closed 137 points higher at 12,130. Sensex made a high of  41,357, while Nifty touched 12,134 in trade today. In terms of sectors, all the indices currently trade in the green, with pharma index ending at 2.3% gain, followed by media that closed almost 2% higher.

Indian Pharma industry has only 2 to 3 months stock of Chinese API

2: 45 PM

India Pharmaceutical Alliance (IPA) said on Tuesday that Indian Pharma industry has only 2 to 3 months stock of Chinese API and described the situation in terms of raw material import from China as "grim". India currently imports Rs 17,000 crore worth of APIs from the Novel Coronavirus-hit nation.

RIL shares rise 2.5%

2: 10 PM

Reliance Industries' shares climbed to an intraday high of Rs 1,505, rising 2.65% following reports that the conglomerate is speeding up talks with Saudi Aramco in regards to the sale of a minority stake in its oil-to-chemical division.

Moody's lowers growth forecast for Asia-Pacific (Apac) region

1: 55 PM

Moody's on Tuesday lowered growth forecast for the Asia-Pacific (Apac) region to 5.2% for 2020 citing the lingering impact of the coronavirus outbreak in China, the impact of which will be more pronounced on China and India

SpiceJet climbs 6%

1: 40 PM

SpiceJet shares climbed to an intraday high of Rs 89.65, rising 6.66% on BSE after the airline said it will launch 20 new flights on its domestic routes.

Avenue Supermarts shares rise 2.5%

1: 30 PM

Avenue Supermarts share price gained to the intraday high of Rs 2,428.8 rising 2.68% on BSE after the company said its promoters have sold 1.48 crore shares (2.28%) in pubic via OFS.

"We would like to inform you that, Mr. Radhakishan S. Damani, Mr. Gopikishan S. Damani, Mrs. Shrikantadevi R. Damani and Mrs. Kirandevi G. Damani, being the promoters of the company, have sold 1,48,00,000 equity shares of the company constituting 2.28% of the paid-up capital of the company," the BSE filing said.

Promoter holding now stands at 48,57,47,156 equity shares, comprising 74.99% stake of the total paid-up capital of the company.

"Company is now compliant with the minimum public shareholding requirements as mandated under Rules 19(2)(b) and l9 A of the Securities Contracts (Regulation) Rules, 1957 read with Regulation 38 of the Securities and Exchange Board ofindia (Listing Obligation and Disclosure Requirements) Regulations," the filing added.

Future Consumer hits new 52-week low

1: 20 AM

Future Consumer share price hit an intraday low as well as a new 52-week low of Rs 20.65 today after the company declared that 89.1 percent of the promoter shareholding in the company is pledged. Future Consumer promoters hold overall 889,183,098 equity shares, amounting to 46.29% stake of total share capital in the company.

IDFC Frst Bank gains over 3%

1: 15 PM

IDFC First Bank shares touched an intraday high of Rs 39.75, rising 3.38% on BSE after the lender said that CRISIL has assigned CRISIL AA-Stable Rating in respect of lender's Basel III Tier 2 Bonds of Rs 2,000 crore and reaffirmed existing ratings (CRISIL A1) in respect of lender's certificate of deposits programme (CD Programme).

Market update

1:00 PM

Market benchmark indices Sensex and Nifty rose higher on Wednesday, tracking overseas trend, amid heavy buying in metal, pharma and realty scrips. BSE 30-share S&P Sensex traded 412 points higher at 41,297 and NSE 50-share index Nifty50 traded 127 points higher at 12,120.

Forex market closed today

12: 35PM

Forex market shut on Wednesday on account of Chhatrapati Shivaji Maharaj Jayanti

Global market update

12: 30 PM

Asian shares were cautiously higher on Wednesday as investors tried to shrug off coronavirus worries despite rise in the number of virus cases.

The death toll from the deadly coronavirus crossed 2,000 on Wednesday after 132 more people died in Hubei province, the epicentre of the outbreak.

The Chinese central bank has cut the interest rate on its medium-term lending, as policymakers try to ease financial stress caused by the coronavirus.

YES Bank drops 4% over removal from Nifty 50 index, Shree Cements climbs 6% on inclusion

11: 30 AM

YES Bank shares were the top losers on Nifty NSE, declining 4% apiece, following gains in Shree Cement shares that climbed almost 6% after NSE Indices, a subsidiary of the National Stock Exchange (NSE), said it will replace private lender in the benchmark index Nifty 50 with the cement major from March 27 onwards.

YES Bank was dropped from Sensex in December 2019. Meanwhile, Shree Cement will become the second core cement company to be a part of Nifty50 after UltraTech Cement.

Following the announcement by the bourse, share price of YES Bank dropped 4% to the day's low of Rs 33.60, as against the previous closing value of Rs 35.05 on both BSE and NSE.

Kotak Mahindra Bank share price hits all-time high

11:00 AM

Kotak Mahindra Bank share price hit its all-time high today after Reserve bank of India cleared the private sector lender's plan for dilution of promoters' shareholding.  Share price of Kotak Mahindra Bank rose up to 2.89% to Rs 1,739.95 compared to the previous close of Rs 1,691.05 on BSE. Kotak Mahindra Bank stock has gained 33.83% in the last one year and gained 1.54% since the beginning of this year.

Yes Bank to be dropped from Nifty 50 from 27 March

10: 30 AM

Shree Cement will replace private lender Yes Bank in the benchmark index Nifty 50 from March 27, NSE Indices, a subsidiary of the National Stock Exchange (NSE), said on Tuesday.

Further, Vodafone Idea, Ashok Leyland, Indiabulls Housing Finance, L&T Finance Holdings and Shree Cement will be dropped from Nifty Next 50, NSE Indices said in a statement.

Adani Transmission, IDBI Bank, Info Edge (India) Ltd, Larsen & Toubro Infotech and Torrent Pharmaceuticals would be added in Nifty Next 50 index.

Aurobindo Pharma gains 18%

10: 20 AM

Aurobindo Pharma opened with a gain of 10% today and later touched an intraday high of Rs 594, rising 18.75% on BSE after the pharma major had an USFDA inspection of Unit IV, a general injectable formulation manufacturing facility. The company said it has received the Establishment Inspection Report (EIR) with Voluntary Action Initiated (VAl) status from USFDA.

Aurobindo Pharma share price climbs over 18% on EIR from USFDA

Commodities Today

10: 15 AM

Oil prices continued to move up on fears over the impact on demand due to coronavirus outbreak in China. Brent Crude traded at $57.92/bbl, up 0.29%.

Gold price remained strong with a positive bias as investors are closely monitoring coronavirus cases as death toll moves to 2,000. Spot Gold internationally, rose 0.605 to trade at 1,600 per 10 gm.

Market update

10: 01 AM

In terms of sectors, barring auto, all the ohter indices currently trade in the green, with metal, pharma and realty indices rising over 1% each.

Market expert opinion

10: 00 AM

Commenting on Coronavirus outbresk in China, V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services said, "Even though the impact of the coronavirus on Indian economy has been limited so far, there is a risk that industries like pharma and electronics may be seriously impacted if the disruption in supply chains persists for long. It is important that the government take precautionary steps to look for alternative sources of supply. Steps like waiver of import duties may be considered since imports from alternative sources will be costlier" .

FM Sitharaman reviews coronavirus impact on domestic industry

9: 50 AM

Finance Minister Nirmala Sitharaman on Tuesday said the government will soon announce measures to deal with the impact of Coronavirus outbreak on the domestic industry. "There are no concerns about price rise so far due to coronavirus," she said, adding it is too early to talk about the impact of Covid-19 outbreak on the Make in India initiative.

Sitharaman also said there were no reports of shortage of medicines or medical equipment, instead the pharma industry is asking for lifting of ban on exports of certain items. However, there could be some disruptions in supplies and concerns have been expressed by the representative of pharma, solar and chemical industries, she added.

Global market update

9: 40 AM

Asian shares edged cautiously higher on Wednesday as investors tried to shake off worries about the coronavirus epidemic following a slight decline in the number of new cases. US stock futures ended off the day's lows and the Nasdaq ended a touch higher.

MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.01%. Australian shares were up 0.14%, while Japan's Nikkei stock index rose 0.61%.

The Dow Jones Industrial Average fell 165.89 points, or 0.56%, to 29,232.19, the S&P 500 lost 9.87 points, or 0.29%, to 3,370.29. The Nasdaq Composite added 1.57 points, or 0.02%, to 9,732.74, eking out a record closing high.

Death toll in China rises to 2,000

9: 30 AM

New coronavirus cases in the Chinese province at the epicenter of the outbreak fell for a second straight day, but deaths rose after the World Health Organisation had cautioned there was not yet enough data to know if the epidemic had slowed. Hubei reported 1,693 new cases as of Tuesday, down from 1,807 the previous day and the lowest number in the province since February 11. But deaths rose by 132, up from 93 the previous day. The latest figures bring the total number of cases in China to over 74,000 with about 2,000 deaths.

Opening Bell

9: 20 AM

Market benchmark indices Sensex and Nifty recovered from four sessions of straight fall and traded on a bullish note on Wednesday, tracking overseas trend, amid heavy buying in metal, pharma and realty scrips. BSE 30-share S&P Sensex traded 280 points higher at 41,180 and NSE 50-share index Nifty50 traded 90 points higher at 12,080.

Q3 Earnings Today

9: 10 AM

NIIT, MAS Financial Services, Lumax Auto Technologies, JSG Leasing and Indosolar are among the listed companies that will release earnings for October-December quarter today.

Stocks to watch today on February 19

9:00 AM

YES Bank, Tata Power, Vodafone Idea, Bharti Airtel, IDFC First Bank, HDIL among others are the top stocks to watch out for in Wednesday's trading session

Last Close

8: 45 AM

Domestic indices Sensex and Nifty recovered from day's low and closed 0.40% lower by Tuesday's closing bell, amid heavy selloff in metal and auto scrips. BSE 30-share S&P Sensex closed 161 points lower at 40,894 and NSE 50-share index Nifty50 ended 53 points lower at 11,992. In terms of sector, majorly all indices barring IT and media closed in red, with auto and metal indices declining over 1% each.

Global scenario

8: 30 AM

Asian stocks mostly begin positive after China's industrial complex is cautiously returning to work following a prolonged shut down that began with a four-day national holiday on January 25.

US stocks fell after Apple warned its revenue may be lower than forecast due to the coronavirus in China, one of the most significant indications yet of the outbreak's impact on multinational businesses.

SGX Nifty traded up 0.45% at 12,072.50. US Futures (Dow Jones) traded at 29279, up 68 pts or 0.23%.