Market Live

- Market Erases Gains Of Last Two Days, Nifty Slips Below 50-DMA

- Financials Contribute Over 60 Percent To The Nifty Fall; HDFC Twins Top Losers

- Nifty Falls 129 Points To Close Just Above 12,100

- Sensex Slips 458 Points To End The Session At 41,155

- Midcap Index Fails To Hold Recovery, Slips 205 Points From Day’s High

- Nifty Bank Gives Up 75 Percent Of Gains Seen In Last Two Sessions

- 9 Of 12 Nifty Bank Stocks Close In The Red; HDFC Bank, Kotak Bank Top Losers

- ICICI Bank Slips From Highs But Ends In the Green After Healthy Q3

- Rating Cut By CRISIL and India Ratings Leads To A 4 Percent Fall In Vodafone Idea

- Dr Reddy’s Surges Over 5 Percent After Reporting Operationally Strong Earnings

- Wockhardt Ends At Upper Circuit After Reporting Profit Against Loss YoY

- Metals Under Pressure Amid Weak Global Cues; Vedanta, Tata Steel Top Losers

- Market Breadth In Favour Of Declines; Advance-Decline Ratio At 2:3

Indian shares ended over 1 percent lower on Monday, following Asian peers, mainly dragged down by metals stocks, as fears about the economic impact of Coroonavirus outbreak curbed risk appetite. The Sensex settled 458 points lower at 41,155, while Nifty ended 129 points lower at 12,119.

Globally, Japan's Nikkei average and US S&P 500 mini futures fell sharply, and oil prices slumped 2 percent to multi-month lows, amid news that the ability of the coronavirus to spread is getting stronger, with the death toll from the virus rising to 80.

Meanwhile, broader markets outperformed with Nifty Midcap down only 0.4 percent and Nifty Smallcap indices up 0.03 percent. Among stocks, Dr Reddy's M&M, Cipla, UltraTech Cement and Eicher Motors were the top gainers on Nifty, while metal stocks like Vedanta, Tata Steel, JSW Steel led the losses. 

All sectoral indices, except Nifty Pharma, ended the day in the red. Nifty Metal fell the most, down 3 percent, while Nifty PSU Bank and Nifty Bank lost 2.2 percent and 1.3 percent, respectively. Nifty FMCG was also down 1 percent, and Nifty IT shed 0.5 percent. However, Nifty Pharma advanced 1.5 percent during the day. The rally was led by Dr Reddy's which rose over 5 percent post its Q3 earnings. 

Brokerages remain cautiously optimistic on Bank of Baroda post Q3 earnings; JPMorgan raises target

Here are the highlights from the conversation:

      
1. Issues related to divergence impacted earnings
2. Ex-divergence results in-line with expectations
3. Have been seeing robust growth in portfolios like car loans
4. Slippages will trend downwards next quarter onwards
5. Watchlist has come down QoQ in Q3FY20 
6. Cost-saving via merger will be at Rs 9,000 crore over 5 years
7. It takes at least 12 months for technological integration in any merger process
8. Corp banking accounts consolidated as banks use similar technology
9. Consolidation of the retail portfolio will take some time 
10. Well positioned for growth especially amongst PSU banks
11. Secular trend in the economy is impacting the growth
12. Low-cost deposit ratio has increased by 280 bps YoY
13. Bank has not lost its ability to attract deposits
14. Company well-positioned to grow faster than the industry

- Benchmark indices continued to trade lower with Sensex down over 200 points and Nifty well below the 12,200 levels amid worries of the new coronavirus outbreak.

- Dr Reddy's, M&M, ICICI Bank, Bajaj Auto, and Cipla were the top gainers on the Nifty50 index, while metal stocks were the major losers on the benchmark index.

- Metal stocks were under pressure as metal prices declined on demand concerns after CoronaVirus cases in China surge. JSW Steel, Tata Steel, Vedanta, and Hindalso fell 2-4 percent.

 
- Meanwhile, broader market outperformed with Nifty Midcap and Nifty Smallcap indices up 0.5 percent and 0.2 percent in an otherwise weak market.

- Post reporting weak earnings, Bank of Baroda has fallen as much as 3.7 percent to Rs 92 per share in intra-day deals on Monday. Muted business growth and one-offs in opex further drove its loss to Rs 1,410 crore in the third quarter.

Deepak Fertilizers and Petrochemicals share price jumped over 10 percent intraday on Monday over rumours of government considering import duty cut on raw material for fertilizer companies in the forthcoming budget. Lower import duty on raw material like rock phosphate and sulphur used for manufacturing of DAP (Di ammonium phosphate) would help boost domestic production and cut in import bill, reported PTI.

Currently, there is an import duty of 5 percent on such imports and the country imports about 95 percent of its DAP requirement from global markets. According to the report, the commerce ministry has suggested its finance counterpart to rationalize basic customs duty on over 300 items to boost domestic manufacturing and cut in the rising import bill.

- Benchmark indices continued to trade lower with Sensex down over 150 points and Nifty below the 12,200 levels amid worries of the new coronavirus outbreak.

- UltraTech Cement, Grasim, UPL, ICICI Bank, and M&M were the top gainers on the Nifty50 index, hwile metal stocks were the major losers on the benchmark index.

- Metal stocks were under pressure as metal prices declined on demand concerns after CoronaVirus cases in China surge. JSW Steel, Tata Steel, Vedanta, and Hindalso fell 2-4 percent.

- Meanwhile, broader market outperformed with Nifty Midcap and Nifty Smallcap indices up 0.5 percent and 0.2 percent in an otherwise weak market.

Indian market opened lower on Monday, following Asian peers, amid worries that the new coronavirus outbreak could severely disrupt the Chinese economy, as well as the global growth. Index heavyweights HDFC Bank, Reliance Indutries, Kotak Bank, L&T, and HDFC also dragged the index lower.

At 9:18 am, BSE Sensex was trading 201 points lower at 41,412, while the Nifty50 was ruling at 69 points lower at 12,178. ICICI Bank, UPL, TCS, UltraTech Cement, and BPCL, were the top gainers on the Nifty50 index in opening deals, whereas JSW Steel, Vedanta, Tata Steel, Yes Bank, and Hindalco led the losses.

All sectoral indices were trading in the red at open. The Nifty Metal index fell the most, down 1.8 percent, followed by Nifty PSU Bank, down 1.2 percent. Nifty Bnak and Nifty Auto were also down over 0.5 percent.

ICICI Bank rose 1 percent in an otherwise weak market after the lender reported a 158 percent year-on-year (YoY) jump in net profit at Rs 4,146.5 crore for the third quarter ended December 31 helped largely by the Essar Steel recovery and a jump in its core income.