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Economic Times | 20 Feb, 2020 | 07.25AM IST

Traders’ Diary: Nifty recovery likely to be shaky

Sensex and Nifty closed in the red for the fourth session in a row as the ongoing AGR issue weighed on telecom and financial stocks.

!1 New UpdateClick here for latest updates
09:59 PM

Apple's surprise sales warning pressures Wall Street

Technology stocks dragged down Wall Street on Tuesday after a surprise sales warning from bellwether Apple fanned worries about the impact of the coronavirus outbreak on global supply chains. The world's most valuable technology firm said it was unlikely to meet its March-quarter sales guidance because of slower iPhone production and weaker demand in China, sending its shares down 2.5%.
08:07 PM

Nifty witnessed a bullish hammer candlestick pattern on 100-DMA, which is a positive sign. If Nifty manages to cross Tuesday’s high of 12,030 then we can expect a short-covering rally towards 50-DMA at 12135. Today’s low of 11,900 will act as an important support on an immediate basis while if Nifty slips below the 11,900 level, and then downward journey will continue for next support at 11,800

- Santosh Meena, Senior Analyst, TradingBells

08:05 PM

The bulls attempted to push Nifty back above 12,000 mark, however, failed by a short margin on a closing basis. Overall structure shows that the minor degree bounce is an opportunity to initiate a fresh short position. The benchmark index is unlikely to surpass 12,060-12,100 on the upside. On the other hand, 11,850-11,800 will be the initial target area with intermediate support at 11,908

- Gaurav Ratnaparkhi, Senior Technical Analyst, Sharekhan

08:04 PM

A small negative candle was formed with a long lower shadow. Technically, this pattern indicates a formation of a bullish hammer type candlestick pattern. This is a positive indication and signals the possibility of a bounce in the next session

- Nagaraj Shetti, Technical Analyst, HDFC Securities

08:03 PM

Will D-Street recover from coronavirus jitters?

08:02 PM

If Nifty sustains above 12,031, then it may see a bounce towards 12,150-12,200 zone. On the flip side, immediate support is placed at 11,900 and then 11,830

- Chandan Taparia, Technical & Derivative Analyst, MOFSL

06:54 PM

Even though the impact of coronavirus on Indian economy has been limited so far, there is a risk that industries such as 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

- V K Vijayakumar, CIS, Geojit Financial Services

04:33 PM

The bears were on top for in the first half of the session however, market recovered smartly towards the end. Market breadth has been on the negative side for several sessions. The 11,850 level is 61.8% Fibonacci retracement support zone and the market is likely to find support near the mentioned zone. Momentum has weakened for the near term and recoveries are likely to be shaky. The 12,100 zone is likely to act as a resistance. Support is at 12,100-12,000 and resistance is in 12,100-12,250 zone

- Amit Shah, Technical Research Analyst, Indiabulls Ventures

04:31 PM

The bears continued to dominate equity benchmark indices, led by unsupportive global cues. Weak domestic data, muted earnings and concerns over global growth slowdown due to coronavirus is likely to weigh on the market sentiment. Hence, we are cautious on Indian market in the near term. Investors would keep a watch on movement of currency and crude oil prices

- Ajit Mishra, VP - Research, Religare Broking

04:30 PM

Market sentiment continued to be hit by COVID-19 after issue of warning notes from key global MNC’s regarding sales impact. Global weakness is expected to hurt the domestic market as high valuation and low economic growth is not supportive. The huge government dues to be paid by the telecom sector will keep banking stocks volatile impacting the market performance

- Vinod Nair, Head of Research at Geojit Financial Services

03:44 PM

Sensex falls 161 pts, Nifty ends below 12,000; Voda Idea tanks 11%

03:35 PM

CLOSING BELL: Sensex recovers from 450-pt hit, but ends lower for 4th day, down 161 pts; Voda Idea tanks 11%, Union Bank 7%

CLOSING BELL: Sensex recovers from 450-pt hit, but ends lower for 4th day, down 161 pts; Voda Idea tanks 11%, Union Bank 7%
03:05 PM

JUST IN | 96 lakh NTPC shares traded on a block, stock down 0.60%

02:53 PM

HCL Tech bags IT deal from New Zealand's Fonterra Co-operative

Price as on 18 Feb, 2020 02:53 PM, Click on company names for their live prices.
02:53 PM

Ind-Ra revises outlook on textile sector to negative from stable

Rating agency Ind-Ra has revised the outlook on India's textile sector to negative from stable for 2020-21 as weak domestic demand growth, threat of cheap imports and dwindling incentives and exports are likely to keep volumes muted. Ind-Ra expects withdrawal of incentives under the merchandise exports from India scheme (MEIS) to affect export players of made-ups (home textiles) and garments.
02:41 PM

Glencore posts first annual loss in four years as impairments bite

Glencore reported its first annual net loss since 2015 on Tuesday after writing down $2.8 billion in coal, oil and copper assets, Reuters reported. The world's largest commodities trader has been hit by falling demand for coal and weaker prices in some of its key markets.
02:18 PM

Rakesh Jhunjhunwala, CX Partners-backed Barbeque Nation refiles for Rs 1,000-1,200 crore IPO

Barbeque Nation Hospitality (BHNL) refiled fresh draft red herring prospectus (DRHP) with Sebi for its initial public offer (IPO). According to market sources, the issue size will be approximately Rs 1,000-1,200 crore.
02:10 PM

European shares slump as Apple warning hammers tech sector

European shares dropped on Tuesday as a revenue warning from iPhone maker Apple Inc sent shockwaves through the tech sector, highlighting the impact of the coronavirus outbreak on global demand and supply, Reuters reported. The pan-European STOXX 600 index fell 0.8 per cent by 0803 GMT, having ended at a record high on Monday after China outlined fresh stimulus measures to mitigate the virus’ economic impact.
01:30 PM

Vodafone Idea, Infratel, YES Bank top losers on NSE

Price as on 18 Feb, 2020 01:30 PM, Click on company names for their live prices.
01:11 PM

We continue to stay selective with some of the good quality midcap companies where our conviction on the fundamental strength of the company is on a higher side. Some of the auto and auto ancillaries companies are likely to see at least a couple of months of challenges but at the end of it, it should see a demand revival coming in.

- Deven Choksey, KR Choksey Investment Managers

12:52 PM

We think that if you take the coronavirus out of the picture we probably would be seeing a small pickup in global growth and the big US-China trade war has gone into a cease fire and that should be quite helpful to business confidence.

- Ethan Harris,head of global economic research at BofA Securities

12:50 PM

What's behind Sensex's 400-point fall?

Businesses feel coronavirus heat
Businesses across the world have projected disruptions and top line erosion due to the coronavirus epidemic in China. The pessimistic view spooked traders on Dalal Street. iPhone maker Apple Inc. said it was unlikely to meet its sales outlook because of the epidemic.

AGR: Sword of Damocles
The AGR issue that has put banks along with telecom firms in the spotlight has spooked investors on the Street. With a massive statutory obligation, threat of a default, especially by Vodafone Idea, looms large. In case that becomes a reality, banks will have to bear the brunt as they have huge exposure to the telecom major.

Earnings disappointment
Barring select sectors, recently concluded earnings season was a disappointment, which has made equities relatively less attractive. The earnings growth during the October-December period was led by banking and financials.

Technical charts spell doom
Nifty on Monday formed a bearish candle on the daily chart for the third straight session. The index closed below its 20-day simple moving average (SMA) of 12,059, and made a lower low formation for yet another day, suggesting supports were shifting lower.

Global markets down
Asian shares also fell on Tuesday. Thai shares and Singapore stocks fell 0.7 per cent and 0.6 per cent, respectively, making them the top losers in the region.S&P500 e-mini futures slipped as much as 0.4 per cent in Asian trade while Nasdaq futures fell 0.6 per cent.
12:43 PM

COVID-19: Limited domestic economic impact, for now: Kotak Insitutional Equities

ndia is relatively immune to COVID-19 in China in terms of economic impact. Kotak analysts said. Imports from China are mostly in electrical, electronics, chemicals, plastics and metals sectors which are dependent on imports from China. Exports to China are concentrated mostly in chemicals, petroleum products, ores and fish. Companies will be able to tide over in the near term, though prolonged production stoppages will have supply risks for import-dependent sectors, they added.
12:42 PM

Banking department to soon initiate process for LIC IPO: Cogencis

Banking department to soon initiate process for LIC IPO: Cogencis
12:13 PM

Axis Securities recommends "Buy" on State Bank of India with target price of Rs 357

Key highlights:
  • Comfort on asset quality increasing
  • Operational improvement on track
  • Deposit traction improves
12:01 PM

PSU shares trade lower; SAIL slips 4%

Shares of PSUs were trading lower in Tuesday's afternoon session. Shares of NMDC Ltd (down 8.33 per cent), National Aluminium Company (down 4.73 per cent), Steel Authority of India (down 4.44 per cent), NTPC (down 3.58 per cent), Bharat Heavy Electricals (down 3.16 per cent), HPCL (down 3.09 per cent), New Indian Assurance (down 3.01 per cent), General Insurance (down 2.72 per cent), Container Corporation of India (down 2.23 per cent), REC (down 2.21 per cent), were the top losers in the index.
11:50 AM

We believe lower savings is not good for India's mid-term growth outlook, as it increases reliance on foreign savings (equivalent to the current account deficit) to fund investment needs and widens external stability risks. Improved households' saving behaviour, together with higher retained profit by corporates (due to the recent corporate tax rate cut and hopes of earnings revival), bodes well for the overall saving outlook in India.

- Gautam Chhaochharaia, head of research, UBS Securities India

11:44 AM

LIC Housing tumbles 5% as Credit Suisse slashes target by 36%

Price as on 18 Feb, 2020 11:44 AM, Click on company names for their live prices.
11:29 AM

Would prefer more insurer's getting listed

- IRDAI Chairman

11:27 AM

Sensex sheds 370 points; all constituents in the red

Sensex sheds 370 points; all constituents in the red
11:10 AM

Hero MotoCorp to invest Rs 10,000 crore over next 5-7 years; stock down 2%

With an objective to create the next generation of mobility soulutions, the country's largest two-wheeler maker Hero MotoCorp on Tuesday said it will invest Rs 10,000 crore over the next 5-7 years. The scrip traded 1.68 per cent down at Rs 2,246 following the announcement.

In a regulatory filing, Pawan Munjal, Chairman, Hero MotoCorp said, “Over the next 5-7 years, we are aiming to create the next generation of mobility solutions that are relevant to customers across the world. To this end, we have earmarked an investment of Rs 10,000 crore along with our ecosystem, which will be utilised towards research and development of alternative mobility solutions, modern, state-of-the-art, sustainable manufacturing facilities, network expansion, and brand building across the globe.”
10:59 AM

Vodafone Idea cracks 15% after rating downgrades

Shares of Vodafone Idea cracked nearly 15 per cent in Tuesday’s trade after the company on Monday said Care Ratings has downgraded the rating on its long term bank facilities and non-convertible debentures.

The downgrade is on account of significant erosion in the overall risk profile of the company in the wake of absence of relief on modification plea relating to AGR dues on February 14.

It also takes cognizance of recent losses suffered by the company in the quarter ended December.
10:58 AM

Q3 hits & misses

10:32 AM

Adani Group, KKR, Warburg & Oaktree bid to buy DHFL; stock up 5%

About two-dozen potential buyers, including the Adani Group, KKR, Warburg Pincus and Oaktree Capital, on Monday put in nonbinding initial bids to purchase troubled mortgage lender Dewan Housing Finance, two people aware of the matter told ET. Following this development, the stock rose 4.97 per cent to Rs 10.34 on BSE.
10:09 AM

TV18 Broadcast, Network18, Den networks & Hathway Cable jump up to 20% on merger news

Price as on 18 Feb, 2020 10:09 AM, Click on company names for their live prices.
09:26 AM

Voda Idea, YES Bank, TV18 Broadcast among most active stocks on NSE

Price as on 18 Feb, 2020 09:26 AM, Click on company names for their live prices.
09:21 AM

Today, USDINR pair is expected quote in the range of 71.20 and 71.80

- Motilal Oswal Financial Services

09:18 AM

OPENING BELL: Sensex sheds 150 points, Nifty slips below 12,000; DHFL jumps 5%, Vodafone Idea plunges 12%

OPENING BELL: Sensex sheds 150 points, Nifty slips below 12,000; DHFL jumps 5%, Vodafone Idea plunges 12%
09:02 AM

Pre-open session: Sensex gains 120 points, Nifty flat; rupee trades at 71.40 against dollar

09:02 AM

Podcast: Let's talk business & markets

08:38 AM

Day planner

Day planner
08:28 AM

Singapore trading sets stage for negative start

Nifty futures on the Singapore Exchange traded 29.50 points, or 0.24 per cent, lower at 12,43.50, indicating a negative start for Dalal Street.
08:28 AM

Tech view: Nifty forms bearish candle for third day

Nifty on Monday formed a bearish candle on the daily chart for the third straight session. The index closed below its 20-day simple moving average (SMA) of 12,059 and made a lower low formation for yet another day, suggesting supports were shifting lower. Analysts said any sustained move below 12,000 could bring the bears back.
08:28 AM

Asian stocks, S&P 500 futures fall in early trade

MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.20 per cent while Japan's Nikkei slid 0.59 per cent. S&P500 e-mini futures dipped as much as 0.2 per cent in early Asian trade. The sentiment was hurt after Apple Inc said it will not meet its revenue guidance for the March quarter. Many factories have yet to re-open, disrupting supply chains in China and beyond.
08:27 AM

US stocks remained closed on public holiday

US markets were shut on Monday on account of Washington's Birthday. On Friday, the Dow dropped 25.23 points, or 0.1 per cent, to 29,398.08. The S&P500 index rose 6.22 points, or 0.2 per cent, to 3,380.16. The Nasdaq Composite index gained 19.21 points, or 0.2 per cent, to 9,731.18.
08:27 AM

Oil prices slip in early trade

Oil prices slipped on Tuesday on lingering concerns over the economic impact of the coronavirus outbreak in China and its effect on oil demand, tracking losses in financial markets. Brent crude LCOc1 was at $57.30 a barrel, down 37 cents, or 0.6 per cent.
08:27 AM

Recategorisation of mutual funds likely

Sebi on Monday said it is actively looking at re-categorisation of mid cap and small cap mutual fund schemes. It is expected that the regulator would ease framework to include more stocks under the small- and mid-cap category, experts added. In order to bring uniformity, the board has also decided to allow sponsor or asset management company (AMC) to invest in close-ended mutual fund schemes.
08:27 AM

Sebi announces stricter norms for investment advisers

Under the revised framework for investments, those dealing in distribution of securities would be barred from using titles like independent "financial advisers" or "wealth advisers", unless they are registered as investment advisers. An individual adviser cannot provide distribution services, while firms would need to segregate advisory and distribution activities at client level to avoid conflict of interest, as per the watchdog.
08:27 AM

Circular to prevent Karvy-like incident soon

The market regulator will soon come out with a circular to prevent incidents like Karvy Broking Services (KSBL), which had allegedly misused clients's securities. Sebi chief Ajay Tyagi asserted that whatever action required will be taken. "We will just wait and see," he said, referring to the dues to be paid by KSBL
08:21 AM

FIIs sell Rs 374 crore worth of stocks

Net-net, foreign portfolio investors (FPIs) were sellers of domestic stocks to the tune of Rs 374 crore on Monday, data available with NSE suggested. DIIs were net sellers to the tune of Rs 154 crore, data suggests.
08:21 AM

Sensex on Monday

Domestic equities clocked losses for a third session in a row on Monday as worries over economic slowdown and financial impact of coronavirus outbreak continued to play in the minds of investors. At the closing bell, the BSE gauge Sensex was down 202.05 points, or 0.49 per cent, at 41,055.69. The index swung about 390 points during the session. The NSE barometer Nifty fell 67.75 points or 0.56 per cent to close at 12,045.80. On the Sensex chart, ONGC led the fall with a 3.20 per cent drop after the company posted halving of its December quarter net profit.
08:20 AM

Good morning, dear reader! Here's something to kickstart your trading day

Good morning, dear reader! Here's something to kickstart your trading day
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