Market Updates: Nifty, Sensex down for 3rd Consecutive day 

 

Market Updates: Nifty & Sensex: It was a positive start for the market today. The market was volatile after a few minutes of trading in the morning. Later it erased all morning gains and closed in the red for the third consecutive day in a row. The Asian Markets were closed in a mixed today

 

Market Updates: Nifty & Sensex today

At close, Nifty was down 67.65 points or 0.55% and at 12045.80 while Sensex declined 202.05 or 0.48% and at 41055.69. The Bank Nifty was down 154.10 points or 0.49% and closed 30680.70. The PSU Banks were worst performers today was declined around 3% today.

The Nifty midcap 100 was down 153.90 points or 0.86% and closed at 17824.90. Whereas Nifty smallcap100 declined today 78.75 points or 1.28% and closed at 6081. 

The top five gainers in the Nifty50 stocks are Titan Company, Nestle, TCS, Vedanta, and Kotak Mahindra Bank. The losers in the Nifty50 stocks are Yes Bank, Coal India, Gail, Cipla, and ONGC.

In the Nifty midcap space, the gainers for the day are Muthoot Finance, Balkrishna Industries and the losers are LIC Housing Fin, Glenmark. In Nifty smallcap, the gainers are Lemon Tree Hotels, Aegis Logistics and the losers are NCC, Himidri Special.

Among the sectors today, Dimond Jewelry, Footwear, and IT & Software are the gainers. On the losing side, Banking & Finance, Capital Goods, Agri, Electricals, Infrastructure, Healthcare, and Oil & Gas are the major losers today.

 

Other Market updates:

Last week FIIs were the marginal buyers in the cash segment whereas DIIs were the seller. Today the first day of the week to know the FIIs and DIIs position you need to click the link after 6 pm

Moody has cut India’s 2020 GDP growth forecast to 5.4% from 6.6% and 2021 GDP growth forecast to 5.8% from 6.7%. This is due to the global economic slowdown and the impact of the Coronavirus outbreak which could hurt India’s recovery

Stocks in the news

Stocks in the news due to Q3 earnings

ONGC reacted negatively to the Q3 earnings. It has declined 3.24% and closed at Rs 99.95 per share.

Sun TV reported a 7.15% increase in its consolidated profit after tax for Q3 at Rs 384.69 crore. The share price of Sun TV declined by 4.71% and closed at Rs 473.60 per share 

Glenmark has reported a 64.1% jump in their consolidated net profit in Q3 at Rs 190.8 crores as against Rs 116.3 crores, YoY. Despite the positive news the share price of Glenmark has declined 7.01% and closed at Rs 310.40 per share.

 

Others news based stocks for the day

Vodafone Idea has gained 18% in the morning after the company is likely to make payment for 

Adjusted gross revenue (AGR) to the Department of Telecom (DoT) as per the Supreme Court’s direction. The share price of Vodafone Idea closed flat in the end at Rs 3.40 per share.

Bharti Airtel makes the payment of Rs 10,000 crore for AGR to DoT. The company said it will make the balance payment after self-assessment exercise and will submit supportive details at the time of making the balance payment. The share price of Bharti Airtel closed almost flat at Rs 564.85 per share

Lupin has announced that USFDA has successfully completed the inspection at its Aurangabad facility. The share price of Lupin has declined by 0.71% and closed at Rs 712.55 per share. 

CLSA maintained a sell call on Bharat Petroleum Corporation Ltd (BPCL) and raised the target price from Rs 420 to Rs 450 per share. The share price of BPCL declined 3.11% and closed at Rs 461.65 per share.

Dr. Reddy’s Lab has got zero observations in the audit by USFDA for its Srikakulum Plat (SEZ) Unit 1 Andhra Pradesh. The share price of Dr. Reddy’s Lab has touched 52 weeks high at 3342.05  and closed at Rs 3295.55 per share.

USFDA has got two observations while inspecting the Granules India Gagillapur facility located at Hyderabad. The share price of Granules India declined by 0.26% and closed at Rs 175.15 per share.

 

Crude and Rupee updates:

Brent Crude oil future is trading at flat today at $57.30 per barrel. The Indian Rupee has got appreciation today, it is currently trading at Rs 71.30 against the US dollar, got 0.15% appreciation from the previous close.

 

Conclusions:

Indian stock market Nifty and Sensex closed in red for the third consecutive day in a row. Today market was volatile in a tight range. As there are no events on the domestic front, markets will move as per global cues. Investors should take the benefits of this correction to accumulate fundamentally good stocks.

Traders can follow our daily Nifty and Bank Nifty views and Weekly market updates and views for trading.

 

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Happy Investing!!

Editor’s Desk