Stock market indices today: Nifty below 12150, Sensex down 208 pts

 

Indian market indices opened in positive today but immediately after few minutes of trade, it erased all its morning gains. Indian indices are declining consecutively for the three trading sessions in a row.

Traders are worried about the news of Rating and Research (Ind-Ra) that it expects GDP to grow at 5.5% on YoY in FY21 but also added that downside persists.  The weakness in Banking stocks is witnessed in the last three trading sessions in the market.

 

Sensex and Nifty Indicies today

The Nifty is below 12150 levels, it declined 62.95 points in the end and closed at 12106.90. While the Sensex fell 208.43 points and closed at 41115.38. The Bank Nifty was down 0.79% or 246.10 points and closed at 30701.45.

The Nifty midcap and smallcap indices were closed almost flat to negative today. The Nifty midcap was down by 21.05 points or 0.12% and closed at 17931. Whereas the Nifty smallcap declined only 5.60 points or 0.09% and closed at 6242.85.

The top five gainers in the Nifty50 index are Zee Entertainment, Grasim, Nestle, TCS, and HCL Tech. The losers in the Nifty50 Index are ONGC, Coal India, NTPC, Tata Motors, and UPL.

In the Nifty midcap space, the top gainers are Dish Tv, Reliance Infra and the losers are Oil India, Reliance Power. In the Nifty smallcap space, the gainers are Cyient, CG Power and the losers are Reliance Communication, Jet Airways.

Among the sectors, the gainers are IT & Software, Media, Insurance, Construction Materials,  and Aviation. Whereas the sectors that closed in red are Oil & Gas, Power, Banks, Capital goods, Electricals, and  Metals.

Both FIIs and DIIs are the seller in the cash market today. The FIIs sold Rs176.43 crores and DIIs sold Rs 326.22 crores in the cash segment today. 

 

Stocks in news today due to Q3 earnings

Zee Entertainment has posted a weak set of numbers for Q3FY20 yesterday. The consolidated net profit fell sharply by 37.9% to Rs 349.4 crore from Rs 562.4 crore in the same period last year. The revenue from operation dropped 5.5% to Rs 2048.7 crore YoY. The share price of Zee Entertainment gained 5.72% and closed at Rs 300.35 per share.

IndiaMart has reported consolidated total revenue from operations of Rs 165 crore, a 23% YoY growth. The revenue got increased due to increased paying subscribers and higher realization from their existing customers. The share price of IndiaMart gained 13.70% and closed at Rs 2379.40 per share.

Hindustan Media Ventures reported Q3 earnings, its consolidated net profit rose 16.3% at Rs 32.1 crore as against Rs 27.6 crore, revenue was down 5.6% at Rs 208.5 crore as against Rs 220.9 crore on YoY basis. The share price of Hindustan media gained 6.20% and closed at Rs 83.10 per share.

Gateway Distriparks has announced its Q3 net profit got down 2.6% at Rs 16.5 crore as against Rs 17 crore. Its revenue was down 8.1% at Rs 298.9 crore as against Rs 325.1 crore on QoQ basis. The share price of Gateway Distriparks fell 0.86% and closed at Rs 132.40 per share.

The consolidated net profit of Asian Paints rose by 20.5% at Rs 780 crores as compared to Rs 647.3 crore on YoY basis. Its revenue was up 3% at Rs 5420 crore as against Rs 5263 crores on a YoY basis. The share price of Asian paints declined by 1.74% and closed at Rs 1779.25  per share.

 

Other Stocks in news today.

Credit Suisse has maintained a neutral rating on Havells India and cut the target price to Rs 615 from Rs 700 per share. The share price of Havells India touched 52 week low in the morning at Rs588.30 and closed at Rs 600.50 per share.,

Power Mech has bags order from BHEL and Jayprakash Power Ventures for the worth of Rs 351 crore. The share price of Power Mech has gained 1.29% and closed at Rs 726.05 per share.

Morgan Stanley has maintained an equal weight on Info Edge with a fresh target of Rs 2400 per share. The share price of Info Edge declined 1.41% and closed at Rs 2531.80 per share.

ICICI Lombard has got regulatory green signal to pilot five innovative applications and programs in its health and motor insurance products. The share price of ICICI Lombard has declined 1.23% and closed at Rs 1313.60 per share.

Edelweiss Finance  & Investment had announced that the company will issue secured redeemable Non-Convertable Debentures (NCDs) of the face value of Rs 1000 each amounting to Rs 125 crore. The share price of Edelweiss fell 0.78% and closed at Rs 101.85 per share. 

 

Crude and rupee updates:

The Brent crude oil future is trading 1.64% lower today from yesterday’s close. It is currently trading at $63.52 per barrel at 8 pm IST. The Indian rupee closed flat today at Rs 71.20 against the US dollar.

 

Conclusions:

The benchmark indices are on correction mode for the last three days. Indian market is looking positive in the long run. This is actually an opportunity to pick fundamental stocks at a corrected price.

Traders can follow the global market tomorrow morning for market opening indication and can also follow our Nifty and Bank Nifty technical views for tomorrow.

 

If you like the post please share it with others.

 

You may also like to read, Weekly share market news: Market outlook for next week

PSU Bank Merger: 7 ways the merger will impact on you

Happy Investing!!

Editor’s Desk