3:45 pm

Closing bell

Resuming its downward spiral, equity benchmark Sensex ended 214 points lower after a highly volatile session on Wednesday as concerns over rising cases of coronavirus in India kept domestic investors on the edge.

After gyrating over 945 points during the day, the 30-share index settled 214.22 points or 0.55 per cent lower at 38,409.48.

The broader NSE Nifty closed 52.30 points or 0.46 per cent down at 11,251.

Top laggards in the Sensex pack included IndusInd Bank, Bajaj Finance, ITC, UltraTech Cement and HDFC Bank, while Sun Pharma, Tech Mahindra, M&M and Asian Paints ended with gains.

Traders said the domestic market turned increasingly jittery as 28 coronavirus cases were confirmed in India. At the beginning of the session, only six cases were reported.

Global stocks, on the other hand, rallied after the US central bank cut its benchmark interest rate by a sizable half-percentage point in an effort to support the economy in the face of the spreading coronavirus.

Fed Chairman Jerome Powell noted that the coronavirus “poses evolving risks to economic activity“.

The rate cut, however, failed to cheer Indian investors. There are still a lot of uncertainty on how the major economies will contain the spread of the virus, according to Ashika Institutional Equity Research.

“Thus, we remain sceptical that Fed rate cut will stabilise markets sentiments due to coronavirus outbreak,” it said.

Bourses in Shanghai, Seoul and Tokyo ended on a positive note, while Hong Kong settled with losses.

Stock exchanges in Europe opened up to 1 per cent higher.

Brent crude oil futures rose 0.58 per cent to USD 52.16 per barrel.

On the currency front, the Indian rupee depreciated 14 paise to 73.34 per US dollar (intra-day). - PTI

 

3:25 pm

Tata Coffee launches e-commerce platform

Tata Coffee Limited, a subsidiary company of Tata Consumer Products Ltd, announced on Wednesday the launch of its e-commerce platform, “www.coffeesonnets.com”.

The website debuts with three variants of luxury single origin specialty coffee named ‘The Sonnets-The voice of our estates.’ Click here to read in full the report on Tata Coffee launches e-comm platform .

 

3:10 pm

Viacom18 launches Voot Select, a subscription-based video streaming service

Entertainment network Viacom18 has announced the launch of Voot Select, the company’s newest foray into the subscription video on demand (sVoD) services. With Voot Select, it expands its digital portfolio further.

This is in a bid to follow a "digital first" strategy, with Fibre to Home expected to show aggressive growth in the country, said Sudhanshu Vats, Group CEO & MD, Viacom18 . Click here to read more on Viacom18 launches Voot Select .

2:50 pm

Euro near two-month highs, dollar inches up after Fed cut

FOREX

Dollar sold as investors bet more easing is likely. File Photo

 

The euro held near two-month highs and the dollar recouped some losses on Wednesday as traders evaluated the impact of an emergency Fed rate cut a day earlier. The Fed surprised investors by slashing rates by 50 basis points to a target range of 1.00 per cent to 1.25 per cent on Tuesday, two weeks before a regularly scheduled policy meeting, in an effort to combat the effects of the coronavirus.

The euro was one of the currencies to benefit most from the broad-based dollar weakness as traders bet the Fed would cut rates more than the European Central Bank.

The euro rose 0.1 per cent in early London trade to $1.11760, but remained shy of Tuesday's two-month high at $1.12135. Click here to read the global forex market report .

 

2:25 pm

European shares inch higher as investors weigh stimulus measures

GLOBALSTOCKS

Pandemic fears pushed markets off a precipice last week, wiping more than $5 trillion from global share value. File Photo

 

European shares struggled for direction on Wednesday as investors wondered if the European Central Bank and euro zone governments would green light stimulus measures after the US Federal Reserve cut interest rates in an emergency move.

The Fed's rate cut by 50 basis points on Tuesday sent Wall Street tumbling, magnifying the extent of the coronavirus fall-out. The pan-European STOXX 600 index rose 0.2 per cent, with gains capped by dismal data showing China's services sector had its worst month on record in February.

All the main regional indexes were slightly higher, but Italian shares moved up only 0.1 per cent. Italy's health authorities said they may set up a new quarantine red zone to try to contain the outbreak in Europe's worst-hit country, after the death toll and the number of cases jumped.

Traders now see a 90 per cent chance the ECB will cut rates next week, while policymaker Francois Villeroy de Galhau on Tuesday called on governments for more fiscal help.

2:05 pm

Sensex, Nifty slide lower

The benchmark indices dropped lower in afternoon trade on Wednesday. The Sensex tanked 628 points or 1.63 per cent to trade at 37,994, while the Nifty dropped 160 points or 1.42 per cent to 11,142.

The top gainers on the Sensex were Asian Paints, Sun Pharma, TCS, Power Grid and Infosys, while the laggards were Tata Steel, IndusInd Bank, SBI, Bajaj Finance and UltraTech Cement.

Almost all the BSE sectoral indices were trading in the red in the afternoon session. The realty index dropped 3 per cent, while banking was down 2.9 per cent. Basic materials (down 2.56 per cent), industrials (2.5 per cent), metals (2.3 per cent) and finance (2.37 per cent), were among the other notable losers.

 

1:50 pm

Oil rises as OPEC+ moves closer toward deeper output cut

CRUDEOIL

Brent and WTI have each fallen about 27% their 2020-peak reached in January. File Photo

 

Oil prices rose on Wednesday on hopes that major producers have made progress towards sealing an agreement to implement deeper output cuts aimed at offsetting the slump in demand caused by the global coronavirus outbreak.

Brent crude rose by 20 cents, or 0.39 per cent, to $52.06 a barrel at 0736 GMT, after settling down 4 cents in the previous session.  US West Texas Intermediate (WTI) futures rose by 27 cents, or 0.57 per cent, to $47.45 a barrel, up for a third session. Click here to read in full the oil markets report .

1:15 pm

Nifty Call: Go long on strong rally above 11,270 with a fixed stop-loss

NIFTY
 

Taking cues from the bearish global markets, the Sensex and the Nifty commenced the session on a flat note and slipped into negative territory. The US indices, Dow Jones had plummeted 2.9 per cent to 25,917 and S&P 500 had dropped 2.8 per cent to 3,003 levels in the last session.

Asian markets are flat with a negative bias, the Nikkei 225 is hovering at 21,100 and the Hang Seng index has slipped 0.14 per cent to 26,247 levels in today's session. Both the Sensex and the Nifty have declined 0.4 per cent each so far.  Click here to read the Nifty call report.

12:30 pm

Services PMI jumps to 57.5 on strong export demand

pmiJPG
 

Growth in India’s dominant service sector accelerated at a pace not seen in over seven years last month, boosted by a recovery in foreign demand and solid business confidence, a private survey showed on Wednesday.

The Nikkei/IHS Markit Services Purchasing Managers' Index climbed to 57.5 in February from January’s 55.5. It was the highest reading since January 2013, and comfortably above the 50-mark separating growth from contraction for a fourth month. Click here to read more on the Service PMI for February .

12:15 pm

Asian shares struggle despite Fed cut

GLOBALMARKETS

S&P 500 futures bounce 1 per cent after Monday plunge. Representative image

 

Asian shares struggled to find their footing on Wednesday and bonds held stunning gains, as an emergency rate cut from the US Federal Reserve seemed to stoke rather than soothe fears over the coronavirus' widening global economic fallout.

The surprise 50 basis point cut, the Fed's first off-schedule move since the depths of the financial crisis more than a decade ago, came with comments highlighting both the scale of the challenge and the limits of monetary policy.

MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.2 per cent, though most of the gains were confined to South Korea where the government announced a big stimulus package. Click here to read the Asian markets report .

 

 

11:50 am

BSE healthcare index spurts over 1 per cent

In a choppy Wednesday morning session when the majority of the BSE sectoral indices traded in negative territory, the BSE healthcare index spurted 1.66 per cent.

SPARC or Sun Pharma Advanced Research Company was the top gainer among the healthcare sector stocks, rising sharply to trade at Rs 158.90, a gain of over 7 per cent.

Similarly, FDC and Indoco shares spurted over 5 per cent, and Shilpamed gained nearly 5 per cent at Rs 452.20.

Snapshot of the stocks in the BSE healthcare index:

healthcare
 

 

11:35 am

Sensex, Nifty down 0.5 per cent each

In a choppy session, the Sensex and Nifty slipped 0.5 per cent each in midmorning trade on Wednesday.

Sensex was at 38,416, down 206 points or 0.54 per cent, while the Nifty dropped to 11,248, down 55 points or 0.49 per cent.

The top gainers in the Sensex pack were Sun Pharma, Asian Paints, Power Grid, ONGC and NTPC, while the laggards were Tata Steel, IndusInd Bank, HDFC Bank, ICICI Bank and Bajaj Finance.

Among the BSE sectoral indices, healthcare was the only sector to edge up, surging 1.66 per cent. The banking, auto, consumer durables and metal indices registed losses of more than 1 per cent.

11:30 am

Gold futures rise Rs 183 to Rs 43,657 per 10 gm

CaptureJPG
 

Gold prices on Wednesday rose by Rs 183 to Rs 43,657 per 10 gram in futures trade as speculators widened their bets tracking positive trend overseas.

On the Multi Commodity Exchange, gold contracts for April traded higher by Rs 183, or 0.42 per cent, to Rs 43,657 per 10 gram in a business turnover of 3,332 lots.

The yellow metal for June delivery climbed Rs 142, or 0.33 per cent, to Rs 43,830 per 10 gram in a business turnover of 132 lots. Click here to read in full the gold markets report .

11:10 am

Rupee recovers 24 paise against US dollar in early deals

CaptureJPG
 

The rupee recovered by 24 paise to 72.95 against the United States (US) dollar in early trade on Wednesday, taking heart from the Reserve Bank of India’s (RBI) assurance that it will take appropriate actions to preserve stability in the financial market amid growing coronavirus fears. Click here to read more on the rupee report .

10:55 am

Dollar on defensive as rate cut spooks markets, yields slide

dollarJPG
 

The dollar hovered near five-month lows versus the yen on Wednesday after the US Federal Reserve's emergency 50 basis point rate cut sparked more anxiety about the impact of the coronavirus and sent Treasury yields tumbling to record lows. Click here to read more on the global forex markets .

 

 

 

10:40 am

Daily rupee call: Step back until a directional confirmation

rupee2JPG
 

The sell-off in rupee (INR) continued yesterday as it lost nearly 0.8 per cent against the dollar (USD). The Indian currency marked a fresh 16-month low of 73.34, before ending Tuesday’s session at 73.3. Considering the first two sessions of this week, the rupee is the worst performing Asian currency, declining 1.57 per cent against the dollar. The year-to-date loss as on Tuesday stands at about 2.71 per cent.

The one-year forward spread of the USDINR currency pair has shot up to 295 points from 285 since last Friday, weighing on the domestic currency. Moreover, Foreign Portfolio Investments (FPI) net sold ₹2,510 crore in equity and debt combined, according to National Securities Depository Ltd (NSDL), adding to the tally of ₹8,042 crore of net selling so far this week. Click here to read in full the daily rupee call report .

 

10:25 am

Oil rises as OPEC+ moves closer toward deeper output cut

Oil prices rose more than 1 per cent on Wednesday on expectations that major producers have moved closer to an agreement to enact deeper output cuts aimed at offsetting the slump in demand caused by the coronavirus outbreak.

Brent crude rose by 58 cents, or 1.12 per cent, to $52.44 a barrel at 0212 GMT, after settling down 4 cents in the previous session. US West Texas Intermediate (WTI) futures rose by 53 cents, or 1.12 per cent, to $47.71 a barrel, up for a third session. Click here to read more on the oil markets .

10:00 am

Benchmarks edge up to trade flat

The benchmark indices, which opened weak, recovered to trade flat in early session on Wednesday. The Sensex was at 38,639, up 15 points, while the Nifty was up 9 points at 11,312.

The top gainers on the Sensex were Sun Pharma, Asian Paints, Bharti Airtel, Bajaj Auto and ONGC, while the laggards were IndusInd Bank, Tata Steel, HDFC Bank, SBI and ICICI Bank

According to an agency report. the Sensex and Nifty opened on a choppy note tracking persistent foreign fund outflow and tepid cues from global markets as concerns over the economic fallout of coronavirus epidemic continued to weigh on investor sentiment.

In the previous session, the 30-share BSE barometer surged 479.68 points or 1.26 per cent to end at 38,623.70, and the broader Nifty jumped 170.55 points or 1.53 per cent to close at 11,303.30.

On a net basis, foreign institutional investors (FPIs) sold equities worth Rs 2,415.80 crore, while domestic institutional investors bought shares worth Rs 3,135.24 crore on Tuesday, data available with stock exchanges showed.

The report quoted traders as saying that besides incessant foreign fund outflows, the emergence of coronavirus cases in India kept the markets on edge.

Bourses in South Korea rallied over 2 per cent after the country reported a significantly lower increase in the number of fresh coronavirus cases than the day before.

Stock exchanges in China, Hong Kong and Japan were also trading with gains in their morning sessions.

On the other hand, US stocks ended sharply lower on Tuesday, despite a surprise inter-meeting interest-rate cut from the Federal Reserve.

The US central bank cut its benchmark interest rate by a sizable half-percentage point in an effort to support the economy in the face of the spreading coronavirus.

Chairman Jerome Powell noted that the coronavirus “poses evolving risks to economic activity“.

The rupee appreciated 24 paise to 72.95 against the US dollar in morning session. Global oil benchmark Brent crude futures jumped 1.45 per cent to $52.61 per barrel (with inputs from PTI).

 

9:50 am

Asian shares struggle for traction as Fed cut fails to lift confidence

GLOBALMARKETS

S&P 500 futures bounce 1 per cent after Monday plunge. Representative image

 

Asian shares wobbled on Wednesday and bonds held gains, as an emergency rate cut from the US Federal Reserve did little to soothe investor fears over the coronavirus's widening fallout.

The surprise 50 basis point cut came with commentary highlighting the limits of monetary policy, and Wall Street indexes fell sharply, gold surged and the dollar sank. The yield on benchmark 10-year US Treasuries, which falls when prices rise, hit a once unimaginable low of 0.9060 per cent.

In Asia, MSCI's broadest index of Asia-Pacific shares outside Japan edged 0.2 per cent higher, after easing hopes drove gains on Tuesday. Australia's S&P/ASX 200 index fell 1.2 per cent and Japan's Nikkei was either side of flat in choppy trade. Click here to read the Asian markets report .

9:35 am

What to Watch: Focus on stocks turning ex-dividend on Thursday

Close to two dozen companies will turn ex-date for dividend on Thursday. Investors wishing to get the dividend payout from those companies need to buy those shares by Wednesday. These companies include AMJ Land Holding (₹0.20/share), Apar Industries (₹9.5), Avanti Feeds (₹5), Bharat Bijlee (₹12.5), Dr Lal Path (₹6), JK Paper (₹4), KRBL (₹2.80), LG Balakrishnan (₹5), Manaksia (₹7.5), NLC India (₹7.06), Plastiblends (₹3.75), PVR (₹4), Sharda Crop (₹2) and Vedanta (₹3.9).

Thomas Cook to turn ex-date for buyback

Shares of Thomas Cook will turn ex-date for the proposed buyback on Thursday. That means, shareholders wishing to participate in the buyback offer need to buy the company’s shares by Wednesday. The company plans to buy back up to 2.6 crore of its fully paid-up shares at a price of ₹57.50 a share for a maximum aggregate amount of ₹150 crore. The transaction will be entirely funded by internal accruals, it said. The stock of Thomas Cook currently hovers around ₹47.

Arbitration process may clip HAL wings

Hindustan Aeronautics has received a notice from the International Court of Arbitration for arbitration with RUAG Aerospace Services GMBH. The company said it has initiated necessary action for the arbitration. The amount in dispute partially quantified by the opponent party is $21,872,500 (about ₹160 crore) against alleged damages for breach of agreement regarding supply of structural parts for production of Dornier-228 by HAL. Shareholders will closely monitor the development.

 

9:15 am

Opening bell

The benchmark indices opened Wednesday's session in the red. The Sensex was at 38,513, down 110 points or 0.29 per cent lower. The Nifty opened at 11,285, down 17 points or 0.15 per cent lower.

 

9:10 am

Day Trading Guide for March 4, 2020

Given below are supports and resistances for Nifty 50 futures and seven key stocks that can help in your intra-day trading:

₹1181 • HDFC Bank

 

₹746 • Infosys

 

₹193 • ITC

 

₹93 • ONGC

 

₹1343 • Reliance Ind.

 

₹289 • SBI

 

₹2038 • TCS

 

11294 • Nifty 50 Futures

 

S1, S2 : Support 1 & 2; R1, R2: Resistance 1 & 2.

9:00 am

Today's Pick: Sun Pharmaceutical Industries (₹393.3): Buy

SUNPHARMA
 

Taking a contrarian stance the short-term outlook for the stock of Sun Pharmaceutical Industries appears bullish after a strong 6.6 per cent-rally on Tuesday. Investors with a short-term horizon can buy the stock at current levels.

Following a short-term downtrend from the January high of ₹462, the stock recorded a low of ₹363 on Monday and found support at this levels. Triggered by positive divergence in the daily relative strength index and the price rate of change indicator, the stock changed direction and rallied last session. There has been an increase in daily volume over the past one week. Click here to read in full Today's Pick on Sun Pharmaceuticals .

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