Stock Market Live: Sensex loses 36,000 levels on India's air-strike against Jaish terror camps, Nifty below 10,850 levels
After Indian Air Force (IAF) air strike at 12 Jaish-e-Mohammad (JeM) terror camps, both Sensex and Nifty have witnessed heavy sell-off ever since the markets opened.
On account of Indian Air Force (IAF) air strike at 12 Jaish-e-Mohammad (JeM) terror camps, the Indian indices witnessed heavy sell-off on Tuesday intraday trade. The BSE Sensex sank 239 points to 35,973 while the 50-stock Nifty went off by 44 points to 10,835. News agency PTI quoted brokers, domestic investor sentiment took a beating after the Pakistan Army on Tuesday alleged that the Indian Air Force violated the Line of Control (LoC) in Muzafarabad sector. The allegation came amid heightened tension between India and Pakistan after the February 14 suicide attack by Pakistan-based Jaish-e-Mohammad terror group that killed 40 CRPF soldiers in Jammu and Kashmir's Pulwama district.
Speaking on the market outlook Simi Bhaumik, a SEBI registered technical equity analyst told Zee Business Online, "The Indian markets are range-bound. It is currently trading in the range of 10,500 to 10,950. Bull or bear run in the markets would become evident on the breaking of either sides of the market range."
See Zee Business Live TV streaming below:
3:35 PM
Closing bell: Sensex, Nifty take beating on IAF air-strike
On account of Indian Air Force (IAF) air strike at 12 Jaish-e-Mohammad (JeM) terror camps, the Indian indices witnessed heavy sell-off on Tuesday intraday trade. The BSE Sensex sank 239 points to 35,973 while the 50-stock Nifty went off by 44 points to 10,835.
2:10 PM
Narnolia Financial Advisors outlook on NBFC counters
Liquidity concerns have taken the center stage in 3QFY19. NBFCs were reeling under liquidity pressure & margins have remained compressed with the rising cost of fund. Defaults of IL&FS have made banks very conservative for NBFC sector, hence the borrowings growth came under huge pressure. Most of the NBFCs increased their securitization to manage incremental demand and liquidity of the company. Liquidity concerns have tapered disbursement growth in bulky segments; incremental growth was more on the retail portfolio. Slow-down in infrastructure has affected CV growth & HFCs has maintained a cautious stance in project/builder loans in the real estate segment. Margin has remained affected as the rise in interest yield has not yet reset into the portfolio. NBFCs’ asset quality has remained intact as focus shifted to collections from disbursement, thus credit cost has improved for most of the NBFCs.
Source: Narnolia Financial Advisors
1:45 PM
Narnolia Financial Advisors outlook for auto stocks
The OEMs (our coverage companies) posted revenue growth of 7% YoY largely driven by volume growth across segments. The passenger vehicle industry continues to struggle
due to higher ownership cost and softness in model launches. Two wheelers industry recorded a growth of 14%YoY on account of higher discounting and shift in demand towards 125cc segment. Commercial vehicle industry also remained subdued due to factors such as; NBFC liquidity issue and new Axle load norms, however, LCV segment posted growth based on increasing last mile connectivity. The three-wheelers segment volumes grew by 8% YoY because of the government’s push towards alternative fuel vehicles despite higher base. Tractors industry volumes grew by 16% YoY owing to subsidy support for tractors, increased MSP hikes and export contribution.
Source Narnolia Financial Advisors
1:30 PM
Markets still under selling pressure
The Indian indices are still under the heavy sell-off pressure in the wake of Indian Air Force air-strike at 12 Jaish-e-Mohammad terror camps today. The BSE Sensex is trading around 139 points down to 36,074 levels while the 50-stock Nifty went off by 32 points to 10,847 levels.
1:10 PM
Narnolia Financial Advisor's outlook for FMCG counters
The average volume growth of our universe FMCG companies(which are under our coverage) was observed at 5% (excluding Nestleind, Gillette,Zyduswell and Pghh), while Dabur & Hindunilvr were the outperformers, reported volume growth of 12% & 10% respectively backed by better traction from Low unit packs(LUP) & strong rural growth.
Source: Narnolia Financial Advisors
12:45 PM
Sensex, Nifty pare some early losses
On account of Indian Air Force (IAF) air strike at 12 Jaish-e-Mohammad (JeM) terror camps, the Indian indices witnessed heavy sell-off ever since the markets opened. The BSE Sensex is trading around 102 points down to 36,112 levels while the 50-stock Nifty went off by 20 points to 10,860 levels.
11:30 AM
Infra stock face the heat
Taking toll of India's air strikes on Jaish-e-Mohammad's twelve terror camps, the Indian indices have gone down by around 250 points while the infra stock is bleeding heavily. The BSE Infra index has gone down by around 1.15 per cent from its previous close. The index major Aban Offshore Ltd is down by more than 3 per cent, Adani Ports & Special Economic Zone Ltd shares are down by 1.75 per cent, Ashoka Buildcon stocks went off by around 1.9 per cent, Dilip Buildcon counter is down by around 3.25 per cent, GVK Power & Infrastructure scrip is down by more than 4 per cent, Tata Power Company Ltd. stocks are down by more than 2 per cent while Vodafone Idea Ltd. scrip is down by near 1.5 per cent.
See Zee Business video below:
#SurgicalStrike2 | भारत ने लिया #Pulwama का बदला, सुनिए #IndianAirForce के जवाबी हमले पर डिफेंस एक्सपर्ट जी जे सिंह की प्रतिक्रिया।#IndianAirForce #Mirage2000 #LineofControl #IndiaStrikesBack #AirStrike @AnilSinghviZEE pic.twitter.com/vZvcucZQfl
— Zee Business (@ZeeBusiness) February 26, 2019
11:00 AM
Blood bath in utility stocks
The BSE utility index bleeds over 1.5 peer cent from its previous close. The index major GVK Power & Infrastructure Ltd went off by more than 5.5 per cent, shares of RattanIndia Infrastructure Ltd went off by around 5.9 per cent, KSK Energy Ventures Ltd was down by around 4.9 per cent, Lanco Infratech counter was off by more than 4.5 per cent, Jaiprakash Power Ventures stocks were down by 4.4 per cent, Adani Power and Adani Transmission stocks were down by 2.7 and 1.2 per cent respectively. Public sector major GAIL was down by around 1.25 per cent, NTPC shares were down by 2.4 per cent while NHPC was off by around 0.4 per cent. Shares of Power Grid Corporation of India went down by around 1.25 per cent while Reliance Power went down by more than 3 per cent.
See Zee Business video below:
#SurgicalStrike2 | सुरक्षा के मसले पर पूरा देश सेना के साथ: प्रकाश जावड़ेकर, केंद्रीय मानव संसाधन विकास मंत्री#Josh #IndianAirForce #Mirage2000 #LineofControl #IndiaStrikesBack #AirStrike #Balakot @AnilSinghviZEE #JaishEMohammad pic.twitter.com/CDGmjkEgxe
— Zee Business (@ZeeBusiness) February 26, 2019
10:50 AM
Stocks of Motilal Oswal, IIFL fall over SEBI's bar on commodity trading
A day after the market regulator SEBI declared the commodity broking arms of Motilal Oswal and India Infoline (IIFL) as not "fit and proper" in the NSEL case, the scrip price of both the companies fell up to 5 per cent and 9 per cent respectively on Monday. Stock price of Motilal Oswal on BSE declined up to 5.11 per cent but pared some of its early losses trading 2.85 per cent down at Rs 594.85 per share, while IIFL Holding Ltd. tanked up to 9 per cent.
The Securities and Exchange Board of India (SEBI) is probing as many as 300 brokers for violation of rules colluding with the National Spot Exchange Ltd (NSEL) to defraud investors. In fact, the regulator has named brokerage firms in a first information report (FIR). What this meant was that NSEL did not maintain sufficient underlying stock on trades it allowed even as brokers sold lucrative contracts to investors. This builds defaults and resulted in the exchange denying payments worth Rs 5,600 crore in 2013.
See Zee Business air strike follow up:
जैश के ठिकानों पर एयरफोर्स के हमले से #SocialMedia पर छाया 'How's the Josh? का खुमार.. अपनी प्रतिक्रिया हमें ट्विटर हैशटैग #Josh के जरिए भेजें।#IndianAirForce #Mirage2000 #LineofControl #IndiaStrikesBack #AirStrike pic.twitter.com/4SGdZ0tg1l
— Zee Business (@ZeeBusiness) February 26, 2019
"In view of the seriousness of the matter, facts and circumstances of the case, the conduct of the noticee in its functioning as a commodity broker is questionable and has certainly eroded its general reputation, record of fairness, honesty and integrity and has therefore affected its status as a `fit and proper person` to be an intermediary in the securities market," the designated authorities said in the report submitted to SEBI.
In an order uploaded on its website on February 22, SEBI said that the brokers had a close association with NSEL and allowed themselves to "become a channel".
"Thus the noticee is not a fit and proper person to be granted registration/to operate as a commodity derivatives broker," the order said.
SEBI has also ordered both Motilal Oswal and IIFL to transfer securities of all their clients and allow withdrawal within 45 days of the order.
Failing this, "the noticee shall transfer its balance clients with their corresponding securities and funds to another person, holding a valid certificate of registration to carry on such activity, within a further period of 30 days", the order said.
10:35 AM
Some breather for the markets
After bleeding over 400 points in early morning trade, the Indian indices had some recovery of around 100 points. The BSE Sensex was trading around 350 points down to 35,868 levels while the 50-stock Nifty went off by 102 points to 10,778 levels.
See Zee Business video below:
#SurgicalStrike2 | भारत ने लिया #Pulwana का बदला, सुनिए #IndianAirForce के जवाबी हमले पर डिफेंस एक्सपर्ट यू एस राठौड़ की प्रतिक्रिया।#IndianAirForce #Mirage2000 #LineofControl #IndiaStrikesBack #AirStrike @AnilSinghviZEE pic.twitter.com/51ec6Mv5Gn
— Zee Business (@ZeeBusiness) February 26, 2019
10:20 AM
IndiaNivesh market outlook
At this juncture, Nifty is hovering just around the placement of 200 DSMA. Also on the upside, 10915 is the 61.8% Fibonacci retracement level of the previous move which might act as an intermediate resistance in the upcoming session. However, we reiterate our previous stance that till the time Nifty stays above 10580 the probability of it reaching 11000 mark is quiet high. Traders who initiated long in index futures should follow strict stop of 10700 for the upside target of 11000 and above.
See Zee Business video below:
#SurgicalStrike2 | #JaishEMohammad के 12 ठिकानों पर वायु सेना का हमला, हमले की तस्वीरें..#IndianAirForce #Mirage2000 #LineofControl #IndiaStrikesBack #AirStrike #Balakot @AnilSinghviZEE pic.twitter.com/BPJHgyhdeq
— Zee Business (@ZeeBusiness) February 26, 2019
On the downside 10720 – 10640 zone might again attract some buying interest. In addition, the weekly chart of NIFTY MIDCAP 100 index construes that it has found support exactly at 200 Weeks SMA which indicates a sharp bounce in broad market stocks.
See Zee Business air strike follow up below:
#SurgicalStrike2 | एयरफोर्स के हमले के बाद कैबिनेट और डिफेंस की मीटिंग की तस्वीरें#IndianAirForce #Mirage2000 #LineofControl #IndiaStrikesBack #AirStrike #Balakot @AnilSinghviZEE pic.twitter.com/eoQQaaTIx3
— Zee Business (@ZeeBusiness) February 26, 2019
10:15 AM
India's air strike on JeM hits Indian Indices
On account of Indian Air Force (IAF) air strike at 12 Jaish-e-Mohammad (JeM) terror camps, the Indian indices witnessed heavy sell off ever since the markets opened. The BSE Sensex slid 415 points to 35,794 levels while the 50-stock Nifty went off by 126 points to 10,761 levels. News agency PTI quoted brokers, domestic investor sentiment took a beating after the Pakistan Army on Tuesday alleged that the Indian Air Force violated the Line of Control (LoC) in Muzafarabad sector. The allegation came amid heightened tension between India and Pakistan after the February 14 suicide attack by Pakistan-based Jaish-e-Mohammad terror group that killed 40 CRPF soldiers in Jammu and Kashmir's Pulwama district.
See Zee Business air strike follow up below:
जैश के ठिकानों पर एयरफोर्स के हमले से #SocialMedia पर छाया 'How's the Josh? का खुमार.. आप भी बताएं हमें अपनी प्रतिक्रिया।#IndianAirForce #Mirage2000 #LineofControl #IndiaStrikesBack #AirStrike pic.twitter.com/zPL334Omhj
— Zee Business (@ZeeBusiness) February 26, 2019
9:40 AM
Asian stocks take a breather
The Asian shares paused at a five-month peak on signs Washington and Beijing were making progress on a trade deal. MSCI's broadest index of Asia-Pacific shares outside Japan held near its highest since mid-September as U.S. and Chinese negotiators work to hammer out a deal that would end a tit-for-tat tariff battle that began in mid-2018.
See Zee Business air strike follow up:
#SurgicalStrike2 | एयरफोर्स ने LoC के पार #JaishEMohammad के 12 ठिकानों को किया तबाह।#IndianAirForce #Mirage2000 #LineofControl #IndiaStrikesBack #AirStrike #Balakot @AnilSinghviZEE pic.twitter.com/pdMDcOdp9S
— Zee Business (@ZeeBusiness) February 26, 2019
US President Donald Trump said on Sunday he would delay a tariff hike on $200 billion of Chinese imports in the clearest signs yet that both sides were making progress in the talks, but he also sounded a note of caution, saying a deal "could happen fairly soon, or it might not happen at all."
A spokeswoman for the U.S. Trade Representative`s Office said the agency had no announcements at this time beyond the president`s remarks.
"There were caveats on the proposed trade deal," Rakuten`s Twidale added. "Although largely ignored by the market yesterday, they suggest that the path forward will not be a straight one and investors will do well to prepare for more volatility.
See Zee Business video below:
#SurgicalStrike2 | भारत ने लिया #Pulwana का बदला, सुनिए #IndianAirForce के जवाबी हमले पर डिफेंस एक्सपर्ट जी जे सिंह की प्रतिक्रिया।#IndianAirForce #Mirage2000 #LineofControl #IndiaStrikesBack #AirStrike @AnilSinghviZEE pic.twitter.com/6fs7VDnyhT
— Zee Business (@ZeeBusiness) February 26, 2019
Monday`s losses in the MSCI Asia-Pacific index was led by Australian shares which slipped 0.7 percent, weighed by energy stocks as oil prices tumbled overnight. South Korea`s KOSPI was flat while Japan`s Nikkei rose 0.2 percent.
Wall Street`s three major indexes ended higher on Monday but well below the session`s highs, with the Dow up 0.2 percent, the S&P 500 adding 0.1 percent and the Nasdaq gaining 0.4 percent.
Investors were also wary of weakening estimates for current quarter earnings, with Wall Street on Monday expecting a 0.9 percent decline in S&P first-quarter earnings per share compared with expectations for 5.3 percent growth on Jan. 1, according to IBES data from Refinitiv.
The trade news was largely priced in to currency markets, with the risk-on mood nudging the dollar to 111.23 against the safe haven Japanese yen, a level not seen since late December. The greenback was last at 111.06.
The dollar index was flat at 96.413 against a basket of currencies.
9:30 AM
Realty stocks bleed maximum
After witnessing rally on GST rate cut on Monday, the BSE realty index went off by near 2.3 per cent in early morning trade on Tuesday. The index major Indiabulls Real Estate Ltd went off by mroe than 4 per cent, Prestige Estates Projects Ltd shares went down by around 4.25 per cent, Oberoi Realty counter went off by around 3 per cent, Housing Development & Infrastructure Ltd counterw was down by around 3.75 per cent, DLF stocks were down by around 1.75 per cent while Sobha and Suntek Realty stocks went down by around 2.9 per cent.
9:20 AM
Opening bell: Sensex, Nifty correct by 0.7%
After witnessing strong buying in the last two straight sessions, the Indian indices witnessed some profit booking as investors are expected to remain cautious on signs of Washington and Beijing are making progress on a trade deal. The BSE Sensex slide 272 points to 35,941 levels while the 50-stock Nifty went off by 80 points to 10,799 levels.
03:45 PM IST