Market Opens :
It is a strong start for the indices on Thursday with Nifty trading around 10,850 level.
At 09:18 hrs IST, the Sensex is up 139.66 points at 36045.09, while Nifty is up 40.90 points at 10847.60. About 525 shares have advanced, 138 shares declined, and 33 shares are unchanged.
Tata Metaliks, Future Retail, Yes Bank, Tata Motors, Coal India, Adani Ports, Quick Heal, Motherson Sumi, Balrampur Chini, Maruti Suzuki are among major gainers on the indices, while losers are ONGC, Wipro, Indiabulls Housing, Jet Airways, Odisha Cement, TCS and HCL Tech.
All the sectoral indices are trading in green led by PSU bank, auto, energy and FMCG.
Rupee Opens :
The Indian rupee opened lower at 71.26 per dollar on Thursday versus Wednesday's close 71.22.
Yesterday, rupee came under pressure for the second successive sessions after tensions flared between Indian and Pakistan border. Uncertainty following the uncertainty could continue to keep market participants on the edge.
On the domestic front, investors will be keeping an eye on Q3 GDP number; expectation is that the growth number could disappoint and that could continue to keep the currency under pressure. Sustained surge in global crude oil prices could also weigh on the rupee in the near term. Today, USD-INR pair is expected to quote in the range of 71.05 and 71.70
Global Markets :
Asian markets trade lower:
Asian stocks slipped on Thursday after cautious comments from US Trade Representative Robert Lighthizer dented some of the recent optimism towards Sino-US trade relations, while the dollar held gains, supported by higher bond yields.
US markets end lower:
The S&P 500 closed down slightly on Wednesday but well above its session low after testimonies to US Congress from trade and central bank officials as well as President Donald Trump's former lawyer brought few major surprises.
SGX Nifty:
Trends on SGX Nifty indicate a flat start for the benchmark index in India, a gain of 16 points or 0.15 percent. Nifty futures were trading around 10,819.50-level on the Singaporean Exchange.
Crude Update:
Oil prices dipped on Thursday, dragged down by China's weakening economy and record U.S. crude output, although markets remained relatively well supported by supply cuts led by producer club OPEC.
Domestic Markets :
Tensions between India and Pakistan had spooked Dalal Street yesterday as benchmark indices gave up early gains and fell over 200 points in afternoon trade on widespread selling.
Experts expect the volatility to continue in coming sessions.
US, UK and France ask UNSC to ban JeM chief Masood Azhar in fresh proposal
The US, the UK and France have moved a fresh proposal in the UN Security Council (UNSC) to designate Jaish-e-Mohammed chief Masood Azhar as a global terrorist, a listing that will subject him to global travel ban, asset freeze and arms embargo.
The fresh proposal was moved by the three permanent veto-wielding members of the 15-nation Security Council.
Pakistan violated ceasefire at 6.00 am today in Krishna Ghati sector along the LoC in Poonch district, Indian Army retaliated effectively. Firing stopped at around 7.00 am, according to reports.
Pakistani airspace remains closed for domestic and international commercial flights.
Pakistan must abide by UNSC commitments to deny terrorists safe haven, block access to funds: US
The US has asked Pakistan to abide by its UN Security Council commitments to deny terrorists safe haven and block their access to funds.
This US statement came after India yesterday handed over to Pakistan a dossier on specific details of involvement of the Jaish-e-Muhammed (JeM) in the Pulwama terror as also the presence of camps of the UN-proscribed terror outfit in that country.
“Cross-border terrorism, such as the recent attack on India's CRPF on February 14, poses a grave threat to the security of the region. We reiterate our call for Pakistan to abide by its United Nations Security Council commitments to deny terrorists safe haven and block their access to funds,” a State Department spokesperson said.
Here are stocks that are in the news today :
Wipro : Company to sell Workday & Cornerstone On Demand operations to Alight for $110 million.
Bharti Airtel: Board meeting is scheduled on February 28 to consider (i) the recommendations of 'Special Committee of Directors for Fund Raising' and; (ii) the proposal for raising of funds by issue of equity shares, bonds/debentures or other securities including through qualified institutions placement, rights issue, preferential issue or through any other permissible mode or a combination thereof
Punjab National Bank: Bank reduced marginal cost of funds based lending rate (MCLR) by 10 bps.
Vascon Engineers: Company received work order amounting to Rs 83.52 crore from Airport Authority of India.
GE T&D has voluntarily delisted the equity shares of the company from The Calcutta Stock Exchange Limited w.e.f. February 21, 2019
Allahabad Bank: Board approved raising equity capital of the bank by an amount aggregating upto around Rs 6,896 crore through preferential issue of equity shares to the Government against their capital infusion.
Nitin Fire Protection Q3: Loss at Rs 87.5 crore versus loss Rs 85.6 crore; revenue falls to Rs 3.43 crore versus Rs 11.63 crore YoY.
Quess Corp: ICRA upgraded rating on company's long term fund based limits to AA/Stable from AA-/Positive and non-convertible debentures to AA/Stable from AA-/Positive.
Shipping Corporation of India: Company has given physical delivery of its 1 container vessel "M V Lal Bahadur Shashtri to its buyer.
Lakshmi Vilas Bank revised MCLR w.e.f. March 1
Varroc Engineering: Phase I of plant set-up by Varroc Lighting Systems S.A. Morocco (a wholly owned step down subsidiary company) has commenced commercial operations from February 26. Plant has been set up in Maroc with an aim to manufacture and supply automotive lighting parts.
KSB Ltd Q4CY18: Standalone profit dips to Rs 25.3 crore versus Rs 27.4 crore; revenue rises to Rs 346.6 crore versus Rs 328.2 crore; CY18 consolidated profit rises to Rs 71.6 crore versus Rs 70.9 crore, revenue increases to Rs 1,093.1 crore versus Rs 969.2 crore YoY. Board recommended Rs 6 per share of Rs 10 each (60 percent) as dividend for the year ended December 2018.
Vesuvius India: Board recommended a dividend at the rate of Rs 7 per share (70 percent).
Odisha Cement - certain mutual fund units, valued at approximately Rs 344 crore have been illegally and unauthorisedly transferred by the Depository Participant (DP) from the demat account held by our subsidiaries, OCL India and Dalmia Cement East.
Tata Metaliks in its board meeting reviewed and discussed the opportunities for growth through capacity expansion at its existing plant in Kharagpur and consequent funding options
Meghmani Organics: National Company Law Tribunal approved the Scheme of Arrangement amongst subsidiaries of company.
PNB Housing Finance has submitted to the Exchange term sheet for NCD Series XLIX
PNB reduces MCLR from 8.15% to 8.05% w.e.f. March 1
ARSS Infrastructure Projects: Joint venture NPCC-ARSS received a work order of Rs 429 crore from National Highways & Infrastructure Development Corporation.
HAL clarified that during the Aero India 2019 held in Bengaluru the company has signed a MoU with CPWD for execution of stage wise infrastructure development of its Helicopter Factory, near Tumakur
Circuit Filter Revision: BSE revised circuit filter price band to 10 percent for Technofab Engineering and Adhunik Industries; to 5 percent for E-Land Apparel, Ind-Swift, and Veto Switchgears & Cables; and to 2 percent for Shree Global Tradefin.
Mangalam Seeds: Migration of equity shares of company from BSE SME Platform to BSE Mainboard Platform with effect from March 1.
IndusInd Bank - Credit ratings for debt securities issued by IndusInd Bank reaffirmed by CRISIL
Rane Madras - ICRA has withdrawn their rating of [ICRA] A (Stable) and [ICRA] A1 assigned to Rs 356.70 crore banking facilities and rating of [ICRA] A1 assigned to Rs 40 crore commercial paper
Out of F&O ban: IDBI Bank and Jet Airways.
Bulk Deals on February 27
GSS Infotech: Vicky Rajesh Jhaveri bought 1,64,486 shares of the company at Rs 117.24 per share on the NSE.
Shashijit Infraprojects: Rajiv Ishwarbhai Mistry bought 96,000 shares of the company at Rs 30 per share on the BSE.
Analyst or Board Meet/Briefings :
Metalyst Forgings: Board meeting is scheduled on February 28 to consider and approve and take on record the unaudited financial results for the quarter and nine months ended December 2018.
ACC: Company's officials will meet investors on February 28.
Shanthi Gears: Company's officials will meet investors February 28.
Wockhardt: Meeting of Capital Raising Committee of the company will be held on March 19 to consider and approve alteration/ extension of the date of redemption of 16,00,00,000 0.01% non-convertible cumulative preference shares of face value of Rs 51 each held by Khorakiwala Holdings & Investments Private Limited (Promoter Group Entity) to such date as may be decided at the said meeting.
Container Corporation of India: Company's officials will meet analysts/investors on March 4, 7 and 12, will attend UBS India Midcap Conference 2019 on June 6.
Mahindra & Mahindra: Company's officials will meet analysts/investors on February 28, March 5, 8, 11, 12 and 14.
CESC: Company's officials will attend Daiwa Investment Conference during March 4-5 in Japan.
Quick Heal Technologies : Board meeting is scheduled on March 5 to consider a proposal for buy-back of the fully paid up equity shares of the company.
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