Market opens
It’s a negative start to this Friday morning, with the Sensex falling nearly 200 points, while the Nifty is holding 11,000-mark.
The Sensex is down 191.77 points or 0.52% at 36779.32, and the Nifty down 48.60 points or 0.44% at 11020.80. The market breadth is negative as 195 shares advanced, against a decline of 253 shares, while 30 shares were unchanged.
All sectoral indices are trading in the red, with maximum cuts visible in automobiles, metals, banks and infra names. The Nifty Midcap index is down around half a percent.
Rupee opens
The Indian rupee has opened higher on the back of fall in crude oil prices. The currency has opened at 71.38 per US dollar against its previous close.
The rupee on Thursday appreciated by 11 paise to close at 71.45 against the US dollar after the Reserve Bank of India cut the repo rate and changed its policy stance to 'neutral'.
The euro sagged under the weight of declining German bund yields. The single currency was down 0.2 percent at $1.1339 after dropping to a two-week low of $1.1325 the previous day. It was on track for a 1 percent weekly loss.
The dollar was little changed at 109.820 yen, nudged off a high of 110.09 reached the previous day. The yen tends to attract demand in times of political tensions and market volatility due to its perceived safe-haven status.
Global Market
Asia stocks slip on renewed anxiety over trade, growth outlook
Asian stocks slipped on Friday as investors fretted about a broadening global economic slowdown, with sentiment not helped by the absence of any positive signs for a resolution in the US-China trade row.
Safe-haven government bonds benefited in the face of growing anxiety over the global outlook, with German long-term debt yields falling to their lowest in over two years.
MSCI’s broadest index of Asia-Pacific shares outside Japan shed 0.3 percent, easing back from a four-month peak touched the previous day. Japan’s Nikkei fell 1.2 percent.
The European Commission on Thursday sharply cut its forecasts for euro zone economic growth this year and next, stoking fears of a global slowdown spreading to Europe as businesses and investors grappled with trade frictions.
Adding to the gloomy mood, President Donald Trump said he did not plan to meet with Chinese President Xi Jinping before a March 1 deadline to achieve a trade deal.
That rattled investors hoping for a resolution to the months-long trade dispute between the world’s biggest economies. Wall Street shares slumped in response overnight, with the Dow falling 0.9 percent to pull back from a two-month peak scaled midweek on upbeat corporate results.
In commodities, US crude futures slipped 0.3 percent to $52.48 per barrel, extending losses after dropping 2.5 percent in the previous session.
Oil fell on Thursday as the market was hurt by concerns that global demand growth would lag in the coming year.
Domestic Market
Results on Friday: BPCL, Tata Steel, M&M, Sun TV Network, UCO Bank, Alkem Laboratories, Allcargo Logistics, Inox Wind, Cochin Shipyard, Engineers India, HFCL, Sonata Software, Jk Lakshmi Cement, KRBL, Marksans Pharma, SJVN, VIP Industries
Here are the stocks which are in news today:
Jet Airways: Four air crafts grounded due to non-payment of amounts outstanding to lessors under lease agreements.
Coffee Day Enterprises: The company reported a profit of Rs 64 crore.
Tata Motors: The company posted a consolidated loss of Rs 26,961 crore.
Borosil Glass: The net profit has risen to Rs 14.7 crore.
Fortis Health approves appointment of Ashutosh Raghuvanshi as CEO
Khadim: Net profit fell 56 percent at Rs 3.9 crore.
Aurobindo Pharma: Q3 net profit at Rs 712 crore.
Varun Beverages: To Acquire PepsiCo's Franchise Rights In 3 States
Raymond: Company clarified on related party transactions undertaken in compliance with laws and on an arm’s length basis
Ceat: Commissioned commercial production of Truck Bus Radial Tyres at the expansion phase of Halol plant in Tamil Nadu with effect from February 7.
Sun Pharma Advanced Research: Company received demand order worth Rs 46.04 crore for payment of Service Tax, from Commissioner of GST and Central Excise (Mumbai).
Shriram EPC: Company received three orders worth Rs 291.6 crore from Jharkhand Government for construction in the water management sector.
Aurobindo Pharma Q3 FY19 net profit zooms 19.7% to Rs 712.2 crore, beats analysts' estimates :
The rise net profit was aided by strong performance of US, Europe, emerging markets and active pharmaceutical ingredients business. Favorable foreign exchange too added to the profit.
Total income rose 21.5 percent to Rs 5,269.7 crore in Q3FY19 compared to previous year's Rs 4,336.1 crore.
Analysts were expecting a net profit of around Rs 650 crore and revenues at Rs 5000 crore.
Indiabulls Housing : has said that Softbank is investing Rs 2,800 crore of equity capital in its associate OakNorth bank, a commercial bank in UK. With this investment the total equity capital in the bank will be Rs 7,000 crore.
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