Thank you, readers! Here are the main highlights from today’s trading session##Thank you, readers! Here are the main highlights from today’s trading session

- Market Sells Off Sharply Today; Sensex and Nifty End At Over 2-week Low

- Nifty Bank and Midcap Index Give Up All Gains Notched In Last 2 Sessions

- ICICI Bank and Axis Bank Contribute 60 Percent To Nifty Bank’s Fall, All Constituents In The Red

- Midcap Index Sheds Over 340 Points For First Time Since September 2019, Advance-Decline Ratio At 1:3

- Large Cap IT Stocks Fail To Hold Highs, All Nifty Stocks End In The Red

- 4 Out Of Top 5 Nifty Losers Are Metal Stocks, Led By JSW Steel and Tata Steel

- JSW Steel Sees Biggest 1-day Drop In 4-and-half Years As Metals Lag In Trade

- Tata Steel Sheds Most In One Session Since May 10, 2019

- Bharti Infra Board Extends Merger Long Stop Date By A Month, Stock Ends 4 Percent Lower

- All Sectoral Indices End Lower, Nifty Metal and Nifty Auto Lead Losers

Feb 24, 2020 3:48 PM

Closing Bell: Sensex declines over 800 points, Nifty below 11,850 as rising coronavirus fears unnerves investors##Closing Bell: Sensex declines over 800 points, Nifty below 11,850 as rising coronavirus fears unnerves investors

A surge of coronavirus infections outside mainland China triggered a steep fall in Indian shares, with benchmarks falling over 1.5 percent on Monday. The sentiment declined as it renewed concerns surrounding the impact on the global economy. Investors fled to safe havens such as gold, which hit a seven-year high.

The BSE Sensex ended 807 points lower at 40,363, while the Nifty50 index settled 251 points lower at 11,829. Meanwhile, the broader markets were also in the red with the Nifty Midcap index and Nifty Smallcap index down 1.9 percent each. Among stocks, Nifty50 index ended the day with no gainers, while JSW Steel, Tata Steel, Vedanta, Hindalco, and Tata Motors led the losses.

All major sectoral indices were negative for the day. Nifty Metal index plunged 5.4 percent, whereas Nifty Auto and Nifty Pharma shed 3.5 percent and 3 percent, respectively. Nifty Bank lost 1.5 percent and Nifty Realty was also down 2 percent. Nifty FMCG was also in the red for the day, down 1.5 percent.

Feb 24, 2020 3:35 PM

These stocks hit their 52-week highs or lows on February 24

Feb 24, 2020 3:22 PM

This smallcap pharma stock surged 69% this year##This smallcap pharma stock surged 69% this year

The jitters of the deadly disease coronavirus are felt across the world. All sectors especially metal and pharmaceutical have been the most affected due to their direct dependence on China for raw material imports. One such stock that has continued to rally despite direct dependence on the virus affected country is Solara Active Pharma Sciences.

The small-cap stock this year has already surged 69 percent and has rallied about 93 percent since the last one year. In fact, the stock touched it's 52-week high and rose over 6 percent intraday today after receiving zero 483 observations from the US FDA for its Puducherry and Mangalore facilities. READ MORE

Feb 24, 2020 3:10 PM

This new Nifty50 entrant has given 1000% return in last 10 years!##This new Nifty50 entrant has given 1000% return in last 10 years!

Shree Cement will be included in the Nifty50 index on March 27, replacing Yes Bank. Shares of the cement major have risen more than 1,000 percent in the last ten years and the scrip is among the most expensive cement stocks in the world.

Shree Cement has been trading at 18x FY21E EV/Ebitda, which is a premium to its past 10-year average. It is also at a 40 percent premium to its large-cap peer UltraTech as against the past-five-year average of 15 percent, Motilal Oswal said in a report. Shree Cements delivered healthy EBITDA growth in Q3FY20, driven by both robust pricing and lower operating expenses in the grey cement business. READ MORE

Feb 24, 2020 2:59 PM

Feb 24, 2020 2:46 PM

Gold prices hit record high. Will it add glitter to your investment portfolio?

Feb 24, 2020 2:31 PM

Nifty PSU Bank index falls 15% in 2020, all constituents in the red; here's why##Nifty PSU Bank index falls 15% in 2020, all constituents in the red; here's why

The Nifty PSU Bank index extended its decline in 2020 as well. After plunging 17 percent in 2019, the index has lost 15 percent in 2020, on a year-to-date (YTD) basis. The public sector lenders have been under pressure for a while, despite recapitalisation and rate cuts, on asset quality issues, increase in bad loans, subdued credit growth, and low visibility of profit in the near future.

All constituents in the Nifty PSU Bank index were negative for the year 2020. J&K Bank, Canara Bank, Union Bank of India, Indian Overseas Bank, Punjab & Sind Bank, and Punjab National Bank plunged between 20 percent and 34 percent in this period. Other public sector lenders like Bank of Baroda, Indian Bank, UCO Bank, Bank of India, and Bank of Maharashtra also declined over 10 percent each. Meanwhile, Central Bank of India and State Bank of India were down 6 percent and 2 percent, respectively. READ MORE

Feb 24, 2020 2:14 PM

BSE30 Stocks Update: Only 3 stocks trade in the green, Tata Steel top loser##BSE30 Stocks Update: Only 3 stocks trade in the green, Tata Steel top loser

Feb 24, 2020 1:57 PM

Nifty50 Sectoral Indices: Nifty Metal index slumps, down over 4%##Nifty50 Sectoral Indices: Nifty Metal index slumps, down over 4%

Feb 24, 2020 1:42 PM

Expect uptick in gold prices over the next 6-12 months, says Global Precious Metals##Expect uptick in gold prices over the next 6-12 months, says Global Precious Metals

Gold prices have been soaring and the global ETF holdings are at record high but India has not been very strong when it came to paper gold or ETF buying. The last three or four years have seen more redemption than buying but January 2020 was the best in the last 7 years. Coronavirus has also led to uptick in gold prices.

Moreover, the global treasury yields continued to decline and the decline in US dollar had also led surge in gold prices. Various banks including Citi reported that in the next 12-24 months, they expect gold prices to head to USD 2,000 per ounce and have upped their forecast for this year to around USD 1,700 per ounce.

David Fergusson, Chairman of Global Precious Metals is also of the view that gold prices would continue to remain strong. “The likelihood is that we will hit the all-time high in dollar terms this year and thereafter, the higher projections that you are seeing could be hit over the course of next 2-3 years,” he said. READ MORE

Feb 24, 2020 1:26 PM

SBI Cards IPO: These key company personnel to turn millionaires on listing

Feb 24, 2020 1:10 PM

Suzlon Energy shares hit upper circuit amid reports of resolution plan approval##Suzlon Energy shares hit upper circuit amid reports of resolution plan approval

The share price of Suzlon Energy hit the upper circuit on Monday amid reports that State Bank of India has approved the company’s proposed resolution plan. Under the resolution plan, the company’s Rs 12,700 crore debt will be converted into sustainable and unsustainable debt and will be repaid over 20 years. Also, the lenders will take a haircut 65 percent on the debt. In the first 10 years, Suzlon Energy will repay sustainable debt, which is 32-35 percent of the total. READ MORE

Feb 24, 2020 12:53 PM

Aurobindo Pharma development is shocking, says Nirmal Bang Institutional Equities##Aurobindo Pharma development is shocking, says Nirmal Bang Institutional Equities

Just three days after issuing a voluntary-action-indicated (VAI) status for Aurobindo Pharma's Unit IV, the US Food and Drug Administration on Friday told the company that the inspection remains open and is being reviewed. The stock, which had risen almost 20 percent following the VAI status, dived. The BSE Healthcare Index was down 1.5 percent.

Vishal Manchanda, pharma analyst at Nirmal Bang Institutional Equities, and Cyndrella Carvalho, pharma analyst at Centrum Broking Equities, have shared their views on the stock and the sector. “The FDA move on Aurobindo Pharma is shocking. It was surprising to see the VAI, so the status getting reversed was completely shocking for everybody. The scrip has given up all the gains. But if you look at the valuations, they seem to be discounting issues more than it is required. So if you look at FY21, a large part of the earnings growth that everybody is building in is on account of Sandoz integration. So that is more crucial for Aurobindo’s earnings growth than the unit-IV injectable facility. It is certainly important as it is part of the organic growth that is going to come,” Manchanda said. READ MORE

Feb 24, 2020 12:37 PM

Market underestimated negative impact of coronavirus; like cement, says Dimensions Corporate Finance Srvcs

Feb 24, 2020 12:20 PM

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