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Shares extend losses; VIX up nearly 1%
18-Feb-20   12:32 Hrs IST

Selling continued unabated as key benchmarks further extended losses in early afternoon trade. At 12:29 IST, the barometer index, the S&P BSE Sensex, was down 410.64 points or 1% at 40,645.05. The Nifty 50 index was down 128.05 points or 1.06% at 11,917.75.

Shares across the globe were under pressure after iPhone maker Apple Inc. said it was unlikely to meet its sales outlook because of the coronavirus epidemic in China. The pessimistic view spooked investors.

The S&P BSE Mid-Cap index was down 1.38% while the S&P BSE Small-Cap index fell 1.42%. Both these indices underperformed the Sensex.

The market breadth was weak. On the BSE, 568 shares rose and 1676 shares fell. A total of 161 shares were unchanged. In Nifty 50 index, 9 stocks advanced while 41 stocks declined.

Derivatives:

The NSE's India VIX, a gauge of market's expectation of volatility over the near term, rose 0.97% to 14.55. The Nifty February 2020 futures were trading at 11,935.05, a premium of 14 points compared with the spot at 11,921.05.

On the options front, the Nifty option chain for 27 February 2020 expiry showed maximum call open interest (OI) of 30.87 lakh contracts at the 12,200 strike price. Maximum Call writing was witnessed at 12,000 strike price, which added 10.49 lakh contracts.

Maximum put OI of 34.80 lakh contracts was seen at 12,000 strike price. Put writing was observed at 11,900 strike which added 5.19 lakh contracts.

The option chain indicates that the Nifty will stay in a very narrow range till February expiry.

Buzzing Index:

The Nifty PSU declined the most, falling 3.02% to 2,080.90. The index has lost 7.77% in the three sessions. In the past one month, the index has declined 13.71%.

Union Bank of India (down 8.23%), Corporation Bank (down 5.5%), Bank of Baroda (down 4.38%), Syndicate Bank (down 4.21%), Allahabad Bank (down 4.08%), Andhra Bank (down 3.96%), Bank of India (down 3.85%), Canara Bank (down 3.78%), Punjab National Bank (down 3.37%), Indian Bank (down 3.17%), United Bank of India (down 2.95%), IDBI Bank (down 2.75%), UCO Bank (down 2.52%), Central Bank of India (down 2.1%), Punjab & Sind Bank (down 2.05%), State Bank of India (down 0.86%) and Bank of Maharashtra (down 0.59%).

The public sector banks reportedly have significant exposures to the telecom operators. As per reports, bankers fear a possible collapse of Vodafone Idea (down 11.7%) will increase bad loans and spark a rerun of the crisis that gripped the banking sector a few years ago.

Stocks in Spotlight:

Varroc Engineering fell 3.17% to Rs 396. The company informed that at dawn hours today, fire occurred at Varroc Lighting Systems India (subsidiary of the company) Plant located at Hinjewadi, , Pune. The plant manufactures lighting products for four wheelers in India and contributes approximately 2% to the consolidated revenue of Varroc Engineering. The fire incidence took place outside the manufacturing block, which then spread to packaging area and resulted into a fire outbreak. There are no human casualties reported. The company is in the process of ascertaining the actual cause of fire and the loss caused by it. Adequate steps are being undertaken to ensure customer service at the earliest. It added that this will have no significant impact on company's operations.

JSW Energy rose 3.70% to Rs 65.90 after it said that the company has signed Share Purchase Agreement with GMR Energy (GEL), pursuant to which the company shall acquire 100% stake in GMR Kamalanga Energy (GKEL) for a total consideration of an amount up to Rs 5,321 crore (subject to working capital and other adjustments). Post-acquisition, the total installed power generation capacity of the company will increase to 5,609 MW. This will expand the Company's presence in the Eastern Region of the country and further diversify its fuel mix and offtake arrangements.

Tata Power slipped 1.26% to Rs 51.05. As per reports, the company is planning to increase its network of electric vehicle charging stationsto 700 by next year. The company has already installed 100 fast charging stations in various cities, including Delhi, Mumbai, Bengaluru, Pune and Hyderabad, which it plans to take to 300 by March 2020. The government's decision to lower the GST rate on EVs to five per cent from 12% is expected to make EVs affordable for consumers with additional income-tax deduction.

The company is already in talks with metro rail authorities and municipal corporations for setting up EV charging stations. Besides, it will set up charging stations at Tata Group owned outlets such as Chroma, WestSide, Titan watch showroom, and Indian Hotels, among others. Tata Power has also signed MoUs for setting up commercial EV charging stations at HPCL, IOCL, and IGL retail outlets.Tata Power has also signed MoUs for setting up commercial EV charging stations at HPCL, IOCL, and IGL retail outlets, the reports said.

Dewan Housing Finance Corporation (DHFL) hit an upper circuit limit of 5% at Rs 10.34 after the media reported that two dozen entities put in bids to takeover the debt-laden firm.

Hero MotoCorp fell 1.87% to Rs 2241.60 after a foreign brokerage reportedly maintained underweight rating on the stock with a target price of Rs 2,143 per share.

Meanwhile the two-wheeler major on Tuesday unveiled its vision of mobility, innovation & technology at 'Hero World 2020'. The company announced investment of Rs 10,000 crore over the next 5-7 years.

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