Equity

Mid Session Commentary

Benchmarks pares losses; cement stocks in demand
(26-Feb-2020, 12:31 Hours IST)  
Key barometers pared losses in early afternoon trade. The Nifty traded well above its 11,700 mark. The undertone of the market continued to be negative amid weak global cues.

At 12:29 IST, the S&P BSE Sensex, was down 231.87 points or 0.56% at 39,999.02. The Nifty 50 index was down 72.85 points or 0.62% at 11,725.05.

In the broader market, the S&P BSE Mid-Cap index was down 0.72% while the S&P BSE Small-Cap index was down 0.06%.

The market breadth was titled in the favour of sellers. On the BSE, 817 shares rose and 1310 shares fell. A total of 134 shares were unchanged. In Nifty 50 index, 13 stocks advanced while 37 stocks declined.

Derivatives:

The NSE's India VIX, a gauge of market's expectation of volatility over the near term, rose 1.53% to 17.1575. The Nifty February 2020 futures were trading at 11,721, a premium of 6.65 points compared with the spot at 11,714.35.

On the options front, the Nifty option chain for 27 February 2020 expiry showed maximum call open interest (OI) of 53.92 lakh contracts at the 12,000 strike price. Massive call writing was witnessed at 11,800 strike price, which added 25.82 lakh contracts. Significant call unwinding was seen at 12,200 strike price which shed 8.34 lakh contracts.

Maximum put OI of 40.66 lakh contracts was seen at 11,700 strike price. Massive put writing was observed at 11,700 strike price which added 13.50 lakh contracts. Put unwinding was observed at 11,800 strike price which shed 5.12 lakh contracts.

The option chain indicates that Nifty will stay between 11,700 and 12,000 level till February expiry.

Buzzing Index:

Cement Stocks witnessed heavy demand. Deccan Cements (up 4.99%), Heidelberg Cement (up 3.16%), Birla Corporation (up 3.11%), JK Lakshmi Cement (up 1.57%), Dalmia Bharat (up 1.16%), Ultratech Cement (up 1.11%), Ambuja Cement (up 0.97%), ACC (up 0.61%) and The Ramco Cements (up 0.3%) were top gainers in cement space.

India Cements was locked in 20% upper circuit at Rs 104.60 after Radhakishan Damani's brother, Gopikishan Damani purchased 2.75% stake in the company. Gopikishan Damani bought 85.22 lakh shares or 2.75% stake at Rs 82.70 per share on NSE yesterday (25 February).

Stocks in Spotlight:

ITD Cementation India jumped 6.26% to Rs 58.55 after ICRA removed the rating watch with developing implication and assigned a stable outlook on the credit instruments worth Rs 4900 crore of the company. The long term rating for the company is now denoted as [ICRA]A (Stable) and short term rating as [ICRA] A1.

Shilpa Medicare slumped 5%. In an exchange filing made during market hours, the drug maker said that United States Food and Drug Administration (USFDA) conducted Good Manufacturing Practices (GMP) inspection of Shilpa Medicare's finished dosage formulation facility (sterile and non-sterile) located at 5-20 to 5-26, Pharmaceutical Formulations SEZ, TSIIC, Jadcherla, Telangana State, India between 13 and 25 of February 2020. At the conclusion of inspection, the US drug regulator issued Form 483, with 15 observations. The company is preparing responses to the observations, which will be submitted to the Agency within 15 business days. The company is committed to address these observations promptly.

Sanofi India jumped 3.19% to Rs 7225 after the company announced robust Q3 numbers after market hours yesterday. On a standalone front, net profit jumped 22.69% to Rs 97.30 crore in Q4 December 2019 (Q4FY19) as against Rs 79.30 crore reported in Q4 December 2018 (Q4FY18). Revenue from operations soared 13.75% year-on-year (Y-o-Y) to Rs 826.30 crore in Q4FY19. Meanwhile, the company recommended a dividend of Rs 106 per equity share of Rs 10 for the year ended 31 December 2019. In addition, after reviewing the cash requirements for the firm's operations, a one-time special dividend of Rs 243 per equity share of Rs 10 is also being recommended. The stock hit an intraday high of Rs 7637.55 which is also a record high for the counter.

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