Market Alert 13 February

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Morning Alert
Red-hot smallcaps, PSUs run into rough weather; Sensex falls 523 points
Stocks from the smallcap and public sector undertaking (PSU) space saw a sharp fall on Monday as investors continued to take money off the table, deeming recent gains as excessive. The National Stock Exchange Nifty Midcap 100 and Smallcap 100 indices dropped 2.5 per cent and 4.01 per cent, respectively, with PSU stocks leading the decline. Several PSU stocks declined by more than 5 per cent, resulting in a three-day market capitalisation erosion of state-owned enterprises nearing Rs 6.5 trillion. In comparison, the S&P BSE Sensex fell 523 points, or 0.7 per cent, to close at 71,073. The Nifty ended the session at 21,616, a decline of 167 points, or 0.7 per cent. Analysts said that a correction, especially in the broader markets and PSU stocks, was on the horizon as several stocks had surged solely on speculative buying, without much fundamental backing.

Price rise in majority of states and UTs lower than 5.1%, shows data
Those living in Delhi, Madhya Pradesh, and Kerala took a smaller hit from inflation in January than the national print. A total of 12 out of 23 states and UTs recorded inflation lower than the all-India figure of 5.1 per cent. For example, it was 2.56 per cent in Delhi, 3.93 per cent in Madhya Pradesh, and 4.04 per cent in Kerala. The government data provides information on states and UTs with a population of over 5 million, according to the last census. Ten states had higher inflation numbers including Odisha (7.55 per cent), Telangana (6.34 per cent) and Haryana (6.24 per cent). A global comparison shows the inflation in the five largest economies, excluding India and China that are classified as emerging ones, has been declining through much of last year. It is 4 per cent in the UK, 2.6 per cent in Japan, and 3.4 per cent in the US, according to the latest December reading. Germany (3.1 per cent) and France (3.4 per cent) have released data for January.

Global market action
Dow Jones – Down by 0.04% or 15.59 points
FTSE – Up by 0.01% or 1.11points
CAC – Up by 0.55% or 42.28 points
DAX – Up by 0.65% or 110.85 points
Gift Nifty – Up by 0.26% or 57 points

FII/DII activities
FII – Bought 126.60 Cr worth of shares
DII – Bought 1711.75 Cr worth of shares.

Primary market activities
Bikaji Foods International Ltd – 94.6%
360 One Wam Ltd – 89.3%
Go Fashion (India) Ltd – 86.3%
Schaeffler India Ltd – 82.6%
Timken India Ltd – 79.8%

Primary market activities
IPO opening today
Vibhor Steel Tubes Ltd (Main Board) – Issue size 72.17Cr

Commodities updates
Gold – Rs 64045/10gm, Silver – Rs 70995/kg, Brcrude – Rs 6370/barrel, Copper – Rs 707.8/kg.

Corporate News
No review of action on Paytm Payments Bank: RBI governor Shaktikanta Das.

Jupiter Wagons switching tracks: To expand rail supply chain beyond wagons.

Bharat Forge Q3 results: Profit up over 220% to Rs 254 cr, stock tanks 14%.

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