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Stock Market Highlights: Sensex, Nifty end at day's low led by financials, IT stocks; ICICI Bank top loser

Stock Market Highlights: Sensex, Nifty end at day's low led by financials, IT stocks; ICICI Bank top loser

Stock Market Highlights: Sensex, Nifty end at day's low led by financials, IT stocks; ICICI Bank top loser
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Stock Market Highlights: Indian indices ended at day's low on Tuesday after selling pressure seen in financials, auto and media stocks. ICICI Bank remained the Nifty50 top loser.  However, Nifty Pharma tried to cap losses by ending 2 percent higher, with Dr Reddy's Laboratories as index top gainer.

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Here are the key takeaways from today's trading session:

1. Market erases gains of last two sessions, Nifty ends below 10,100 and Sensex 34,000

2. Sensex and Nifty slip over 1% each, Nifty Bank falls more than 2%

3. Market breadth favours decline with Midcap index slipping 54 points to 14,189

4. Sensex closes 414 points lower at 33,957 and Nifty 121 points lower at 10,047

5. Nifty Bank drops 462 points to 20,725; HDFC Bank and ICICI Bank are top losers

6. 36 Nifty stocks close with cuts; GAIL, Wipro and Tata Motors top losers

7. HDFC Bank, RIL and ICICI Bank drag Nifty while HDFC, Dr Reddy's and Sun Pharma support

8. Dr Reddy's, Sun Pharma & Lupin surge to 52-week highs with pharma index gaining nearly 2%

9. IndusInd Bank continues to move higher on promoters plan to buy additional shares

10. PVR falls for the 2nd consecutive day after gaining in previous 9 sessions

11. Vodafone Idea snaps 5-day gaining streak, ends 17% lower today

12. Adani Green gains 5% on 8GW solar generation project win

13. BHEL advances 11% after commissioning 270MW thermal power plant

Closing Bell: Market ends lower dragged by financials, IT names

Indian equity benchmark indices ended lower on Tuesday due to banks including ICICI Bank and HDFC Bank. 

At close, the Sensex ended 414 points lower to 33,957 while the Nifty50 index ended at 10,046, down 121 points. Broader markets also ended in the red, declining 0.38 percent each (Nifty Midcap and Nifty Smallcap indexes). 

Dr Reddy's Laboratories , IndusInd Bank, Sun Pharma, Bharti Infratel and M&M were the Nifty top gainers while ICICI Bank, Wipro, GAIL, Tata Motors and BPCL remained the top losers. 

Among sectoral indices, Nifty Media ended as the top laggard with 3.5 percent losses. Meanwhile, Nifty Pharma index outshined. 

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Stock Market Highlights: Sensex, Nifty end at day's low led by financials, IT stocks; ICICI Bank top loser

Oil India Baghjan blowout turns into inferno

The blowout at the Oil India well in Baghjan, Assam on Tuesday turned into an inferno.

The oil well in Assam has been continuously flowing out gas, or undergoing a blowout, since May 27, with authorities unable to bring it under control despite bringing in experts from Singapore.

It is one of the biggest blowouts in India and has now turned into an inferno after it caught fire. The surrounding villages have been evacuated, however, media reports suggest that the blowout has caused damage to the marine ecosystem in the region with reports of fishes and a Gangetic dolphin perishing.

BHEL's shares rally 9% over commissioning a plant

Bharat Heavy Electricals Ltd's share price rallied 9.12 percent during the day after the company successfully commissioned a 270 MW thermal unit at the Bhadradri Thermal Power Project in Telangana. 

In its filing to the exchanges, the company said that it is the first unit to be commissioned at the project and work on the other three units is also at its advanced stage. 

At 3 pm, the shares traded 5.55 percent higher to Rs 29.50 per share on the NSE.

Rupee Update: The Indian currency ended a little lower on Tuesday amidst the volatility in the equity market. The Indian rupee ended at 75.61 as against the US dollar compared to Monday's close of 75.54. 

Gold rate today: Yellow metal eases; Resistance seen at Rs 46,500 level

Gold prices in India traded lower on the Multi Commodity Exchange (MCX) Tuesday amid subdued trend in the international spot prices and rising investor risk appetite. Strong domestic currency also pressurized the yellow metal prices, analysts said.

At 12:40 pm, gold futures for August delivery fell 0.03 percent to Rs 46,085 per 10 grams as against the previous close of Rs 46,101 and opening price of Rs 46,075 on the MCX. Silver futures traded 0.16 percent lower at Rs 48,110 per kg. The prices opened at Rs 48,100 as compared to the previous close of Rs 48,185 per kg. 

Yes Securities rejigs portfolio: Top stocks that were included and excluded

Yes Securities has rejigged its portfolio for June after the equities consolidated in May. Indian shares corrected relatively lesser in May (down around 3-4 percent) as compared to April and March amid trade optimism over the re-opening of economies in lockdown to contain the virus.

With indices back in the green in June, Yes Securities included 2 new stock in its portfolio, while excluding the same number of stocks. Continue reading

European markets retreat despite hopes of economic recovery

European stocks edged lower Tuesday as investors weigh up the prospects of economic recovery after the coronavirus pandemic.

The pan-European Stoxx 600 slid 0.3 percent in early trade. Banks and autos fell by more than 3 percent, while health care stocks bucked the trend to climb 1.6 percent.

European markets are following their Asian counterparts in mixed trade Tuesday, despite an overnight rally stateside that saw the S&P 500 erasing its losses and entering positive territory for the year.

Chalet Hotels rallies 7% after Q4 profit jumps threefold

Shares of Chalet Hotels rallied over 7 percent in early trade on Tuesday after the company reported a threefold jump in its consolidated net profit to Rs 42.17 crore for the quarter ended March 31. The company’s net profit in the corresponding period of the previous financial year was Rs 13.30 crore.

The stock gained 7.15 percent to hit an intraday high of Rs 172.95 per share. At 9:47 am, the stock traded 1.80 percent higher at Rs 164.30 on BSE.

The company’s consolidated income stood at Rs 237.62 crore in Q4FY20 as against Rs 277.07 crore, YoY.

Segment revenue for hospitality was Rs 201.1 crore as compared to Rs 256.7 crore, while the segment’s profit margin before interest, depreciation and tax was at 34.2 percent as compared to 41.7 percent in the same quarter of the previous year, the company said.

Average Daily Rate (ADR) for the quarter was steady at Rs 8,890 with occupancy at 61 percent a drop of 2,100 bps led by travel restrictions and lockdown due to COVID‐19.

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Stock Market Highlights: Sensex, Nifty end at day's low led by financials, IT stocks; ICICI Bank top loser

Expect some stock specific upmoves in the near term, says Angel Broking

"Our market had rallied sharply during last week and the global market developments hinted at further positive momentum over the weekend. This led to some complacency among the traders fraternity (especially the bulls). And as witnessed last week also, when traders become too complacent and aggressive on the one side, the market tends to show its supremacy and tries to bring back the market sentiments to equilibrium. In last couple of sessions, many stocks from the broader markets have witnessed price upmove with good volumes and hence, we are likely to see a continuation of some stock specific upmoves in the near term," said Sameet Chaven, Chief Analyst-Technical and Derivatives, Angel Broking. 

He also said that the intraday support for the index is placed around 10,080 and the traders are advised to use intraday declines as buying opportunities. For a near term perspective, 9,900 remains a key support and till this is intact, it would be prudent to keep a buy on dip approach and trade with a positive bias.

On the higher side, 10,350 is the immediate hurdle for Nifty which is the ‘200 SMA’ on the weekly charts. However, we expect that the index would surpass this hurdle soon and approach 10,500-10,600 zone. As mentioned above, many stocks from the broader market have witnessed price upmove with good volumes in last couple of sessions. Traders are advised to look for such opportunities which could deliver decent returns in the near term, Chavan further added.

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