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Stock Market Highlights: Sensex 380 pts off day's low but fails to make it to the green — Nifty slips to 16,570

Stock Market Highlights: Sensex 380 pts off day's low but fails to make it to the green — Nifty slips to 16,570

Stock Market Highlights: Sensex 380 pts off day's low but fails to make it to the green — Nifty slips to 16,570
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Summary

Stock Market Highlights: Indian equity benchmarks BSE Sensex and NSE Nifty50 finished a volatile session with minor cuts on Monday, falling for a second back-to-back session. Gains in metal stocks and a fag-end rebound in select financial shares were offset by losses in IT names. Broader markets also weakened, with the Nifty Midcap 100 index edging 0.1 percent lower but its smallcap counterpart falling one percent. All eyes are on the outcome of a bi-monthly review by the RBI due later this week.

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Correction in steel inputs rates provides short-term tactical upmove for steelmakers such as JSW: Hemang Jani

Hemang Jani, Retail Equity Strategist at Motilal Oswal Financial Services, tells CNBC-TV18 that he does not see a reason why one should have an aggressively positive view on metals. But because of the correction in the sector, one might see "a bit of a pop here and there”, he says. 

Market At Close | Sensex, Nifty50 marginally lower

Here are some highlights:

--Financial, metal stocks outperform

--Metal shares rally in a muted session on reports of decline in raw material prices — JSW Steel up three percent

--Upstream oil firms gain but paint stocks fall tracking crude prices — Oil India jumps 11 percent

--Bajaj Auto halts three-day losing streak — top gainer on Nifty

--Cement stocks extend losses — UltraTech near day’s low

--M&M Financial fails to hold on to the green 

--Media stocks fall after TRAI postpones new tariff order implementation

--LIC slips below Rs 800 For first time 

--Diagnostic stocks gain on rising COVID cases — Dr Lal Pathlabs rises 1.5 percent

--Market breadth favours bears — advance-decline ratio at 1:2

Closing Bell | Sensex 380 pts off day's low

Both headline indices switch between gains and losses throughout the session, with the Sensex gyrating within in a 536.5-point range around the flatline. (Read more on the closing bell)

Stock Market Highlights: Sensex 380 pts off day's low but fails to make it to the green — Nifty slips to 16,570

Hold ONGC: Ruchit Jain 

Ruchit Jain of 5paisa.com suggests investors to hold ONGC. "It has already seen a price wise correction and is trading around its 200-day moving average support. A bounceback at least towards the Rs 165-170 range should be seen in the near term,” he says. 

Infosys shares fall as Jefferies cuts target price and sees downside risk to earnings

Infosys shares remain under selling pressure after Jefferies brings down its target price for the software exporter's stock by about 11 percent. The brokerage now has a target price of Rs 1,830 for the stock, from Rs 2,050 earlier, though it has retained its 'buy' call.

Infosys has corrected by 20 percent since March on the back of weak January-March results and rising concerns on growth, according to Jefferies. (Read more on Infosys shares)

Indian Railways raises limit of booking online tickets a month

The Railways allows passengers to book 12 tickets a month if the user ID is not linked to Aadhaar, and 24 otherwise.

IRCTC shares are down 1.1 percent at Rs 658 apiece on BSE, having dropped as much as 2.6 percent earlier in the day. 

Buy Jubilant FoodWorks, Shriram Transport Finance: Aditya Agarwala 

Here are two trading calls from Aditya Agarwala of Invest4edu:

--Buy Jubilant FoodWorks for a target of Rs 570 with a stop loss at Rs 520 

--Buy Shriram Transport Finance for a target of Rs 1,240 with a stop loss at Rs 1,150 

Banking heavyweights help headline indices eke out small gains

Stock Change (%)
BANDHANBNK 2
FEDERALBNK 0.7
HDFCBANK 0.2
AUBANK 0.2
SBIN -0.1
IDFCFIRSTB -0.1
PNB -0.2
BANKBARODA -0.2
AXISBANK -0.5
Stock Market Highlights: Sensex 380 pts off day's low but fails to make it to the green — Nifty slips to 16,570

Jaguar Land Rover UK sales down 40% in May    

The sales declined 16 percent on a month-on-month basis.

Stock Market Highlights: Sensex 380 pts off day's low but fails to make it to the green — Nifty slips to 16,570

Buy JSW Steel, sell BPCL: Manas Jaiswal

Here are two trading calls from Manas Jaiswal of manasjaiswal.com:

--Buy JSW Steel for a target of Rs 595 with a stop loss at Rs 564 

--Sell BPCL for a target of Rs 305 with a stop loss at Rs 327 

Adani, UltraTech now becoming aggressive in cement space: Dhiraj Agarwal
 
According to Dhiraj Agarwal, Co-Head - Equities at Ambit Capital, "Whenever two big players jostle for market share, it has to come at the cost of margins, and it has to upset the whole dynamics in the sector for some time." Giving examples of Indigo-Jet, Airtel-Jio he said that Adani Group is becoming aggressive in the cement sector. "UltraTech is also now becoming aggressive and they want larger market share. If you look at both their plans, looks like both these groups are targeting for more than a one-third volume market share two to three years out more," he added. 

Balkrishna Ind trading at day's high 

Stock Market Highlights: Sensex 380 pts off day's low but fails to make it to the green — Nifty slips to 16,570

Sorbh Gupta on Auto

Sorbh Gupta, Fund Manager-Equity, Quantum Mutual Fund said, "We continue to be very, very constructive on the auto side, especially on the two-wheeler side. We believe the valuations are extremely comforting over there. I think as the economy picks up and believe that there will be no fourth wave or fifth wave, and there will be more and more kinds of physical economic, which will maintain strength." He added that the industry is now working at a replacement level of 2012-13 and hence the current demand of the industry is what was in 2012. "So it's just servicing the replacement of the two-wheelers right now if the replacement cycle is eight years. So a lot of opportunity and the valuation comfort is really high in autos," he said. 

Steel cos could outperform?

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