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Stock Market Highlights: Sensex, Nifty end nearly 2% lower each led by banks; only 3 stocks in green, IndusInd Bank top loser

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Stock Market Highlights: The Indian equity benchmark indices Sensex and Nifty ended the day lower Tuesday dragged by heavy selling in banks, metals, auto and realty stocks. At close, the Sensex ended 661 points lower to 36,033 while the Nifty50 index ended at 10,607, down 195 points. Broader markets also reeled under pressure with Nifty Midcap and Nifty Smallcap indices falling nearly 1.5 percent each. Barring Pharma, all other Nifty sectoral indices traded in the red and upto 3 percent lower. IndusInd Bank and Axis Bank were the top Nifty losers with over 5 percent fall followed by Eicher Motors, Zee Entertainment and Adani Ports. Dr Reddy's Laboratories, Titan and Bharti Airtel were the only ones in the green, in Nifty50 index.

Stock Market Highlights: Sensex, Nifty end nearly 2% lower each led by banks; only 3 stocks in green, IndusInd Bank top loser
  • Here are the key highlights from today's trading session:

    1. Market ends at nearly 2-week low; Sensex & Nifty slip nearly 2% each

    2. Financials contribute over 50% to Nifty's fall; Nifty Bank down over 3%

    3. Nifty ends 195 points lower at 10,607, Sensex slips 660 points to 36,033

    4. Midcap index falls 165 points to 15,052 & Nifty Bank 697 points to 21,392

    5. 47 Nifty stocks close in the red; IndusInd, Axis Bank and Zee Entertainment top losers

    6. Dr Reddy’s Laboratories, Titan & Bharti Airtel close higher in a weak trading session

    7. Reliance Industries ends with a cut of over 1% ahead of the AGM tomorrow

    8. Eveready Industries closes at upper circuit after Burmans raise holding by 8.5% to ~20%

    9. Mindtree slips over 3% after Q1 earnings see a miss on revenue

    10. Vodafone Idea falls 4% after TDSAT refuses to stay TRAI order

    11. Market breadth favours declines; advance-decline ratio at 2:7

  • Closing Bell: Market ends 650 points lower led by banks, auto, metals; IndusInd Bank top loser

    The Indian equity benchmark indices Sensex and Nifty ended the day lower Tuesday dragged by heavy selling in banks, metals, auto and realty stocks.

    At close, the Sensex ended 661 points lower to 36,033 while the Nifty50 index ended at 10,607, down 195 points. Broader markets also reeled under pressure with Nifty Midcap and Nifty Smallcap indices falling nearly 1.5 percent each.

    Barring Pharma, all other Nifty sectoral indices traded in the red and upto 3 percent lower.

    IndusInd Bank and Axis Bank were the top Nifty losers with over 5 percent fall followed by Eicher Motors, Zee Entertainment and Adani Ports. Dr Reddy's Laboratories, Titan and Bharti Airtel were the only ones in the green, in Nifty50 index. 

  • Uday Kotak sees Rs 4-5 lakh crore peak NPAs from COVID-19


    Veteran banker Uday Kotak has warned of a sharp spike in non-performing assets of the financial services sector, saying he wouldn’t rule out loan losses of Rs 4-5 lakh crore arising from the COVID-19 pandemic.

    He added that he would watch for signs of recovery in the most-affected sectors and job stability very closely to gauge the health of the financial sector.

    Speaking to CNBC-TV18, Kotak estimated that banks would need to be capitalised to the extent of Rs 2-3 lakh crore, explaining that the recent fund-raising spree by banks was a step in this direction. Read more

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    Stock Market Highlights: Sensex, Nifty end nearly 2% lower each led by banks; only 3 stocks in green, IndusInd Bank top loser
  • Just In |  Guardian Advisors acquires an additional 8.48 percent stake in Eveready Industries. Guardian Advisors now holds 19.84 percent stake in the company. Guardian Advisors is a portfolio management firm, managing investments for Burmans.

  • Dilip Buildcon declared lowest bidder for NHAI project worth Rs 1,900 crore

    The company through its joint venture i.e Dilip Buildcon Limited -HCC (JV) has been declared as L-1 bidder for the tender floated by the National Highways Authority of India for the project worth Rs 1,900 crore.

  • Rupee Update: The Indian currency ended weak today due to negative sentiment in the equity market. The rupee ended at 75.43  against the US dollar as compared to Monday's close of 75.19. This is the biggest fall in the market this month.

  • Dr Reddy's Laboratories' shares gain over 1% on new launch

    Dr Reddy's Laboratories share price gained over a percent on Tuesday after it announced the launch of the over-the-counter (OTC) Nicotine Polacrilex Lozenges in the US market.

    The lozenges had total retail sales of nearly $200million for the recent 12-months ending May 2020. "This launch truly demonstrates our ability to deliver on more complex dosage forms for the benefit of consumers who wish to quit smoking by reducing withdrawal symptoms, including nicotine cravings," added the company's exchange filing.

    At 1:50 pm, the shares traded 1.14 percent higher to Rs 3,943.90 apiece on the NSE.

  • June SIAM Update: Passenger vehicle sales in India declined by 49.59 percent in June to 1,05,617 units as against 2,09,522 units in the same month last year as the sector looks to recover from the coronavirus pandemic-induced lockdown, auto industry body SIAM on Tuesday said.

    According to the latest data by the Society of Indian Automobile Manufacturers (SIAM), two-wheeler sales were also down 38.56 percent at 10,13,431 units as compared to 16,49,475 units in the same month last year.

    Motorcycle sales were at 7,02,970 units as against 10,84,596 units in June 2019, down 35.19 percent. Scooter sales were also down 47.37 percent at 2,69,811 units as against 5,12,626 units in the same month last year.

  • Telecom Disputes Settlement and Appellate Tribunal (TDSAT) refuses to stay TRAI order directing discontinuation of premium plan.

    TDSAT allows TRAI time to file reply to Vodafone Idea’s plea challenging TRAI directions. Case likely to be heard on July 16.

  • European markets retreat as coronavirus spike weighs on sentiment

    European stocks opened lower Tuesday as a spike in coronavirus cases starts to weigh on global market sentiment, reported CNBC International.

    The pan-European Stoxx 600 dropped 1.1 percent at the start of trading, while other major bourses slid into negative territory.

    European markets look set to follow their global counterparts lower Tuesday with virus cases spike in a number of countries around the world. On Monday, World Health Organization Director-General Tedros Adhanom Ghebreyesus warned that “too many countries are headed in the wrong direction.”

    “In several countries across the world, we are now seeing dangerous increases in Covid-19 cases, and hospital wards filling up again,” Tedros said. “It would appear that many countries are losing gains made as proven measures to reduce risk are not implemented or followed.”

  • Citi downgrades BHEL to Sell; stock price tanks over 9%


    Shares of Bharat Heavy Electricals (BHEL) tanked 9.5 percent on Tuesday after global research house Citi downgraded the stock to Sell from Neutral with a target at Rs 34 per share.

    The stock declined 9.5 percent to hit an intraday low of Rs 38.50 per share in the BSE. The stock price has surged over 118 percent from its 52-week low of Rs 19.20 hit on March 25, 2020. At 11:05 am, shares were trading 8.5 percent lower at Rs 38.90 as against a 1.6 percent fall on Sensex.

    According to Citi, after a recent sharp rally, BHEL is trading at ~0.5x P/BV which appears unappealing given 4 percent RoE and risks to cash flows and profits.

    It said that the high receivables continue to pressure the cash flows, while success in new areas will take time.

  • June WPI inflation at -1.81% Vs -3.21% (MoM)

  • Stock Update: Phoenix Mills' shares slipped over 3 percent on Tuesday for the second consecutive day after the company announced that the Board of Directors have approved raising of funds via NCDs, equity shares issue or any other option on a preferential basis. The fund raise will not exceed Rs 1,100 crore, said company's exchange filing. It further added that the company will issue maximum of 15.62 lakh equity warrants, convertible into a maximum of 15.62 lakh shares with Rs 2 face value worth Rs 100 crore. The stock price fell as much as 3.54 percent to Rs 571.65 on the NSE. 

  • Banking sector Q1FY21 earnings preview: Stable asset quality, NIM contraction for most banks likely, says report


    The COVID-19 led disruptions coupled with an already weak credit demand is likely to impact the asset growth of most of the banks and non-banking financial companies along with lower collections in the first quarter of fiscal 2021.

    According to HDFC Securities Institutional Research, the standstill classification benefit or moratorium would have optically limited slippages and gross non-performing assets (GNPA). However, earnings are expected to dent due to persisting elevated provisions for some lenders as they may have chosen to fortify their balance sheets. Continue reading!

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    Stock Market Highlights: Sensex, Nifty end nearly 2% lower each led by banks; only 3 stocks in green, IndusInd Bank top loser
  • Yes Bank's hurdle continues post FPO floor price announcement, stock down 8%


    Yes Bank's shares slumped for the third consecutive day on Tuesday after the private lender fixed a floor price of its proposed follow-on public offer (FPO) at Rs 12 per share and a cap of Rs 13 per unit. The stock fell as much as 8 percent to Rs 20.30 apiece on the NSE. In the last 4 trading sessions, it has slumped 24 percent to the current levels, while in the last 6 months, the shares have corrected by over 50 percent. On Friday, the company announced that its Capital Raising Committee approved the Floor Price for the Rs 15,000 crore FPO at Rs 12 per equity share with a cap price of Rs 13 per share. This is the largest FPO by any entity till now, and will suffice the bank's growth requirements for the next two years, said CEO Prashant Kumar.

  • HDFC Bank shares slip over 2% as lender probes auto loan practices

    HDFC Bank shares slipped over 2 percent on Tuesday amid concerns related to the lender probing allegations of irregularities in lending practices in its vehicle finance business. The HDFC Bank has clarified that the matter will not cause any loss to the bank. The private bank stock fell as much as 2.61 percent to Rs 1,052.10 per share on the BSE. HDFC Bank has clarified that the issue of an alleged conflict of interest in its vehicle finance vertical is not related to the lending aspect of the business and hence it will have no bearing on the loan book or cause any loss to the bank.

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    Stock Market Highlights: Sensex, Nifty end nearly 2% lower each led by banks; only 3 stocks in green, IndusInd Bank top loser
  • Cipla gets USFDA nod for rare genetic condition treatment drug

    Drug major Cipla on Tuesday said it has received final approval from the United States Food and Drug Administration (USFDA) for Icatibant Injectable, indicated for treatment of acute attacks of hereditary angioedema - a rare genetic condition - in adults. Cipla's Icatibant injectable pre-filled syringe in the strength of 30mg/3mL is generic version of Shire's Firazyr, the company said in a regulatory filing. The firm said "it has received final approval for its abbreviated new drug application for Icatibant Injectable 30mg/3mL from the United States Food and Drug Administration".

  • Banking sector Q1FY21 earnings preview: Stable asset quality, NIM contraction for most banks likely, says report


    The COVID-19 led disruptions coupled with an already weak credit demand is likely to impact the asset growth of most of the banks and non-banking financial companies along with lower collections in the first quarter of fiscal 2021. According to HDFC Securities Institutional Research, the standstill classification benefit or moratorium would have optically limited slippages and gross non-performing assets (GNPA). However, earnings are expected to dent due to persisting elevated provisions for some lenders as they may have chosen to fortify their balance sheets. More here

  • A washout quarter? MOSL expects Nifty earnings to fall 41% in Q1. Here are its top picks
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    Stock Market Highlights: Sensex, Nifty end nearly 2% lower each led by banks; only 3 stocks in green, IndusInd Bank top loser
  • US budget deficit hits all-time high of $864 billion in June

    The federal government incurred the biggest monthly budget deficit in history in June as spending on programs to combat the coronavirus recession exploded while millions of job losses cut into tax revenues. The Treasury Department reported Monday that the deficit hit USD 864 billion last month, an amount of red ink that surpasses most annual deficits in the nation's history and is above the previous monthly deficit record of USD 738 billion in April. That amount was also tied to the trillions of dollars Congress has provided to cushion the impact of the widespread shutdowns that occurred in an effort to limit the spread of the viral pandemic. For the first nine months of this budget year, which began Oct. 1, the deficit totals USD 2.74 trillion, also a record for that period. That puts the country well on the way to hitting the USD 3.7 trillion deficit for the whole year that has been forecast by the Congressional Budget Office. More here

  • Buzzing | Yes Bank's hurdle continues post FPO floor price announcement, stock down 8%

    Yes Bank's shares slumped for the third consecutive day on Tuesday after the private lender fixed floor price of its proposed follow-on public offer (FPO) at Rs 12 per share and a cap of Rs 13 per unit. The stock fell as much as 8 percent to Rs 20.30 apiece on the NSE. In the last 4 trading sessions, it has slumped 24 percent to current low levels, while in the last 6 months, the shares have plunged over 50 percent. On Friday, the company announced that its Capital Raising Committee approved the Floor Price for the Rs 15,000 crore FPO at Rs 12 per equity share with a cap price of Rs 13 per share. This is the largest FPO by any entity till now, and will suffice the bank's growth requirements for the next two years, said CEO Prashant Kumar.

  • Rupee opens | Rupee opened at the lowest level against the US dollar since July 2. The rupee opened 14 paise lower at 75.35 per dollar against the previous close of 75.19.

    Stock Market Highlights: Sensex, Nifty end nearly 2% lower each led by banks; only 3 stocks in green, IndusInd Bank top loser
  • Tuesday's top brokerage calls: Pharma companies, HDFC Bank and more
    Among brokerages, CLSA said the impact on the supply chain will hurt Q1 growth of pharma companies, while Macquarie has an 'outperform' call on HDFC Bank despite the recent developments. Here are the…
    Stock Market Highlights: Sensex, Nifty end nearly 2% lower each led by banks; only 3 stocks in green, IndusInd Bank top loser
  • Market Watch: Shubham Agarwal of Quantsapp Advisory on his top stock picks for today

    “First trade is a buy on Bharti Airtel and it has been one of the outperformers in the past. Recently it has been consolidating for quite some time, but some interesting data there is that Call writers at the strike of Rs 580 are now getting trapped and there is a good possibility that we will see the stock moving up higher because of the short covering in this Call writing that has happened. So, 600 strike Call option can be bought, the target for that will be Rs 25 and the stop loss can be maintained at Rs 14.”

    “Second call is a sell call on ONGC. ONGC for the last 3 days we have seen in the derivative data that shorts are getting built and a similar kind of an option data there as well where Rs 80 strike Put options are now trapped and the stock is quoting below that. So, there is a good possibility that we might see a breakdown there. So, 80 strike Put option can be bought for a target of Rs 6 with the stop loss at Rs 2.5.”

    “Lastly a sell call on Ashok Leyland. Within the auto pack Ashok Leyland has been one of the underperformers and now derivative data is indicating that there are shorts that are coming in the system. So, there is again a possibility of the stock seeing some more lower levels. So, 50 strike Put option can be bought for a target of Rs 4 with a stop loss at Rs 1.5.”

  • Financials among top losers with IndusInd Bank falling most

  • Opening Bell: Sensex, Nifty open lower dragged by financials, IT stocks

    The Indian market opened lower on Tuesday following mixed trade in Asian peers after a volatile day in US markets. On the domestic indices, banks led the losses. Index heavyweights like HDFC twins, RIL, ICICI Bank, and Bajaj Finance contributed the most to the losses. At 9:18 am, the Sensex was trading 229 points lower at 36,464 while the Nifty lost 52 points at 10,751. The sentiment was also weighed amid persistent concerns over the record number of new coronavirus cases worldwide. 

Stock Market Highlights: The Indian equity benchmark indices Sensex and Nifty ended the day lower Tuesday dragged by heavy selling in banks, metals, auto and realty stocks. At close, the Sensex ended 661 points lower to 36,033 while the Nifty50 index ended at 10,607, down 195 points. Broader markets also reeled under pressure with Nifty Midcap and Nifty Smallcap indices falling nearly 1.5 percent each. Barring Pharma, all other Nifty sectoral indices traded in the red and upto 3 percent lower. IndusInd Bank and Axis Bank were the top Nifty losers with over 5 percent fall followed by Eicher Motors, Zee Entertainment and Adani Ports. Dr Reddy's Laboratories, Titan and Bharti Airtel were the only ones in the green, in Nifty50 index.

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