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Stock Market Highlights: Sensex, Nifty end lower after a five-day rally as IT, auto stocks weigh

Stock Market Highlights: Sensex, Nifty end lower after a five-day rally as IT, auto stocks weigh

Stock Market Highlights: Sensex, Nifty end lower after a five-day rally as IT, auto stocks weigh
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Summary

Stock Market Highlights: Indian indices ended over half a percent lower on Wednesday after a five-session rally, with losses in IT and auto stocks offsetting gains in metals and private-sector lender IndusInd Bank. The Sensex ended 345 points lower at 36,329 while the Nifty lost 94 points to settle at 10,706.

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Thank you readers! Here are the key highlights from today's session


- Market Snaps 5-day Gaining Streak; Sensex & Nifty Slip 1% Each

- Sensex  Slips 346 Points To 36,329 & Nifty 94 Points To 10,706

- Nifty Bank Falls 496 Points From Highs To Close 43 Pts Lower At 22,585

- Midcap Index Slips 191 Pts From Highs To Close 60 Pts Lower At 15,304

- IT The Top Losing Index With HCL Tech Being The Top Loser

- IndusInd Top Nifty Gainer On US Hedge Fund’s plan To Raise Stake

- Metal Stocks Gain As Global Metal Prices Rise; Vedanta, JSW Steel Top Gainers

- Bajaj Fin Top Nifty Loser, Erases 60% Of Yesterday’s Gains

- RIL, Infosys, TCS, ICICI Drag Nifty While HDFC Bk, HUL & ITC Support

- Eicher Falls Nearly 3% Despite CEO’s Positive Commentary About Demand

- ICICI Bank drags Nifty Bank By 90 Points While HDFC Bank Lifts By 48 Points

- Market Breadth Favours Declines; Advance-Decline Ratio At 2:3

Jul 8, 2020 3:49 PM

Closing Bell: Sensex, Nifty end over 1 percent lower dragged by IT, auto stocks

Indian indices ended around a percent lower on Wednesday after a five-session rally as coronavirus infections continued to surge, with losses in IT and auto stocks offsetting gains in metals and private-sector lender IndusInd Bank. The Sensex ended 345 points lower at 36,329 while the Nifty lost 94 points to settle at 10,706. IndusInd Bank, Vedanta, JSW Steel, Hindalco, and Dr Reddy's were the top gainers on the Nifty50 index, while Bajaj Finance, Zee, Asian Paints, Tata Motors, and HCL Tech led the losses. Sectors were mixed during the day. Nifty IT, Nifty Realty and Nifty Auto lost around 2 percent each while Nifty Metal and Nifty Pharma rose 1.5 percent and 0.7 percent, respectively.

Jul 8, 2020 3:33 PM

Market watch: Gurmeet Chadha, Co-Founder & CEO of Complete Circle Consultants to CNBC-TV18

"I would dial in some of the private banks which are still available 1-1.5 book value. Look at ICICI Bank for example, Rs 2 lakh crore in savings account, a Rs 1 lakh crore in current account, 35 percent CASA, capital raise will give it war chest, which I do not think it really needs, but that is what right now everybody is doing, all subsidiaries doing well, the retail loans which were only 40 percent in 2014 are now 65 percent of the portfolio, most of the lending to corporate is ‘A’ rated and above. Similarly for Axis Bank, maybe a notch lower than ICICI Bank, but gives me a lot of comfort in seeing the text of the book. So I will dial in some of the well-driven private banks which are available at 1-1.5 book value."

Jul 8, 2020 3:23 PM

Market watch: Rajnish Kapur, business head of grey cement at JK Cement to CNBC-TV18

“June has seen a growth of over 5-6 percent over last June and that is because on the backdrop of a huge drop in the month of April and May which we saw in North. So I would say 5 to 6 percent, 7 percent growth in North. South continues to be a little bit behind as compared to last year.”

Jul 8, 2020 3:10 PM

Supreme Court recalls order allowing BS4 vehicle sales post lockdown; says only vehicles registered with VAHAN will be protected

The Supreme Court has recalled its March 27 order that allowed the sale of BS4 vehicles after the lockdown. The apex court has slammed the Federation of Automobile Dealers’ Association of India (FADA) for committing “fraud”. The SC has also clarified that it will protect only those vehicles which have been registered with the VAHAN portal. SC has directed FADA to furnish the data of BS4 sales and has directed the government to corroborate the sales data with the information available on the VAHAN portal. The apex court noted that over 17.000 vehicles sold were not registered with the VAHAN portal.

SC, today, observed that FADA had understated the number of BS4 vehicles sold after the March 31 deadline. FADA was also warned against taking advantage of the court by “playing fraud”. The SC noted that it seemed that FADA had sold more vehicles than had been allowed by the SC and questioned how. Read more.

Jul 8, 2020 2:58 PM
Jul 8, 2020 2:46 PM

Just In | NCC Ltd has received five new orders totaling to Rs 1,396 crore in the month of June, 2020 and all five orders pertain to Water Division. These orders received from various State Government agencies and do not include any internal orders, the company said.

Jul 8, 2020 2:40 PM

Edelweiss advises caution despite a market rebound

After a tepid start to the month, June saw an over 1000 points rally in Nifty during the latter half of the month, primarily fuelled by positive global sentiments and as governments across the world gradually eased the lockdown restrictions. Now that the markets seem to be in a recovery mode. Edelweiss Securities, in a recent report, has come out with a market strategy and its top large-cap and midcap stock picks to invest in.

The top sectors to bet on going forward are two-wheeler and tractor stocks, large private banks, insurance, specialty chemicals, cement, and metals, it noted. However, the brokerage remains watchful of commercial vehicle and passenger vehicle sector, weaker banks, infrastructure, discretionary consumption, IT, and NBFCs. Edelweiss' large-cap portfolio includes Asian Paints, Titan, Pidilite, Bharti Airtel, Axis Bank, ICICI Bank, DF Life, HDFC, Eicher Motors, Infosys, RIL among others. Read more.

Jul 8, 2020 2:33 PM

Govt 10-year benchmark bond yield ends at 5.78% vs prev close of 5.79%. 

Jul 8, 2020 2:22 PM

Rupee ends weaker versus the US dollar today

Jul 8, 2020 2:13 PM

GMR Infra share price gains after closing stake-sale deal with Groupe ADP

GMR Infra share price gained over a percent in the morning trade on July 8, a day after the company said that it had completed the deal to sell 49 percent stake to France's Groupe ADP. France's Groupe ADP has infused Rs 4,565 crore, which is the second tranche of investment, in GMR Airports Limited (GAL) to conclude its deal for a 49 percent shareholding in the company, an official statement said.

Jul 8, 2020 2:01 PM

Rossari Biotech IPO to open on July 13; price band between Rs 423-425 per share


Mumbai-based speciality chemicals firm Rossari Biotech will kickstart its initial public offer next week, on July 13, and end nearly four months of COVID-19-induced inactivity for IPOs in the domestic markets. The issue will open on July 13 and close on July 15. The price band is between Rs 423-Rs 425/share according to an IPO note by one of the book running lead managers, Axis Capital. The IPO will consist of a fresh issue of equity shares aggregating up to Rs 50 crore and an offer for sale component of up to 10,500,000 equity shares. The issue size is pegged around  Rs 494-Rs 496 crore.

Jul 8, 2020 1:47 PM
Jul 8, 2020 1:29 PM

FADA to submit completed affidavit with details of BS-IV vehicles to court today

The Federation of Automobile Dealers Association of India (FADA) is submitting a completed affidavit with details of sold but unregistered BS-IV vehicles to the Supreme Court on Wednesday, as part of its plea that registration of these vehicles is allowed beyond the original March 31 deadline, in the wake of the COVID-19 lockdown. During the last hearing in the case in June, the top court had asked FADA to furnish details of when the vehicles in its previous affidavit were sold, sales made after the lifting of the lockdown on May 3, and also update the affidavit with whether or not an entry of these sales were made on the government's e-portal, VAHAN. More here

Jul 8, 2020 1:17 PM

IndusInd Bank surges 18% in just 3 days. Here's why


Shares of Indusind Bank have gained over 18 percent in the last three days since the bank announced its June quarterly updates. The sentiment further turned bullish on reports that the US-based hedge fund Route One Investment Company has initiated talks to increase its stake in the lender. In intra-day deals on Wednesday, the IndusInd Bank stock jumped 10 percent in to Rs 577.8 per share on BSE. Since Monday, the stock has gained 18.5 percent. Read more

Jul 8, 2020 1:01 PM