Closing Bell: Sensex tumbles 560 points, Nifty at 11419, Nifty MidCap down over 2%, M&M, Bajaj Fin, Eicher Motors fall 4%

Here’s a quick round-up of what happened in the markets today##Here’s a quick round-up of what happened in the markets today

-Sensex, Nifty and Nifty Bank end at two-month closing lows. As many as 43 of 50 Nifty stocks close in the red, M&M, Bajaj Fin and Eicher top losers. NTPC, Titan, Coal India end higher in a weak trading session.

-Sensex falls 560 and Nifty 178 points to post the third biggest one-day fall in 2019. Sensex and Nifty turn negative for the week after today’s fall, down 1 percent each.

-Nifty Midcap index falls 361 points to end at 5-month low. Nifty Bank falls 660 points, the third biggest single-day fall in 2019. All sectoral indices close lower; Nifty Auto, Pharma and Media slip the most.

-Market breadth favours declines; advance-decline ratio at 1:3.

-RBL Bank slips nearly 14 percent after Q1 earnings, the biggest one-day fall ever.

-Most auto stocks end at 52-week lows on demand concerns.

-Dabur fails to hold on to post-earnings gain, slips 4 percent from highs.

-Bandhan Bank ends off highs but in the green after q1 earnings.

Sensex heatmap at close: M&M, Bajaj Fin top losers, NTPC, PowerGrid, TCS, ONGC only gainers##Sensex heatmap at close: M&M, Bajaj Fin top losers, NTPC, PowerGrid, TCS, ONGC only gainers

Closing Bell: Sensex down by 560 points, Nifty at 11419 as auto, financials drag indices##Closing Bell: Sensex down by 560 points, Nifty at 11419 as auto, financials drag indices

The BSE Sensex tumbled over 560 points, or by 1.44 percent, to settle at 38,337 at close. The NSE Nifty50 fell over 177 points, or 1.53 percent, to settle at 11419. The Nifty MidCap index declined 2.15 percent, while Bank Nifty also ended over 2 percent lower. Nifty Auto, BSE Auto, Nifty Media, Nifty Bank and Nifty Pharma were the worse sectors. Among Nifty losers, M&M, Bajaj Finance, Bajaj Finserv, Eicher Motors and IndusInd Bank fell between 3 and 5 percent. Among gainers, NTPC, Titan, Coal India, TCS and Power Grid rose by up to 2.2 percent. 

Hindustan Zinc reports Q1 results, net profit slightly below CNBC-TV18 poll of Rs 1,780 crore##Hindustan Zinc reports Q1 results, net profit slightly below CNBC-TV18 poll of Rs 1,780 crore

Biocon extends losses as rival launches key drug in US##Biocon extends losses as rival launches key drug in US

Shares of Biocon fell nearly 10 percent today after brokerage firm Edelweiss Securities said that the company's rival Amgen has launched biosimilar trastuzumab in the US, beating Biocon to it. Biocon, in partnership with Mylan N.V., was widely expected to be the first company to launch the biosimilar of trastuzumab in the US. Edelweiss Securities said that the launch of the biosimilar drug in the US by Amgen will lead to sharp cuts in the market's earnings expectations for Biocon. At 2.54 pm, shares of Biocon were down 8.4 percent at Rs 240.70. 

Only these two PSU banks have delivered positive returns in last 5 years##Only these two PSU banks have delivered positive returns in last 5 years

Most PSU Banks have emerged as major wealth destroyers in the last 5 years. They have been under pressure, despite the third round of recapitalisation, on asset quality issues, increase in bad loans, and low visibility of profit in the near future. J&K Bank, Syndicate Bank, Central Bank of India, Bank of India, Oriental Bank of Commerce, Allahabad Bank, Union Bank of India, and Punjab National Bank have destroyed over 50 percent investor wealth in the last 5 years. However, State Bank of India (SBI) and Indian Bank have been exceptions, gaining over 40 percent each, in the last 5 years. READ MORE

Rs 1 lakh to Rs 1 crore in ten years! Did you catch this multi-bagger stock?##Rs 1 lakh to Rs 1 crore in ten years! Did you catch this multi-bagger stock?

The smallcap stock gained nearly 11 percent in the last one year and 13 percent in 2019. In comparison, the benchmark Sensex rose 5.6 percent in the last one year and 6.4 percent in 2019. The stock hit its 52-week high of Rs 497 on July 2, 2019, and a 52-week low of Rs 333 on October 12, 2018. READ MORE

The two big themes for the Indian wealth management industry##The two big themes for the Indian wealth management industry

The mobile phone has come a long way — from being a communication device to being a source of information to becoming a platform on which you can interact and transact. And it is this trend that is likely to become a key driver for the Indian wealth management industry. From making payments to checking our portfolio to even buying financial products like mutual funds at a gentle touch and swipe, mobile is making the wealth management industry look at advisory in a whole new way. And with players like PayTM & PhonePe offering mutual funds on their mobile app platforms, investment in financial assets really looks all set to take a quantum leap. READ MORE

Strides Pharma slips 3% as stock trades ex-dividend##Strides Pharma slips 3% as stock trades ex-dividend

Shares of Strides Pharma Science fell nearly 3 percent to Rs 351.75 as the stock traded ex-dividend today. The company had announced a dividend of Rs 3 per share. A stock generally trades on a weak note the day it goes ex-dividend as prices fall by nearly the same amount as the dividend announced.

L&T Finance Q1 Earnings: Key things to watch out for##L&T Finance Q1 Earnings: Key things to watch out for

Larsen & Toubro's subsidiary L&T Finance is set to report its first-quarter earnings today. Here are the key things to keep in mind:

-It is expected that rural slowdown may impact the loan growth of the company as it is a major player in the rural market.

-Recognition of exposure to IL&FS Group & Supertech is one of the key things to watch out for. Currently, IL&FS has not been recognised as an NPA in its books.

-Disbursement growth is expected to remain in single digits. In the last quarter, it slipped by 37 percent. READ MORE

India VIX surges over 4% on sharp fall in indices##India VIX surges over 4% on sharp fall in indices

Volatility gauge index India VIX surged over 4 percent following a sharp fall in benchmark indices on likely selling by foreign institutional investors after Finance Minister Nirmala Sitharaman refused any relief to foreign portfolio investors on a hike in income tax surcharge. Weakness in the market was seen in the breadth of the index as well, as three stocks fell for every stock that rose.

Gold likely to break $2,000/oz, says David Mitchell of Indigo Precious Metals##Gold likely to break $2,000/oz, says David Mitchell of Indigo Precious Metals

This risk aversion in the equity market lifted gold prices to a 6-year high. David Mitchell, founder and partner at Indigo Precious Metals, and Kishore Narne, head- commodities and currency at Motilal Oswal Commodity, shared their views on the same.

“The macroeconomic picture is deteriorating quite rapidly as we speak. As we move forward, we see much higher revaluations in metals, we are seeing global wealth managers looking at gold as a non-correlated asset class and hence the diversification in metals is extremely important,” said Mitchell. READ MORE