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    Stock Market Highlights: Sensex tanks 485 points, Nifty ends below 15,750 dragged by metals, banks

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    Stock Market Highlights: Sensex tanks 485 points, Nifty ends below 15,750 dragged by metals, banks

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    Stock Market Highlights: The Indian equity indices, Sensex and Nifty ended lower Thursday dragged by selling across the board. Broader markets, smallcap and midcap indices also succumbed to selling pressure. Nifty IT index saw marginal gains, while all other sectoral indices closed in the red with Nifty Metal, Nifty PSU Bank, Nifty Pharma and Nifty Financial Services ad Nifty Auto falling the most.

    Stock Market Highlights: Sensex tanks 485 points, Nifty ends below 15,750 dragged by metals, banks
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    • Nagaraj Shetti, Technical Research Analyst, HDFC Securities

      The uncertainty of bulls at the crucial hurdle of 15,900 continued, as the market tumbled down sharply from near the hurdle. Although Nifty placed at the minor support of 15,700-15,640 levels, a sharp follow-through weakness could open decline towards 15,450 in the near term. Any pullback rally from here could initially find resistance at 15,800 levels.

    • Ajit Mishra, VP - Research, Religare Broking

      Markets traded under pressure and lost nearly a per cent, pressurised by weak global cues. Markets would first react to TCS numbers in early trade on Friday and that might set the tone for the result season as well. Further, demand scenario and management commentary will be crucial factors to watch in Q1FY22 results. We suggest keeping a check on naked leveraged positions and wait for clarity. Investors, on the other hand, should not read much into the intermediate correction and continue with the “buy on dips” approach in fundamentally sound counters with a long term view.

    • Shrikant Chouhan, Executive Vice President, Equity Technical Research, Kotak Securities

      After today’s weak opening market witnessed consistent selling pressure at higher levels. In the second half of the day, the Nifty broke the important support level of 15,780 and post breakdown the selling pressure was increased which is broadly negative for the Nifty. Among sectors, profit booking was seen in the metal and PSU banking stocks. Technically, on intraday charts, the Nifty has formed a lower top formation which indicates further weakness from the current level. For the next few trading sessions, 15,780 should act as an important resistance level for the traders, below the same correction wave likely to continue up to 15,635-15,600. On the other side, the immediate hurdle would be 15,780 trading above the same we can expect a continuation of uptrend up to 15,830-15,860 levels.

    • Market At Close | 41 Of 50 Nifty stocks close in the red; Tata Motors & metals top losers

    • Market At Close | Weekly expiry & concerns w.r.t COVID’S delta variant weigh on market

    • Rupee At Close | The Indian rupee ended 10 paise lower at 74.71 per dollar, amid selling in the domestic equity market. The local currency opened 20 paise lower at 74.81 per dollar against previous close of 74.61 and traded between 74.65-74.84.

    • Market At Close | Here are the highlights of today’s trading session

      - Weekly Expiry & Concerns w.r.t COVID’s Delta Variant Weigh On Market

      - Nifty Falls 152 Points To 15,728 & Sensex 486 Points To 52,569

      - Nifty Bank Slips 497 Points To 35,274 & Midcap Index 115 Points To 27,213

      - 41 Of 50 Nifty Stocks Close In The Red; Tata Motors & Metals Top Losers

      - Tech Mahindra, SBI Life, Eicher Gain In A Weak Trading Session

      - Management Commentary Fails To Boost Sentiment; Tata Motors Slips 3%

      - TCS Closes With A Minor Cut Ahead Of Earnings

      - Financials Continue To Be Major Laggards; ICICI & HDFC Bank Top Losers

      - Coforge Amongst Top Midcap Gainers With Stock Rising To A Record High

      - IGL Rises More Than 3% After Co Announces A Price Hike For CNG & PNG

      - HPCL, SAIL, RBL Bank, JSPL, BoB, Vedanta Top Midcap Losers

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

    • Closing Bell | The Indian equity benchmark indices ended sharply lower Thursday dragged by selling across the board. The Sensex fell 485.82 points, or 0.92 percent, to close at 52,568.94, while the Nifty ended 151.75 points, or 0.96 percent, lower at 15,727.90. Broader markets, smallcap and midcap indices also succumbed to selling pressure. 

      Nifty IT index saw marginal gains, while all other sectoral indices closed in the red with Nifty Metal, Nifty PSU Bank, Nifty Pharma and Nifty Financial Services and Nifty Auto falling the most. Tata Motors, JSW Steel, Hindalco Industries, Tata Steel and ONGC led the decline among Nifty50 constituents, while Tech Mahindra, SBI Life, Eicher Motors, Bajaj Auto and HCL Technologies were the top index gainers.

    • Market Watch: Sanjiv Bhasin, Director, IIFL Securities

      TCS is the giant among Indian companies, headed to USD 100 billion and more. So stay put even though it’s an expensive stock and it will be like this, but look at the numbers, guidance and stay put would be my call. The pain of last three years for most of the small banks, microfinance may be over and same is the case with Bandhan Bank, RBL Bank and these stocks can even double from here. There is extremely good valuation on some of the midcaps and beaten-down stocks where managements have been prudent and cleansed their books. So credit expansion from here on lower yields is going to be very strong and we have a target of Rs 150 on Equitas in the short run.

    • Expect crude to sustain around $70-75/barrel: Refinitiv

      Crude oil prices are under some pressure with Brent hovering around USD 72 per barrel on profit-taking after having climbed to multi-year highs when OPEC+ producers clashed over plans to raise supply to meet rising global demand. Yaw Yan Chong, Director of Oil Research in Asia at Refinitiv shared his forecast in an interview with CNBC-TV18. “The expectation, the most likely scenario is that Organization of the Petroleum Exporting Countries (OPEC) will come to some kind of compromise with the UAE and therefore they will extend that agreement and that agreement would be to add supply to the system,” he said. Read here.

    • Edelweiss Securities bullish on PSU stocks; here's why
      Edelweiss Securities has written an interesting note on Indian public sector undertakings (PSUs) and expects a change in the fortunes of these companies now. Aditya Narain, Research Head of…
      Stock Market Highlights: Sensex tanks 485 points, Nifty ends below 15,750 dragged by metals, banks
    • Akhil Chaturvedi, Associate Director, Head of Sales & Distribution, Motilal Oswal Asset Management Company

      Investors continue to invest in pure equity schemes resulting in positive net sales of almost Rs 6,000 crore, this is slightly lower than last month due to higher redemptions. For now, the trend surely is in favour of Indian Equities by domestic investors. It is particularly very encouraging to witness good amount of interest in dynamic/asset allocations funds with higher gross sales of Rs 4,300 crore and net sales of Rs 2,056 crore. The prime objective of the funds in this category is to use valuation models and then dynamically rebalance portfolio between equities and fixed income ensuring better risk-adjusted returns for investors. In current environment, dynamic/asset allocations funds are good option for investors certainly.

    • Tata Motors dips 3% on JLR woes; here's what brokerages have to say

      Tata Motors share price continued its downtrend on Thursday for the third straight session after its luxury British brands Jaguar and Land Rover (JLR) said it expects to end the first half of the year with a 36 percent loss in volumes due to the semiconductor chip shortage. The luxury carmakers expect the supply of chips from Japan and North America to improve in the coming months. But before that, it expects to lose nearly 10,000 units in the April-September period. JLR was targeting to clock 235,000 units during the first of 2021 (H1 FY22), but now it expects to clock wholesale volumes of 145,000-150,000 units. Read here.

    • NIIT partners with Axis Bank to launch a Digital Banking Academy

      NIIT Institute of Finance Banking and Insurance (NIIT IFBI) - a subsidiary of NIIT Ltd, and Axis Bank have launched a FinTech Professional Programme under the Axis Bank - NIIT Digital Banking Academy. The course is designed to build future ready FinTech Professionals for Axis Bank.

    • Leisure destinations doing well, expect better margins once things improve: Indian Hotels

      Even as the hospitality sector remains one of the worst-hit due to the COVID-19 pandemic, the managing director and chief executive officer (CEO) of the Indian Hotels Company, Puneet Chhatwal, expect better margins once things improve as the firm has currently cut costs. “Post COVID, once the impact is gone and life comes back to pre-COVID levels, our margins should expand further because… 50 percent of our portfolio would then be owned and operated,” Chhatwal told CNBC-TV18 in an interview. The remaining 50 percent would only be operated based on management contracts, he added. Read here.

    • June Mutual Fund Data | SIP inflow rises to Rs 9,155.8 crore versus an inflow of Rs 8,820 crore, MoM.

    • Emkay global on Consumer Goods & Retail

      Lower comparables are likely to boost growth again for companies under our coverage. Growth trends have been steady across staples despite lockdowns and lower pantry loading, with a 2-year sales CAGR marginally improving for most companies. Less stringent and short lockdowns should result in YoY growth for companies in the discretionary segment (Alcobev/Paints/Retail), but most of them would report a sharp sequential decline. Paint and QSR should remain relatively less impacted. With the easing of lockdowns since Jun'21, signs of a faster recovery are visible across discretionary.

    • HDFC Securities' adds PNB, Zensar Tech in fundamental picks; here's why
      HDFC Securities has added Punjab National Bank (PNB), Zensar Technologies, Sharda Cropchem and Jyothy Labs in its ‘Fundamental Picks’ advising investors to buy these stocks for a time horizon of two…
      Stock Market Highlights: Sensex tanks 485 points, Nifty ends below 15,750 dragged by metals, banks
    • Yash Gupta Equity Research Associate, Angel Broking

      Macrotech Developers Ltd (Lodha) reported pre-sales growth of 88% YoY. The company reported pre-sales of Rs 957 crore as against Rs 509 crore in Q1FY21. Overall, the company reported a good set of numbers in Q1FY22 on YoY basis but was not able to cross the pre-sales of Q4FY21 due to state-wise lockdown in various cities. We expect the company to perform well in Q2FY22 with the easing of lockdown by various states. We have a Neutral view on Lodha Ltd.

    • Advise investors to exert caution, bag sectoral leaders: Kotak Mahindra AMC

      Pankaj Tibrewal, Senior Executive Vice President and Fund Manager-Equity at Kotak Mahindra Asset Management, discussed the market in an interview with CNBC-TV18. According to him, the market had a great run in midcap and smallcap stocks over the last fifteen months. Broader markets have significantly outperformed Nifty. “We believe that it is time to be a little careful and exert some caution,” he said. “Our advice to investors would be to moderate the return expectations, to exert some caution. We believe that in the next few months, consolidation or drawdown cannot be ruled out,” he added. Read here.

    • Alembic Pharmaceuticals gets USFDA nod for anti-depressant drug
      Drug firm Alembic Pharmaceuticals on Thursday said it has received approval from the US health regulator for Desipramine Hydrochloride tablets used in the treatment of depression. The approved product…
      Stock Market Highlights: Sensex tanks 485 points, Nifty ends below 15,750 dragged by metals, banks
    • World food prices fall in June for first time in a year

      World food prices fell in June for the first time in 12 months, pushed lower by declines in vegetable oils, cereals and dairy products, the United Nations food agency said on Thursday. The global cereal harvests would come in at nearly 2.817 billion tonnes in 2021, slightly down on its previous estimate, but still on course to hit an annual record. The Food and Agriculture Organization's food price index, which measures monthly changes for a basket of cereals, oilseeds, dairy products, meat and sugar, averaged 124.6 points last month versus a revised 127.8 in May. The May figure was previously given as 127.1. On a year-on-year basis, prices were up 33.9 percent in June.

    • Heena Naik, Research Analyst - Currency, Angel Broking on FOMC meeting minutes

      Fed officials talked about reducing asset purchases but also expressed the need for patience. Minutes reiterated the Fed’s view that while inflation has been rising faster than they expect, they see the current trend as transitory. Some members noted the faster progress of the economic recovery however conditions have not met the “substantial further progress” benchmark to start tightening policy. The update failed to impress markets as the indecision over the Fed’s future actions remained on the table amid a light calendar in Asia.

    • SAIL, Jindal Steel, Hindalco, VEDL, JSW Steel, Tata Steel push S&P BSE Metal index down nearly 2 percent

      Stock Market Highlights: Sensex tanks 485 points, Nifty ends below 15,750 dragged by metals, banks
    • June mutual fund data

    • June MF Data

      Net Equity Inflow At 4,608.7 Cr Vs 9,235 Cr Inflow (MoM)

      Liquid Fund Infow At 2,078.5 Cr Vs 45,447 Cr Outflow (MoM)

      ETF Inflow At 3,012.6 Cr Vs 5,379.8 Cr Inflow (MoM)

      Credit Risk Inflow At 236.7 Cr Vs 258.3 Cr Inflow (MoM)

      Corp Bond Fund Inflow At 530 Cr Vs 1,468.3 Cr Outflow (MoM)

      Hybrid Fund Inflow At 12,361.5 Cr Vs 6,217.3 Cr Inflow (MoM)

      Total Debt Scheme Inflow At 3,566.4 Cr Vs 44,512 Cr Outflow (MoM)

      Total Assets Under Management At 33.67 Lk Cr Vs 33.05 Lk Cr (MoM)

    • Yash Gupta Equity Research Associate, Angel Broking

      Today, S&P BSE REALTY hit a high of 2890 and now is trading near the 52 week high of 2909.9 which was made in March 2021. We have seen some good numbers from Sobha Limited yesterday which were better than the market expectation. The company reported pre-sales growth of 40%.

      We have seen a very good 2nd half of FY21 after the sector was adversely hit by the pandemic in 2020. Several companies reported their all-time high results in Q4FY21 on the back of some effects of pent-up demand. It was expected that the demand for 2022 will strengthen this year whereas the ready-to-move inventory levels have hit 7 years low in Q1FY22, as customer preference has been changed to the ready property rather than the under-construction properties.

      We expect Residential real-estate to do well in the financial year 2022 as some early signs of the organized sector gaining the market share are encouraging. We have a buy call on Godrej Properties with a target price of Rs 1,700.

    Stock Market Highlights: The Indian equity indices, Sensex and Nifty ended lower Thursday dragged by selling across the board. Broader markets, smallcap and midcap indices also succumbed to selling pressure. Nifty IT index saw marginal gains, while all other sectoral indices closed in the red with Nifty Metal, Nifty PSU Bank, Nifty Pharma and Nifty Financial Services ad Nifty Auto falling the most.

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