Stock Market Highlights: Indian equity indices, Sensex and Nifty ended lower Monday amid Finance Minister Nirmala Sitharaman's relief measures announcements. Broader markets outperformed the benchmarks as the midcap and smallcap indices closed higher each. Among sectors, Nifty IT, Nifty Media and Nifty Financial Services declined, while gains were seen in PSU Bank, metals and pharma indices.
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Ajit Mishra, VP - Research, Religare Broking
Markets settled marginally lower as participants preferred to book profit at higher levels. Markets may react to the announcements made by the Finance Minister (FM) in early trades on Tuesday which were primarily focused on boosting the economic recovery and supporting the vulnerable sectors and individuals impacted due to COVID. We reiterate our bullish view and suggest continuing with a stock-specific trading approach. Among the sectors, banking has the potential to trigger the next up move.
Nagaraj Shetti, Technical Research Analyst, HDFC Securities
The underlying trend of Nifty remains positive. The market is still showing range bound action near the crucial hurdle of 15,900. A sustainable move above 15,900-15,925 could only open the next round of upside in the market towards 16,200-16,300 levels. Any decline from here could find support around 15,760 and the next 15,650 levels for this week.
Shrikant Chouhan, Executive Vice President, Equity Technical Research at Kotak Securities
The witnessed a range-bound activity near its all-time high level. Technically, today the market made a fresh high but failed to sustain above the 15,900/ 53,100 level. However, on the intraday charts, the index still maintained a higher bottom series formation which is broadly positive for the market. We are of the view that as long as the Nifty/Sensex is trading above 15,750 /52,550 the uptrend texture should intact. We can expect an uptrend continuation wave up to 15,900- 15,950/53,100-53,500. On the flip side, below 15,750/ 52,550 would increase further weakness up to 15,700-15,660/ 52,000-51,700.
Market At Close | Strong Business Outlook Helps IGL Move Over 4% Higher
Market At Close | Market Breadth Favours Advances; Advance-Decline Ratio At 5:4
Market At Close | Market Fails To Hold Record High Hit In Opening Trade
Manish Shah, Founder, Niftytriggers.com
Nifty-50 failed to breach the resistance at 15,900-15,950 and promptly headed lower during the day. The pattern in play is a bearish engulfing pattern right at the resistance at 15,900-15,950. Nifty needs to breach the zone at 15,900-15,950 before we can be confident of higher levels. Failure of the index to show a decisive breakout shows that the buyers are not strong enough as yet. The sideways action will continue for some more time; before we see one side gaining an upper hand. If Nifty breaks below 15,780-15,760 we could see some more declines towards 15,700-15,715. We do not expect any sizeable sell-off but Nifty could remain listless for some time. Any decline till 15,700-15,715 is a buying opportunity to buy stocks at support levels.
Rupee At Close | The Indian rupee ended flat at 74.19 per dollar, amid selling in the domestic equity market. The local currency opened marginally lower at 74.25 per dollar against Friday's close of 74.18 and trade in the range of 74.17-74.27.
Market At Close | Here are the highlights of today;s trading session
- Market Fails To Hold Record High Hit In Opening Trade
- Sensex & Nifty End Lower With RIL, TCS & HDFC Bank Dragging The Benchmarks
- Sensex Slips 189 Points To 52,736 & Nifty 46 Points To 15,815
- Nifty Bank Falls 5 Pts To 35,359 While Midcap Index Rises 142 Points To 27,036
- RIL Continues To Slip With The Stock Down More Than 5% In Last 5 Sessions
- Bandhan Bank, AU Fin & Ujjivan Gain On Govt’s Support To MFIs
- Strong Business Outlook Helps IGL Move Over 4% Higher
- Bk Of Baroda Rises More Than 5% On Brokerage Upgrade
- Nalco Surges 9%, Hindalco Nearly 2% On Rising Aluminium Prices
- ONGC & Oil India Continue The Gaining Momentum On Rising Crude Prices
- Dodla Dairy & Krishna Medical Make A Strong Debut On Exchanges
- Tourism-exposed Stocks Gain On Govt’s Support; Thomas Cook Up Over 2%
- Market Breadth Favours Advances; Advance-Decline Ratio At 5:4
Closing Bell | The Indian equity benchmark indices ended lower Monday dragged by selling in IT and financial services stocks. The Sensex fell 189.45 points, or 0.36 percent to 52,735.59, while the Nifty closed 45.65 points, or 0.29 percent lower at 15,814.70. Finance Minister Nirmala Sitharaman announced certain relief measures which failed to cheer the market. Broader markets outperformed the benchmarks as the midcap and smallcap indices closed higher each.
Among sectors, Nifty IT, Nifty Media and Nifty Financial Services declined, while gains were seen in PSU Bank, metals and pharma indices. On the Nifty50, HDFC Life, Titan Company, Shree Cement, TCS and Coal India were the top losers, while Dr Reddy’s Laboratories, Hindalco Industries, Divi’s Laboratories, Tata Steel and Tech Mahindra were the top gainers.
NTPC targets 60 GW renewable energy capacity, 10% reduction in net energy intensity by 2032
State-owned power giant NTPC on Sunday said it has set a target to install 60 gigawatts (GW) of renewable energy (RE) capacity by 2032. NTPC has become India's first energy company to declare its energy compact goals as part of the UN High-level Dialogue on Energy (HLDE), according to a statement. "NTPC has set a target to install 60 GW of renewable energy capacity by 2032," it added. The country's largest power producer is also aiming 10 percent reduction in net energy intensity by 2032. Read here.
NLC India Q4FY21 | The company’s consolidated net profit rose 54.6 percent to Rs 753 crore from Rs 487 crore, while revenue fell 7.5 percent to Rs 2,839.6 crore from Rs 3,069.3 crore, YoY. EBITDA was down 28.3 percent at Rs 849.2 crore from Rs 1,184.6 crore and EBITDA margin was at 29.9 percent versus 38.6 percent, YoY.
Expect double-digit growth when things become normal: Finolex Industries
Finolex Industries surged in trade on the back of its Q4FY21 earnings led by strong growth in the PVC resin segment. Anil Whabi, Director of Finance and CFO at Finolex Industries, discussed the performance. Whabi hopes to see improvement in the next few quarters. He shared, “Major part of our volumes go for irrigation pipes where, because of all these initiatives by government in irrigation infrastructure, we should see good growth happening. We expect growth to be in double-digit numbers if everything comes back to normalcy.” Read here.
Dr Reddy's Laboratories announces commercial launch of COVID-19 drug 2-DG
Dr Reddy's Laboratories Ltd on Monday announced the commercial launch of 2-deoxy-D-glucose (2-DG). According to a press release issued by the city-based drug maker, Dr Reddy's will supply the drug to major government as well as private hospitals across India. In the initial weeks, the company will make the drug available in hospitals across metros and tier 1 cities, and subsequently expand coverage to the rest of the country. 2-DG manufactured by Dr Reddy's has a purity of 99.5 percent and is being sold commercially under the brand name 2DG. Read here.
USFDA issues two observations after inspection of Granules India's Chantilly facility in US
Drug firm Granules India said the US health regulator has issued two observations after the inspection of the Chantilly facility of its US-based subsidiary. "The United States Food and Drug Administration (USFDA) has completed inspection of the facility of Granules Pharmaceuticals, a wholly-owned foreign subsidiary of the company located in Chantilly, Virginia, USA on June 25, 2021, with two minor observations," Granules India said in a statement. Read here.
Global shares start week on back foot as COVID-19 cases spike
Global shares began the week with a cautious start on Monday as Asian and European markets fell after a spike in coronavirus cases across Asia over the weekend hurt investor sentiment while oil hovered around 2-1/2 year highs, said a Reuters report. MSCI’s All Country World Index, which tracks shares across 49 countries, was down 0.1 percent after the open in Europe.
Titan Company | The company has appointed Ashok Kumar as Chief Financial Officer of the company w.e.f July 01, 2021.
RIL's solar energy foray: Former Thermax MD lays down the challenges
Reliance Industries' Mukesh Ambani, last Thursday announced in the company's annual general meeting (AGM) that the company will invest Rs 75,000 crore in the clean energy business over the next three years. It aims to set up 100 GW of solar power generating capacity by 2030. What does this mean for the sector, MS Unnikrishnan, former Managing Director at Thermax explained to CNBC-TV18. He pointed out that RIL in the solar space is planning to build up from scratch. "This will be the largest capacity in India with an investment of multi-billion dollar. Very clearly, they have mentioned that this focused a lot more on rooftops, though they may also be selling normal solar IP," he said. Read full report here.
Market Watch: Ruchit Jain of Angel Broking
- Buy Axis Bank with a stop loss of Rs 745 and a target of Rs 790-800
- Buy Cummins India with a stop loss of Rs 851 and a target of Rs 906
Market Watch: Rajesh Kothari, MD, AlfAccurate Advisors
We remain hugely overweight on chemicals but it is now going beyond even the specialty chemicals. We are very positive on auto ancillaries. Capital goods sector is going to see a good revival, so we have been buying stocks in capex theme which include particularly capital goods. In consumers, we are moving to consumer discretionary. In an automation theme we are buying companies, which have very strong technology domain. Honeywell Automation we are holding. ABB India, 3M India - likewise there are specialised companies in many of these capital goods segments where we are getting very positive because of new initiatives taken by these companies.
Yash Gupta Equity Research Associate, Angel Broking
We had given a subscribe rating to the KIMS IPO and the listing was in line with our expectation. We suggest short term investors book profit at Rs 977, with gains of 17.8 percent, and recommend that long-term investors may book partial profit and hold the remaining quantity as the company can perform well in the long run. KIMS is trading at EV/EBITDA of 21 times and Price to earnings of 37 times, which is cheaper compared to peers. Additionally, the company has the best Return of equity (ROE) & Return on capital employed (ROCE) among peers of 23.8% and 24.8% respectively.