MARKET WRAP: Sensex tanks 540 pts in broad-based sell-off, India VIX up 5%

All that happened in the markets today

The domestic equity market slipped over 1 per cent on Monday amid across-the-board sell-off and weak global cues. 

The S&P BSE Sensex tumbled 540 points, or 1.3 per cent to settle at 40,145.50 levels and the Nifty50 index ended at 11,768, down 163 points, or 1.36 per cent. Bajaj Auto (down 6 per cent), M&M (down 4.5 per cent), and RIL (down nearly 4 per cent) were the top losers on Sensex. 
 

On the other hand, IndusInd Bank gained over 1 per cent on a report that Kotak Mahindra Bank was exploring an all-stock takeover of the bank. Nestle (up around 2.5 per cent) ended as the biggest gainer on the index.

In the broader market, the S&P BSE MidCap index tumbled 1.77 per cent while the S&P BSE SmallCap index fell 0.88 per cent. 

On the NSE, all the sectoral indices ended in the red. 

Global markets

European stocks sank on Monday, as Italy and Spain imposed fresh restrictions to control a resurgence in coronavirus cases, while shares in German heavyweight SAP slumped 20 per cent after it cut its 2020 outlook.

The pan-European STOXX 600 index tumbled over 1 per cent, with risk appetite globally sapped by worries over US stimulus progress and the presidential election.

China stocks, too, ended lower, dragged down by the consumer sector.

In commodities, oil prices fell 3 per cent on Monday, extending last week’s losses as growing cases of Covid-19 in the United States and Europe raised worries about crude demand, while the prospect of increased supply also hurt sentiment.

(With inputs from Reuters)

3:43 PM

SECTOR WATCH | Nifty Metal index cracks 3.5%

3:42 PM

MARKET AT CLOSE | Gainers and losers on the BSE Sensex

3:36 PM

CLOSING BELL

The S&P BSE Sensex tumbled 540 points, or 1.33 per cent to settle at 40,145.50 levels while the NSE's Nifty ended at 11,768, down 163 points, or 1.36 per cent. 

3:26 PM

BUZZING STOCK | Syngene rises nearly 6%

3:20 PM

BROKERAGE VIEW | Centrum Broking on Ambuja Cement

RATING: BUY | TARGET PRICE: Rs 261

We have valued ACEM on the basis of SOTP valuation (based on EV/EBITDA), valuing the standalone business at a EV/EBITDA of 10x and arrive at a target price of Rs 261/sh.  At our TP the stock trades at a replacement cost of Rs9bn/mnt CY22 capacities (SA). ACEM’s clinker capacity addition will address its current clinker shortage issues. Additionally, improvement in capacity utilization will aide cost savings (~Rs50/tonne). Additionally, cost savings measures with new railway siding in Rajasthan will only boost/maintain earnings (even in challenging times). Healthy balance sheet (cash of Rs80bn CY20E) and debt free status only adds comfort. Maintain BUY.

3:14 PM

Bajaj Auto trades 6% lower

3:10 PM

Power Grid gains over 1%

3:03 PM

Biocon dips 11% in three days on disappointing September quarter results

Shares of Biocon slipped 6.5 per cent to Rs 390 on the BSE on Monday, falling 11 per cent in the past three trading days, after the company reported lower-than-expected performance for the quarter, largely weighed by operational challenges for the quarter ended September 2020 (Q2FY21). Biocon reported 22 per cent year on year (YoY) decline in its consolidated net profit at Rs 169 crore in Q2FY21 against Rs 216 crore in Q2FY20. Revenue from operations grew 11 per cent at Rs 1,745 crore on YoY basis. READ MORE

3:00 PM

Oxford Covid-19 vaccine prompts immune response among adults: AstraZeneca

A vaccine that works is seen as a game-changer in the battle against the novel coronavirus, which has killed more than 1.15 million people, hammered the global economy and shuttered normal life across the world.

 

The Financial Times reported that the vaccine, being developed by Oxford and AstraZeneca, triggers protective antibodies and T-cells in older age groups. It cited two people familiar with the finding. READ MORE
 

2:55 PM

Future battle: Amazon set for face-off with Reliance for retail dominance

Ambani and Jeff Bezos, two of the world’s wealthiest men, want the stores and warehouses of Future Retail Ltd., which has penetrated Indian cities and small towns with sales of everything from grocery to fashion and electronics. Amazon, which owns stake in a Future unit, and Reliance have in recent months made pacts with the Future Group, which they say are now being violated. READ MORE 

2:46 PM

RIL, HDFC Bank contribute the most to Sensex's 600-point fall today

2:41 PM

Sept Quarter Result | SBI Life Q2 profit jumps from Rs 130 cr to Rs 290 cr

>> Premium income comes in at Rs 12,585 cr vs Rs 10,112 cr YoY

2:34 PM

Jindal Steel declines over 6%

2:28 PM

Stocks that hit 52-week high on BSE today in an otherwise feeble market

COMPANY	PRICE(rs)	52 WK HIGH	CHG(%)
APL APOLLO TUBES	3000.00	3087.00	-0.43
CEAT	1111.10	1146.95	-1.05
CENTURY PLYBOARD	194.50	195.65	3.40
DR LAL PATHLABS	2260.00	2395.00	-1.76
HAVELLS INDIA	725.50	732.85	-0.03

2:23 PM

BSE Midcap index drops around 2%