MARKET WRAP: Financials lift indices, Sensex gains 409 pts; TCS ends flat

All that happened in the markets today

After a one-day blip, the domestic stock market once again ended in the positive territory on Thursday, led by buying in the financial counters.  Further,  investor sentiment also got a boost after Prime Minister Narendra Modi, at the India Global Week Summit, said India was seeing green shoots of economic recovery. "Story of global revival will have India playing a leading role," he said at the event. READ MORE

The S&P BSE Sensex today gained 409 points or over 1 per cent to settle at 36,738 with SBI (up 4 per cent) being the top gainer and ONGC (down over 1 per cent) the biggest loser. HDFC, RIL, HDFC Bank, and Bajaj Finance contributed the most to the Sensex's gains. NSE's Nifty ended at 10,813, up 108 points or 1 per cent. India VIX, the volatility index, declined over 5 per cent to 24.75 levels. 

IT major TCS settled 0.3 per cent lower on the NSE at Rs 2,213 ahead of its June quarter results due later in the day. 

On the sectoral front, the Nifty Metal index rallied the most - up 2 per cent, followed by Nifty Financial Services and Nifty Bank indices.  Nifty FMCG, on the other hand, was the only index that ended in the red - down 0.33 per cent to 30,672 levels. 

The broader indices underperformed the benchmarks. The S&P BSE MidCap ended flat at 13,493, up 0.07 per cent while the S&P BSE SmallCap index gained 0.49 per cent to settle at 12,848 points.

Global markets

Surging Chinese stocks led Asia’s equity markets higher on Thursday, as investors looked past Sino-US tension and renewed coronavirus lockdowns and hoped stimulus washing through the world economy finds its way to company earnings.

MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.8 per cent and touched a 20-week high. The Shanghai Composite turned in its longest winning streak in more than two years and is up 16 per cent in eight sessions.

In Europe, too, stocks rose as software giant SAP signalled a rebound in its business from a coronavirus hit, while optimism over China’s recovery helped Germany outperform.

In commodities, oil prices edged lower as concerns about renewed Covid-19 lockdowns in the United States outweighed signs of a recovery in US gasoline demand.

Brent crude futures fell 21 cents, or 0.4 per cent, to $43.08 at the time of writing of this report, after gaining 0.5 per cent on Wednesday. US West Texas Intermediate (WTI) crude futures dipped 25 cents, or 0.6 per cent, to $40.65 a barrel, after rising 0.7 per cent on Wednesday.

(With inputs from Reuters)

3:55 PM

MARKET COMMENT:: Vinod Nair, Head of Research at Geojit Financial Services

Benchmark indices regained its momentum, led by the Metal and Financials indices. In spite of rising concerns regarding the spread of the virus infections, markets continued to focus on the path to recovery in the economy. With liquidity giving adequate support, investors are looking towards the start of the earnings season. With the lockdown and the economic activity coming to a standstill in the last quarter, investors will be looking forward to the earnings commentary, to understand the outlook.

3:44 PM

SECTOR WATCH:: Nifty FMCG ends in the red

3:42 PM

MARKET AT CLOSE:: Gainers and losers on the S&P BSE Sensex

3:38 PM

CLOSING BELL

The S&P BSE Sensex gained 409 points or over 1 per cent to 36,738 levels while NSE's Nifty ended at 10,813, up 108 points or 1 per cent. 

 

3:29 PM

MARKET CHECK

3:24 PM

INDEX GAINER:: SBI gains around 4%

3:13 PM

NEWS ALERT :: India-EU summit to be held on July 15 via video conference, reports CNBC TV18

>> EU will be represented by European Council president & Ursula von der Leyen, President of the European Commission. India will be represented by PM Narendra Modi.

 

3:02 PM

Granules India surges 7%, hits record high on heavy volumes

Shares of Granules India moved higher by 7 per cent to Rs 224.70 on the BSE on Thursday on back of over two-fold jump in trading volumes. The stock of the pharmaceutical company surpassed its previous high of Rs 224.60 touched on June 16, 2020. The trading volumes on the counter more-than-doubled with a combined 6.6 million shares changing hands on the NSE and BSE till 02:43 pm. READ MORE 

2:57 PM

BUZZING STOCK:: Axis Bank trades over 2% higher

2:53 PM

MARKET UPDATE :: Nifty Service Sector index up over 1%

2:52 PM

MARKET UPDATE:: India VIX slips 4% to 25.03 levels

2:42 PM

MARKET CHECK:: Top 5 gainers on the BSE at this hour

2:34 PM

Signs of green shoots? Seven firms bag orders worth Rs 42,000 cr in Q1

An average order value was assumed for Larsen & Toubro’s (L&T) new orders, as the firm shares only a range (value terms) for such order wins. These comprise order wins for infrastructure, capital goods, as well as engineering companies, but not all of them disclose their new order wins to the exchanges. READ MORE

2:25 PM

Number of willful defaulters rose before coronavirus lockdown: Analysis

Lenders filed 1,251 cases to recover Rs 24,765.5 crore, said a Business Standrd analysis of March quarter TransUnion Cibil data. The numbers are released with a lag and not all lenders update with the same frequency. The analysis considered 15 lenders, which saw an increase in the number and value of outstanding wilful defaulter loans. Defaulters above Rs one crore was considered for this analysis. READ MORE

2:17 PM

CBDT, SEBI to exchange data, call their agreement 'beginning of a new era'

The Central Board of Direct Taxes (CBDT) and the Securities and Exchange Board of India (SEBI) on Wednesday signed a Memorandum of Understanding (MoU) for data exchange between the two organisations. The MoU was signed by Anu J. Singh, Pr. DGIT (Systems), CBDT and Madhabi Puri Buch, Whole Time Member, SEBI in the presence of senior officers from both the organisations through video conference, said a statement by the Ministry of Finance. READ MORE