MARKET WRAP: Sensex slips 143 pts amid weak global cues; financials decline

All that happened in the markets today

The Indian stock market ended Friday's volatile session in the negative territory amid weak global cues. The relentless rise in Covid-19 cases both in India as well as on the global front weighed on investor sentiment. The S&P BSE Sensex slipped 143 points or 0.39 per cent to settle at 36,594 levels while NSE's Nifty ended at 10,768, down 45 points or 0.42 per cent. 

HDFC, HDFC Bank, ICICI Bank, and Axis Bank contributed the most to the Sensex's fall. Axis Bank ended as the top loser on the index while Reliance Industries (RIL) ended as the biggest gainer - up around 3 per cent. RIL hit a fresh lifetime high of Rs 1,884.40 during the day before settling at Rs 1,878.50 on the BSE. 

On a weekly basis, Sensex gained 1.6 per cent while Nifty rose 1.5 per cent. 

The sectoral trends on the NSE remained mixed. While financials, metals and auto stocks declined in the trade, pharma, FMCG, and realty counters rallied. The Nifty Pharma gained 0.85 per cent to 10,072.25 levels. On the other hand, Nifty Bank slipped over 2 per cent to 22,398.45 points. 

In the broader market, the S&P BSE MidCap index fell 0.72 per cent while the S&P BSE SmallCap index declined 0.35 per cent.

Global markets

World stocks faltered on Friday as record-setting new coronavirus cases in several US states led to worries that more lockdowns may be necessary, making a quick economic recovery unlikely.

European stocks declined 0.3 per cent, taking cues from Asia. Shares in China fell 1.8 per cent from a five-year high. MSCI’s broadest index of Asia-Pacific shares outside Japan fell 1.3 per cent. Australian stocks declined by 0.6 per cent as an extension of loan-payment deferrals hit the banking sector. Japanese stocks were down by 1.1 per cent.

The e-mini futures for the S&P 500 erased early gains to trade down 0.6 per cent.

In commodity markets, oil prices declined while gold was set for a fifth straight weekly gain as a spike in US Covid-19 infections underpinned safe-haven appetite.

(With inputs from Reuters)

3:55 PM

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

"Markets continued their volatile movements and ended the day negative, tracking mixed global cues. Global stocks were mixed following record infections in the US, which led to worries of delayed global economic recovery, while Indian markets worried about record cases of infections and increasing localised lockdowns.  However, on a weekly basis, the benchmark indices gained around 1.5 per cent. The weekly gains were mainly driven by liquidity and the hope that the virus would be contained soon and businesses back to normal. However, the outlook for the market is volatile as the earnings announcements have begun after a washout quarter for most industries. This uncertainty combined with profit booking happening after the recent rally, means that the volatility is expected to continue in the markets and investors would do well to be cautious and stock specific in this market."

3:43 PM

SECTOR WATCH:: Pharma stocks rally in trade

3:42 PM

MARKET CLOSE:: Top losers and gainers on the S&P BSE Sensex

3:36 PM

CLOSING BELL

The S&P BSE Sensex fell 143 points or 0.39 per cent to end at 36,594 while NSE's Nifty settled at 10,768, down 45 points or 0.42 per cent.

3:27 PM

This pharma stock zooms over 100% in 18 trading days

Shares of IOL Chemicals & Pharmaceuticals (IOL) continued their northward journey and rallied 16 per cent to Rs 723 on the BSE on Friday, on the back of over two-fold jump in trading volumes. The stock of the pharmaceutical company hit a new lifetime high today and has appreciated by 105 per cent in the past 18 trading days. On June 16, IOL ended at Rs 352.05 on the BSE. READ MORE 

3:20 PM

Sectoral trends on NSE at this hour

3:13 PM

Moody's says UK economy to slump over 10%, debts to surge, reports Reuters

Britain will suffer the sharpest peak-to-trough economic slump of any major economy this year, rating agency Moody’s warned on Friday, while its debts as a share of GDP will surge by 24 percentage points. Moody’s said the UK government’s latest stimulus package, announced this week, would aid a gradual economic recovery but add further pressure to the UK’s fiscal position, the report added. 

3:09 PM

June Quarter Result :: Karnataka Bank's profit grows from Rs 175 cr to Rs 196 cr YoY

>> Gross NPA dips from 4.82% to 4.64% QoQ

>> Net NPA moderates from 3.08% to 3.01% QoQ 

3:04 PM

YES Bank slips 9% after fixing FPO floor price at Rs 12 per share

A lengthy approval process and the risk of the issue getting undersubscribed, if the secondary markets see volatility, are some of the reasons why firms have stayed clear of FPOs. The qualified institutional placement (QIP) has been the go-to instrument, given its fast-track nature. READ MORE

2:55 PM

NEWS ALERT :: Unichem Lab gets US FDA nod for Baclofen tablets (10-20 mg)

>> The drug is used to treat muscle spasticity such as from a spinal cord injury or multiple sclerosis

2:48 PM

NEWS ALERT:: JSW Steel’s board to consider fundraising via NCDs on July 24

2:41 PM

NEWS ALERT :: Canara Bank to raise equity capital worth Rs 5,000 cr

2:38 PM

NEWS ALERT :: SBI Board to meet on July 15 to consider capital raising

2:31 PM

NSE to accept gold bars produced by Indian refiners for settlement

For this, the exchange launched NSE Refiner Standards (NRS) for BIS - Standard Gold- which will be effective from Friday, July 10.

 

"The NSE Refiner Standards for BIS Standard Gold would enable the acceptance of gold bars produced by the domestic refiners in India, for settlement of the gold futures contracts traded on the NSE platform," the exchange said in a statement. READ MORE

2:24 PM

PI Industries hits record high on successful QIP issue; surges 8% in 2 days

Shares of PI Industries hit a fresh all-time high of Rs 1,789, up 3.5 per cent in the intra-day trade, on the BSE on Friday. The stock has surged 8 per cent in the past two days after the company successfully raised Rs 2,000 crore via qualified institutional placements (QIP). The agro-chemical firm on Wednesday said the company has fixed issue price at Rs 1,470 per share, about 4 per cent lower than the floor rate, for sale of shares to institutional investors. READ MORE