MARKET WRAP: Sensex tanks 661 pts, Nifty Bank slips 3%; India VIX jumps 6%

All that happened in the markets today

Extended their early losses, the Indian stock market ended around 2 per cent lower on Tuesday, with financials, auto, and metal stocks dragging the indices.

The S&P BSE Sensex tumbled 661 points or 1.8 per cent to end the day at 36,033.06 levels. The index had earlier slipped below the 36,000 mark in the intra-day deals. IndusInd Bank and Axis Bank (both down over 5 per cent) were the top Sensex laggards. Besides, both HDFC and HDFC Bank slipped up to 3 per cent after the latter conducted a probe into allegations of improper lending practices in its vehicle-financing operation.

Meanwhile, the volatility index, India VIX rose 5.73 per cent to 26.70 levels.

The broader Nifty50 index also slipped below the 10,650 levels and ended at 10,607, down 195 points or 1.81 per cent. The trend among Nifty sectoral indices was negative, led by the Nifty Bank index, down 3 per cent. Nifty Pharma was the only index that ended in the green - up 0.48 per cent. 

In the broader market, both the S&P BSE MidCap as well as SmallCap indexes slumped around 1 per cent.

Global markets 

Global stocks slipped on Tuesday, oil sagged and a safety bid supported the dollar as simmering Sino-US tensions and new coronavirus restrictions in California kept a lid on investor optimism with earnings season getting underway.

MSCI’s All-Country World Index edged down 0.4 per cent, after touching a 20-week high on Monday. The pan-European STOXX 600 opened 1.5 per cent lower and was heading for its worst day in 14 sessions after technology stocks dropped 3.4 per cent. This followed a slump a day earlier in the tech-heavy Nasdaq.

S&P 500 futures were 0.5 per cent stronger after the index lost 0.9 per cent on Monday.

(With inputs from Reuters)

3:59 PM

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

"The markets exhibited a high correlation with the global markets and with the virus infections hitting day highs in India, the uncertainty caught up with the markets. Global markets were weak following rising infections in US and US-China tensions being back in the news. Indian markets were also worried about the increasing number of localised lockdowns which would in turn again slowdown the predicted recovery for businesses. Volatility is expected to remain and investors are advised to be cautious and be stock specific in their trades."

3:46 PM

SECTOR WATCH:: Nifty Pharma ends in the green

3:44 PM

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

3:35 PM

CLOSING BELL

The S&P BSE Sensex declined 661 points or 1.8 per cent to end at 36,033 while NSE's Nifty ended at 10,607, down 195 points or 1.81 per cent. 

3:23 PM

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

3:07 PM

Rallis India surges 10% in weak market; stock nears record high

The trading volumes on the counter jumped an over five-fold with a combined around 4 million shares changing hands on the NSE and BSE so far. The up move has taken the counter close to its record high level of Rs 299 hit on May 3, 2015. READ MORE

2:55 PM

Sectoral Trends :: Nifty Services Sector index slips 2%

2:45 PM

Apparel retailers to post operating losses in Q1FY21 as revenues plunge 80%

After a weak March quarter, apparel retailers are expected to face the brunt of the lockdown in the June quarter, with revenues falling over 80 per cent as compared to the year ago quarter. Unlike retailers such as Avenue Supermarts which gets a majority of sales from groceries, apparel retailers have been operating with a minimal number of stores and are pegged back by ongoing restrictions. READ MORE

2:34 PM

Mindtree Q1 net profit grows 129.8% YoY at Rs 213 crore; revenue rises 4%

Mid-tier IT company, Mindtree, on Tuesday posted a 129.8 per cent year-on-year (YoY) growth in its consolidated net profit at Rs 213 crore for the quarter ended June 2020 (Q1FY20-21). On a sequential basis, the numbers grew 3.3 per cent.

 

The company's revenue came in at Rs 1,908.8 crore, up 4.1 per cent YoY and down 6.9 per cent QoQ. READ MORE

2:28 PM

BROKERAGE VIEW :: Why are markets falling today?

2:19 PM

Sector Watch :: Pharma stocks trade higher; Biocon top gainer

2:09 PM

March Telecom Data :: Reliance Jio adds 4.68 million new subscribers

>> Bharti Airtel loses 1.26 million subscribers

>> Vodafone Idea loses 6.35 million subscribers

(Source: Trai)

COMPANY NAME	LATEST	HIGH	LOW	CHG (rs)	CHG(%)	VALUE (rs CR)
VODAFONE IDEA	9.38	9.70	9.32	-0.38	-3.89	36.61
RELIANCE COMMUNI	2.58	2.58	2.58	0.12	4.88	1.93
QUADRANT TELE.	0.21	0.21	0.19	0.01	5.00	0.02
BHARTI AIRTEL	592.40	596.60	578.70	5.65	0.96	53.53

2:08 PM

Eveready hits 10% upper circuit on report of Dabur promoters picking stake

Shares of Eveready Industries were locked in 10 per cent upper circuit at Rs 88.90 on the BSE on Tuesday on the back of heavy volumes amid reports that Dabur promoters have picked up nearly 8 per cent stake in the battery maker. Till 01:19 pm, a combined 3.41 million equity shares, representing 4.69 per cent of the company's total equity, had changed hands on the NSE and BSE. There were pending buy orders for around 600,000 shares on the NSE and BSE, exchange data shows. READ MORE

2:03 PM

Rupee Closing

Rupee settles weaker at 75.42 per US dollar vs Monday's close of 75.19/$

1:53 PM

June Quarter Result :: Mindtree's consolidated profit comes in at Rs 213 crore

>> EBIT margin 13.7%

>> Revenue at Rs 1,909 crore; in dollar terms $25.32 crore

>> EBIT at Rs 262 crore