MARKET: Sensex slips 194 pts as financials fall; Nifty Bank tanks 813 pts

All that happened in the markets today

The Indian stock market ended around 0.5 per cent lower on Monday, mainly on selling in financial counters. Financial stocks took a beating after the Reserve Bank of India (RBI) in the bi-annual Financial Stability Report (FSR) released on Friday, said the gross NPA ratio of banks may increase from 8.5 per cent in March to 12.5 per cent by March 2021 under the baseline scenario, but it could worsen to as much as 14.7 per cent under a “very severely stressed scenario. READ MORE

The S&P BSE Sensex fell 194 points or 0.51 per cent to settle at 37,935 while NSE's Nifty ended at 11,132, down 62 points, or 0.56 per cent. India VIX surged over 2 per cent to 25.05 levels. 

Among individual stocks, HDFC Bank ended over 3.5 per cent lower at Rs 1,079 on the BSE after its managing director and chief executive officer Aditya Puri sold off nearly 95 per cent of his stake in the bank valued at Rs 842.7 crore. READ MORE 

ICICI Bank tanked over 6 per cent to Rs 358.50 on the BSE after the private sector lender posted 14 per cent rise in profit before tax (PBT) at Rs 3,183 crore in the quarter ended June 2020 (Q1FY21).

Asian Paints advanced nearly 4 per cent to Rs 1,778 on the BSE on Monday in an otherwise weak market on sharper than expected recovery and healthy commentary. READ MORE

Persistent Systems ended nearly 11 per cent higher at Rs 857 after the company reported a strong set of numbers for the quarter ended June 2020 (Q1FY20). 

In the broader market, the S&P BSE MidCap index slipped 1 per cent to 13,565 levels while the S&P BSE SmallCap index ended at 12,840, down 1 per cent. 

Sectorally, Nifty Bank plunged 813 points or 3.6 per cent to 21,849 levels. On the other hand, Nifty IT gained nearly 2 per cent to 17,627 while Nifty Metal ended at 2,094.40, up 0.33 per cent. 

Global markets

Global shares traded mixed on Monday. In Europe, shares slipped with travel stocks leading the declines after Britain imposed a quarantine on travellers returning from Spain, where cases of the novel coronavirus have surged in the last few weeks.

In Asia, stocks were mixed as a 10 per cent rally in Taiwanese chip heavyweight TSMC cheered some other tech shares across the region, which helped prop up the broader market with MSCI’s ex-Japan Asia-Pacific index rising 0.4 per cent.

S&P500 futures were last up 0.4 per cent in choppy trade while Japan’s Nikkei fell 0.5 per cent.

In commodities, gold soared to an all-time high of $1,943 per ounce, surpassing a peak touched in September 2011, as Sino-US tensions boosted the allure of safe haven assets, especially those not tied to any specific country.

Oil prices, on the other hand, edged lower. 

(With inputs from Reuters)

4:09 PM

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

"Indian benchmark indices ended a volatile day in the red, following negative global cues and domestic uncertainties. Global markets were impacted due to rising US-China tensions and suspected the second wave of virus infections. Financials led the losses following an RBI report which expected a surge in bad loans this year. A record number of virus infections in India also added to the uncertainty. Investors are advised to remain stock specific and keep accumulating only quality stocks in this scenario."

3:44 PM

SECTOR WATCH:: Nifty IT and Nifty Metal indices end in the green

3:43 PM

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

3:36 PM

CLOSING BELL

The S&P BSE Sensex slipped 194 points or 0.51 per cent to settle at 37,935 while NSE's Nifty ended at 11,132, down 62 points or 0.56 per cent. 

3:29 PM

Alembic Pharma gets board approval to raise up to Rs 1,000 cr via QIP

Alembic Pharmaceuticals on Monday said its board has given an approval to raise up to Rs 1,000 crore through a qualified institutions placement (QIP). The board, at its meeting held on Monday, has accorded its approval to raise up to Rs 1,000 crore through a QIP issue of equity shares, Alembic Pharmaceuticals said in a regulatory filing. READ MORE 

3:24 PM

BUZZING STOCK:: Equitas Holdings slips over 7%

3:21 PM

MARKET CHECK

3:13 PM

BUZZING STOCK:: Muthoot Finance gains over 4%

3:07 PM

India Cements PBT drops 75% to Rs 26 cr in Q1, income almost halves

India Cements' profit before tax (PBT) dropped by 75.26 per cent to Rs 26.06 crore during the quarter ended June 30, 2020 from Rs 105.35 crore during the same period last year. The company's total income dropped to Rs 760.32 crore from Rs 1,472 crore. READ MORE 

2:56 PM

State-owned banks need more capital from govt to mitigate risks: Fitch

The plans of state-owned banks to raise capital from private sources will not be sufficient to mitigate anticipated risks unless supplemented with more capital support from the government, Fitch Ratings said on Monday. Several large state banks have recently announced plans to raise a total of $6 billion in fresh equity from the capital market. READ MORE

2:49 PM

Asian Paints at day's high now, top Sensex gainer at this hour

2:39 PM

MARKET UPDATE:: ICICI Bank trades over 5% lower

2:32 PM

Don't extend loan moratorium, it is being misused, Deepak Parekh urges RBI

HDFC chairman Deepak Parekh on Monday made strong plea to Reserve Bank of India not to extend the moratorium beyond August as some borrowers who have the ability pay, are taking advantage of the relaxation to defer payments. Refraining from responding to the call, RBI governor Shaktikanta Das said there is lot of interest in suggestions given by Parekh, adding that he had taken note oif them but would not be able to comment on them immediately. The governor was interacting with members of Confederation of Indian Industry (CII). READ MORE

2:28 PM

Recovery from intra-day lows in today's session

COMPANY	DAY'S LOW(RS)	DAY'S HIGH(RS)	LATEST(RS)	RISE(%)
CCL PRODUCTS	220.00	254.25	242.45	10.20
MULTI COMM. EXC.	1475.85	1641.65	1624.50	10.07
MPHASIS	1073.80	1206.30	1174.00	9.33
ADANI GREEN	326.00	353.00	348.55	6.92
KAJARIA CERAMICS	398.85	426.60	424.80	6.51

2:22 PM

RIL now accounts 10% market-capitalisation of all BSE listed companies

Reliance Industries (RIL) has dominated the Indian equity markets with its share in the total market capitalisation (market-cap) of all BSE listed companies nearly doubling in the past two years. Mukesh Ambani-controlled company saw its combined market-cap (partly and fully paid shares) hitting the Rs 14.38 trillion mark at the bourses on Monday. With this, RIL accounted for 9.8 per cent of the total market-cap of BSE listed companies of Rs 147.23 trillion. READ MORE