MARKET WRAP: Sensex slips 196 pts, Nifty gives up 11,200; auto stocks skid

Shares of automobile manufacturers crashed at the bourses on Monday after reports said that the government intended to hike registration and renewal charges for internal combustion vehicles. The sector was also marred by the Goods and Services Tax (GST) council's decision to cut tax rate on electric vehicles from 12 per cent to 5 per cent.

Weak June quarter performance by corporates and Finance Minister Nirmala Sitharaman's comments that the government was not relooking at the FPI surcharge proposal dented investment sentiment.

The Sensex ended 196 points, or 0.52 per cent, lower at 37,686 levels pulled down by automobile manufacturers stocks. Tata Motors, Vedanta, Bajaj Auto, and Maruti were the top laggards at the close while ICICI Bank, IndusInd Bank, and HCL Tech ended the day as top gainers. On the other hand, Nifty50 gave up the psychological level of 11,200 mark to settle at 11,189 mark, down 95 points, or 0.84 per cent. The Sensex touched an intra-day low of 37,519 while the Nifty50 hit a low of 11,152.

In the broader market, S&P BSE MidCap ended 93 points, or 0.67 per cent, lower at 13,763 levels while the S&P BSE SmallCap closed 135 points, or 1.03 per cent, lower at 12,926 levels.

Among individual stocks, shares of Indiabulls group companies were under pressure on Monday, falling by up to 10 per cent intra-day on the BSE, after Rajya Sabha member Subramanian Swamy sent a letter to Prime Minister Narendra Modi, accusing the group of laundering more than Rs 1 lakh crore. The group, however, rejected the charges READ MORE

Sectorally, all the indices ended in the red barring Nifty IT index. Nifty Auto index was the worst performing index, closing over 3.6 per cent lower. This was followed by losses in Nifty Metal index (down 2.8 per cent) and Nifty Pharma index (down 1.8 per cent). Nifty Realty, PSU bank and FMCG indices were down close to a per cent. Nifty IT index ended 0.17 per cent higher.

AUTOS SLIDE

On Monday, the Nifty Auto index was the worst hit at the bourses, sliding nearly 3.6 per cent. Maruti Suzuki, Bajaj Auto, TVS Motor, Hero MotoCorp, Ashok Leyland, Apollo Tyres, Exide Industries and Bharat Forge were some of the other stocks from the Nifty Auto index that lost 1 per cent to 4.5 per cent in intra-day trade. READ MORE
 

GLOBAL CUES

Global shares ended lower on Monday. Japan's Nikkei closed 0.19 per cent lwoer while South Korea's Kospi slipped 1.78 per cent.  

3:41 PM

Sectoral gainers and losers on the NSE

3:40 PM

Gainers and losers on the S&P BSE Sensex

3:37 PM

CLOSING BELL

The S&P BSE Sensex slipped 196 points or 0.52 per cent at 37,686 while NSE's Nifty50 index ended at 11,189 levels, down 95 points or 0.84 per cent. 

3:13 PM

Bharat Electronics slips over 6%

3:12 PM

Earnings Alert | Castrol India Q2CY19 result

-- Net profit at Rs 182.7 crore, up 11.4% YoY

-- Revenue at Rs 1,039.6 crore, up 2.2% YoY

-- EBITDA Margin at 27.4%

3:04 PM

Stocks that hit 52-week high on S&P BSE Sensex

COMPANY	PRICE(rs)	52 WK HIGH	CHG(rs)	CHG(%)
ASIAN PAINTS	1515.00	1538.35	-9.60	-0.63
PROC. GAM. HEAL.	4900.00	5120.80	129.10	2.71
VARUN BEVERAGES	642.00	683.15	-13.35	-2.04

3:02 PM

Kudremukh Iron Ore Company up 9%

2:56 PM

Global shares ease ahead of Fed test: Reuters

Global shares eased on Monday and the dollar hit a two-month high against a basket of currencies as markets counted down to a likely cut in U.S. interest rates this week, with much riding on whether the Federal Reserve signals yet more are to come. After initially opening lower, European shares moved into positive territory with deal-making and a rally in defensive sectors pushing up the pan-European STOXX 600 index. MSCI’s All Country World Index of stocks, down by as much as 0.2 per cent on the day, erased some losses to trade 0.05 per cent lower.

In Asia, MSCI’s broadest index of Asia-Pacific shares was half a per cent lower. Japan’s Nikkei dipped 0.2 per cent and Shanghai blue chips 0.1 per cent.

2:52 PM

India bond yields fall as finance minister backs rate cuts, reaffirms foreign bond issue plan: Reuters

Indian bond yields dropped sharply on Monday after the finance minister said the government won’t change its plan to issue sovereign bonds and that she hopes the Reserve Bank of India makes more rate cuts. India’s benchmark 10-year bond yield fell as much as 11 bps to 6.42% on Sitharaman’s comments.

(via Reuters)

2:49 PM

NEWS ALERT | NBCC submits proposal before SC for completion of Unitech flats: CNBC TV18

2:39 PM

Nearly a quarter of listed stocks on the BSE trade below face value

Besides Vodafone Idea, there are as many 656 stocks (21 per cent) out of total of 3,133 stocks traded on the BSE, including Reliance Power, Reliance Communications, IFCI and United Bank of India that are currently quoting below their respective paid-up values on the BSE, data show. READ MORE

2:32 PM

Market check

2:28 PM

Earnings Alert | JMC Projects reports net profit of Rs 20.6 crore, up 93.2% YoY, in Q1 result

-- Revenue at Rs 964.9 crore

-- EBITDA at Rs132.9 crore

2:26 PM

Earnings Alert | Alembic Pharma reports net profit at Rs 123.7 crore in June quarter

-- Revenue at Rs 948.9 crore

-- EBITDA at Rs 224.5 crore

2:12 PM

Axis Bank Q1 preview: 15% growth in NII seen, exposure to stressed assets eyed

Improved loan growth and increased net interest income (NII) could aid private lender Axis Bank to report an over 150 per cent rise in the net profit for April-June quarter for the fiscal year 2019-20 (Q1FY20). The bank, which reported a PAT of Rs 701.1 crore in the same quarter last year, is scheduled to report this year’s quarterly result on Tuesday, July 30. READ MORE