MARKETS: Sensex slips 552 pts on weak global cues, rise in Covid-19 cases

All that happened in the markets today

Benchmark indices ended with over 1.5 per cent cut on Monday, on weak global cues and a rapid rise in Covid-19 cases. 

The S&P BSE Sensex shed 552 points or 1.63 per cent to end at 33,228.80. During the day, the index hit a low of 32,923.74 against Friday's close of 33,780.89. HDFC Bank, ICICI Bank, HDFC, and ITC contributed the most to the index's fall while Reliance Industries (RIL) emerged as an outlier. The stock hit a fresh lifetime high of Rs 1,626.70 during the day, before settling at Rs 1,615, up 1.65 per cent. The company's partly-paid shares issued under rights issue made a strong stock market debut today, surging 10 per cent to Rs 710.65 on the NSE, in the early morning trade. READ MORE

NSE's Nifty ended at 9,813.70, down 159 points or 1.6 per cent. India VIX surged over 6 per cent to 32.71 levels. 

The broader market, however, fared better than the frontline indices. The S&P BSE SmallCap index ended unchanged at 11,844.85 while the S&P BSE MidCap index lost over a per cent to 12,455 levels. 

Sectorally, PSU Bank and media stocks gained in the trade while others ended in the red. The Nifty PSU Bank index rallied nearly 1.5 per cent to 1,371.50 levels while Nifty Media ended at 1,298.80, up nearly a per cent. 

On the other hand, Nifty Bank slipped over 3.5 per cent to 19,912.90 levels while Nifty Private Bank index fell nearly 4 per cent to 10,946.30. 

Global markets

Fears that a second wave of COVID-19 infections is under way sent jitters across global markets on Monday with stocks and oil under pressure while investors bought into safe havens such as German government debt.

The pan-European STOXX 600 fell 2.5 per cent with all sectors and regional markets trading deep in the red after losses accelerated in the final hours of trading in Asia.

Earlier, Japan's Nikkei fell 3.5 per cent and South Korean shares tumbled 4.8 per cent. Futures for the S&P 500 also extended losses, shedding 2.9 per cent.

Beijing reported its second consecutive day of record numbers of virus cases and hospitalisations rose in some US states. 

In commodities, oil prices fell on Monday as new coronavirus infections hit China, Japan and the United States, adding to concerns that a resurgence of the virus could weigh on the recovery of fuel demand.

Brent crude was down 93 cents, or 2.4 per cent, at $37.80 a barrel at the time of writing of this report. US West Texas Intermediate crude was down $1.33, or 3.7 per cent, at $34.93 a barrel.

(With inputs from Reuters)

3:45 PM

SECTOR WATCH:: Nifty Private Bank index tanks nearly 4%

3:42 PM

MARKET AT CLOSE:: Losers and gainers on the S&P BSE Sensex

3:36 PM

CLOSING BELL

The S&P BSE Sensex ended 552 points or 1.63 per cent lower at 33,228.80, while NSE's Nifty ended at 9,813.70, down 159 points or 1.6 per cent. 

3:27 PM

MARKET CHECK

3:16 PM

BROKERAGE VIEW:: Edelweiss Securities on Havells India

RATING: REDUCE | TARGET PRICE: Rs 400

While Havells’s dominant channel-based business model would help it sustain the ‘largest FMEG brand’ tag, in our view, subdued demand particularly in real estate-driven segments and challenges in scaling up Lloyd will pose risk to growth, potentially capping its valuation (already rich at 44x FY22E EPS).

3:09 PM

MARKET UPDATE:: JM Financial raises Rs 770 cr via QIP

JM Financial Limited (“Company”) announced the successful closure of its Qualified Institutions Placement (“QIP”). The Company has issued and allotted 11 crore equity shares of the face value of Re.1.0 each to qualified institutional buyers at an issue price of Rs.70.0 each (including a securities premium of Rs. 69.0 per equity share), aggregating to Rs. 770 crore, the company said in its press release. 

3:05 PM

Lakshmi Vilas Bank hits 5% upper circuit on receiving LoI from Clix Capital

Shares of Lakshmi Vilkas Bank were locked in the 5 per cent upper circuit band at Rs 15.30 on the BSE on Monday after the lender said it has received preliminary, non-binding letter of intent (LoI) from Clix Capital Services Private Limited & Clix Finance India Private Limited dated June 12, 2020. The board of directors, the bank said, considered the said letter for further processing in their meeting held today, June 15. READ MORE 

3:03 PM

NEWS ALERT | Reliance Industries hits a new lifetime high of Rs 1,626.70 on the BSE

3:01 PM

NEWS ALERT | Bharat Ravuri appointed MD of Principal Asset Management in India

2:59 PM

STOCK ALERT :: Reliance Industries bounces back 4% from day's low of Rs 1,562 on the BSE

-- The stock trading close to its all-time high level of Rs 1,624, touched in intra-day trade on June 8, 2020

2:51 PM

IT stocks trade higher in an otherwise weak market

COMPANY	LATEST(rs)	CHG(%)
WIPRO	216.50	4.09
INFOSYS	693.45	0.20
FIRSTSOUR.SOLU.	37.85	0.26
TATA ELXSI	893.00	0.43
TECH MAHINDRA	548.45	-1.15

2:46 PM

Media stocks in focus :: Network18 media shares surge in trade

>> TV18 Broadcast (up 13% at Rs 33.30) and Network18 Media & Investments (up 5% at Rs 36.35) hit their respective 52-week highs on the BSE today. Thus far in the month of June, these stocks have rallied 60 per cent and 52 per cent, respectively.

2:38 PM

Tata Motors trades near day's low, down 3% ahead of Q4 results

2:31 PM

MARKET UPDATE :: Select PSU banks shares in focus

>> Bank of India surged 14% while Indian Bank up 5% in the intra-day trade

>> Bank of Maharashtra, Uco Bank, and Union Bank of India were up 4% on the BSE today

2:27 PM

Recovery from intra-day lows in today's session

COMPANY	DAY'S LOW(RS)	DAY'S HIGH(RS)	LATEST(RS)	RISE(%)
BANK OF INDIA	40.85	47.85	45.80	12.12
LEMON TREE HOTEL	27.40	30.20	30.20	10.22
JUBILANT LIFE	603.00	673.50	663.60	10.05
RELIANCE POWER	2.46	2.70	2.70	9.76