 "Nifty defends 8,200 amid choppy trades; all eyes on RBI policy")
Benchmark share indices ended marginally lower amid a choppy trading session, led by Bharti Airtel and pharma shares. Further, investors are keenly awaiting the outcome of the Reserve Bank of India’s (RBI) bi-monthly monetary policy review tomorrow.
The 30-share S&P BSE Sensex ended down 66 points at 26,777 and the Nifty50 slipped 20 points to close at 8,201. Among broader markets, BSE Midcap index ended down 0.15 while the Smallcap index gained 0.2%.
Anand James, Chief Market Strategist, Geojit BNP Paribas Financial Services said, "With FM’s meeting with PSB chiefs in the backdrop, state owned banks and realty stocks gained, but such rise was unable to bring any traction in other stocks, which were mostly seen trading flat ahead of RBI monetary policy meeting tomorrow. Friday’s jobs data has suddenly raised the hopes of FOMC maintaining status quo, but increased potential for Brexit has global markets on a tentative footing."
US stocks fell on Friday after data showed that US employers in May added the fewest jobs in more than five years.
Back home, with retail inflation showing signs of hardening, RBI Governor Raghuram Rajan may maintain status quo in the bi-monthly monetary policy review tomorrow and wait for the impact of delayed monsoon rains before making the next move, say experts.
Committing to provide more funds for recapitalisation of state-owned banks, Finance Minister Arun Jaitley today said that cumulative losses of Rs 18,000 crore suffered by them last fiscal were mainly on account of higher provisioning for bad loans.
Rate sensitive stocks ended mixed ahead of the RBI monetary review tomorrow. From the banking space, SBI was up over 1% while Axis Bank, HDFC Bank and HDFC lost between 0.1%-1%.
In the auto pack, Tata Motors and M&M were up between 1%-2% while Hero Motocorp, Maruti Suzuki shed up to 2%.
HDFC Ergo general insurance company, promoted by Housing Development Finance Corporation has decided to buy L&T General Insurance for Rs 551 crore, first buyout in the general insurance industry. HDFC has shed 0.4%.
Telecom stocks took a hit after Reliance Jio started taking registrations from interested people for network trials, indicating that a launch may be around the corner. Bharti Airtel, Reliance Communications and Idea Cellular have lost between 0.5%-2%.
Cipla gained 0.4%. Three years since Cipla New Ventures announced its plans to nurture innovative business ideas, the first product of that initiative has been approved under brand name Stempeucel, a drug that could possibly turn into a blockbuster.
Lupin has received final approval from the US health regulator to market Voriconazole tablets, used for the treatment of fungal infections, in the American market. Shares of Lupin slipped almost 2%.
Larsen & Toubro (L&T) said, on Monday, its construction arm has won orders worth Rs 2,161 crore across various business segments. The stock rose 0.5%.
Jubilant Life Sciences gained 4% on receiving final nod from the US health regulator for generic Levetiracetam injection, used for treatment of epilepsy, in the American market.
A wholly owned US subsidiary of Sun Pharma has decided to divest two oral solid dosage manufacturing facilities to Frontida BioPharma. However, the stock ended 2% lower.
The Leela Group and Qatar's Al Faisal Group on Sunday signed an agreement to build a five-star hotel near Taj Mahal in Agra with an Foreign Direct Investment (FDI) of about Rs 500 crore, coinciding with Prime Minister Narendra Modi's visit to the Gulf state. Hotel Leela Venture has soared 3%.
Coal India is likely to deliberate on a proposal to buy back its shares in its next board meeting. Coal India had a meeting with the government last week and a buyback proposal is likely to be placed before the next board meeting. The stock shed over 1%.
Ujjivan Financial Services fell 11% on account of profit booking. The stock hit an intra-day low of Rs 328 after touching a high of Rs 387 in early morning trade.
Muthoot Finance moved higher by 6%, extending its 18% rally in past one week, after the company reported strong 61% year on year jump in net profit at Rs 265 crore for the quarter ended March 2016 (Q4FY16), on back of healthy operational income.
The 30-share S&P BSE Sensex ended down 66 points at 26,777 and the Nifty50 slipped 20 points to close at 8,201. Among broader markets, BSE Midcap index ended down 0.15 while the Smallcap index gained 0.2%.
Anand James, Chief Market Strategist, Geojit BNP Paribas Financial Services said, "With FM’s meeting with PSB chiefs in the backdrop, state owned banks and realty stocks gained, but such rise was unable to bring any traction in other stocks, which were mostly seen trading flat ahead of RBI monetary policy meeting tomorrow. Friday’s jobs data has suddenly raised the hopes of FOMC maintaining status quo, but increased potential for Brexit has global markets on a tentative footing."
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Among global markets, European stocks edged higher and most Asian stocks rose today after US nonfarm payrolls data showed the slowest job growth in more than five years, quashing expectations for a near-term US interest rate hike by the US Federal Reserve.
US stocks fell on Friday after data showed that US employers in May added the fewest jobs in more than five years.
Back home, with retail inflation showing signs of hardening, RBI Governor Raghuram Rajan may maintain status quo in the bi-monthly monetary policy review tomorrow and wait for the impact of delayed monsoon rains before making the next move, say experts.
Committing to provide more funds for recapitalisation of state-owned banks, Finance Minister Arun Jaitley today said that cumulative losses of Rs 18,000 crore suffered by them last fiscal were mainly on account of higher provisioning for bad loans.
Rate sensitive stocks ended mixed ahead of the RBI monetary review tomorrow. From the banking space, SBI was up over 1% while Axis Bank, HDFC Bank and HDFC lost between 0.1%-1%.
In the auto pack, Tata Motors and M&M were up between 1%-2% while Hero Motocorp, Maruti Suzuki shed up to 2%.
HDFC Ergo general insurance company, promoted by Housing Development Finance Corporation has decided to buy L&T General Insurance for Rs 551 crore, first buyout in the general insurance industry. HDFC has shed 0.4%.
Telecom stocks took a hit after Reliance Jio started taking registrations from interested people for network trials, indicating that a launch may be around the corner. Bharti Airtel, Reliance Communications and Idea Cellular have lost between 0.5%-2%.
Cipla gained 0.4%. Three years since Cipla New Ventures announced its plans to nurture innovative business ideas, the first product of that initiative has been approved under brand name Stempeucel, a drug that could possibly turn into a blockbuster.
Lupin has received final approval from the US health regulator to market Voriconazole tablets, used for the treatment of fungal infections, in the American market. Shares of Lupin slipped almost 2%.
Larsen & Toubro (L&T) said, on Monday, its construction arm has won orders worth Rs 2,161 crore across various business segments. The stock rose 0.5%.
Jubilant Life Sciences gained 4% on receiving final nod from the US health regulator for generic Levetiracetam injection, used for treatment of epilepsy, in the American market.
A wholly owned US subsidiary of Sun Pharma has decided to divest two oral solid dosage manufacturing facilities to Frontida BioPharma. However, the stock ended 2% lower.
The Leela Group and Qatar's Al Faisal Group on Sunday signed an agreement to build a five-star hotel near Taj Mahal in Agra with an Foreign Direct Investment (FDI) of about Rs 500 crore, coinciding with Prime Minister Narendra Modi's visit to the Gulf state. Hotel Leela Venture has soared 3%.
Coal India is likely to deliberate on a proposal to buy back its shares in its next board meeting. Coal India had a meeting with the government last week and a buyback proposal is likely to be placed before the next board meeting. The stock shed over 1%.
Ujjivan Financial Services fell 11% on account of profit booking. The stock hit an intra-day low of Rs 328 after touching a high of Rs 387 in early morning trade.
Muthoot Finance moved higher by 6%, extending its 18% rally in past one week, after the company reported strong 61% year on year jump in net profit at Rs 265 crore for the quarter ended March 2016 (Q4FY16), on back of healthy operational income.