MARKET WRAP: Indices snap 5-day rally, Sensex slips 345 pts; IT, autos fall

All that happened in the markets today

10:35 AM

Bull run pushes market valuations to 10-year high

The benchmark indices may be 13 per cent below their all-time highs reached earlier this year, but their valuations have climbed to 10-year highs. The surge — the Nifty50 index is up 42 per cent from its coronavirus lows — coupled with a deterioration in earnings estimates, has seen the indices swing from ‘cheap to ‘expensive’ territory within a matter of months. Such a dramatic shift in the market dynamics has stunned many on the Street. READ MORE

10:25 AM

IndusInd Bank advances 6% on report Route One Investment may raise stake

Shares of private lender IndusInd Bank advanced 5.6 per cent to Rs 556 on the BSE on Wednesday on report that US-based hedge fund Route One Investment may up stake in the bank from current 5.4 per cent to 9.9 per cent. According to a report by Moneycontrol, Route One Investment Company currently holds a 5.41 per cent stake in IndusInd Bank through two entities but intends to hike it to around 9.9 per cent via a preferential allotment of shares, helping the bank strengthen its Balance Sheet and raise capital. READ MORE

10:18 AM

MARKET UPDATE:: Sensex slips into the red in volatile session

10:14 AM

Chemical stocks extend rally; GHCL, Phillips Carbon surge 29% in a week

Shares of companies in the chemicals, commodities,and specialty chemicals space were trading up to 15 per cent higher on the BSE on Wednesday amid reports that the government is planning to offer tax incentives to promote 'Make in India' for the chemical sector. Tamilnadu Petroproducts, IG Petrochemicals, Thirumalai Chemicals, Sudarshan Chemical Industries, Himadri Speciality Chemical, National Peroxide, GHCL and Nocil from the S&P BSE Allcap index were up between 5 per cent and 15 per cent in intra-day trade on the BSE. READ MORE

10:09 AM

NEWS ALERT | Lupin voluntary recalls Metformin Hydrocholride (500 mg-1g) in US

10:05 AM

Rupee Opening

Rupee opens higher at 74.86 per US dollar vs Tuesday's close of 74.94/$

10:01 AM

Most active stocks by volume

COMPANY	PRICE(rs)	CHG(%)
VODAFONE IDEA	9.67	0.94
UJJIVAN SMALL	39.70	7.30
ST BK OF INDIA	192.70	2.20
S A I L	33.65	3.70
BANK OF BARODA	52.75	3.94

9:57 AM

Nifty PSU Bank index rises 3%

9:39 AM

Broader market check

9:36 AM

Cipla up nearly 2% as potential Covid-19 drug Remdesivir could be launched shortly

9:32 AM

NEWS ALERT :: SBI cuts lending rate by 5-10 bps in the shorter tenors effective July 10

>> MCLR up to 3 months tenor comes down to 6.65%

9:31 AM

Infosys dips 2% in early deals

9:29 AM

Zuari Agro Chemicals trades higher

9:28 AM

IndusInd Bank gains 3% on report Route One Investment Company is in talks to increase its stake in the bank.

9:26 AM

Maruti Suzuki's production declines over 50% YoY in June

>> In an exchange filing, the company informed that its total production in June stood at 50,742 units as against 111,917 in the year-ago month.