Wednesday, December 25, 2024 | 10:06 AM ISTEN Hindi

Sensex falls 164 pts; Vodafone Idea tumbles 9%, Happiest Minds soars 17%

Despite an overall slowed down momentum in the markets, investors rewarded auto stocks as the June sales figures showed healthy year-on-year recovery

SI Reporter New Delhi

MARKET LIVE: Indices rangebound; Bajaj Auto, Tata Motors top gainers

11:03 AM

Cosmo Films hits new high on strong earnings, rallies 69% in three months

Shares of Cosmo Films rallied 7 per cent to hit a new high of Rs 1,047 on the BSE in intra-day trade on Thursday, in an otherwise range-bound market, taking its gains to 18 per cent in the past two days. In the last three months, the stock of the company, engaged in the containers and packaging business has outperformed the market by zooming 69 per cent as compared to a 5 per cent rise in the S&P BSE Sensex. In the past one year, the scrip has soared 235 per cent compared to a 48 per cent rally in the benchmark index. READ MORE

10:55 AM

India's factory activity shrinks in June for first time in 11 months

India's factory activity contracted for the first time in almost a year in June as restrictions to contain the deadly second wave of the coronavirus triggered declines in demand and output that pushed firms to cut more jobs, a private survey showed on Thursday. Although many Indian states have recently relaxed some containment measures following a decrease in daily cases the rapid emergence of the new Delta Plus variant has raised concerns over the nation's already weak economic outlook. READ MORE

10:42 AM

MARKET UPDATE:: Sensex extends fall

10:33 AM

NEWS ALERT :: India June Manufacturing PMI at 48.1 vs 50.8 in May

>> The figure is the lowest since July 2020

10:28 AM

India's June jobless rate falls to 9.17% from 11.90% in May: CMIE

India's June unemployment rate fell to 9.17% from the May figure of 11.90%, data from the Centre for Monitoring Indian Economy (CMIE) showed on Thursday. Most economic activities have resumed in the south Asian nation after state governments eased pandemic curbs following a fall in coronavirus infections, which peaked in May. READ HERE

10:22 AM

Promoters of over 500 listed firms lose monopoly over independent directors

Promoters of more than 500 companies will no longer be the sole judge on independent director appointments. The Securities and Exchange Board of India has said that appointments will need a special resolution. This means that the voting threshold in favour of the appointment will now be 75 per cent. It was earlier passed by ordinary resolution which needed a majority vote (above 50 per cent). READ MORE

Boardroom, management, india inc, corporate, companies, firms

10:11 AM

Rupee opening

Rupee opens at 74.38/US dollar as against Wednesday's close of 74.33/$

10:10 AM

Vodafone Idea slips 15% on weak operational performance in Q4

Shares of Vodafone Idea tanked 15 per cent to Rs 8.46 on the BSE in Thursday's intra-day trade after the company reported a weak operational performance in the March quarter (Q4FY21). The stock is part of the future and option (F&O) segment and such stocks don't have circuit limits. The stock erased partial losses and was down 6 per cent at Rs 9.32 on the BSE around 9.40 am, as against a 0.03 per cent gain in the S&P BSE Sensex. A combined 350 million shares had changed hands on the counter on the NSE and BSE at the time of writing this report. READ MORE

10:03 AM

MARKET VIEW :: 'Bull fatigue' gripping markets

It appears that the market is in a 'bull fatigue' stage. Markets may consolidate in the 15600- 15900 level for some time before breaking out above 15,900 or breaking down below 15,600. If the market is to turn bullish again, it will have to break the 15,900 resistance & stay above this level for some time. For this to happen, current underperforming sector like banking has to emerge as a leader in the next leg of the rally.

In the present rally, metals & IT have been the clear leaders. These two segments are likely to remain resilient but they are unlikely to move up significantly due to high valuations. So, market leadership change is imminent, and private sector banking and industrials are the likely candidates. Hyper-speculative activity in fundamentally unsound mid-, small-caps triggered by newbie retail investors is an area of concern

Views by: Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services

9:55 AM