MARKET: Financials drag indices lower; Sensex dips 129 pts, Nifty holds 10K
All that happened in the markets today
 "Markets")
Traders monitor BSE index at a brokerage firm in Mumbai | PTI
After rallying for six straight sessions, the domestic equity market took a breather on Thursday amid selling in financial counters. Meanwhile, erroneous price feeds for Bank Nifty contracts disrupted trading activity. Several brokers halted trading in Bank Nifty derivatives — the most traded index after Nifty, citing error in exchange feeds. NSE said it was examining the issue.
At the index level, the S&P BSE Sensex shed 129 points or 0.38 per cent to settle at 33,980.70, with Tech Mahindra (up over 5 per cent) being the top gainer and Asian Paints (down around 5 per cent) the biggest loser. Telecom major Bharti Airtel witnessed a sharp surge in the fag end of the session after news agency Reuters reported that Amazon.com is in early-stage talks to buy a stake worth at least $2 billion in the telecom company.
NSE's Nifty held 10,000 levels and ended at 10,029, down 32 points or 0.32 per cent. Volatility guage, India VIX, slipped nearly 2 per cent to 29.51 levels.
On the sectoral front, Nifty Private Bank index took the biggest knock - down over 3 per cent to 11,128.70 levels while Nifty Bank ended 2.63 per cent lower at 20,390.45 levels.
In the broader market, the S&P BSE MidCap index ended flat at 12,333.29, down just 0.06 per cent and the S&P BSE SmallCap index shed 0.05 per cent to 11,564.79.
Among individual stocks, Reliance Industries (RIL) reclaimed the 10 trillion m-cap. The stock ended nearly 2.5 per cent higher at Rs 1,579.95 apiece on the BSE. READ MORE
Shares of Aurobindo Pharma hit a 52-week high of Rs 791 on the BSE during the day after the company reported healthy March quarter results. That apart, early today, the company informed the exchanges that the US Food and Drug Administration (FDA) has classified the inspection of the company's oral solids formulation manufacturing facility at New Jersey as official action indicated (OAI). The stock ended at Rs 759 on the BSE, up over 1 per cent.
VST Tillers Tractors hit a high of Rs 1,310 on the BSE after the company reported strong tractors sales of 633 units in May 2020, up 23 per cent YoY, from 527 units sold in May 2019. In April, the company had posted 23.7 per cent YoY de-growth in sales. The stock ended over 12 per cent higher at Rs 1,240 apiece on the BSE. READ MORE
On the sectoral front, Nifty Private Bank index took the biggest knock - down over 3 per cent to 11,128.70 levels while Nifty Bank ended 2.63 per cent lower at 20,390.45 levels.
In the broader market, the S&P BSE MidCap index ended flat at 12,333.29, down just 0.06 per cent and the S&P BSE SmallCap index shed 0.05 per cent to 11,564.79.
Among individual stocks, Reliance Industries (RIL) reclaimed the 10 trillion m-cap. The stock ended nearly 2.5 per cent higher at Rs 1,579.95 apiece on the BSE. READ MORE
Shares of Aurobindo Pharma hit a 52-week high of Rs 791 on the BSE during the day after the company reported healthy March quarter results. That apart, early today, the company informed the exchanges that the US Food and Drug Administration (FDA) has classified the inspection of the company's oral solids formulation manufacturing facility at New Jersey as official action indicated (OAI). The stock ended at Rs 759 on the BSE, up over 1 per cent.
VST Tillers Tractors hit a high of Rs 1,310 on the BSE after the company reported strong tractors sales of 633 units in May 2020, up 23 per cent YoY, from 527 units sold in May 2019. In April, the company had posted 23.7 per cent YoY de-growth in sales. The stock ended over 12 per cent higher at Rs 1,240 apiece on the BSE. READ MORE
Global markets
Asian shares rose to a two-month high on Thursday as expectations of further government stimulus supported investor confidence in an economic recovery from the global coronavirus pandemic. MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.43 per cent, earlier touching the highest since March 9. Chinese shares were little changed due to lingering worries about diplomatic tension between the United States and China, while U.S. stock futures fell 0.15 per cent.
In Europe, stock market inched lower ahead of European Central Bank meeting where policymakers are expected to provide more aid for the battered euro zone economy.
In commodities, oil prices dropped on doubts over the ability of crude producers to agree to extend record output cuts, heightened by worries over a build in US fuel inventories.
(With inputs from Reuters)
4:05 PM
EXPERT COMMENT:: Vinod Nair- Head of Research - Geojit Financial Services
The markets were undecided and finally ended slightly negative, after 6 successive days of gains. The banking index which had driven the gains for the last few days was incidentally the biggest loser in today’s trade. Global cues were also mixed after Asian markets ended positive but European markets were awaiting details on ECB’s stimulus plans. Domestically, markets still seem to be forward-looking, ignoring the recent quarterly results and economic data, and anticipating a turnaround in the economy.
3:45 PM
SECTOR WATCH:: Media stocks gain the most
3:43 PM
MARKET AT CLOSE:: Losers and gainers on the S&P BSE Sensex
3:36 PM
CLOSING BELL
The S&P BSE Sensex shed 129 points or 0.38 per cent to end at 33,980.70 while NSE's Nifty ended at 10,029, down 32 points or 0.32 per cent.
3:29 PM
NEWS ALERT:: Amazon in talks to buy $2 billion stake in Bharti Airtel, reports Reuters
Amazon.com is in early-stage talks to buy a stake worth at least $2 billion in mobile operator Bharti Airtel, three sources with knowledge of the matter told Reuters, underscoring the growing attraction of India’s digital economy for U.S. tech giants. The planned investment, if completed, would mean Amazon acquiring a roughly 5% stake based on the current market value of Bharti, which is India’s third-largest telecoms company with more than 300 million subscribers.
3:14 PM
BUZZING STOCK:: Inox Leisure jumps 18%
3:06 PM
Earnings Alert | NIIT Q4
>> Consolidated profit at Rs 60 lakh
>> Cons revenue at Rs 211.1 crore
>> EBITDA at Rs 2.1 crore
>> EBITDA margin at 1%
>> Cons revenue at Rs 211.1 crore
>> EBITDA at Rs 2.1 crore
>> EBITDA margin at 1%
3:05 PM
Click here for the full list
Aviation stocks take off in an otherwise weak market
| COMPANY NAME | LATEST | HIGH | LOW | CHG(%) |
|---|---|---|---|---|
| SPICEJET | 46.80 | 46.80 | 44.70 | 4.93 |
| INTERGLOBE AVIAT | 1099.80 | 1117.25 | 1025.75 | 7.24 |
| JET AIRWAYS | 26.35 | 26.35 | 26.35 | 4.98 |
| GLOBAL VECTRA | 51.45 | 51.85 | 49.85 | 0.29 |
3:02 PM
MARKET UPDATE:: Top 5 losers on the BSE at this hour
2:54 PM
NEWS ALERT :: Govt extends anti-dumping duty on select steel products till Dec 4, reports CNBC TV18
2:50 PM
PE investments doubled in May thanks to Reliance's Jio Platforms deals
Around $4.6 billion, or 85 per cent of the total deals, invested was in Jio Platforms, the digital arm of Reliance Industries. If not for Jio Platforms, PE/VC investments would have recorded a fourth straight month of decline.
According to data from EY-IVCA, investments last month were 92 per cent higher compared to May 2019 ($2.8 billion) and 5.8 times the value recorded in April 2020 ($935 million). READ MORE
2:42 PM
S&P BSE MidCap index outperforms benchmarks, down 0.23%
2:39 PM
Only 3 stocks hit their respective 52-week highs on the BSE today
| COMPANY | PRICE(rs) | 52 WK HIGH | CHG(%) |
|---|---|---|---|
| AUROBINDO PHARMA | 762.25 | 791.00 | 1.55 |
| CIPLA | 655.50 | 659.95 | 2.19 |
| GMM PFAUDLER | 4127.95 | 4238.90 | 2.79 |
2:34 PM
Advise against trading in Nifty Bank options till things normalise: Nikhil Kamath, Zerodha to CNBC-TV18
>> Brokers are still investigating the problem;
>> Seeing problems in Nifty Bank options across all expiries;
>> Hard to say if morning trades will hold or will be cancelled
>> Seeing problems in Nifty Bank options across all expiries;
>> Hard to say if morning trades will hold or will be cancelled
2:31 PM
NEWS ALERT :: Bharti Infratel Board to meet on June 11 to decide on merger with Indus Tower
>> The Board has decided to meet on 11th June, 2020 to take the final decision on the matter, keeping in mind the best interest of the Company and its stakeholders. It may be noted that the Board of Directors in its meeting held on 23rd April, 2020 had extended the long stop date for the Scheme till 24th June, 2020, with each party retaining the right to terminate and withdraw the Scheme at any point.
>> Accordingly, there can be no certainty whether the merger will get completed or not.
(Via BSE filing)
>> Accordingly, there can be no certainty whether the merger will get completed or not.
(Via BSE filing)
Don't miss the most important news and views of the day. Get them on our Telegram channel
First Published: Jun 04 2020 | 7:36 AM IST
