MARKET WRAP: Sensex tanks 661 pts, Nifty Bank slips 3%; India VIX jumps 6%

All that happened in the markets today

A broker reacts while trading at his computer terminal at a stock brokerage firm in Mumbai (Photo: Kamlesh Pednekar)

12:20 PM

SBI AGM :: Expect to tide over Covid-19 related uncertainties in short to medium term

>> Legacy stress is fully recognised and provided for

>> Deposits grew faster in FY20 despite Covid-19 outbreak

>> High deposit growth pushed bank's market share up 46 bps

>> Much of domestic advances growth came from personal segment in FY20

(As reported by CNBC TV18)

12:12 PM

Passenger vehicle sales decline 49.59% in June over coronavirus, lockdown

According to the latest data by the Society of Indian Automobile Manufacturers (SIAM), two-wheeler sales were also down 38.56 per cent at 10,13,431 units as compared to 16,49,475 units in the same month last year. READ MORE

12:03 PM

NEWS ALERT :: June Wholesale inflation at (-)1.81%

>> Whole food inflation rises to 3.05% from 2.31% MoM

(As reported by CNBC TV18)

11:59 AM

Bharti Airtel trades higher in an otherwise weak market

11:47 AM

Individual investors likely behind latest market uptick, suggests data

Individual investors are the likely force behind the latest market rally. Sample this: The Nifty50 index has rallied 10 per cent since June 15 and during this period, and foreign portfolio investors (FPIs) —considered to be the main drivers for the markets — have sold shares worth nearly Rs 5,000 crore. The buying by mutual funds, which normally offset the selling by FPIs, too, remained muted at less than Rs 2,000 crore for the period under consideration. READ MORE

11:36 AM

Plenty of catalysts for Biocon over the next few months, say analysts

Rising almost 10 per cent in intra-day trade, shares of Biocon scaled an all-time high of Rs 455 apiece on Monday, before closing the day with minor gains. The Drug Controller General of India’s (DCGI’s) nod for the launch of Covid-19 treatment biologic Itolizumab (ALZUMAb) in an injectable form for emergency use, coupled with the company’s claim of its efficacy, constituted major triggers. READ MORE

11:25 AM

HDFC twins, RIL top contributors to Sensex's 600-point plunge today

11:15 AM

Tata Communications hits over 2-year high; stock zooms 112% in 3 months

Shares of Tata Communications were locked in the 5 per cent upper circuit for the second straight day on the BSE at Rs 700.55 on Tuesday, hitting an over two-year high in an otherwise weak market. The stock of the Tata group company was trading at its highest level since December 15, 2017. In the past three months, it had rallied 112 per cent after the company delivered strong operating performance during the January-March quarter (Q4FY20). READ MORE

11:02 AM

MARKET CHECK :: Sensex tanks 500 pts

10:51 AM

Financial stocks decline; Nifty Bank dips 2%; HDFC twins slide up to 3%

Financial counters, including heavyweights like HDFC Bank and HDFC, came under selling pressure on Tuesday. Nifty Bank index skid 2.3 per cent to hit an intra-day low of 21,578 in morning deals, and was among the top drags on the NSE. Besides, Nifty PSU Bank index and Nifty Private Bank index declined 3 per cent and 2.4 per cent, respectively. READ MORE

10:34 AM

Mindtree gains 1% ahead of Q1 nos; here's what to expect from the IT firm

Shares of Mindtree were trading over 1 per cent higher on the BSE on Tuesday ahead of its June quarter results for the financial year 2020-21 (Q1FY21) due later in the day. At 10:16 am, the stock was trading nearly 1.5 per cent higher at Rs 1,022.50. In comparison, the S&P BSE IT index was 0.4 per cent up at 16,057 levels. The benchmark S&P BSE Sensex was trading nearly 1 per cent lower at 36,337 points. READ MORE

10:27 AM

Nifty companies may see over 25% profit drop in Q1

The April-June 2020 quarter is likely to have been a washout for India Inc as economic activity reduced significantly during the period owing to lockdown imposed by the government to slow the spread of the Covid-19 pandemic. Leading brokerages expect a 27.3 per cent year-on-year (YoY) decline in the combined net profit (adjusted for exceptional gains and losses) of the country’s top 50 companies, which make up the Nifty50 benchmark index. The index companies’ combined net revenues are estimated to fall 27.1 per cent YoY in the June quarter. READ MORE

10:14 AM

BF Utilities surges 10% as Radhakishan Damani buys 1% stake in June quarter

Shares of BF Utilities were locked in 10 per cent upper circuit at Rs 220.95 on the BSE on Tuesday after investor Radhakishan Shivkishan Damani bought more than one per cent stake in the Kalyani group company in the April-June quarter. As on June 2020, Radhakishan Damani held 1.3 per cent stake, or 491,000 equity shares, in BF Utilities, according to shareholding pattern data filed by the company on Monday. READ MORE