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

All that happened in the markets today

9:11 AM

NEWS ALERT :: China’s June imports up 6.2% & exports up 4.3% YoY in Yuan terms

>> January-June Yuan denominated imports down 3.3% and exports down 3% YoY

>> China says, foreign trade development facing "more grim and complicated external environment"

(Source: Reuters)

9:04 AM

Top gainers and losers on the S&P BSE Sensex at Pre-open

9:03 AM

Markets at Pre-open

9:02 AM

Markets at Pre-open

8:55 AM

BROKERAGE VIEW :: Motilal Oswal Financial Services on SAIL

CMP: Rs 36 | TP: Rs 34 (-5%) | Reco: Neutral

>> We expect sales volumes to decline ~4% in FY21 on weak domestic demand; however, we expect volumes to grow at ~10% to 15.1mt in FY22, implying a CAGR of 3% over FY20–22.

>>  We expect 2HFY21 to be better operationally, with recovery coming in volumes from key sectors such as Infra and Construction. We expect the adverse impact of lower prices and negative operating leverage to be offset by lower raw material cost in FY21; as a result, we build in moderate decline in margins.

>> We value the stock at 6.5x FY22E EV/EBITDA at INR34/sh.

8:53 AM

Stocks to watch: Wipro, Mindtree, Cipla, HDFC, Lakshmi Vilas Bk, Bata India

Wipro: The Bengaluru-headquartered information technology (IT) services company will announce its financial results for the quarter ended June 2020 (Q1FY21) on Tuesday, July 14. 

 

Earnings today: Besides Wipro, 34 other companies are slated to announce their quarterly results today including Mindtree, and Oberoi Realty.

 

HDFC: Mortgage lender HDFC Ltd on Monday said it is planning to raise up to Rs 45,000 crore by issuing debt securities and will seek approval of shareholders in its upcoming AGM later this month. READ MORE 
 

 

8:51 AM

BROKERAGE VIEW :: Macquarie on HDFC Bank

Maintains 'Outperform', Target price: Rs 1,124

>> Senior management exits, no major impact for now

>> Expect RBI's nod for new CEO by next month; likely candidate Sashi Jagdishan

8:48 AM

BROKERAGE VIEW :: CLSA on India

>> Covid-19 has made another recapitalisation inevitable

>> Recovery will be complicated due to weak financial sector

>> Low interest rates needed for next credit and investment cycle

>> RBI's liquidity measures failed to lift credit growth

>> Post Covid-19 recovery will be prolonged due to existing financial crisis

>> Forecast another 125 bps rate cut by March 2021

8:43 AM

NEWS ALERT :: Cipla gets US FDA nod for Icatibant Injectable pre-Filled syringe

8:42 AM

Nifty outlook & stock calls by Anand Rathi: Buy Wipro, Sun Pharma

BUY NIFTY | TARGET: 10,950 | STOP LOSS: 10,700

 

The Nifty index is in a consolidation mode where the support is continuously shifting higher. The momentum indicators and oscillators are very well in the 'buy' mode on a weekly scale, which hints that bulls are tightening the grip and the current pullback is likely to extend further. The volatility index, IndiaVIX, is hovering near 25 levels which is giving comfort to the bulls. READ MORE

8:35 AM

Bulk deals on BSE as on Monday

Click here for complete list

8:34 AM

Bulk deals on NSE as on Monday

Click here for complete list

8:32 AM

FII/FPI & DII trading activity on NSE, BSE and MSEI

8:30 AM

NEWS ALERT :: Singapore economy enters recession, second-quarter GDP plunges record 41.2%

Singapore's economy slipped into recession in the second quarter, contracting by a record 41.2 per cent from the previous three months and is facing its biggest slump ever this year as coronavirus lockdown steps hammer the trade-reliant city-state. READ MORE

8:28 AM

Rupee check

Source: Bloomberg