MARKET WRAP: Sensex drops 855 pts from day's high on broad-based sell-off

All that happened in the markets today

2:14 PM

Rupee closing

Rupee ends lower at 75.61/$ vs Monday's close of 75.54 against the US dollar

2:04 PM

Nifty PSE index slips nearly a per cent; PFC, GAIL, BPCL decline up to 3%

1:57 PM

Sector Watch :: Nifty Realty index trades 1% higher

1:47 PM

BUZZING STOCK:: BHEL extends gains, jumps 7%

1:35 PM

Stocks that hit 52-week high on BSE today

COMPANY	PRICE(rs)	52 WK HIGH	CHG(%)
ADANI GREEN	312.75	312.75	4.98
DHANUKA AGRITECH	602.00	619.00	3.93
DR REDDY'S LABS	4118.65	4140.90	3.83
GMM PFAUDLER	4457.85	4488.75	4.29
LUPIN	921.90	930.50	2.36

1:29 PM

NEWS ALERT | BHEL commissions 270 MW thermal power plant in Telangana

1:19 PM

BROKERAGE VIEW:: ICICI Securities on Relaxo Footwears

Relaxo Footwear over the years has maintained balance sheet prudence with controlled working capital cycle (NWC days: 65 days), healthy asset turns of 2.5x and generating RoCE of 20%+. With earnings in short-term expected to be negatively impacted (particularly H1FY21E), Relaxo through its strong balance sheet and brand patronage is expected to tide over the current situation. We bake in revenue, EBITDA CAGR of 10%, 15%, respectively, in FY20-22E. The stock saw a sharp run up last month (up 25%) and is currently trading at rich valuations (56.3x FY22E EPS). We continue to remain structurally positive on the stock and its long term growth prospects but post the recent stock price flare up, we downgrade a notch from BUY to HOLD with a target price of Rs 715 (earlier: Rs 775). We would prefer to await better entry points at lower levels from a long term holding perspective.

1:10 PM

MARKET UPDATE :: Volatile trade today; Sensex up 50 pts now

1:04 PM

European shares mixed in early deals

(Source: Reuters)

12:55 PM

Sector Watch :: Nifty Energy index dips 0.5%

12:43 PM

Cloud over Franklin Templeton's wind-up move amid legal challenges

On Monday, the Delhi High Court (HC) issued notice to Franklin MF, the Securities and Exchange Board of India (Sebi), following a writ petition filed by an investor challenging the wind-up notice and the subsequent e-voting notice issued by the fund house.

 

The petition challenged Franklin MF’s contentions that cited the Covid-19 pandemic for the wind-up move and that this was the only viable option to preserve value for the unitholders. READ MORE

12:34 PM

NEWS ALERT | GST collections for biz activities in April 2020 at approx Rs 49,500 cr till June 5: CNBC TV18

12:33 PM

ITC advances 4%, hits over 3-month high; stock surges 30% in one month

Shares of ITC hit an over three-month high of Rs 206 on the BSE, up 4 per cent on Tuesday in the intra-day trade. The company recently acquired Kolkata-based Sunrise Foods, a packaged spice maker with strong presence in East India. In the past one month, the stock of fast moving consumer goods (FMCG) company has rallied 30 per cent, as compared to 10 per cent rise in the S&P BSE Sensex. The stock was trading at its highest level since February 25, 2020. READ MORE

12:26 PM

NEWS ALERT | Sun Pharma promoter released pledge on 28.5 lakh shares on June 5: CNBC TV18

12:23 PM

After 16% rally in three weeks, analysts turn cautious on small-caps

Of the 685 stocks from the smallcap index, more than half or 429 stocks beat the index by gaining over 16 per cent during the period. Total 241 stocks have rallied an over 25 per cent in the past three weeks. Of these five stocks – Khadim India, IFCI, Sintex Industries, LT Foods, and SREI Infrastructure Finance – have surged over 70 per cent, while 39 stocks soared in the range of 50 per cent to 70 per cent. READ MORE