Sensex slips 557 pts from day's high, ends 83 pts up; pharma, PSBs decline
All that happened in the markets today
 "Markets")
Erasing most of its early gains, the equity market settled with minor gains on Monday, led by buying in IT and financial counters.
The S&P BSE Sensex slipped 557 points from day's high to end at 34,370.58, up 83 points or 0.24 per cent while NSE's Nifty ended at 10,167 points, up 25 points or 0.25 per cent. India VIX, the volatility index, climbed 3.64 per cent to 29.72 levels.
Of 30 stocks on Sensex, 16 ended in the green and rest 14 in the red. IndusInd Bank (up around 7 per cent) ended as the top gainer on the index after the private sector lender said that its promoters would acquire additional shares of the Bank from the secondary market. READ MORE
Of 30 stocks on Sensex, 16 ended in the green and rest 14 in the red. IndusInd Bank (up around 7 per cent) ended as the top gainer on the index after the private sector lender said that its promoters would acquire additional shares of the Bank from the secondary market. READ MORE
Reliance Industries (RIL) hit yet another record peak of Rs 1,624 on the BSE after the oil-to-telecom behemoth announced 1.16 per cent stake sale in Jio Platforms, its digital services subsidiary, to Abu Dhabi Investment Authority (ADIA) for Rs 5,683.50 crore. The stock, however, reversed morning gains to end at 1,570, down 0.67 per cent.
Shares of oil marketing companies (OMCs) traded firm during the day after petrol and diesel prices were hiked by 60 paise per litre for a second straight day, thus ending an 83-day hiatus in rate revision. READ MORE
Shares of oil marketing companies (OMCs) traded firm during the day after petrol and diesel prices were hiked by 60 paise per litre for a second straight day, thus ending an 83-day hiatus in rate revision. READ MORE
Sectorally, IT stocks gained the most, followed by private bank stocks. The Nifty IT index jumped 1.83 per cent to 14,894.60 levels while Nifty Private Bank index ended at 11,545.60, up 1.28 per cent. On the flip side, Nifty Media declined 1.66 per cent while Nifty Pharma dropped 1.41 per cent to 9,939.10 levels.
In the broader market, the S&P BSE SmallCap index rallied around 1 per cent to 11,965.33 levels while the S&P BSE MidCap index ended at 12,583.61, up 0.23 per cent.
Global markets
In the broader market, the S&P BSE SmallCap index rallied around 1 per cent to 11,965.33 levels while the S&P BSE MidCap index ended at 12,583.61, up 0.23 per cent.
Global markets
World shares paused on Monday as investors turned cautious after a 42 per cent surge since March, as economies continued to struggle with the effects of the coronavirus pandemic.
Europe’s blue-chip stock index opened 0.5 per cent lower after its best weekly gain in more than eight years. US S&P 500 futures inched 0.1 per cent lower, giving up most of the gains made earlier in the day.
In Asia, shares advanced after a surprise recovery in US employment lifted hopes of a quicker global economic revival. MSCI’s broadest gauge of Asia-Pacific shares outside Japan rose 0.23 per cent, extending gains to an eighth straight day.
In commodities, oil climbed after major producers agreed to extend a deal on record output cuts to the end of July and as China’s crude imports hit an all-time high in May. Brent crude was up 50 cents, or 1.2 per cent, at $42.80 per barrel, at the time of writing of this report, while US West Texas Intermediate (WTI) crude rose 31 cents, or 0.8 per cent, to $39.86 a barrel.
Both hit their highest since March 6 earlier in the session, at $43.41 and $40.44, respectively.
(With inputs from Reuters)
3:58 PM
MARKET COMMENT:: Vinod Nair, Head of Research at Geojit Financial Services
"Markets traded volatile today, with the broader indices outperforming the benchmarks. Global cues were also mixed with most European markets trading in the negative. The recent rally, seen globally, was based on expectations of economic recovery, post easing of lockdown measures. In India, the cases continue to rise and the markets seem to be ignoring this, for the time being, giving more priority to the news of the economy opening up. There was a lot of stock-specific news that resulted in gains today and this stock-specific action is likely to continue."
3:45 PM
SECTOR WATCH:: Nifty IT index gains nearly 2%
3:43 PM
MARKET AT CLOSE:: Gainers and losers on the S&P BSE Sensex
3:36 PM
CLOSING BELL
The S&P BSE Sensex gained 83 points or 0.24 per cent to end at 34,370.58 while NSE's Nifty ended at 10,167, up 25 points or 0.25 per cent.
3:29 PM
MARKET CHECK
3:22 PM
MARKET UPDATE:: As many as 534 stocks hit their respective upper circuit during the day
>> Apex Frozen Foods, Capacite Infraprojects, Apollo Micro Systems and Dishman Carbogen Amcis frozen at 20% upper circuit
3:18 PM
MARKET UPDATE:: IT stocks rally in trade; S&P BSE IT index up 1.5%
3:10 PM
Hero MotoCorp Q4 results preview: Analysts see over 30% decline in profit
April was a wipeout month for many automobile firms in India due to the Covid-19 induced lockdown. However, sales have since started re-emerging as India looks to re-open its economy gradually. In a note, Edelweiss said, that over the medium-to-long term, it expects volumes of two-wheeler (2W) companies to recover faster than passenger vehicles (PVs), "given that 2Ws are still considered utility goods in India." READ MORE
3:09 PM
Click here for the full list
Fall from intra-day high today
| COMPANY | DAY'S HIGH(RS) | DAY'S LOW(RS) | FALL(%) |
|---|---|---|---|
| SHANKARA BUILD. | 348.00 | 286.00 | -15.55 |
| PVR | 1349.00 | 1130.00 | -15.06 |
| INOX LEISURE | 317.75 | 275.00 | -12.21 |
| JINDAL STAIN. HI | 56.90 | 50.40 | -10.54 |
| FINOLEX CABLES | 287.00 | 250.65 | -10.26 |
3:06 PM
Index contributors at this hour
3:02 PM
Sectoral trends on NSE at this hour
2:56 PM
Sharp decline in Abbott India's stock
2:51 PM
IL&FS sells 50% stake in GIFT city to Gujarat govt for Rs 33 crore
the stake sale will help the group reduce its debt by Rs 1,230 crore. The group's current outstanding debt is around Rs 94,000 crore.
IL&FS has duly received Rs 32.71 crore as equity value for shares as a sale consideration, news agency PTI reported. READ MORE
2:45 PM
BROKERAGE VIEW:: Centrum Broking on L&T
Even as L&T’s FY20 execution should remain impacted, robust order wins in Q4FY20 have resulted in a strong backlog of 3x TTM revenue. Given its diversified presence, proven execution capabilities and strong balance sheet, we expect L&T to consolidate its leadership position further and be well-placed for recovery. We value L&T on SOTP basis at Rs1094 with E&C business valued at 17x FY22E earnings. Maintain Buy.
2:40 PM
» More
SECTOR WATCH:: Pharma stocks decline
| COMPANY | LATEST(rs) | CHG(%) |
|---|---|---|
| BIOCON | 381.35 | -2.12 |
| SUN PHARMA.INDS. | 490.45 | -0.75 |
| CIPLA | 636.70 | -2.21 |
| DISHMAN CARBOGEN | 85.55 | 19.07 |
| STRIDES PHARMA | 413.90 | -0.65 |
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First Published: Jun 08 2020 | 7:36 AM IST
