Stock brokers reacts as they watch the share prices of BSE Sensex (Photo: Kamlesh Pednekar)
The Indian markets were feeble on the expiry day of September derivative series, plunging over two per cent, led by losses in public sector banks and auto stocks. The volatility index, India VIX, meanwhile, shot up 7 per cent to 22.6 levels.
Among the headline indices, the S&P BSE Sensex dipped over 750 points to 36,890 levels and the Nifty50 index slipped below the psychological level of 10,900 -- for the first time since August 3, 2020. Mahindra & Mahindra and Bajaj FInance (both down 5%) were the top Sensex losers, followed by TCS and IndusInd Bank (both down 4%).
All the Nifty sectoral indices were painted red, with Nifty PSU Bank and Nifty Auto indexes, down 3 per cent each, taking the biggest hit.
In the broader market, the S&P BSE MidCap and SmallCap indexes were trading over 2 per cent lower, too.
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01:11 PM
Nearly half of BSE 500 stocks underperform market since March low
Nearly half the stocks that comprise the BSE 500 index have underperformed the market in the past six months when Prime Minister (PM) Narendra Modi announced the first 21-day nationwide curfew / lockdown to contain the spread of Covid-19 on March 24. The announcement triggered a sharp fall in the market, which hit their almost four-year low. Six months on, the frontline indices – the S&P BSE Sensex and Nifty 50 – have rebounded 47 per cent and 48 per cent, respectively from their 46-month low touched on March 24 in intra-day trade. READ MORE
Photo: Kamlesh Pednekar
12:59 PM
MARKET COMMENT:: Abhimanyu Sofat, Head of Research, IIFL Securities
“It is possible that we may see more correction. Scotland and UK have said they are contemplating a lockdown. Fears that more economies may close down is creating more nervousness in the market. The revelations on global bank’s transactions also weighed heavily. All this is collective bothering the market, which is at is on the lookout for reasons to correct. Market had already raced ahead of its valuations."
"If we see markets weakening further, it could add more jitters. I see a strong support at 10,800 if the markets were to weaken from here. Cyclicals will be hammered further. People have stocked up on defensive stocks, and that pack which has stayed resilient, may also feel the heat. Stability in the global markets could be the only savior right now.”
12:57 PM
IT stocks: Double-digit growth required to justify high valuation multiples
Steller listing of Happiest Minds Technologies last week once again underlined investors trust in IT stocks mainly led by rising thrust for IT/digital infrastructure amid the coronavirus (Covid-19) pandemic. The story is not different for the already listed players. Over the last 3 months, the Nifty IT index has gained a whopping 35 per cent, almost 6 times the rise in the Nifty50. READ MORE
IT firms, information technology
12:43 PM
June Telecom Data :: Reliance Jio adds 4.5 million users
>> Airtel loses 1.13 million users
>> Vodafone Idea loses 4.8 million users
12:37 PM
It's raining IPOs: With 8 deals, busiest month for Dalal Street in nine yrs
Asset management firm UTI Mutual Fund and state-owned shipbuilder Mazagon Dock will launch their offerings just before the month ends. Stellar listings for last three IPOs has buoyed prospects for the primary markets, said experts. The two issues that closed this week -CAMS and Chemcon Speciality- continued to witness huge oversubscriptions despite volatility in the secondary market. READ MORE
12:31 PM
UPDATE :: Nifty slips below 10,900 for the first time since August 3, 2020
12:29 PM
MARKET CHECK :: Indices extend decline; Sensex tanks nearly 800 pts
12:22 PM
NEWS ALERT | Looking at 8% loan growth in FY21, says Rajnish Kumar
>> Around 50 firms with loan between Rs 50 cr-Rs 1500 crore may seek debt recast
12:18 PM
NEWS ALERT | Don't expect huge retail restructuring for the company: SBI chairman
12:14 PM
NEWS ALERT | As of Sept 23, not a single corporate has approached us for restructuring: SBI Chairman
-- Things become more complicated when there are large number of lenders involved
-- introduction of IBC helped in stress in corporate loans
-- Corporate are hesistant in getting 'restructured' tag
-- The smaller the credit size, the easier it becomes to deal with them
(via CNBCTV18)
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