MARKET WRAP: Sensex slips 143 pts amid weak global cues; financials decline

All that happened in the markets today

3:55 PM

MARKET COMMENT:: Vinod Nair, Head of Research at Geojit Financial Services

"Markets continued their volatile movements and ended the day negative, tracking mixed global cues. Global stocks were mixed following record infections in the US, which led to worries of delayed global economic recovery, while Indian markets worried about record cases of infections and increasing localised lockdowns.  However, on a weekly basis, the benchmark indices gained around 1.5 per cent. The weekly gains were mainly driven by liquidity and the hope that the virus would be contained soon and businesses back to normal. However, the outlook for the market is volatile as the earnings announcements have begun after a washout quarter for most industries. This uncertainty combined with profit booking happening after the recent rally, means that the volatility is expected to continue in the markets and investors would do well to be cautious and stock specific in this market."

3:43 PM

SECTOR WATCH:: Pharma stocks rally in trade

3:42 PM

MARKET CLOSE:: Top losers and gainers on the S&P BSE Sensex

3:36 PM

CLOSING BELL

The S&P BSE Sensex fell 143 points or 0.39 per cent to end at 36,594 while NSE's Nifty settled at 10,768, down 45 points or 0.42 per cent.

3:27 PM

This pharma stock zooms over 100% in 18 trading days

Shares of IOL Chemicals & Pharmaceuticals (IOL) continued their northward journey and rallied 16 per cent to Rs 723 on the BSE on Friday, on the back of over two-fold jump in trading volumes. The stock of the pharmaceutical company hit a new lifetime high today and has appreciated by 105 per cent in the past 18 trading days. On June 16, IOL ended at Rs 352.05 on the BSE. READ MORE 

3:20 PM

Sectoral trends on NSE at this hour

3:13 PM

Moody's says UK economy to slump over 10%, debts to surge, reports Reuters

Britain will suffer the sharpest peak-to-trough economic slump of any major economy this year, rating agency Moody’s warned on Friday, while its debts as a share of GDP will surge by 24 percentage points. Moody’s said the UK government’s latest stimulus package, announced this week, would aid a gradual economic recovery but add further pressure to the UK’s fiscal position, the report added. 

3:09 PM

June Quarter Result :: Karnataka Bank's profit grows from Rs 175 cr to Rs 196 cr YoY

>> Gross NPA dips from 4.82% to 4.64% QoQ

>> Net NPA moderates from 3.08% to 3.01% QoQ 

3:04 PM

YES Bank slips 9% after fixing FPO floor price at Rs 12 per share

A lengthy approval process and the risk of the issue getting undersubscribed, if the secondary markets see volatility, are some of the reasons why firms have stayed clear of FPOs. The qualified institutional placement (QIP) has been the go-to instrument, given its fast-track nature. READ MORE

2:55 PM

NEWS ALERT :: Unichem Lab gets US FDA nod for Baclofen tablets (10-20 mg)

>> The drug is used to treat muscle spasticity such as from a spinal cord injury or multiple sclerosis

2:48 PM

NEWS ALERT:: JSW Steel’s board to consider fundraising via NCDs on July 24

2:41 PM

NEWS ALERT :: Canara Bank to raise equity capital worth Rs 5,000 cr

2:38 PM

NEWS ALERT :: SBI Board to meet on July 15 to consider capital raising

2:31 PM

NSE to accept gold bars produced by Indian refiners for settlement

For this, the exchange launched NSE Refiner Standards (NRS) for BIS - Standard Gold- which will be effective from Friday, July 10.

 

"The NSE Refiner Standards for BIS Standard Gold would enable the acceptance of gold bars produced by the domestic refiners in India, for settlement of the gold futures contracts traded on the NSE platform," the exchange said in a statement. READ MORE

2:24 PM

PI Industries hits record high on successful QIP issue; surges 8% in 2 days

Shares of PI Industries hit a fresh all-time high of Rs 1,789, up 3.5 per cent in the intra-day trade, on the BSE on Friday. The stock has surged 8 per cent in the past two days after the company successfully raised Rs 2,000 crore via qualified institutional placements (QIP). The agro-chemical firm on Wednesday said the company has fixed issue price at Rs 1,470 per share, about 4 per cent lower than the floor rate, for sale of shares to institutional investors. READ MORE 

2:15 PM

INDEX LOSER:: Titan Co slips 3%

2:06 PM

Rupee Closing

Rupee ends lower at 75.21 per US dollar vs Thursday's close of 74.99/$

2:02 PM

NBFCs, HFCs shed risky real estate loans to remain asset light

Saddled with risky real estate loans, non-banking finace companies and housing finance firms are selling their portfolios to special situation funds.

 

The liquidity squeeze faced by NBFCs notwithstanding in the last two years since ILF&S defaults in 2018, the Covid-19 issues and lockdown have made developer loans further risky for them. READ MORE

1:55 PM

MARKET CHECK:: Top 5 losers on the BSE at this hour

1:47 PM

NEWS ALERT :: Bank of Maharashtra to raise capital up to Rs 2,000 cr

1:45 PM

NEWS ALERT :: Bank Of Baroda cuts lending rate by 5 bps across tenors w.e.f July 12

1:45 PM

Tesla, Wall Street's most controversial stock, on the verge of joining S&P 500

Wall Street's most controversial stock may be about to go mainstream. Tesla Inc appears on the verge of joining the S&P 500, a major accomplishment for Chief Executive Officer Elon Musk that would unleash a flood of new demand for the electric car maker's shares, which have already surged 500% over the past year. READ MORE

1:37 PM

MARKET UPDATE:: BSE Midcap index underperforms Sensex

1:32 PM

Sensex Heatmap at this hour

1:25 PM

STOCK ALERT :: Reliance Ind hits fresh record high

>> Surpasses its previous high of Rs 1,870 touched on July 7.

1:21 PM

European indices open in the red

1:17 PM

STOCK ALERT :: RK Damani picks 1.03% stake in June quarter

>> Damani held no stake previously

1:10 PM

Godrej Agrovet: Good prospects, but investors should look at stock on dips

The rally in agri-related stocks has helped Godrej Agrovet gain over 31 per cent since May 20. The gains were led by expectations of growth across segments, margin improvement, and earnings recovery in financial year 2020-21 (FY21).

 

The company had posted muted numbers in the March quarter because of Covid-19, which dented the top line and profitability. Though the company has a presence across multiple segments, crop protection and animal feed account for 65 per cent of consolidated revenues. READ MORE

1:04 PM

Stocks that hit 52-week high in an otherwise weak market today

COMPANY	PRICE(rs)	52 WK HIGH	CHG(%)
ALKYL AMINES	2422.70	2833.00	0.98
AUROBINDO PHARMA	817.20	828.45	0.56
BIOCON	412.10	420.35	1.48
BRITANNIA INDS.	3719.90	3752.50	1.22
ESCORTS	1124.40	1139.10	-0.45

12:56 PM

As AMC equity flows taper, investors urged to wait till situation improves

The continuous decline in net equity inflows seen in the past three months, at a time when retail participation in equities is rising, is worrying investors about the prospects of asset management companies (AMCs) such as HDFC AMC and Nippon Life India AMC (Nippon AMC). According to data published by Association of Mutual Funds in India (AMFI), the industry saw net equity inflows hitting a 4-year low in June. READ MORE