BSE clarifies on Price Band rule; Sensex ends flat, SmallCap index down 1%

The BSE SmallCap index, which was down over 3 per cent at one point during the day, ended just 0.83 per cent lower.

4:10 PM

TECH VIEW :: Rohit Singre, Senior Technical Analyst at LKP Securities

Index opened a day with a gap but unable to sustain on highs & witnessed some profit booking and after a good volatile session managed to close at 16282 forming a hanging man sort of candle pattern on the daily chart which represents bearish reversal. The index breached its narrow consolidation zone in the beginning but again backed in the same which shows strong support is placed at 16200-16150 zone and if managed to hold above-said levels we may touch upper band of the range which is at 16350 zone.

4:09 PM

Market View :: Deepak Jasani, Head of Retail Research, HDFC Securities

Nifty has closed in the band of 16238-16280 for the sixth session after seeing some downward volatility earlier in the day. Advance decline ratio continues to be negative but has improved compared to the previous day. The broader markets may be close to making a short term bottom and this may enable the Nifty to rise mildly in the near term.

4:08 PM

MARKET CLOSING VIEW:: Vinod Nair, Head Of Research at Geojit Financial Services

Following continued selling in broader markets and weak Asian and US peers, Indian indices shed its early gains, however, late recovery helped the market to close the day on a flat note. Measures taken by BSE to curb excessive price movement in smaller stocks nudged selling pressure in small and mid-cap stocks while a clarity from BSE on limiting its restrictions to penny stocks gave some relief. Mainstream sectors succumbed to profit-booking while metal, energy and infra sectors traded against the trend. 

4:07 PM

IPO CHECK

COMPANY	SUBSCRIPTION STATUS
CarTrade Tech	20.25 times
Nuvoco Vistas	1.70 times
Chemplast Sanmar	0.24 times
Aptus Value Housing	0.36 times

*Source: Exchanges; Data as of 4 pm

4:03 PM

Pidilite adds 2% on strong Q1 earnings

>> PAT: Rs 217.6 crore vs Rs 15.8 crore YoY

>> Revenue: Rs 1936.8 crore vs Rs 877.8 crore YoY

4:00 PM

India Cements slips 2% even as Q1 profit swells by 121% YoY

>> India Cements posted a 121 per cent rise in consolidated net profit for the first quarter of the current financial year (Q1FY22) to Rs 43.05 crore as compared to Rs 19.47 crore during the the corresponding period last year.

 

3:58 PM

Lupin tanks 6% on poor operational performance in Q1

>> Ex-licensing income, Ebitda (earnings before interest, taxes, depreciation, and amortization) margins remained subpar at 14 per cent YoY. Decline in gross margins largely offset by lower employee cost, ICICI Securities said in a note.

3:57 PM

Zomato jumps 9% post Q1 earnings

>> While the company's loss swelled by over three times to Rs 356 crore in the June quarter (Q1), investors focussed on the better-than-expected revenue performance, driving the stock higher

3:53 PM

Market breadth favours sellers; advance-decline ratio at 1:2

3:51 PM

Only stock ends in the green in Nifty Pharma pack

>> Lupin, Torrent Pharma worst performers

3:50 PM

Nifty Metal index snaps 2-day losing run, rallies over 3%

>> Vedanta, SAIL, NALCO among top gainers

3:45 PM

SECTOR WATCH :: Metals rally, pharma bleeds

3:43 PM

BSE Midcap and Smallcap indices recover from day's low but end in red

>> The Midcap and Smallcap index recovered after BSE clarification but the indices still ended lower for the third day in a row

>> BSE clarified on its new 'Add-on Price Band Framework' and said the new framework shall be applicable to companies with a market-capitalisation of less than Rs 1,000 crore and on securities in groups -- X, XT, Z, ZP, ZY, and Y. The move, analysts say, may stop the bloodbath in the broader markets.

3:37 PM

Sensex Heatmap | Top gainers & losers at close

>> RIL, Tata Steel and TCS help cut Sensex losses, biggest contributors in trade today

>> Top gainers: Tata Steel, NTPC, Power Grid

>> Top losers: Kotak Bank, Sun Pharma, Bajaj Auto

3:35 PM

CLOSING BELL :: Sensex gyrates 591 points, ends 29 points down

The BSE barometer Sensex swung 591 points to end the volatile session 29 points or 0.05 per cent lower at 54,526. Meanwhile, NSE Nifty eked out 2 points or 0.01 per cent gain to settle at 16,282.

3:20 PM

Vedanta rallies 6%, hits over three-year high

Shares of Vedanta hit over a three-year high of Rs 324.80, as they rallied 6 per cent on the BSE in intra-day trade on Wednesday. In the past three weeks, the stock has surged 27 per cent on strong June quarterly earnings. The company reported a consolidated net profit attributable to owners of the company at Rs 4,224 crore in the June quarter (Q1FY22), up 309 per cent from the same period last year on the back of increased revenue. In the March quarter, the company’s consolidated net profit was at Rs 6,432 crore. READ MORE

3:08 PM

ALERT :: Sensex erases losses, turns flat

3:06 PM

'BSE's new surveillance framework appropriate from perspective of market integrity'

BSE's new surveillance framework with add-on price bands for specified stocks listed exclusively on the BSE is a timely initiative to curb excessive speculative activity in these stocks. It is a fact that there is froth in the mid and small-cap space. Many stocks in this segment have low liquidity and, therefore, are capable of being manipulated by a group of traders. In the present exuberant state of the market, manipulation is easy and appears to be happening. Therefore, this initiative from the BSE is appropriate from the perspective of market integrity.

-- Dr. Vk Vijayakumar, Chief Investment Strategist at Geojit Financial Services

2:50 PM

Asset-right strategy to drive ITC's game-plan for hotels post Covid: MD

In the medium term, the asset-right strategy is expected to double the number of properties in ITC's Hotels Business. As stated earlier, ITC will continue to examine alternate structures in this segment in line with industry recovery dynamics and opportunities for value creation. READ MORE

2:33 PM

KFC, Pizza Hut operator Sapphire Foods files IPO papers with Sebi

The initial share-sale will be entirely an offer-for-sale (OFS) of 17,569,941 equity shares by promoters and existing shareholders, according to the draft red herring prospectus (DRHP).

 

As a part of the OFS, QSR Management Trust will sell 8.50 lakh shares, Sapphire Foods Mauritius Ltd will offload 55.69 lakh shares, WWD Ruby Ltd will divest 48.46 lakh shares and Amethyst will offer 39.62 lakh shares. READ MORE

2:19 PM

Lupin falls 7% post Q1 results, hits over three month low

Shares of Lupin dipped 7 per cent to Rs 1,035.65, hitting an over three month low on the BSE in intra-day trade on Wednesday after the pharmaceutical company reported a disappointing performance for the April-June quarter (Q1FY22) on the margins front. The company's revenues, meanwhile, were driven by US$50 million licensing income and strong domestic growth. The stock was trading at its lowest level since April 19, 2021. READ MORE

1:53 PM

NEWS ALERT :: RBL Bank accredited as agency bank to the Reserve Bank of India

>> RBL Bank announced that it has been empanelled by the Reserve Bank of India (RBI) as an ‘Agency Bank’ to conduct banking business for the Central and State Governments.  

1:35 PM

NEWS ALERT :: BSE clarifies on Add-on Price Band Framework

>> The said framework is applicable to BSE Exclusive securities in groups viz. X, XT, Z, ZP, ZY, Y.

 

>> Securities should have a price of Rs 10 and more (as on review date)

 

>> The market capitalization the security should be less than Rs 1000 crores.

Read details here

1:30 PM

IPO Check :: CarTrade Tech sails through on Day 3, subscribed 5 times so far

1:12 PM

Dynamatic Tech zooms 31% in 2 days after HNIs buy stake in company

Shares of Dynamatic Technologies moved higher by 9.6 per cent at Rs 2,178, and bounced back 15 per cent from the intra-day low of Rs 1,901, in an otherwise weak market on the BSE on Wednesday. In comparison, the S&P BSE Sensex was down 0.33 per cent at 54,378 points at 12:37 pm. The stock of the industrial machinery company has zoomed 31 per cent in the past two trading days after high networth individuals (HNIs) and renowned fund managers Madhusudan Kela and Sunil Singhania bought a stake in Dynamatic Technologies via open market on Tuesday. READ MORE

1:02 PM

MARKET VIEW :: Should investors average their position in this market correction?

In the last 6 trading days, Nifty midcap has corrected by 5.4% from a high of 28,403 to 26,868. Nifty small cap has corrected by 9% from the highs of 10670 to 9794. Though some of the midcaps and small caps stocks are down by more than 15%-20% in the last 3-4 days, stocks in nifty and banknifty are holding the market. We suggest retail investors not to average their buy position at this point in time as the correction might last a bit longer. We believe in the short term the market will remain volatile.

 

Views by: Yash Gupta Equity Research Associate, Angel Broking

12:52 PM

Mid-market view | Gaurav Garg, Head of Research at CapitalVia Global Research

Indian benchmark continues to trade in a small range between 16200-16350. After a positive start in the market, we witnessed a correction and the gains got wiped off in the early morning session. Sentiments remain intact and poised towards positivity as government data shows a very small impact of the second wave on the businesses and that suggests the signs of economic recovery. The market continues to respect the support level of 16200. Our research suggests that we can expect the recovery in the market near the level of 16200 and gain momentum, leading to an upside projection till the level of 16450-16500.

 

12:45 PM

KIMS Hospitals surges 10% on strong June quarter results

Ebitda (earnings before interest, taxes, depreciation, and amortization) was up 41 per cent quarter on quarter (QoQ) at Rs 147.9 crore, while margins improved 200 basis points (bps) to 31.0 per cent in Q1FY22 from 29.0 per cent in Q4FY21.Consolidated revenue grew 31.6 per cent QoQ at Rs 477.50 crore from Rs 362.70 crore in previous quarter. READ MORE

12:29 PM

BHEL, Rallis India: Missed buying these stocks earlier? Here's your chance

Bank of India (BANKINDIA)
Likely target: Rs 75
Upside potential: 12%

Although, the counter failed to conquer the 200-weekly moving average (WMA) currently placed at Rs 81.40 levels, it has not lost the medium-term bullish outlook yet, as per the daily chart. Since late 2020, Bank of India stock has traded firmly above 200-days moving average (DMA) placed at Rs 64 levels. READ MORE

 

12:09 PM

JUNE QUARTER RESULTS :: INDIA CEMENTS

>> PAT: Rs 37.4 crore vs Rs 16.9 crore

>> Revenue: Rs 1023 crore vs Rs 757 crore

>> EBITDA: Rs 163 crore versus Rs 156 crore

>> Margin: 15.9% vs 20,6% YoY