F&O Expiry: Financials drag indices, Sensex falls 335 pts; HDFC slips 4%

All that happened in the markets today

4:04 PM

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

"Global markets faded as a status quo in policy by the US Fed Reserve failed to offset tepid business outlook and resurgence in virus cases around the world. Indian markets also closed in the negative, in spite of a positive opening. Unlock 3.0 failed to enthuse, as earnings results took priority, and markets turned volatile in the expiry session. Financials led the losses for the benchmark index. Investors will be looking at commentary emerging from today’s meeting between the PM and key economic regulators. Stock specific action expected to continue."

3:44 PM

SECTOR WATCH:: Nifty Pharma and Nifty IT end in the green

3:42 PM

MARKET AT CLOSE:: Losers and gainers on the S&P BSE Sensex

3:37 PM

CLOSING BELL

The S&P BSE Sensex ended 335 points, or, 0.88 per cent, lower at 37,736 levels while NSE's Nifty ended at 11,102, down 101 points or 0.9 per cent. 

3:24 PM

INDEX GAINER:: Sun Pharma advances over 3.6%

3:14 PM

BROKERAGE VIEW:: Centrum Broking on Colgate-Palmolive (India)

We remain cautious until we see the lower competitive intensity and gain in market share in the naturals’ portfolio. Further, we expect rising competitive intensity in the multi-benefit segment from HUL (Sensodyne) and in naturals portfolio from Dabur/ Patanjali to lift CLGT’s spends as gaining market share is the top priority. Considering improved margin profile in Q1 and guidance of lower capex cycle we increase FY21E/FY22E earnings estimate by 4.4%/4.3%. We retain Sell rating with DCF-based revised Target price of Rs1,198, implying 38.3x FY22E EPS. Risks to our call include significant volume uptick with improved offtake, lower input cost inflation, and lower competition. 

3:09 PM

MARKET CHECK:: HDFC Life slips 0.7% ahead of its inclusion in Nifty tomorrow

2:59 PM

India gold demand drops 70% in Q2 to hit 11-year low on price, Covid impact

India’s gold demand declined by a staggering 70 per cent in the three months to June, hitting the lowest quarterly figure in 11 years due to the closure of retail shops and factories following the Covid-induced nationwide lockdown during most of the period. A sharp increase in the price of the metal fuelled the downtrend. READ MORE

2:54 PM

UPDATE:: India VIX up over 2% to 24.63 levels

2:42 PM

IndusInd Bank slips 5%, top Sensex loser at this hour

2:35 PM

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

2:27 PM

HDFC Q1 profit dips 5% to Rs 3,051 cr; Board approves to raise Rs 45,000 cr

Housing financier HDFC on Thursday reported a standalone net profit of Rs 3,051.52 crore for June quarter of FY21 (Q1FY21), clocking a 4.7 per cent year-on-year (YoY) de-growth from Rs 3,203.1 crore-profit reported in Q1FY20. Sequentially, the profit grew 36.68 per cent from Rs 2,232.5 crore reported in the March quarter of FY20. READ MORE

2:22 PM

JUNE QUARTER RESULTS | Piramal Ent consolidated net profit up 10.6% at Rs 495.6 crore

-- Revenue dips 8.7 per cent at Rs 2,937 cr

-- Tax expense at Rs 161 cr vs Rs 216 cr (YoY)

2:14 PM

RESULT IMPACT:: HDFC slips over 1% post Q1 results

2:12 PM

ICRA reaffirms IndiGo's long-term rating at A-plus with negative outlook

Rating agency ICRA has reaffirmed IndiGo's long-term rating at A-plus with a negative outlook but downgraded short-term rating by one notch from A1-plus to A1. The agency has acknowledged India's largest airline's strong market position, cost-efficient structure and robust liquidity profile among its peers. READ MORE 

2:10 PM

Q1 RESULTS | HDFC's standalone net profit dips 4.7 per cent YoY at Rs 3,051 crore

-- Covid-19 provision at Rs 1,999 crore

-- Revenue up 0.2 per cent at Rs 13,017 crore

-- NII at Rs 3,392 crore, up 10 per cent YoY

-- Net interest margin at 3.1 per cent from 3.3 per cent

2:03 PM

MARKET CHECK

1:53 PM

UPDATE:: PVR Ltd slips nearly 6%

1:46 PM

MARKET CHECK:: BSE SmallCap index trades in the green

1:42 PM

Covid-19 impact :: German economy shrank by record 10.1% in second quarter, reports AFP

1:34 PM

Rollover Analysis :: July F&O expiry

>> Stock futures rollovers on the D-1 stands at 79% as compared to average rollovers of 78% (last three series). Overall market wide futures OI stands at Rs 1.24tn as compared to Rs 1.17tn on the D-1 of June expiry. Roll levels across most of the names 23-25bps (profit to short rollers).

>> Nifty futures rollovers stand at 58% which is a lower than the average rollovers of 60% last three series)

(Source: Edelweiss Securities)
 

1:24 PM

SBI Q1FY21 preview: Stake sale gain from SBI Life to cushion Covid-19 blow

“SBI’s exposure to the stressed pool stands at around 2 per cent of total loans, while its net stressed loans (excluding NNPA) at 0.3 per cent are the lowest amongst corporate banks. The proportion of the moratorium book also stands lower than that of most peers. Further, moratorium availed in the corporate segment remains low. We, nevertheless, cut our earnings estimate as we expect slippages to stay elevated in 1HFY21, along with higher credit cost,” said analysts at Motilal Oswal Financial Services (MOFSL). For the June quarter, they see slippages elevated at around 2.5 per cent. READ MORE

1:17 PM

BROKERAGE VIEW:: Emkay Global Financial Services on Navin Fluorine

RATING: BUY | TARGET PRICE: Rs 1,850

We remain positive on the Specialty Chemicals and CRAMS businesses, given a solid product pipeline along with visibility in the order flow emerging from the international markets, in the medium term. On the R-gas and Inorganic Fluorides fronts, the businesses may remain under pressure due to inadequate demand consolidation, especially in the domestic market. On a positive note, there has been a slight uptick in OEM activity levels in June’20 for both the segments, which provides some respite. We have a Buy rating on the stock with a TP of Rs1,850 and will revisit our estimates post concall, scheduled at 3 pm on July 30.

1:14 PM

MARKET UPDATE:: Sensex erases gains

1:10 PM

July Auto Sales :: Sales expectations by Emkay Global

1:00 PM

NEWS ALERT :: VAT on diesel cut in Delhi

12:55 PM

Q&A :: Markets may remain directionless in next couple of months, says Rajat Jain of Principal Asset Management

The rally in the markets since the last week of March has been a global phenomenon, driven by liquidity, gradual recovery in the economy as it opens up, and increased retail participation. The economic recovery is gradual and uncertainties still remain. Given these conditions, it is possible that the markets remain volatile and directionless next couple of months READ FULL INTERVIEW HERE

12:42 PM

BUZZING STOCK:: Mastek gains over 5%

12:31 PM

TCS, Infosys, and Dr Reddy's shares hit fresh record highs

Shares of Dr Reddy’s Laboratories, Tata Consultancy Services (TCS) and Infosys from the S&P BSE Sensex and Nifty50 index hit their respective fresh all-time highs on the bourses on Thursday. Dr Reddy’s rallied 5 per cent to Rs 4,524 today, surging 12 per cent in the past two trading days after it reported a strong operational performance with EBITDA (earnings before interest, taxes, depreciation, and amortisation) margins expansion of 611 basis points (bps) year-on-year (YoY) to 25.3 per cent in June quarter (Q1FY21). The stock of the pharmaceutical company surpassed its previous high of Rs 4,383 touched on October 20, 2015. READ MORE

12:22 PM

Top gainers on BSE at this hour

COMPANY	PRICE(rs)	CHG(%)
EIH	65.00	8.88
SHOPPERS STOP	161.40	7.49
NILKAMAL LTD	1277.60	7.33
STAR CEMENT	90.55	7.29
CENTRAL BANK	18.80	6.82