MARKET WRAP: Sell-off continues, Sensex tumbles 306 pts as financials drag
All that happened in markets today.
 "markets, share market")
Extending their losing streak to the third session in a row, the domestic stock market ended lower on Monday with the frontline indices tumbling nearly a per cent amid selling in bluechip counters such as HDFC duos, Bajaj Finance, Hindustan Unilever (HUL) and ITC.
The S&P BSE Sensex lost 306 points or 0.80 per cent to settle at 38,031 with HDFC (down 5 per cent) being the biggest loser and YES Bank (up nearly 9.50 per cent) the top gainer. The broader Nifty50 index of the National Stock Exchange (NSE) slipped 82 points or 0.72 per cent to settle at 11,337 levels.
In the broader market, the S&P BSE MidCap index slipped 84 points, or 0.60 per cent, to 13,994.18, while the S&P BSE SmallCap index ended at 13,157 levels, down 154 points or 1.15 per cent. The S&P BSE Smallcap index hit its lowest level since February 2017 during the trade. READ MORE
Analysts attributed an investor-unfriendly Budget, coupled with muted June quarter earnings among the major factors behind nervousness in the market. Moreover, weak global cues also added to the investors' woes.
Volatility index India VIX surged 4.49 per cent to 13.07, signalling increased volatility in the market.
Sectorally, financial services stocks tumbled the most, followed by banks, FMCG and realty stocks. The Nifty Financial Services index shed 341 points or 2.57 per cent to settle at 12,893.75 levels. HDFC, Bajaj Finserv and Edelweiss Financial Services plunged up to 6 per cent.
BUZZING STOCKS
BUZZING STOCKS
Shares of Cox & Kings were frozen at 5 per cent lower circuit for the 19th straight day on the BSE to hit a new low of Rs 16.30 on Monday after Brickwork Ratings downgraded the rating to BWR D for non convertible debentures (NCDs) issue amounting to Rs 50 crore of the company.
Shares of RBL Bank continued to reel under pressure, down 5 per cent, to Rs 470 in intra-day trade on Monday. The stock has fallen 19 per cent in the past two trading days after the bank, on Friday, said it expects some challenges on some of their exposures in the near term. Shares of the bank ended at Rs 478.05 apiece, down 4.46 per cent on BSE.
YES Bank, on the other hand, gained 9.50 per cent to settle at Rs 91.15 apiece on the BSE.
GLOBAL CUES
Asia stocks fell on Monday as investors scaled back expectations of an aggressive interest rate cut by the Federal Reserve, while heightened Middle East tensions following Iran’s seizure of a British tanker lifted crude oil prices.
MSCI’s broadest index of Asia-Pacific shares outside Japan was down 0.4%. Japan’s Nikkei fell 0.3% while China's Shanghai Composite Index lost 1.1%. Hong Kong’s Hang Seng dropped 0.9%. South Korea’s KOSPI shed 0.1%.
(With inputs from Reuters)
3:48 PM
Sectoral gainers and losers on the NSE
3:48 PM
Top losers and gainers on the S&P BSE Sensex
3:26 PM
HDFC Securities on RBL Bank
We have cut earnings estimates for FY20/21E by 25/19% to factor higher slippages and consequent provisions. A fund raise is still possible, and will be crucial for RBL to provide for the upcoming stress and maintain growth rates. We are factoring Rs 35bn (at Rs 500/sh), pushing up est. ABVs by 27/20% over FY20/21E. Guidance on stress, and concentration commentary are red flags that underpin our DOWNGRADE to NEUTRAL. We value RBL at 2x Jun-21E ABV (vs. 3x earlier). Our TP is Rs 512.
2:58 PM
MARKET CHECK
2:51 PM
GSK Pharma Q1 results
-- Net profit up 35% at Rs 113.5 cr YoY
-- Revenue up 7.1% at Rs 788 cr YoY
-- Ebitda up 21.9% at Rs 165.3 cr YoY
-- Ebitda margin at 21% vs 18.4% YoY
2:34 PM
HIndustan Unilever dips over 3%
2:26 PM
Nifty PSU Bank index off day's lows
2:09 PM
Cox & Kings slips to new low, hits lower circuit for 19th straight day
In the past one month, the stock has tanked 73 per cent, as compared to a three per cent decline in the S&P BSE Sensex. Thus far in the calendar year, it has plunged 90 per cent from level of Rs 167, against a six per cent rise in the benchmark index. READ MORE
2:07 PM
Small-caps tumble: BSE Smallcap index hits lowest level since February 2017
Since the presentation of the Budget earlier this month, the S&P BSE Sensex and the Nifty50 have lost around five per cent each. In comparison, the S&P BSE Smallcap index has lost 8.5 per cent. The index hit an intra-day low of 13,089 points, its lowest level since February 1, 2017, on the BSE. From the recent high on April 14, 2019, the smallcap index has tanked 13 per cent, as against 10 per cent fall in the midcap and three per cent cut in the benchmark index. READ MORE
1:48 PM
Oriental Bank of Commerce Q1 results
-- Net profit at Rs 112.7 cr vs loss of Rs 393.2 cr YoY
-- Gross NPA at 12.56% vs 12.66% QoQ
-- Net NPA at 5.91% vs 5.93% QoQ
-- NII up 2.6% at Rs 1371.6 cr vs 1337.3 cr YoY
1:47 PM
Srikalahasthi Pipes surges 5% as PAT in June qtr zooms 93%
1:41 PM
MARKET CHECK | Top 5 gainers on BSE at this hour
1:34 PM
NEWS ALERT | CARE Ratings issues clarification on report by Grant Thornton on IL&FS Audit
1:30 PM
Nifty Pharma index rises 1% higher amid subdued trade
1:19 PM
Indiabulls Real cracks over 7%
Topics : MARKET WRAP
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First Published: Jul 22 2019 | 7:02 AM IST
