MARKET: Sensex slips 194 pts as financials fall; Nifty Bank tanks 813 pts

Topics Markets | Coronavirus | YES Bank

NSE's Nifty ended at 11,132, down 62 points, or 0.56 per cent.
The Indian stock market ended around 0.5 per cent lower on Monday, mainly on selling in financial counters. Financial stocks took a beating after the Reserve Bank of India (RBI) in the bi-annual Financial Stability Report (FSR) released on Friday, said the gross NPA ratio of banks may increase from 8.5 per cent in March to 12.5 per cent by March 2021 under the baseline scenario, but it could worsen to as much as 14.7 per cent under a “very severely stressed scenario. READ MORE

The S&P BSE Sensex fell 194 points or 0.51 per cent to settle at 37,935 while NSE's Nifty ended at 11,132, down 62 points, or 0.56 per cent. India VIX surged over 2 per cent to 25.05 levels. 

Among individual stocks, HDFC Bank ended over 3.5 per cent lower at Rs 1,079 on the BSE after its managing director and chief executive officer Aditya Puri sold off nearly 95 per cent of his stake in the bank valued at Rs 842.7 crore. READ MORE 

ICICI Bank tanked over 6 per cent to Rs 358.50 on the BSE after the private sector lender posted 14 per cent rise in profit before tax (PBT) at Rs 3,183 crore in the quarter ended June 2020 (Q1FY21).

Asian Paints advanced nearly 4 per cent to Rs 1,778 on the BSE on Monday in an otherwise weak market on sharper than expected recovery and healthy commentary. READ MORE

Persistent Systems ended nearly 11 per cent higher at Rs 857 after the company reported a strong set of numbers for the quarter ended June 2020 (Q1FY20). 

In the broader market, the S&P BSE MidCap index slipped 1 per cent to 13,565 levels while the S&P BSE SmallCap index ended at 12,840, down 1 per cent. 

Sectorally, Nifty Bank plunged 813 points or 3.6 per cent to 21,849 levels. On the other hand, Nifty IT gained nearly 2 per cent to 17,627 while Nifty Metal ended at 2,094.40, up 0.33 per cent. 

Global markets

Global shares traded mixed on Monday. In Europe, shares slipped with travel stocks leading the declines after Britain imposed a quarantine on travellers returning from Spain, where cases of the novel coronavirus have surged in the last few weeks.

In Asia, stocks were mixed as a 10 per cent rally in Taiwanese chip heavyweight TSMC cheered some other tech shares across the region, which helped prop up the broader market with MSCI’s ex-Japan Asia-Pacific index rising 0.4 per cent.

S&P500 futures were last up 0.4 per cent in choppy trade while Japan’s Nikkei fell 0.5 per cent.

In commodities, gold soared to an all-time high of $1,943 per ounce, surpassing a peak touched in September 2011, as Sino-US tensions boosted the allure of safe haven assets, especially those not tied to any specific country.

Oil prices, on the other hand, edged lower. 

(With inputs from Reuters)


4:09 PM IST "Indian benchmark indices ended a volatile day in the red, following negative global cues and domestic uncertainties. Global markets were impacted due to rising US-China tensions and suspected the second wave of virus infections. Financials led the losses following an RBI report which expected a surge in bad loans this year. A record number of virus infections in India also added to the uncertainty. Investors are advised to remain stock specific and keep accumulating only quality stocks in this scenario."

3:44 PM IST

3:43 PM IST

3:36 PM IST The S&P BSE Sensex slipped 194 points or 0.51 per cent to settle at 37,935 while NSE's Nifty ended at 11,132, down 62 points or 0.56 per cent. 

3:29 PM IST Alembic Pharmaceuticals on Monday said its board has given an approval to raise up to Rs 1,000 crore through a qualified institutions placement (QIP). The board, at its meeting held on Monday, has accorded its approval to raise up to Rs 1,000 crore through a QIP issue of equity shares, Alembic Pharmaceuticals said in a regulatory filing. READ MORE 

3:24 PM IST

3:21 PM IST

3:13 PM IST

3:07 PM IST India Cements' profit before tax (PBT) dropped by 75.26 per cent to Rs 26.06 crore during the quarter ended June 30, 2020 from Rs 105.35 crore during the same period last year. The company's total income dropped to Rs 760.32 crore from Rs 1,472 crore. READ MORE 

2:56 PM IST The plans of state-owned banks to raise capital from private sources will not be sufficient to mitigate anticipated risks unless supplemented with more capital support from the government, Fitch Ratings said on Monday. Several large state banks have recently announced plans to raise a total of $6 billion in fresh equity from the capital market. READ MORE

2:49 PM IST

2:39 PM IST

LIVE UPDATES

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

"Indian benchmark indices ended a volatile day in the red, following negative global cues and domestic uncertainties. Global markets were impacted due to rising US-China tensions and suspected the second wave of virus infections. Financials led the losses following an RBI report which expected a surge in bad loans this year. A record number of virus infections in India also added to the uncertainty. Investors are advised to remain stock specific and keep accumulating only quality stocks in this scenario."

SECTOR WATCH:: Nifty IT and Nifty Metal indices end in the green


MARKET AT CLOSE:: Gainers and losers on the S&P BSE Sensex


CLOSING BELL

The S&P BSE Sensex slipped 194 points or 0.51 per cent to settle at 37,935 while NSE's Nifty ended at 11,132, down 62 points or 0.56 per cent. 

Alembic Pharma gets board approval to raise up to Rs 1,000 cr via QIP

Alembic Pharmaceuticals on Monday said its board has given an approval to raise up to Rs 1,000 crore through a qualified institutions placement (QIP). The board, at its meeting held on Monday, has accorded its approval to raise up to Rs 1,000 crore through a QIP issue of equity shares, Alembic Pharmaceuticals said in a regulatory filing. READ MORE 


BUZZING STOCK:: Equitas Holdings slips over 7%


MARKET CHECK


BUZZING STOCK:: Muthoot Finance gains over 4%


India Cements PBT drops 75% to Rs 26 cr in Q1, income almost halves

India Cements' profit before tax (PBT) dropped by 75.26 per cent to Rs 26.06 crore during the quarter ended June 30, 2020 from Rs 105.35 crore during the same period last year. The company's total income dropped to Rs 760.32 crore from Rs 1,472 crore. READ MORE 


State-owned banks need more capital from govt to mitigate risks: Fitch

The plans of state-owned banks to raise capital from private sources will not be sufficient to mitigate anticipated risks unless supplemented with more capital support from the government, Fitch Ratings said on Monday. Several large state banks have recently announced plans to raise a total of $6 billion in fresh equity from the capital market. READ MORE

Asian Paints at day's high now, top Sensex gainer at this hour


MARKET UPDATE:: ICICI Bank trades over 5% lower


Don't extend loan moratorium, it is being misused, Deepak Parekh urges RBI

HDFC chairman Deepak Parekh on Monday made strong plea to Reserve Bank of India not to extend the moratorium beyond August as some borrowers who have the ability pay, are taking advantage of the relaxation to defer payments. Refraining from responding to the call, RBI governor Shaktikanta Das said there is lot of interest in suggestions given by Parekh, adding that he had taken note oif them but would not be able to comment on them immediately. The governor was interacting with members of Confederation of Indian Industry (CII). READ MORE

Recovery from intra-day lows in today's session

COMPANY DAY'S LOW(RS) DAY'S HIGH(RS) LATEST(RS) RISE(%)
CCL PRODUCTS 220.00 254.25 242.45 10.20
MULTI COMM. EXC. 1475.85 1641.65 1624.50 10.07
MPHASIS 1073.80 1206.30 1174.00 9.33
ADANI GREEN 326.00 353.00 348.55 6.92
KAJARIA CERAMICS 398.85 426.60 424.80 6.51
Click here for the full list

RIL now accounts 10% market-capitalisation of all BSE listed companies

Reliance Industries (RIL) has dominated the Indian equity markets with its share in the total market capitalisation (market-cap) of all BSE listed companies nearly doubling in the past two years. Mukesh Ambani-controlled company saw its combined market-cap (partly and fully paid shares) hitting the Rs 14.38 trillion mark at the bourses on Monday. With this, RIL accounted for 9.8 per cent of the total market-cap of BSE listed companies of Rs 147.23 trillion. READ MORE

Rupee Closing

>> Rupee settles flat at 74.84 per US dollar vs Friday's close of 74.83/$


Mistry family in talks with investors to raise Rs 4K cr, aims to cut debt

The billionaire Mistry family is in talks with several investors to raise up to Rs 4,000 crore by selling part of its stake in Sterling and Wilson Solar (SWSL), and also with Canadian financial powerhouse, Brookfield, to raise debt against its Tata Sons shares.
 
The proceeds of the funds raised will be used to reduce the group’s debt and repay dues to SWSL, said a source close to the development. READ MORE

NEWS ALERT:: Indian gold prices hit all-time high of Rs 52,000 / 10 gms

BROKERAGE VIEW:: Centrum Broking on Asian Paints

We reckon its strategy, communicating safe painting gaining consumer confidence, strengthening rural coverage and developing products meeting customer needs would yield better revenues in the medium-term. Further, management said down-trading is visible in paint industry. Nonetheless, its focus on driving volume and gain market share from local players may get momentum in FY21. Considering tailwinds from benign RM cost (Crude oil) we have increased FY21E/22E PAT by 0.7%/4.4%. We retained Buy rating with DCF-based revised target price of Rs 1,916 (Implied 54.4x FY22 EPS).

BUZZING STOCK:: Aarti Drugs surges 11%


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


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


BROKERAGE VIEW:: Edelweiss Securities on AU Small Finance Bank

The AU story has been all about an asset franchise-driven ability to deliver tearaway asset growth with pristine asset quality outcomes, driving a sequence of BVPSenhancing dilutions. Covid-19 severely impairs FY20-22E compounding but that long term thesis remains. We maintain ‘BUY/SO’ with a TP of Rs 930.

European indices trade mixed in early deals


Tech Mahindra Q1 preview: PAT may dip 30% YoY; opportunities in 5G eyed

Tech Mahindra, analysts at ICICI Securities note, was severely impacted by the ongoing Covid-19 pandemic and is expected to report 8.7 per cent QoQ decline in dollar revenues due to anticipated dip in Business Process Services (BPS) revenues, network revenues, seasonal dip in Comviva revenues, and project deferrals. Revenue in rupee terms could decline by 5.6 per cent QoQ and 3.5 per cent YoY to Rs 8,959 crore. Earnings before interest, and tax, and amortisation (EBITDA) margins is also expected to dip 199 bps QoQ to 12.2 per cent due to a decline in utilisation and negative operating leverage. Net profit is estimated at Rs 682 crore, down 28.9 per cent YoY, and 33.2 per cent QoQ. READ MORE  


Nifty IT index hits record high; Infosys, TCS, HCL Tech gain over 2%

Shares of information technologies (IT) companies continued their upward movement on Monday with Nifty IT index hitting a fresh record high on the National Stock Exchange (NSE), gaining 2 per cent in an otherwise weak market. Tata Consultancy Services (TCS), Infosys, HCL Technologies, Mindtree and Tech Mahindra were up 2 per cent each, while Mphasis, NIIT Technologies and Larsen & Toubro Infotech were up in the range of 3 per cent to 8 per cent. READ MORE

BUZZING STOCK:: CDSL jumps 8% after June quarter nos

Major Highlights
  • Total Profit after Tax (Consolidated) for the three months ended June 30, 2020 increased by Rs. 18.81 crore (67%) to Rs. 46.73 crore from Rs. 27.91 crore for the same period in the previous year;
  • Total Profit after Tax (Standalone) increased by Rs. 16.66 crore (82%) to Rs. 37.01 crore from Rs. 20.35 crore for the same period in the previous year;
  • Total Income (Consolidated) for the quarter increased by Rs 12.58 crore (17 %) to Rs. 86.01 crore from Rs. 73.43 crore;
  • Total Income (Standalone) for the quarter increased by Rs. 15.11 crore (29 %) to Rs. 66.96 crore from Rs. 51.85 crore;
  • Total EBITDA (Consolidated) for the quarter increased by Rs.21.13 crore (56 %) to Rs. 58.80 crore from Rs. 37.63 crore

RIL, HDFC Bank, ITC, HUL: Here's how to trade index heavyweight stocks

Reliance Industries Ltd (RELIANCE): The counter that has scaled a new all-time high has seen a strong build-up of longs with above average volumes during recent sessions. The price is showing strength despite the RSI being in an overbought condition around 80. From a medium-term perspective, Rs 1,900 levels remain a key support for the stock. READ MORE

Stocks that hit 52-week high on BSE today

COMPANY PRICE(rs) 52 WK HIGH CHG(%)
ABB POWER PRODUC 873.85 925.60 -1.67
COROMANDEL INTER 785.90 829.85 -1.72
DEEPAK FERTILIZ. 138.25 139.65 3.48
DEEPAK NITRITE 609.20 619.80 2.64
GARWARE TECH. 1698.05 1737.00 1.15
» More on 52 Week High

Covid-19 impact: IPO slump stonewalls private equity exits in H1 2020

The value of private equity (PE) exits in the first half of the calendar year 2020 dropped to $1.9 billion, a 47 per cent decline over the same period last year and a 69 per cent fall compared with H2 2019.
 
Market volatility and the decline in the number of initial public offerings (IPO) following the Covid-19 pandemic were the chief reasons for the dip in exits. Public market sales accounted for 80 per cent of the exit value in H1 2020, mainly due to SBI Cards’ $1.4 billion IPO.  READ MORE

Asian Paints gains 3% in an otherwise weak market post June quarter results

The management said that after a complete washout in April’20 due to extended lockdown, the company’s decorative business segment witnessed improving business conditions over the next two months. Thus, while the April-June quarter (Q1FY21) ended in a negative territory, the business registered a healthy double-digit volume growth in the month of June’20 to end the quarter on a promising note. READ MORE

Mindspace REIT: Stable dividend yields make it a good long-term bet

Mindspace Business Parks Real Estate Investment Trust (REIT) is a play on higher yields from a steady rent-generating portfolio. The REIT, promoted by K Raheja Corp Group (KRC Group), has a completed commercial portfolio of 23 million square feet across key office markets of Hyderabad, Mumbai, Pune, and Chennai. The company generated net operating income (NOI) of Rs 1,225 crore for FY20. READ MORE

India Cements PBT drops by 75% to Rs 26.06 in Q1

India Cements' profit before tax (PBT) dropped by 75.26 per cent to Rs 26.06 crore in the quarter ended June 30, compared to Rs 105.35 crore in the same period last year. The company’s total income dropped to Rs 760.32 crore from Rs 1,472 crore. The spread of the coronavirus disease and lockdowns to contain it had hurt businesses in India and abroad, said the company on Monday. READ MORE

BUZZING STOCK:: Aarti Drugs leaps 14% post June quarter results announcement


Nifty IT index trades nearly 2% higher in an otherwise weak market


NEWS ALERT:: Need to move to installing sufficient domestic capacity in solar panels, says RBI Guv

Steep fall in generation cost has led to growth in renewables

NEWS ALERT:: India has emerged as leading producer of many crops, milk, says RBI Guv


Top losers on BSE at this hour

COMPANY PRICE(rs) CHG(%)
TRIDENT 6.62 -5.56
INTELLECT DESIGN 142.50 -5.00
DISHMAN CARBOGEN 161.80 -4.99
HERITAGE FOODS 293.50 -4.99
ARVIND FASHIONS. 133.60 -4.98
» More on Top Losers

Nifty's love for 11,200 levels in July: Where are the markets headed?

If you believed that the markets have seen a secular bull run over the past few years, think again. Despite the highs and lows that the indices have made over the past few years, Nifty 50 – the benchmark index on the National Stock Exchange (NSE) – has somehow managed to hover around the 11,200 mark in July. You may call it coincidence, but exactly three years ago on July 27, 2018, the Nifty recorded a closing high of 11,278 levels before scaling up and then losing steam over the next few months. READ MORE

Multiplex operators in focus; PVR, Inox Leisure up over 5% in a weak market

Shares of multiplex operators PVR and Inox Leisure were trading over 5 per cent higher in an otherwise weak market on the BSE on Monday amid expectation that cinema halls would be opened as part of 'Unlock 3'. Inox Leisure has rallied 10 per cent to Rs 265 on the BSE on back of over 5-fold jump in trading volumes. At 10:20 am, the stock was trading 8 per cent higher with a combined 1.25 million shares changing hands on the NSE and BSE. READ MORE

India's stock market is barometer of economic concentration: Shankar Sharma

"India has been part of the global rally and still is much below its all-time highs. Some other markets, such as those in Taiwan, the United States, and Switzerland are way ahead. That said, there is more room for upside. I don’t think India will sit out the general uptrend in global markets. The rally will be led by global factors, rather than domestic developments. While the pace of the up-move may differ as compared to global markets, directionally we will track global peers." READ MORE

BROKERAGE VIEW:: Prabhudas Lilladher on ITC

Rating: BUY | CMP: Rs 200 | TP: Rs 262

We believe ITC would be one of the key beneficiary of an uptick in consumer demand and is inching towards double digit EBIDTA margins in FMCG business over next 2-3 years. ITC trades at 14.0x Sept22 EPS, ~60% discount to our coverage universe with 5% dividend yield (80% payout) and 7.1% PBT CAGR over FY20-23. Maintain BUY with target price of Rs 262 on SOTP (valuing cigarette business at 15xSept EPS, 58% of SOTP value). Significant re-rating depends upon reduced aversion to tobacco stocks globally and clarity on SUTI stake sale. 

BROKERAGE VIEW:: Prabhudas Lilladher on Mphasis

Rating: BUY | CMP: Rs 1,118 | TP: Rs 1,302

Deal pipeline was the highlight for the quarter- New deal wins highest ever at $259mn, +29% QoQ, +72% YoY. It includes a large deal win of US$105mn. In addition, the company signed another large deal of $216mn deals in July, from an existing non-banking client. TTM order intake stood at US$823mn vs US$715mn in the last qtr. We have been highlighting Mpahsis investments into sales engine & their focus on scaling the select accounts which is now yielding into strong deal wins. We expect a strong deal flow to continue which will provide pivot for growth in FY21/22E.We have increased our estimates by 2.6%/1% for FY22/23E & now it trades at 15.3x/14x at EPS of Rs.73/80 respectively. We now assign 17X (earlier 13X) (Sep-22) earnings multiple & arrive at changed TP of Rs.1302 (earlier: Rs. 943). Upgrade to Buy from Accumulate.

BROKERAGE VIEW:: YES Securities on AU Small Finance Bank

RATING: REDUCE | TARGET PRUCE: Rs 700
  • Though management expects collections to further improve in July‐August, we believe delinquencies could spike as certain applications/occupations in retail portfolio may take longer time to revive.
  • Downgrade from BUY to Reduce as the recent sharp rerating (trades at 4.6x FY22 P/ABV) assumes a rather smooth sailing through the pandemic. Equity raising (not factored by us) could support price.

BROKERAGE VIEW:: YES Securities on ICICI Bank

RATING: BUY | TARGET PRICE: Rs 500

Maintain BUY with an upgraded TP of Rs500. Revise EPS/ABV estimates upwards on stronger PPOP show and capital raise. Earnings metrics to bounce back in FY22. Core bank trades at 1.3x FY22E P/ABV; insurance and AMC subs will continue to accrete value (Rs 118/share now)

Risk to our call: Prolonged Covid episode and its deeper impact

BROKERAGE VIEW:: ICICI Securities on Biocon

RATING: HOLD | TARGET PRICE: Rs 429

Biocon Limited (Biocon) reported a healthy Q1FY21 performance recovering from the weak performance in Q4FY20. Recovery was driven by biosimilars that grew
59.6% QoQ. Consolidated revenues grew 14.6% to Rs16.7bn (I-Sec: Rs14.9bn), adjusted EBITDA margin was down 530bps to 24.7% (I-Sec: 23.3%) and adjusted
PAT dropped 27.6% to Rs1.5bn (I-Sec: Rs1.6bn). Lower margin and operational performance was due to decline in profit share in the biosimilars segment and
flattish performance in the research services. New launches and continuous recovery hereon would aid margin improvement in the coming quarters. Reiterate HOLD with a revised target price of Rs 429/share (earlier: Rs 416/share).

BROKERAGE VIEW:: ICICI Securities on ITC

RATING: ADD | TARGET PRICE: Rs 220

Our FY22 earnings estimates are largely unchanged; modelling revenue / EBITDA / PAT CAGR of 8 / 7 / 4 (%) respectively over FY20-22E. Maintain ADD with a DCF-based target price unchanged at Rs220. At our target price, the stock will trade at 17x P/E multiple Mar’22E. Key downside risk is tax hikes much ahead of inflation leading to volume pressure (on cigarettes) as price elasticity is still unfavourable.

MARKET UPDATE:: India VIX rises 4%


Rupee opening

Rupee opens higher at 74.71/$ vs Friday's close of 74.83 against the US dollar

Persistent Systems zooms 18%, hits 52-week high on strong June quarter nos

Shares of Persistent Systems surged as much as 18.3 per cent to hit a 52-week high of Rs 915 apiece on the BSE on Monday after the company reported a strong set of numbers for the quarter ended June 2020 (Q1FY20). At 09:33 am, the stock was trading 12 per cent higher at Rs 866.20 on the BSE against Friday's close of Rs 773.15. READ MORE

Most active stocks by volume

COMPANY PRICE(rs) CHG(%)
VODAFONE IDEA 8.12 -3.56
IDFC FIRST BANK 27.70 -2.64
ICICI BANK 367.65 -3.72
TRIDENT 6.63 -5.42
B H E L 36.10 -2.17
» More on Most Active Volume

MARKET UPDATE:: Sensex dips 200 points after a flat start


HDFC Bank slides 3% as Aditya Puri sells 95% of his stake in the bank

Shares of private lender HDFC Bank slipped 2.7 per cent to Rs 1,088.05 on the BSE on Monday after its managing director and chief executive officer Aditya Puri sold off nearly 95 per cent of his stake in the bank valued at Rs 842.7 crore. Puri held 0.14 per cent stake (or about 7.8 million shares in the bank), of which he has sold 7.42 million shares between July 21 and July 23. READ MORE

YES Bank hits 10% lower circuit after listing of shares allotted in FPO

Shares of YES Bank were locked in 10 per cent lower circuit at Rs 12.30 on the BSE on Monday after the listing of fresh shares allotted in the follow-on public offer (FPO). Till 09:17 am, a combined 198.51 million equity shares had changed hands and there were pending sell orders for 360 million shares on the NSE and BSE, exchange data shows. READ MORE

Tech Mahindra trades weak ahead of Q1 numbers


HDFC Bank declines nearly 3%


Result Impact | ICICI Bank slips over 1%


STOCK ALERT :: Reliance Industries hits fresh record high


Sectoral trends on NSE at Open


Sensex Heatmap at Open


Opening Bell


Opening Bell


Top gainers and losers on the S&P BSE Sensex at Pre-open


Markets at Pre-open


Markets at Pre-open


NEWS ALERT :: Yes Bank allotted 187.5 cr equity shares (7.48% eq) to Tilden Park on July 23

(As reported by CNBC TV18)

Stocks to watch: HDFC Bank, ITC, ICICI Bank, Tech Mahindra, Escorts, Cipla

HDFC Bank: HDFC Bank chief executive and managing director Aditya Puri has sold more than 7.4 million shares of the private lender to raise Rs 842.87 crore, according to regulatory filings. The share sale, which was executed between July 21 and 23, brought down Puri's holding in the most valued Indian lender to just 0.01 per cent from the earlier 0.14 per cent.
 
ITC: The company on Friday reported a 25 per cent year-on-year (YoY) decline in consolidated profit after tax (PAT) at Rs 2,567.07 crore for the first quarter ended June 30 amid challenges of the coronavirus pandemic. Its consolidated revenue from operations stood at Rs 10,478.46 crore in April-June 2020, down 17 per cent as compared with Rs 12,657.90 crore in the year-ago period, it said.
 
ICICI Bank: Private sector lender ICICI Bank has posted 14 per cent rise in profit before tax (PBT) at Rs 3,183 crore in the quarter ended June 2020 (Q1FY21) on robust growth in net interest income and monetisation of stake in subsidiaries. It had posted a PBT of Rs 2,793 crore in quarter ended June 2019 (Q1FY20). READ MORE   


Stock picks by Sameet Chavan of Angel Broking

NATCO PHARMA
 
View – Bullish
 
Last Close – Rs. 729.85
 
Justification – The entire PHARMA space has been in limelight since the coronavirus pandemic outbreak. One after another, almost every stock in this space or related, has seen a spectacular rally. ‘NATCO PHARMA’ has finally joined hands with its other peers and is witnessing good buying interest since last month. In this process, we witnessed a series of higher highs higher lows and multiple breakouts. READ MORE

Two stocks that Vaishali Parekh of Prabhudas Lilladher is bullish on

BUY INDUSIND BANK | CMP: Rs 522.25 | TARGET: Rs 580-600 | STOP LOSS: Rs 485
 
The stock has maintained a good base near 485 levels and has indicated a momentum pick up with positive bias. Besides, the RSI indicator is also showing a trend reversal. The chart has turned attractive and we suggest to buy and accumulate this stock for an upside target of Rs 580-600 levels, keeping the stop loss of Rs 485. READ MORE

Nifty needs to hold 11,100 for further upside: Gaurav Garg of CapitalVia

Nifty outlook
 
The Indian markets traded with mixed sentiments last week and witnessed sharp short covering move from its immediate support level of 11,100. However, the Nifty closed above 11,100 which might act as immediate support level and might be crucial for this week as the monthly expiry is on July 30 (Thursday). On Friday, Nifty managed to close at 11,194.20, slashing 21.30 points. Technology stocks traded with positive sentiments whereas metal, PSU banks and financial stocks closed in the red. Nifty bank closed at 22,662, slashing 421.90 points from the previous day’s closing. READ MORE

Bulk deals on BSE as on Friday

Bulk deals on NSE as on Friday

FII/FPI & DII trading activity on NSE, BSE and MSEI


Rupee check

Source: Bloomberg


Oil slips as rising coronavirus cases, US-China tensions weigh on markets

>> Oil prices edged down on Monday as rising coronavirus cases and tensions between the United States and China pushed investors toward safe-haven assets.

>> Brent crude dipped 10 cents, or 0.2%, to $43.24 a barrel while U.S. West Texas Intermediate (WTI) crude was at $41.24 a barrel, down 5 cents.

(Source: Reuters)

SGX Nifty hints at green start

>> At 8:26 am, the index was at 11,221.80 level, up 51.75 points or 0.46 per cent.

Wall Street on Friday :: Indices close lower as earnings and pandemic weigh

Source: Reuters


Global stocks on defensive as US-China tensions spook investors

Source: Reuters


Good morning!

Welcome to the Business Standard live blog.

Catch all the live market updates here.

Business Standard is now on Telegram.
For insightful reports and views on business, markets, politics and other issues, subscribe to our official Telegram channel