The domestic benchmark indices on Thursday closed at their lowest levels so far in 2015. While the BSE Sensex 1.75 per cent to 26,370.98, the NSE Nifty sank 1.96 per cent to 7,965.35.
The recent disappointing Q4 earnings season, coupled with sombre management commentaries, has cast a shadow over the extent of recovery possible in the current financial year.
"Weak monsoon forecast released by the IMD... will make India's economic recovery challenging if the prediction were to hold true. The RBI's latest monetary policy also indicated that further interest rate cuts are difficult to come by in the near future and are dependent on how monsoon fares and consequently how inflation behaves," said Hitesh Agrawal - Head Research, Reliance Securities.
"Low visibility of capex recovery and slow credit growth are other reasons for investors lightening their overweight stance on Indian equities. Also, from the global point of view, India's overweight position relative to other emerging markets in terms of FII exposure has been a short-term deterrent," he said.
Below are the stocks that made news today:
Tata Steel: Shares of the steel maker fell 2.34 per cent on the bourses after UK unions notified the company of an industrial action on June 22 over the company's proposal to revise the British Steel Pension Scheme (BSPS).
Glenmark Pharmaceuticals:The company has received final approval from the US FDA for generic Calcipotriene cream used for the treatment of plaque psoriasis. The company plans to commence shipping of the product immediately. Cheering the news, shares of the drug maker jumped 1.07 per cent to Rs 866.30.
Nalco: Shares of National Aluminium , or Nalco, rose over 3 per cent on Thursday after Credit Suisse, the international financial firm, started covering the stock with 'outperform' rating and set a target price of Rs 57 for the stock. Shares of the PSU closed at Rs 41.65, up 3.48 per cent against their previous close.
AstraZeneca Pharma India: Shares of the company hit upper circuit after the company launched FORXIGA (dapaglifozin), a breakthrough treatment for Type 2 diabetes mellitus. Shares of the biopharmaceutical firm jumped 20 per cent, or Rs 191.25, to Rs 1,147.70.