Sensex, Nifty Updates: Sensex and Nifty ended majorly in red on Tuesday, led by weak Asian equities as worries of new lockdowns to stem surging coronavirus cases kept investors cautious worldwide. Besides stock-specific actions, weak inflation data, negative cues from global markets amid escalating US-China tension dampened investor sentiment in domestic grounds. Sensex ended 660 points lower at 36,033 and Nifty closed 195 points lower to 10,607. Yesterday, Sensex ended 99 points higher at 36,693 and Nifty rose 47 points to 10,815. Investors were also sppoked as the coronavirus cases continued to rise in US and others parts of the world.
Here's a look at the updates of the market action on BSE and NSE today
3.55 PM: Expert quote
Commenting on today's fall, Aamar Deo Singh, Head Advisory, Angel Broking said,"Markets witness sharp sell-off today with financials bearing the greatest brunt, on the back of weak global cues, and concerns with regard to rising COVID-19 cases in the USA. Technically too, markets are trading closer to key resistance levels, so profit-booking is being witnessed. Going forward, we could see a rise in INDIA VIX, indicating short-term concerns and fears of the investor community. Stay alert and be prepared for volatility in coming days."
3. 50 PM: Expert quote
Commenting on Today's bearish session, Vinod Nair, Head of Research at Geojit Financial Services said,"The markets exhibited high correlation with the global markets and with the virus infections hitting day highs in India, the uncertainty caught up with the markets. Global markets were weak following rising infections in US and US-China tensions being back in the news. Indian markets were also worried about the increasing number of localized lockdowns which would in turn again slowdown the predicted recovery for businesses. "
3. 47 PM: Closing session
Sensex and Nifty ended majorly in red on Tuesday, led by weak Asian equities as worries of new lockdowns to stem surging coronavirus cases kept investors cautious worldwide. Besides stock-specific actions, weak inflation data, negative cues from global markets amid escalating US-China tension dampened investor sentiment in domestic grounds. Sensex ended 660 points lower at 36,033 and Nifty closed 195 points lower to 10,607.
3. 35 PM: Market outlook
Commenting on markets today, S Ranganathan, Head of Research at LKP Securities said,"Dalal Street corrected close to 2% behind weakness in financials and Metal stocks. Despite the two telecom majors holding firm ahead of key events, we witnessed profit booking in key auto stocks as their volume numbers are anyways known to the street for the first quarter".
3.22 PM: Market update
Market fell today as weak inflation data, negative cues from global markets amid escalating US-China tension dampened investor sentiment in domestic grounds.
Sensex fell 660 points lower to 36,033 and Nifty traded 194 points lower to 10,608.
3.15 PM: Auto stocks under pressure
Maruti Suzuki, Eicher Motors, Bosch were down 3% each, followed by over 2% drop in Hero MotoCorp, Tata Motors, and Motherson Sumi System. Ashok Leyland, Balkrishna Industries, Mahindra & Mahindra, TVS Motor Company, Exide Industries , MRF and Amara Raja fell in the range of 1%.
This was on back of 40% crash in by over 40% in sale of automobiles in India for June month, earlier reported today by Industry body Society of Indian Automobile Manufacturers (SIAM).
Auto sales crashed 40% after a steeper 75.5% in the first quarter of this fiscal, as a broken supply chain impaired the ability of companies to manufacture cars and two wheelers.
Passenger car segment registered a 58% decline at 55,497 units, while utility vehicles showed a bit more resilience declining by 31.2% at 46,201 units. Two wheelers that account for a majority of automobiles sold in the country in terms of volumes, also declined by 38.5% at 10,13,431 units.
2.57 PM: Maruti Suzuki shares drop over 4%
Shares of Maruti Suzuki fell over 4% on Tuesday's bearish session, in line with other auto stocks that were under heavy selling pressure today after the industry body SIAM announced sales figures for June month.
Maruti stock price touched an intraday low of Rs 5752, falling 4.02% as against its last closing of Rs 5,992.65 on BSE. The stock opened at Rs 5,985, also its intraday high. Maruti Suzuki stock price trades higher than 50 and 100-day but lower than 5, 20 and 200-day moving averages. The stock has fallen 7.37% in one week and 21% since the beginning of the year. Total market capitalisation of the large cap stock stood at Rs 1,74,205.04 crore as of today's session.
2.29 PM: Rupee ends lower
Indian Rupee, the local unit ended lower at 75.41 per dollar as agaisnt the last closing of 75.19 per dollar.
2.00 PM: Gold, silver prices today
Gold and silver prices in India struggled to hold gains on profit booking in Tuesday's session after trading near record high in yesterday's session.
Tracing the decline from overseas commodity markets, Gold futures on MCX were trading Rs 128 lower at Rs 49,020 per 10 gm today against the previous close of Rs 49,148 per 10 gm, after hitting a lifetime high of Rs 49,348 in the previous week. Gold August Futures today touched an intraday high of 49060 and a low of 48,856 today, after opening at 49,050 per 10 gm.
Similarly, Silver futures too fell by Rs 600 to trade at 52,448 per kg today.
1. 47 PM: Rossari Biotech IPO
The initial public offering (IPO) of Mumbai-based speciality chemicals maker Rossari Biotech has entered its second day of subscription today. The firm plans to raise to raise Rs 500 crore through the share sale. On July 13, the first day of subscription, the IPO was subscribed 60% against the total issue size. Rossari Biotech IPO received bids for 49,30,030 shares against the total issue size of 8,173,530 shares.
1. 34 PM: Biocon shares climb 5%
Biocon shares were trading 5% higher on Tuesday after the pharma major announced that it will launch biologic drug Itolizumab for the treatment of moderate to severe COVID-19 patients at a price of around Rs 8,000 per vial.
Biocon stock has risen 7.78% in the last 5 days of straight gains. The stock opened with a gain of 2.03% and later touched an intraday high of Rs 435.25, rising 4.98% as against yesterday's close of Rs 414.60 on BSE.
1. 15 PM: Market falls further
Sensex and Nifty fell majorly by Tuesday's afternoon session, led by weak Asian equities as worries of new lockdowns to stem surging coronavirus cases kept investors cautious worldwide. Sensex fell 800 points lower to 35,893 and Nifty fell 232 points to 10,569. In today's session, investors have lost 2.4 lakh crore since yesterday's closing.
13.03 PM: Nifty outlook
Geojit Financials in its daily market radar report said,"In the last couple of days, we had acknowledged 10880, the 200SMA, as a potential reversal point, but did hope that it would be overcome, as is characteristic with trending markets. Dow had also done that a month back. But what has ensued now is a sharp pull back of 150 points on test of the 200SMA. While we continue to see 10960-11200 as very much achievable, it would be good to mark down 10750-10880 as a volatile region, and 10750-10677 as a buying region, with stops continuing to be placed at 10677."
12. 45 PM: Market update
Besides stock-specific actions, weak inflation data, negative cues from global markets amid escalating US-China tension dampened investor sentiment in domestic grounds. Investors were also spoked as the coronavirus cases continued to rise in US and others parts of the world.
12. 34 PM: Asian markets in redAsian markets are falling ahead of release of China data. Investors also turned cautious given rising confirmed coronavirus cases and percolating tensions between the US and China.
12. 22 PM: Oil prices decline today
Oil price lost ground on Monday ahead of the OPEC meeting last this week and as coronavirus cases continued to rise in U.S. and others of the world.
12. 16 PM: Bharat Bond ETF: Second tranche opens today
The government launched second tranche of Bharat Bond exchange traded fund (ETF) today through which it is looking to raise up to Rs 14,000 crore. The subscription for the ETF will be closed on July 17. The ETF is an attempt by government to meet its divestment target for this fiscal year.
Edelweiss Asset Management will oversee the proceedings of the ETF.
The ETF will invest funds in constituents of the Nifty Bharat Bond Indices consisting of AAA-rated public sector companies.
12.06 PM: Coronavirus toll
Worldwide, the number of COVID-19 cases has crossed 1.30 crore, while in India, the number of infections spiked to 9.06 lakh.
11. 57 AM: Rupee opens lower today
The rupee opened at 75.33 at the interbank forex market, then later fell 75.35 per dollar, down 16 paise over its last close of 75.19 per dollar on Monday.
Forex traders said steady crude oil prices and foreign fund inflows supported the rupee, while factors like strong dollar, negative domestic equities and rising COVID-19 cases dragged the local unit down.
11. 46 AM: Inflation data
Investor sentiment weakened after India's June Consumer Price Index (CPI) breached Reserve Bank of India's tolerance band of 6%.
Retail inflation increased to 6.09% in June, mainly on account of higher prices of food items. Food inflation in June increased by 7.87%, according to the CPI data.
11. 33 AM: YES Bank shares decline for 3rd day straight
Shares of YES Bank have lost 21.58% returns in the last 3 days of straight falls, ahead of the upcoming further public offer (FPO).
Today, YES Bank shares opened with a loss of 3.62% today and later fell 8.37% to the intraday low of Rs 20.25 on BSE. The stock also touched an intraday high of Rs 21.75 on BSE.
The share price of YES Bank is trading lower than 5, 20, 50, 100 and 200-day moving averages. YES Bank shares have fallen 19% in one week, 16.9% in one month, and 46% since the beginning of the year. Meanwhile, 'Private Banks' sector has fallen by 2.21%, with Sensex falling 1.56% in today's session.
11. 17 AM: Motherson Sumi share price falls 2%
Motherson Sumi share price fell in early trade today after Moody's Investors Service lowered the auto components maker's rating outlook to 'negative' from 'ratings under review'. The rating was lowered on account of expected weak financial performance in ongoing fiscal due to the coronavirus pandemic. Share price of Motherson Sumi slipped 2.03% in early trade to Rs 94.10 against the previous close of Rs 96.05 on BSE.
11.04 AM: Market falls further
Sensex and Nifty fell majorly on Tuesday, led by weak Asian equities as worries of new lockdowns to stem surging coronavirus cases kept investors cautious worldwide. Sensex fell 541 points lower to 36,152 and Nifty fell 151 points to 10,651.
10. 44 AM: Top losers and gainers
IndusInd Bank, Bajaj Finserv, Axis Bank, Bajaj Finance, Maruti and SBI were among the other laggards today. On the other hand, HCL Tech, Infosys, Nestle India, UltraTech Cement and ITC were the gainers.
10. 32 AM: HDFC duo shares decline
Shares of the HDFC twins were down 3% each, after HDFC Bank said it has launched a probe into its auto lending practices following allegations against the conduct of a long-time executive who retired on March 31 this year.
10. 17 AM: Gold prices today
Gold price slipped slightly as dollar gained but rising coronavirus cases and US-China tensions supported the price. On MCX, Gold August Futures were trading Rs 198 lower at Rs 49,000 per 10 gm today, tracing the decline overseas.
10. 01 AM: Global cues
Asian markets are trading lower tracking overnight US markets and as investors await trade data from China. US markets closed in red after trading most of the day in green with good gains. Although, late selloff saw nearly 500 points getting evaporated. European markets closed higher on news that a potential vaccine for Covid which got fast track status for trail from USFDA.
9. 43 AM: Inflation rate
Commenting on Inflation rate, Deepthi Mary Mathew, Economist at Geojit Financial Services said,"Inflation rate at 6.09 percent is just above the target fixed by the RBI. Though the inflation rate is above the upper band, RBI would continue with the rate cut cycle, considering the economic damage caused by covid-19."
9. 30 AM: Gold outlook
On Gold's near term outlook, Hareesh V, Head Commodity Research at Geojit Financial Services said,"Gold's haven demand continues to be supported by concerns over surging new virus cases across the globe, weak dollar and escalating political and financial uncertainties. Meanwhile, signs of an economic rebound are likely to trigger higher level profit booking.
On Gold's technical outlook (London spot), he added," As long as prices stay above $1770 bullish sentiments are likely to continue with resistance is seen at $1830 followed by $1882 levels. The immediate downside reversal point is $1735."
9. 24 AM: Oil prices decline
Amid rising coronavirus cases, oil prices fell around 2% in early trade on Tuesday due to weak demand for the commodity. U.S. West Texas Intermediate (WTI) crude futures slid 84 cents, or 2.1%, to $39.26 a barrel, while Brent crude futures fell 77 cents, or 1.8% to $41.95 a barrel.
9. 16 AM: Opening session
Sensex and Nifty opened on a bearish note on Tuesday, led by weak Asian equities. Worries of new lockdowns on businesses to stem surging coronavirus cases, threatening economic recovery kept investors cautious worldwide. Sensex fell 238 points lower to 36,455 and Nifty fell 71 points to 10,371.
9. 10 AM: Stocks to watch today on July 14
Biocon, Wipro, Mindtree, Motherson Sumi, ITC among others are the top stocks to watch out for in Tuesday's trading session.
9.00 AM: Rossari Biotech IPO subscribed 60% on Day 1
Rossari Biotech initial public offering (IPO) was subscribed nearly 60 per cent on the first day of bidding on Monday. The issue received bids for 49,30,030 equity shares as against offer size of 81,73,530 equity shares (excluding the anchor book portion).
While the retail investor portion was subscribed 92 per cent, non-institutional portion was subscribed 11 per cent, the latest subscription data on the exchanges showed. The institutional investors' quota was subscribed 41 per cent.
8. 51 AM: Market outlook
"We're seeing hesitation in the market at the higher levels despite upbeat global cues and it could be largely due to caution ahead of the earnings announcements. Besides, the continuous underperformance of the banking index, which holds significant weightage in the index, is also adding to the chaos," said Ajit Mishra, VP - Research, Religare Broking Ltd.
8. 45 AM: Rupee closing
On the currency front, Indian Rupee, the local currency ended flat at 75.19 as against the last closing price of Rs 75.20 per dollar.
8. 40 AM: Earnings Today
Wipro, Mindtree, Century Textiles, Delta Corp, Oberoi Realty, Reliance Industrial Infrastructure among others are scheduled to announce their April-June quarter earnings today.
8. 35 AM: Nifty outlook
Nifty has been consistently trading volatile in the last few sessions. As per technical indicators, as long as the crucial support of 10,660-10,560 remains intact, Nifty could first surpass the 10,850 mark and head towards 11,000-11,200, its resistance levels.
Geojit Financial in its report said Nifty's 10,880 the 200SMA, is still considered a surmountable resistance, bringing in 10,960, as an achievable objective, with the stops pulled up to 10,677.8. 30 AM: Closing
After a volatile trading session, Sensex and Nifty ended on a bullish note on Monday, on back of heavy buying in IT, FMCG and metal stocks amid positive global cues. Reversing trend from Friday's losses, Sensex ended 99 points higher at 36,693 and Nifty rose 47 points to 10,815. On Friday, Sensex closed 143 points lower at 36,594 and Nifty fell 45 points to 10,768.