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Sensex plunges 660 pts as banks slump
14-Jul-2020 (16:52)

Domestic equity benchmarks slumped on Tuesday, dragged by banks shares. The barometer S&P BSE Sensex tumbled 660.63 points or 1.80% at 36,033.06. The Nifty 50 index slumped 195.35 points or 1.81% at 10,607.35.

Negative global cues and rising global coronavirus cases dented sentiment. Percolating tensions between the US and China also worried investors. The United States on Monday rejected China's disputed claims to offshore resources in most of the South China Sea.

In the broader market, the BSE Mid-Cap index lost 0.95% and the BSE Small-Cap index fell 0.93%.

Sellers outpaced buyers. On the BSE, 831 shares rose and 1852 shares fell. A total of 122 shares were unchanged.

COVID-19 update:

India reported 3,11,565 active cases of COVID-19 infection and 23,727 deaths, according to the data from the Ministry of Health and Family Welfare, Government of India. Total coronavirus cases worldwide stood at 13,103,290 with 5,73,042 deaths so far, according to data from Johns Hopkins University.

Economy:

India's inflation based on wholesale price index (WPI) contracted by 1.81% (provisional) in June 2020 (over June 2019) compared with 2.02% during the corresponding month of the previous year. WPI contracted by 3.21% in May 2020.

The all-India general CPI inflation declined to 6.09% in June 2020, compared with 6.27% in May 2020. The corresponding provisional inflation rate for rural area was 6.20% and urban area 5.91% in June 2020 as against 6.18% and 6.43% in May 2020. The core CPI inflation eased to 4.87% in June 2020 compared with 4.93% in May 2020. The cumulative CPI inflation has moved up to 6.52% in June-May FY2020 compared with 3.07% in June-May FY2019.

The retail inflation has grown beyond the Reserve Bank of India's (RBI) upper margin of 6%. The government has mandated the Indian central bank to keep inflation within the range of 4% with a margin of 2% on either side.

The growth in the domestic retail inflation was mainly due to a rise in prices of pulses and products (up 16.68% Y-o-Y), followed by meat and fish (up 16.22% Y-o-Y), oils and fats (12.27% Y-o-Y) and spices (up 11.74% Y-o-Y).

Numbers to Watch:

The yield on 10-year benchmark federal paper rose to 5.826% as compared with 5.786% at close in the previous trading session.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 75.42, compared with its close of 75.19 during the previous trading session.

In the commodities market, Brent crude for September 2020 settlement fell 25 cents at $42.47 a barrel. The contract fell 52 cents, or 1.20% to settle at $42.72 a barrel in the previous trading session.

Foreign Markets:

Shares in Europe and Asian declined on Tuesday amid concerns over rising coronavirus cases across the globe coupled with rising US-Sino tensions.

The United States on Monday rejected China's territorial claims in the South China Sea, drawing an angry response from Beijing, which claimed Washington was trying to inflame tensions in the disputed waters.

China's yuan-denominated trade data for June was released on Tuesday, with exports rising 4.3% year-on-year while imports increased 6.2% as compared to a year earlier, according to customs data. China's dollar-denominated trade figures for June are expected to be released later. Singapore's economy contracted 12.6% in the second quarter as compared to a year ago, according to advance estimates by the Ministry of Trade and Industry released Tuesday.

The US stock market settled volatile session lower on Monday, 13 July 2020, as investors pocketed recent gains late afternoon amid rekindled worries about another coronavirus lockdown. The Dow Jones Futures were down 3 points, indicating a flat opening in US markets.

Meanwhile, World Health Organization Director-General Tedros Adhanom Ghebreyesus on Monday warned that too many countries are headed in the wrong direction. In several countries across the world, we are now seeing dangerous increases in Covid-19 cases, and hospital wards filling up again, Tedros added.

Buzzing Indian Segment:

The Nifty Bank index slumped 3.16% to 21,392.20, extending losses for third day. The index has fallen 6.61% in three sessions.

Axis Bank (down 5.08%), State Bank of India (down 3.37%), Kotak Mahindra Bank (down 2.76%), ICICI Bank (down 2.25%) and HDFC Bank (down 1.96%) tumbled.

Stocks in Spotlight:

Eveready Industries hit an upper circuit of 10% at Rs 88.90 on the BSE after the Burman family, promoters of Dabur India, hiked stake in the company via open market on Tuesday (14 July).

The Burman family has picked up 8.48% stake in Kolkata-based firm. Post this acquisition, the Burman family's stake in Eveready Industries stands increased to 19.84% from 11.35% earlier.

Index heavyweight Reliance Industries (RIL) fell 0.91% to Rs 1916.65. The stock hit a high of Rs 1941 and a low of Rs 1887.80 in intraday trade.

Another index major, Housing Development Finance Corporation (HDFC) fell 2.94%. The housing finance major on Monday (13 July) said it is planning to raise up to Rs 45,000 crore by issuing debt securities, and will seek approval of shareholders in its upcoming AGM later this month.

The board of directors of HDFC will meet on 30 July to announce the Q1 June 2020 results. The 43rd annual general meeting (AGM) of the corporation is scheduled to be held later on the same day (30 July 2020).

5paisa Capital hit an upper circuit of 5% at Rs 324.60 after it reported consolidated net profit of Rs 2.81 crore in Q1 June 2020 as compared to net loss of Rs 0.52 crore in Q1 June 2019. Total income rose 85.17% to Rs 42.44 crore. The company said that it has maintained its swift pace of client acquisitions with over 160,000 acquisitions in the quarter, crossing 700,000 customers in total.

BF Utilities hit an upper circuit of 10% at Rs 220.95 after billionaire investor and DMart founder, Radhakishan Shivkishan Damani, acquired 1.30% stake in the Kalyani Group-owned company during April-June 2020 quarter.

Meanwhile, BF Utilities on Monday (13 July) announced that it has suspended operations at its Pune office from 14 July 2020 till further notice, to comply with the lockdown order issued by Pune Municipal Corporation.

Motherson Sumi Systems fell 2.29% after the credit rating agency Moody's Investors Service lowered the outlook on the company's rating to negative from ratings under review. The ratings agency said that the negative outlook indicates the risk of a downgrade if the global auto industry does not recover, with a slower-than-anticipated recovery in the company's financial metrics.

Dr. Reddy's Laboratories gained 2.18%. The company announced the launch of over-the-counter Nicotine Polacrilex lozenges, 2 mg and 4 mg, the store brand version of Nicorette lozenges in the US market. Nicotine Polacrilex lozenges are medical products used to aid in smoking cessation in adults.

Quick Wrap: Nifty Private Bank Index falls 3.32%, NIFTY Crashes 1.81%
14-Jul-2020 (16:00)
Sensex, Nifty settle with modest gains
13-Jul-2020 (16:51)
Quick Wrap: Nifty PSU Bank Index registers a drop of 1.64%
13-Jul-2020 (16:00)
Sensex corrects 143 pts as financial stocks weigh
10-Jul-2020 (16:57)
Quick Wrap: Nifty PSU Bank Index declines 2.67%
10-Jul-2020 (16:00)
Nifty tops 10,800 mark as banks lead
09-Jul-2020 (16:54)
Quick Wrap: Nifty Metal Index rises 1.95%, NIFTY jumps 1.01%
09-Jul-2020 (16:00)
Market breaks 5-day winning streak; IT shares drag
08-Jul-2020 (17:01)
Quick Wrap: Nifty PSU Bank Index records a surge of 2.34%
08-Jul-2020 (16:00)
Market rises for 5th day led by banks, IT shares
07-Jul-2020 (16:50)
Quick Wrap: Nifty Private Bank Index records a surge of 2.66%
07-Jul-2020 (16:00)
Shares rally for 4th day; Nifty ends near 10,800
06-Jul-2020 (17:01)
Quick Wrap: Nifty Realty Index rises 3.00%, NIFTY jumps 1.47%
06-Jul-2020 (16:00)
Nifty ends above 10,600 as RIL, IT stocks boost gains
03-Jul-2020 (17:12)
Quick Wrap: Nifty Infrastructure Index gains 1.52%
03-Jul-2020 (16:00)
Shares rally on coronavirus vaccine hopes; India VIX slumps 6%
02-Jul-2020 (17:17)
Quick Wrap: Nifty Auto Index gains 2.81%, NIFTY jumps 1.17%
02-Jul-2020 (16:00)
Nifty reclaims 10,400 mark as banks rally
01-Jul-2020 (17:07)
Quick Wrap: Nifty PSU Bank Index rises 3.63%, NIFTY jumps 1.24%
01-Jul-2020 (16:00)
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