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A surge in cases in coronavirus cases have dimmed hopes for an economic recovery anytime soon and this dented equities. (Photo: Mint)
A surge in cases in coronavirus cases have dimmed hopes for an economic recovery anytime soon and this dented equities. (Photo: Mint)

Sensex closes sub-35,000; Nifty ends 0.6% lower

  • Barring Nifty FMCG and pharma, all sectoral indices end in the red
  • Axis Bank, Tech Mahindra, SBI among worst hit on Sensex

Welcome to Mint live market blog. Track this space for latest news and updates.

29 Jun 2020, 03:23:33 PM IST

Nifty broad market indices in last minutes of trade

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29 Jun 2020, 03:09:07 PM IST

Emami down over 6% on weak March quarter results

Shares of Emami Ltd fell 6.6% on Monday to 205.75 apiece after the company reported weak results for the March quarter.

The fast moving consumer goods company on Friday reported a consolidated net profit of 22.75 crore for the March quarter, down 59.4% from the year-ago period due to a sharp decline in demand.

Revenue for the March quarter for the maker of Navratna oil and BoroPlus cream stood at 532.68 crore, down 16.8% on year.

29 Jun 2020, 03:04:09 PM IST

Vodafone India bucks trend, up 7%

Shares of Vodafone India rose 6.7% to 11.15 apiece on the BSE on Monday amid weakness in the broader market. The company will announce its Q4 results on Tuesday.

29 Jun 2020, 02:57:30 PM IST

Bharat Forge tanks 11% on weak March quarter results

Shares of Bharat Forge slumped 10.9% to 314.10 apiece on the BSE on Monday after the company reported a consolidated net loss of 68.59 crore for the quarter ended March due to lower sales and one-time exceptional loss. The company had posted a net profit of 324 crore in year-ago quarter.

Consolidated revenue from operations declined 34.8% year-on-year to 1,742 crore during the quarter.

29 Jun 2020, 02:50:23 PM IST

Government mulling import substitution of aluminium

Mines Ministry has set up an inter-ministerial committee to work out on import substitution of aluminium, CNBC TV-18 reported. China's accounts for 16% of India's aluminium imports.

29 Jun 2020, 02:38:39 PM IST

Top losers/gainers on Nifty

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29 Jun 2020, 02:35:46 PM IST

P&W says modified over 80% of A320neo engines

Pratt & Whitney on Monday said more than 80% of A320neo engines have been modified and are performing without glitch, CNBC TV-18 reported.

The company also said it will meet the Indian aviation regulator's 31 August deadline on engine modification.

29 Jun 2020, 02:33:43 PM IST

S&P affirms China's sovereign credit rating with stable outlook

Credit rating agency S&P Global Ratings on Monday affirmed China's sovereign credit ratings at 'A+/A-1' with a stable outlook amid the coronavirus outbreak, Reuters reported.

S&P said China is likely to maintain above-average economic growth relative to other middle-income economies in the next few years.

29 Jun 2020, 02:20:59 PM IST

Nifty Auto index down

Barring M&M, all Nifty Auto constituents were in the red.

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29 Jun 2020, 02:17:23 PM IST

60 stocks hit 52-week highs on NSE

Around 60 stocks touched their respective 52-week highs on NSE on Monday.

AstraZeneca Pharma, Alok Industries, Andhra Cements, GTN Industries, among others, touched highs.

Benchmark Nifty was trading 0.9% at 10,286.80 points because of a selloff in the market.

29 Jun 2020, 02:01:14 PM IST

Nifty PSU Bank worst hit sectoral index, down 3.3%

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29 Jun 2020, 01:54:23 PM IST

RBI seeks extension of tenure for MPC external member

RBI approaches government on extension of tenure of external members of the Monetary Policy Committee, CNBC-TV18 reported citing sources.

29 Jun 2020, 01:51:28 PM IST

Nifty Metal index

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29 Jun 2020, 01:49:26 PM IST

Nifty Private Bank index among the worst hit sectoral indices

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29 Jun 2020, 01:41:33 PM IST

Nalco down after weak March quarter performance

Shares of National Aluminum Co Ltd (Nalco) declined as much as 6% on Monday after the company reported a 57% year-on-year fall in its March quarter consolidated net profit to 100.51 crore.

Income during the quarter fell 28.7% to 2,042.27 crore.

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29 Jun 2020, 01:34:43 PM IST

Japan government spokesman says crucial to maintain current G7 framework: Reuters

Japan's government spokesman Yoshihide Suga on Monday said it was crucial to maintain the current G7 framework which comprises France, Germany, Italy, Japan, the US, the UK, and Canada.

US President Donald Trump in May announced he would postpone a Group of Seven summit and expand the list of invitees to include Australia, Russia, South Korea and India.

29 Jun 2020, 01:21:47 PM IST

MRF down as Q4 revenue dips

Tyre maker MRF Ltd on Monday reported a 130% jump in its consolidated net profit to 679 crore for the March ended quarter. Revenue, however, fell 11% to 3,685.2 crore.

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29 Jun 2020, 01:12:32 PM IST

Nifty broad market indices

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29 Jun 2020, 01:11:20 PM IST

Sensex pares losses, nears day's high

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29 Jun 2020, 01:03:51 PM IST

Europe equities edge higher, dollar down

European stocks edged higher along with S&P 500 futures as investors weighed sporadic signs of economic improvement against the accelerating spread of the coronavirus in the US, Brazil, and India, Bloomberg reported.

Auto shares and travel companies pushed up the Stoxx Europe 600 Index. The dollar dipped against all of its major peers after three days of gains.

29 Jun 2020, 01:00:27 PM IST

China says will put visa restrictions on US citizens over Hong Kong: Reuters

China's foreign ministry on Monday said it will impose visa restrictions on US individuals with egregious conduct related to Hong Kong, after Washington announced visa restrictions on some Chinese officials over the city, Reuters reported.

29 Jun 2020, 12:51:25 PM IST

Asian equities under pressure

Japanese shares sank on Monday, tracking the sharp decline on Wall Street on Friday after several US states imposed business restrictions to tackle a resurgence in new coronavirus cases.

The benchmark Nikkei tumbled 2.3% to 21,995.04 points, its lowest close since June 15, with cyclical stocks leading the decliners. South Korea's Kospi also tumbled 2% while Australian shares hit a two-week low. Hong Kong and Shanghai also reported losses.

29 Jun 2020, 12:45:59 PM IST

Oil prices extend losses, down 2%

Oil prices extended losses, falling for the second straight session on Monday, as a relentless rise in coronavirus cases led some countries to resume partial lockdowns that could hurt fuel demand.

Brent crude fell 81 cents, or 2%, to $40.21 a barrel, while US crude was at $37.74, down 75 cents.

29 Jun 2020, 12:41:07 PM IST

India VIX up nearly 3% amid weak broader market

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29 Jun 2020, 12:36:24 PM IST

Sun Pharma gets Japan regulator nod for ILUMYA

Sun Pharmaceutical Industries' wholly-owned subsidiary has received approval from the ministry of health, labour and welfare, Japan, for its drug ILUMYA (tildrakizumab) used to treat plaque psoriasis in adults who have inadequate response to conventional therapies. Japan has approximately 430,000 people currently suffering from psoriasis.

29 Jun 2020, 12:26:27 PM IST

Delhi government to set up plasma bank

In a first, the Aam Aadmi Party (AAP) led Delhi government on Monday announced setting up of a plasma bank for the treatment of patients diagnosed with covid-19. Delhi was one of the first states to allow plasma therapy to treat covid-19.

The facility will be set up at Institute of Liver and Biliary Sciences (ILBS) and will be made available for government and private hospitals after getting a doctor’s recommendation. Delhi has reported 83,077 cases, of which 27,847 are active.

29 Jun 2020, 12:16:45 PM IST

RITES to pick 24% stake in Railway's station redevelopment entity: Report

The Centre’s 1-trillion plan to redevelop 400 stations across the country is likely to get a boost with Railways subsidiary RITES in final stages of acquiring 24% stake in the Indian Railway Stations Development Corporation (IRSDC), Business Standard reported.

According to sources, a shareholder agreement was signed on 21 May and the proposal will be taken up for approval of shareholders of both the companies in the annual general meeting expected in August.

IRSDC is the nodal agency for redeveloping railway stations in India.

29 Jun 2020, 12:02:07 PM IST

FMCG heavyweights among top gainers on Sensex

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29 Jun 2020, 11:59:08 AM IST

Nifty Bank in the red, Axis Bank among worst hit

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29 Jun 2020, 11:47:07 AM IST

Gold edges closer to $1,800 an ounce

Gold futures edged closer toward $1,800 an ounce -- a level last seen at the end of 2011 -- as demand for haven assets surged amid concerns over rising coronavirus infections, Bloomberg reported.

29 Jun 2020, 11:45:52 AM IST

Markets extend losses

At 1145am, the Sensex was down 1.3% at 34702.93, and the Nifty was down 146.40 points or 1.4% at 10236.60.

29 Jun 2020, 11:34:50 AM IST

Pakistan Stock Exchange building in Karachi under attack by armed men: Agencies

Two killed as terrorists attack Pakistan Stock Exchange building in Karachi, agencies reported.

29 Jun 2020, 11:34:04 AM IST

Airbus CEO sees production down 40% over next two years: Reuters

Airbus expects a 40% drop in production over the next two years due to the coronavirus crisis, Reuters reported citing chief executive Guillaume Faury.

"For the next two years - 2020/21 - we assume that production and deliveries will be 40% lower than originally planned," Faury told Die Welt newspaper.

29 Jun 2020, 11:21:49 AM IST

Rupee rises against US dollar despite selloff in equity markets

Indian rupee rose, trading near day's high at 75.56. The unit opened flat at 75.63 per dollar against Friday's close of 75.64.

29 Jun 2020, 11:19:33 AM IST

Nifty FMCG index bucks the trend, mostly up

In a weak broader market, Nifty FMCG was the only index in the green with gains led by Britannia Industries, ITC.

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29 Jun 2020, 11:06:15 AM IST

Rahul Gandhi urges people to 'Speak Up Against Fuel Hike'

Congress leader Rahul Gandhi on Monday urged people to join the "Speak Up Against Fuel Hike" campaign, ANI news agency reported.

He made the appeal through a video posted on the micro-blogging site Twitter.

Over the last 22 days, the price of petrol has gone up by 9.17 a litre while that of diesel has risen by 11.14 a litre.

Congress leader Rahul Gandhi (Photo: PTI)
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Congress leader Rahul Gandhi (Photo: PTI)
29 Jun 2020, 11:02:30 AM IST

Gold prices near record highs

Domestic gold prices hovered near record highs on Monday, tracking global trends. On the MCX, August gold futures were up 0.3% at 48,450 per 10 gram.

Last week, gold prices in India had hit a record high of 48,589 per 10 gram.

29 Jun 2020, 10:59:51 AM IST

Pharma industry seeks urgent govt intervention on stuck Chinese imports: CNBC TV18

The Indian pharmaceutical industry has sought urgent intervention from the government following delays in import clearances for goods from China, highlighting "acute disruption in manufacturing of pharmaceutical products", CNBC TV18 reported on Monday.

Key starting raw materials, intermediates & active pharmaceutical ingredients (APIs), covid-19-related medical devices and diagnostics are among the imports stuck at the Jawaharlal Nehru Port and Delhi Airport.

29 Jun 2020, 10:54:06 AM IST

Nifty Metal falls further, down over 3%

Tata Steel, JSW Steel, Hindalco led losses on Nifty Metal.

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29 Jun 2020, 10:49:32 AM IST

Nifty Metal worst hit among sectoral indices

A Wall Street Journal report said the phase 1 US-China trade deal could be at risk, weighing on equities. According to the report, Chinese officials have warned that "meddling" in Hong Kong and Taiwan could lead Beijing to back away from its commitment to purchase US farm goods.

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29 Jun 2020, 10:40:17 AM IST

Top five stock recommendations by Angel Broking

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29 Jun 2020, 10:38:05 AM IST

Nifty technical view: Sameet Chavan, chief analyst -Technical and Derivatives, Angel Broking

Last week’s low of 10194 can now be a key support and as long as we are above it, there is no reason to worry. Traders are advised to trail stop losses higher at this level and a breach of this would result in a strong bout of profit booking in the market.

"If the rally continues, a move beyond 10,500 would certainly unfold the next leg towards 10700 - 10850 levels. Since, there is a cluster of resistance at every 200 points up move from hereon, traders are advised to take one step at a time and should ideally avoid carrying aggressive bets overnight," said Sameet Chavan, chief analyst -Technical and Derivatives, Angel Broking.

29 Jun 2020, 10:25:33 AM IST

Bajaj Finance falls on rating downgrade by S&P

Bajaj Finance was among the top losers on Monday, down 3.4% at 2,804.50 apiece on the BSE.

S&P Global Ratings on Friday downgraded ratings of Axis Bank and four Indian non-bank financiers, citing worsening operating conditions as a result of the covid-19 pandemic. Bajaj Finance was downgraded to BB+.

"We expect the asset quality of Indian finance companies to deteriorate, credit costs to rise, and profitability to decline over the next 12 months. Given the large acceptance of moratorium by borrowers, funding and liquidity problems could worsen," S&P said.

29 Jun 2020, 10:17:34 AM IST

BSE SmallCap

BSE Smallcap down 1.5% at 12,434.29 points.

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29 Jun 2020, 10:12:27 AM IST

BSE MidCap

The BSE MidCap index was down 1.35 at 13,083.48, in line with losses in broader market.

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29 Jun 2020, 10:06:16 AM IST

India rupee opens flat

The Indian rupee open at 75.63 a dollar on Monday compared with Friday's close of 75.64.

29 Jun 2020, 10:02:05 AM IST

Main Nifty sectoral indices

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29 Jun 2020, 10:00:33 AM IST

NeSL in talks with states for digital e-stamping of loan documents, says CEO

National e-Governance Services Ltd (NeSL) is in talks with state governments to allow digital e-stamping of bank loan agreements for its platform to digitise these documents, said a top executive at the information utility.

In an interview to Mint, NeSL executive S Ramann said Delhi and Rajasthan are the only two states that have permitted a complete digitisation of stamp duty payment and delivery. In other states, Ramann said, while the payment can be made digitally, a hardcopy of the certificate is still required.

“In India, the concept of e-stamping is a misnomer. You have a situation where you pay the fees online but have to collect the printouts from a particular stamp vendor or an agency.," said Ramann.

29 Jun 2020, 09:55:29 AM IST

ITC top gainer, stock up over 2%

ITC, cigarettes and consumer goods maker, on Friday reported a 9% rise in its fiscal-fourth quarter profit, beating analysts’ estimates. Net profit rose to 3,797.08 crore in the three months ended 31 March from 3,481.90 crore a year earlier. That compares with 3,511.50 crore profit estimate in a Bloomberg survey of 14 analysts.

Revenue from operations, however, dropped 6.4% to 11,420.04 crore from a year earlier. Analysts had estimated net sales of 11,831.7 crore.

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29 Jun 2020, 09:53:00 AM IST

Tata Steel down nearly 2% ahead of Q4 results today

Tata Steel, India’s largest private steel producer, is expected to report a consolidated net loss of 90.76 crore for the January-March quarter, according to a poll of eight analysts by Bloomberg. The company’s consolidated revenue is estimated at 33,774.2 crore, according to 10 analysts polled by Bloomberg.

The steel industry faced a tough fourth quarter with domestic demand slowing, particularly from end-user sectors such as automotives, and prices failing to recover. The challenge has continued into the first quarter of FY21 amid the covid-19 outbreak as the industry faced difficulties in procurement of raw materials, decline in domestic demand and significantly high inventory with dealers. Primary steel producers such as Tata Steel also had to temporarily close operations at blast furnaces as steel demand crashed from the end of March through April.

Tata Steel had reported a subdued Q3FY20 performance as well, with poor realisations in both Indian and European operations.

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29 Jun 2020, 09:43:28 AM IST

Coal India down over 3%

Shares of Coal India fell on Monday following subdued Q4 earnings of the state-run miner.

The company reported 23% year-on-year decline in consolidated net profit to 4,637.95 crore and a 3.6% fall in revenue from operations to 27,568.23 crore.

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29 Jun 2020, 09:38:41 AM IST

Nifty broad market indices

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29 Jun 2020, 09:31:40 AM IST

Top gainers/losers on Nifty

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29 Jun 2020, 09:29:18 AM IST

Top gainers/losers on Sensex

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29 Jun 2020, 09:22:34 AM IST

Benchmark indices lower in opening deals

Benchmark indices opened in the red on Monday.

At 0916am, the Sensex was down 240.35 points or 0.7% at 34930.92, and the Nifty was down 68.50 at 10314.50. About 614 shares advanced, 621 shares declined, and 72 shares were unchanged.

29 Jun 2020, 09:19:03 AM IST

FIIs make a strong comeback, June inflows highest in 2020 so far

Foreign fund flows into India significantly improved during 1-26 June despite persistent concerns about steep valuations and weak fundamentals.

Foreign institutional investors’ (FIIs’) capital inflows into Indian equities total $2.87 billion so far in June, highest ever in the year. FIIs have been gradually allocating money to Indian shares with an inflow of $1.71 billion in May after a massive March-April selloff of $8.42. This inflow of foreign money also drove Indian markets over 8% higher in June, outperforming both MSCI Emerging Markets (EM) and MSCI World indices in the month.

29 Jun 2020, 09:10:24 AM IST

Nifty at pre-open

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29 Jun 2020, 09:09:25 AM IST

Top gainers/loser on Sensex at pre-open

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29 Jun 2020, 08:56:50 AM IST

India reports 19,000 fresh coronavirus cases in last 24 hours

India recorded over 19,000 coronavirus cases in the last 24 hours, with death toll in the country at 16,487.

Vice-President M Venkaiah Naidu on Sunday said “no storm can continue forever".

The number of containment zones in Delhi has risen to 417, with over 83,000 cases in the national capital. Maharashtra recorded over 5,493 cases in the past 24 hours, taking its total to 164,626.

Globally, more than 10.24 million people have been diagnosed with covid-19. While over 5.5 million have recovered, 504,366 have died so far.

29 Jun 2020, 08:46:42 AM IST

Earnings today

Bharat Forge, Bharat Electronics, Petronet LNG, Central Bank of India, MRF, Reliance Communications, Rail Vikas Nigam, Welspun India, among others, will announce their Q4 earnings today.

29 Jun 2020, 08:36:59 AM IST

Petrol, diesel prices raised on Monday

State-run oil marketing companies on Monday hiked prices of petrol by 5 paise a litre to 80.43 and that of diesel was raised by 13 paise to 80.53.

Over the last 22 days, the price of petrol has gone up by 9.17 a litre while that of diesel has risen by 11.14 a litre.

29 Jun 2020, 08:33:32 AM IST

Stocks to Watch

In Indian markets, HDFC Bank, Axis Bank, NBFCs, ITC, Piramal Enterprises will be in focus today.

29 Jun 2020, 08:32:19 AM IST

Gold up, oil prices slip

In commodity markets, gold held near its highest since early 2012 at $1,771 an ounce. Oil prices slipped on concerns that the pandemic would slow the reopening of some economies and thus hurt demand for fuel.

Brent crude futures fell 62 cents to $40.40 a barrel, while U.S. crude lost 60 cents to $37.89.

29 Jun 2020, 08:31:03 AM IST

SGX Nifty indicates negative start for Indian equities

In Asian deals, Nifty futures on the Singapore Exchange traded 73.5 points, or 0.7% at 10,266.50, indicating a negative start for Indian equities on Monday.

On Friday, the BSE Sensex had ended at 35,171.27, up 329.17 points or 0.9%. The Nifty had closed at 10383, up 94.10 points or 0.9%.

29 Jun 2020, 08:28:01 AM IST

Asian equities weak, in line with subdued close to Wall Street Friday

Asian share markets got off to a shaky start on Monday as the spread of the coronavirus made investors question the optimism on the global economy, benefiting safe harbour bonds and the US dollar.

MSCI's broadest index of Asia-Pacific shares outside Japan eased 0.2% and further away from a four-month top hit last week. Japan's Nikkei shed 1.5% and South Korean stocks 1.4%.

Wall Street had faltered on Friday as some US States reconsidered their reopening plans. The global death toll from covid-19 touched half a million people on Sunday, according to a Reuters tally.

29 Jun 2020, 08:24:20 AM IST

Wall Street stocks ended lower on Friday as coronavirus cases, trade deal concerns weigh

Major equity indexes on the Wall Street had ended weak on Friday as several U.S. states imposed business restrictions in response to a surge in coronavirus cases.

The Dow Jones Industrial Average fell 730.05 points, or 2.8%, to 25,015.55, the S&P 500 lost 2.4% to end at 3,009.05 and the Nasdaq Composite shed 2.6% to close at 9,757.22.

For the week, the S&P 500 fell 2.9%, the Dow lost 3.3%, and the Nasdaq declined 1.9%.

A Wall Street Journal report said that the phase 1 US-China trade deal could be at risk and weighed on equities. According to the report, Chinese officials have warned that "meddling" in Hong Kong and Taiwan could lead Beijing to back away from its commitment to purchase US farm goods.

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