Closing Bell: Sensex, Nifty end near day's low, financials drag; UPL top loser

The Indian benchmark equity indices ended near day's low on Monday dragged by selling in private banks, energy, IT and infra stocks. Rising coronavirus cases in the country also added pressure on the markets.

At close, the Sensex ended 667 points or 1.77 percent lower to 36,939.60 while the Nifty50 index ended at 10,892, down 182 points. Broader markets remained in contrast to the benchmarks, as they closed in the green. Nifty Midcap100 and Nifty Smallcap100 indexes ended 0.03 percent and 1.10 percent higher respectively.

Barring, Nifty Metals and Nifty Pharma, all sectors ended in the red zone. Selling in index heavyweights such as Reliance Industries, IndusInd Bank, Axis Bank, HDFC twins, among others dragged Nifty below 10,900 level.

Tata Motors, Titan, Tata Steel, Eicher Motors and BPCL remained the Nifty50 top gainers while UPL, IndusInd Bank, HDFC Life Insurance, Kotak Mahindra Bank and ONGC were the index top losers.

Aug 3, 2020 3:37 PM

Rakesh Jhunjhunwala made over Rs 1,500 crore from this stock since March

Shares of Titan surged over four percent on Monday after the gold price surged to a record high and it announced a dividend of Rs 4 per share. Gold prices rose to an all-time high on growth concerns as a spike in coronavirus cases may reimpose lockdowns boosting the demand for the yellow metal.

The stock price of ace investor Rakesh Jhunjhnwala's favourite stock surged as much as 4.4 percent to Rs 1,089.10 per share. It has risen over 50 percent from its COVID lows of Rs 720, hit on March 24, 2020. It has declined 9 percent in 2020 till date while jumped 8 percent in the last 1 month.

Rakesh Jhunjhunwala along with his wife Rekha Jhunjhunwala holds 4.90 crore shares or 5.53 percent in the firm as of June quarter.

When the shares of Titan hit its March low, the couple's investment in the firm stood at Rs 3,528 crore, which has risen to Rs 5,112 crore as of Friday's closing, giving them a boost of Rs 1,584 crore in since March. Read more

Aug 3, 2020 3:24 PM

No rush to get out of pharma space, says Udayan Mukherjee

The pharma industry has been on the rise on Dalal Street after the COVID-19 pandemic struck. The rally has been constant and now, there is a section that believes that the upsurge might be over.…

Aug 3, 2020 3:07 PM

Energy Update | Crude oil prices were lower on MCX trading below Rs 3,000 level mark with oversupply fears remaining the biggest concern among investors. OPEC and allied producers were set to ramp up production in August despite the coronavirus pandemic still flaring up in a number of countries. Saudi Arabia and other Gulf countries ended their respective voluntary cuts last month.

Technically, Crude oil price settles below Rs 3,060, to keep the negative scenario valid for the upcoming period, supported by the negative overlapping signal provided now by stochastic, waiting to visit Rs 2,908.00 followed by Rs 2,720.00 levels that represent our next main targets. The EMA50 supports the expected decline, noting that breaching Rs 3,060 will push the price to achieve intraday gains that start by testing Rs 3,180 areas again, said Ajay Kedia, Director, Kedia Commodities.

Aug 3, 2020 2:50 PM

Kansai Nerolac Q1 | The company reported 79.5 percent fall in Q1FY21 net profit at Rs 29.6 crore against Rs 144.7 crore, YoY. Revenue declined 58.6 percent to Rs 639 crore from Rs 1,542.4 crore, YoY. Consolidated EBITDA was down 69.7 percent at Rs 77 crore against Rs 254 crore while EBITDA margin contracted by 440 bps to 12 percent from 16.4 percent, YoY.

Aug 3, 2020 2:40 PM

Gold hits all time high as festival season begins in India from today, Silver prices up 33% in July.

Aug 3, 2020 2:31 PM

Technical Experts' View: Titan has been forming a higher top. High volume and open interest built up in the future segment indicates that it will most likely see a good trended move in the August series, said Ruchit Jain of Angel Broking. He also added that Titan can be kept at a stop below of Rs 1,040, with fresh longs for near-term target of Rs 1,130-1,140.

“Since midcap space has been showing a good outperformance, Gujarat Gas remains our bet. After a correction, the price upmove has witnessed a good amount of rise in volumes. Keeping a stop loss below Rs 288, one can buy Gujarat Gas for a target of Rs 325," added jain.

Aug 3, 2020 2:17 PM

European stocks mostly lower with U.S. stimulus talks, earnings season in focus

European stocks mostly inched lower Monday morning as another big week for corporate earnings kicked off, while U.S. lawmakers attempt to hammer out a new coronavirus aid package.

The pan-European Stoxx 600 slid 0.2 percent in early trade, with travel stocks shedding 1.8 percent to lead losses while chemicals and autos each added 0.6 percent.

European markets received a mixed handover from Asia Pacific, where Japanese and mainland Chinese stocks bounced after a private survey showed China’s manufacturing activity expanding by more than expected in July, while most indexes in the region slid into the red.

Aug 3, 2020 2:01 PM

Bank of India Q1 net profit surges to Rs 843 crore on lower provisions; asset quality improves

Bank of India reported a net profit of Rs 843.6 crore in the quarter ended June 2020, a rise of 2.5x as against Rs 242.6 crore in a year-ago period, due to lower provisions.Get latest Earnings online…

Aug 3, 2020 1:49 PM

Gold rate today: Yellow metal rises; may face resistance at Rs 53,850 per 10 grams

Gold prices in India traded higher tracking international spot prices that rose to an all-time high on global growth concerns amid fears of the re-imposition of lockdown measures due to spike in coronavirus cases across the world boosting safe-haven demand for the yellow metal, analysts said.

At 11:50 am, gold futures for October delivery rose 0.37 percent to Rs 53,645 per 10 grams as against the previous close of Rs 53,445 and opening price of Rs 53,564on the MCX. Silver futures traded 1.07 percent higher at Rs 65,680 per kg. The prices opened at Rs 65,656 as compared to the previous close of Rs 64,984 per kg. Continue reading!

Aug 3, 2020 1:31 PM

Auto stocks rise on encouraging July auto sales numbers

Shares of auto companies rose on Monday after they reported encouraging sales numbers for the month of July. The Nifty Auto index outperformed, rallying over 2 percent in intra-day deals as against an over 1 percent decline in benchmarks. However, the index later pared some gains and to trade flat.

Among individual stocks, Tata Motors surged over 7 percent in intraday deals and was the top gainer on the index. Ashok Leyland, TVS Motor Company, Eicher Motors, Hero Moto, and M&M were also positive in early deals but later pared some gains.

Maruti shares advanced as much as 2.76 percent during the day but later fell 1 percent. Read more

Aug 3, 2020 1:20 PM

SBI shares gain on robust Q1 earnings; CLSA, Morgan Stanley raise target

The share price of State Bank of India (SBI), the country's largest state-run lender, rose over one percent on Monday.Get latest Market online at cnbctv18.com

Aug 3, 2020 1:01 PM

Technical Experts' View: Rohit Srivastava, Founder & Strategist of Indiacharts.com suggests to buy Tata Motors. He said,“We have a trade position going in Tata Motors and the reason is it has consolidated for a month and has formed a triangle pattern. I think it has a good risk reward.” On the pharmaceutical front, he said that the sector went through a very long consolidation phase. The recent rally seems to have greater momentum and should rally further, added Srivastava.

Aug 3, 2020 12:44 PM

Upcoming IPOs, liquidity to trigger retail investors' participation: Prakarsh Gagdani of 5paisa Capital

The retail broking business will continue to grow in the near term given investors' interest since the beginning of this year, said Prakarsh Gagdani, CEO at 5paisa Capital. According to him, liquidity in the market and the upcoming IPOs (initial public offerings) will bring higher profits for the company and also drive retail investors' interest further.

"Client additions are increasing every month. We started the year by acquiring about 20,000-25,000 new accounts, and now the number has reached 60,000. Overall, our client base in June was around 7.5 lakh," Gagdani told CNBCTV18.com. Read more on this interview here

Aug 3, 2020 12:29 PM

Buzzing Stock: Bandhan Bank's shares fell as much as 14.49 percent to Rs 295.10 per share on the NSE after media reports said that the private lender is looking to raise Rs 10,500 crore by cutting promoter holding. In a block deal, 345.6 million shares were seen changing hands. The Bank is expected to sell up to 337.40 million shares through a block deal today, reported LiveMint. At 12:08 pm, the stock traded 10.69 percent lower to Rs 308.20 apiece.

Aug 3, 2020 12:16 PM

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