Equity indices trade lower on profit-booking, Sun Pharma top loser
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Equity indices trade lower on profit-booking, Sun Pharma top loser
Equity benchmark indices traded lower during early hours on Thursday as traders booked profit across counters, a day after the US Federal Reserve said that it sees interest rates near zero through 2022.
On the economy front, Standard and Poor's affirmed its rating on India's long-term foreign and local currency sovereign credit at the lowest investment-grade level and retained its stable outlook on the economy.
India's long-term rating was affirmed at BBB-minus with a stable outlook while the short-term rating was held at A3.
At 10:15 am, the BSE SandP Sensex was down by 80 points or 0.23 per cent at 34,167 while the Nifty 50 edged lower by 23 points or 0.23 per cent at 10,093.
Equity benchmark indices drifted lower during early hours on Wednesday amid weak global cues with pharma stocks losing the most. At 10:15 am, the BSE SandP Sensex was down by 181 points or 0.47 per cent at 38,226 while the Nifty 50 lost by 54 points or 0.48 per cent at 11,269. Sectoral indices at the National Stock Exchange were mixed with Nifty pharma slipping by 1.8 per cent, private bank by 0.7 per cent and IT by 0.6 per cent. But Nifty PSU bank gained by 3.5 per cent. Among stocks, Cipla fell by 1.9 per cent to Rs 762.65 per share while Sun Pharma was down by 2 per cent and Dr Reddy's by 1.3 per cent. The others which lost were Hindalco, Bajaj Finance, Kotak Mahindra Bank, Wipro and GAIL.
Equity benchmark indices shaved off early gains but ended in the positive terrain on Monday with pharma stocks leading the rally. At the closing bell, the BSE SandP Sensex was up by 142 points or 0.37 per cent at 38,182 while the Nifty 50 gained by 61 points or 0.54 per cent at 11,275. All sectoral indices at the National Stock Exchange were in the green with Nifty pharma up by 5.4 per cent, realty by 2.8 per cent and auto by 0.8 per cent. Among stocks, Cipla was the flavour of the day by gaining 9.48 per cent to Rs 797.70 per share while Sun Pharma ticked up by 3.4 per cent to Rs 544.10 and Dr Reddy's by 2.6 per cent to Rs 4,691.65.
Equity benchmark indices advanced by 0.8 per cent during early hours on Monday with pharma, auto and financial stocks in the lead. At 10:15 am, the BSE SandP Sensex was up by 300 points or 0.79 per cent at 38,341 while the Nifty 50 gained by 92 points or 0.82 per cent at 11,306. Except for Nifty metal which slipped marginally, all sectoral indices at the National Stock Exchange were in the green with Nifty pharma gaining by 3.3 per cent, financial service by 1.3 per cent and auto by 0.8 per cent. Among stocks, Cipla was up by 5.3 per cent to Rs 767.50 per share while Sun Pharma ticked up by 1.6 per cent to Rs 534.20. Mahindra and Mahindra gained by 4.3 per cent, Tata Motors by 1.8 per cent, Larsen and Toubro by 3.6 per cent, State Bank of India by 2.2 per cent and Kotak Mahindra Bank by 2 per cent. However, Maruti Suzuki slipped by 1.1 per cent, Hindalco by 0.8 per cent and Nestle India by 0.3 per cent.
Equity benchmark indices swung nearly 1 per cent lower during the afternoon session on July 30 ahead of the expiry day of monthly futures and options contracts. At the closing bell, the BSE S and P Sensex was down by 335 points or 0.88 per cent at 37,736 while the Nifty 50 lost 101 points or 0.9 per cent at 11,102. Most sectoral indices at the National Stock Exchange were in the red except for Nifty pharma which gained by 3.1 per cent and IT which crawled up by 0.6 per cent. Nifty bank slipped by 2 per cent, financial service by 1.8 per cent and metal by 1.2 per cent. Among stocks, energy majors were big losers with Bharat Petroleum Corporation down by 8 per cent to Rs 417.80 per share. IndianOil Corporation dipped by 4.1 per cent, ONGC by 2.4 per cent and Power Grid Corporation by 2.3 per cent. Banking scrips too witnessed losses with IndusInd Bank dipping by 5.4 per cent, Axis Bank by 3.4 per cent and State Bank of India by 2.4 per cent while home loan lender lost by 3.6 per cent. Pharma stocks, however, witnessed handsome gains with Dr Reddy's advancing by 4.6 per cent to close at Rs 4,500 per share. Sun Pharma and Cipla were up by 3.7 per cent and 0.8 per cent respectively. Wipro, Infosys, Vedanta, Maruti Suzuki, Britannia and Reliance Industries too traded with a positive bias. Meanwhile, Asian stocks were flat as the US Federal Reserve members voted to leave the target range for short-term rates between 0 and 0.25 per cent to support the country's virus-battered economy. Japan's Nikkei and Hong Kong's Hang Seng were down by 0.26 per cent and 0.69 per cent but South Korea's Kospi moved up by 0.17 per cent.
US Senator Dick Durbin is requesting the Fed probe card networks and issuers, such as Mastercard and Visa. The senator wants an investigation over potentially anticompetitive fees. Durbin's letter hi-lighted that merchants are paying excessive debit card fees during the pandemic. The companies have planned major fee changes for US-based merchants. The Feds are requesting a competition-based investigating into Visa, Mastercard, and major issuers.
Spartan Capital Securities' Peter Cardillo expects the Fed to say it'll do "whatever it takes" to keep adding liquidity to the markets when policymakers meet this week. But he also tells Reuters' Fred Katayama that he thinks there's a good chance the markets will pull back, regardless of the Fed, because "the economy is faltering."
The US Federal Reserve is expected to remain apolitical and stay out of the business of Congress. Even so, President Donald Trump has repeatedly jeered at Fed Chair Jerome Powell, even going so far as to call him 'an enemy of the state.' Nevertheless, Business Powell stuck his neck out in a Congressional hearing this week, calling for more government intervention in the economy.
The Nasdaq jumped more than 1% on Friday, powered by strong earnings from some of the largest U.S. companies, but the Dow and S&P finished with smaller gains as uncertainty about the government's next round of coronavirus aid kept economic worries on the radar. Fred Katayama reports.
Equity benchmark indices traded with a positive bias on Tuesday as shares of private banks and metals advanced. The BSE S-P Sensex closed 225 points or 0.59 per cent higher at 38,407 while the Nifty 50 gained by 52 points or 0.46 per cent at 11,323. Most sectoral indices at the National Stock Exchange were in the green with Nifty private bank and metal gaining by 1.6 per cent each and financial service by 1 per cent. But Nifty pharma dipped by 1.4 per cent and IT by 0.5 per cent.
Equity benchmark indices surged for the third consecutive session during early hours on August 11 with metal and financial stocks leading the rally. At 10:15 am, the BSE SandP Sensex was up by 291 points or 0.76 per cent at 38,473 while the Nifty 50 gained by 77 points or 0.68 per cent at 11,347. Except for Nifty pharma which slipped marginally, all sectoral indices at the National Stock Exchange were in the green with Nifty metal gaining by 2.9 per cent, private bank by 1 per cent and financial service by 0.9 per cent. Among stocks, Tata Steel moved up by 3.8 per cent to Rs 426 per share while Hindalco gained by 3.6 per cent and JSW Steel by 3.2 per cent. The other prominent winners were HDFC, Axis Bank, ICICI Bank, Wipro, Asian Paints and ITC. However, Titan lost by 3.9 per cent a day after the jewellery-to-eyewear maker reported a net standalone loss of Rs 270 crore for the quarter ended June. It had reported a profit of Rs 371 crore in the year-ago period. one trade deal.
Equity benchmark indices closed 2 per cent lower on Thursday as traders booked profit a day after the US Federal Reserve said that it sees interest rates near zero through 2022. On the economic front,..
Equity benchmark indices were flat during early hours on Wednesday amid improved global mood but rising number of coronavirus infections. At 10:15 am, the BSE SandP Sensex was up by 52 points or 0.15..