Indian equity benchmarks opened lower after a brief two-day rally, following weakness in Asian peers after a risk-off session on global cues.
The S&P BSE Sensex Index fell as much as 0.4 percent to 35,309.12 and the NSE Nifty 50 Index fell as much as 0.5 percent to 10,717.70.
The market breadth was tilted in favour of sellers. Eight out of 11 sectoral gauges fell, led by NSE Nifty Bank Index's 0.7 percent decline. On the flipside, NSE Nifty Pharma Index was the top sectoral gainer, up 1.2 percent.
Here Are The Stocks Moving The Market This Morning
Indian Bank Declines After MCLR Hike
Shares of the state-run lender snapped two-day gains and fell as much as 1.3 percent to Rs 347.
The bank hiked MCLR by 10 basis points for different tenures, according to its stock exchange filing.
Indian Bank trades at 13.4 times trailing 12-month earnings per share, according to Bloomberg data. The stock declined 6.6 percent so far this year compared to 14 percent gains in the past 12 months.
Byke Hospitality Rises After New 'Buy'
Shares of the hotel operator rose as much as 2.8 percent to Rs 174.90.
Brokerage and research firm Ventura Securities initiated ‘Buy’ rating on the stock with a price target of Rs 351, implying a potential upside of 106 percent over 24-30 months.
The stock is 7.5 percent below one-year Bloomberg consensus price target. The scrip declined 9.5 percent in the past year, compared to 15 percent gain in Sensex.
Time Technoplast Gains After Order Win
Shares of the polymer products maker rose as much as 2.4 percent to Rs 148.80.
The company received an order worth Rs 40 crore for 175 km of power cable ducts and its accessories, according to its stock exchange notification.
Trading volume was 21 percent its 20-day average, according to Bloomberg data. Time Technoplast trades at 18.5 times trailing 12-month earnings per share and 15 times its estimates for the coming year.
Vakrangee Locked In Upper Circuit For The Second Day
Shares of the retail banking and financial services provider reached its daily upper limit for the second day at Rs 35.75.
The company said that it would announce its financial results for 2017-18 on June 14, according to its stock exchange notification.
The stock fell 54 percent in the past month. Vakrangee trades at 7.1 times trailing 12-month earnings per share and 4.5 times its estimates for the coming year, according to Bloomberg data.
Caplin Point Labs: Surges Over 30% In Three Days
Shares of the Chennai-based pharmaceutical company hit its daily upper limit for the third day at Rs 480.
The company’s promoter CC Paarthipan acquired 10,427 shares or 0.013 percent equity in the company in an open market transaction, according to its stock exchange notification.
The stock has surged 33 percent in last three sessions. Prior to this, the scrip fell about 28 percent between May 28 to June 5.