Indian equity benchmarks declined after capping their best quarterly performance this year, amid concerns global trade frictions will crimp global growth and as oil prices remain elevated.
The S&P BSE Sensex Index fell as much as 0.7 percent to 35,179 and the NSE Nifty 50 fell as much as 0.8 percent to 10,632.
The market breadth was tilted in favour of the sellers. Ten out of 11 sector gauges compiled by NSE fell, led by NSE Nifty PSU Metal Index's 1.6 percent decline. The NSE Nifty IT Index was the top gainer, up 0.2 percent.
Here Are The Stocks Moving The Market This Morning
Tata Steel Rises After Joint Venture Nod
Shares of the country's second-largest steelmaker extended gains for the third day and rose as much as 3.30 percent to Rs 586.50.
Tata Steel Ltd.’s board approved a joint venture with Germany’s Thyssenkrupp A.G. to combine their European steel businesses to create the continent’s second-largest steelmaker after ArcelorMittal.
“The unchanged deal contours are a significant relief,” Edelweiss Financial Services Ltd. said in a note Monday. Jefferies Group LLC said the venture will help Tata Steel cut debt and alleviate concerns over its stock, which has fallen this year.
Fine Organic Industries Makes D-Street Debut
Fine Organic Industries Ltd. listed at a premium of 4.1 percent at Rs 815 per share on the National Stock Exchange, compared to its issue price of Rs 783. The stock rose as much as 5.2 percent to Rs 823.85 thereafter.
The chemical maker’s Rs 600-crore initial public offering was subscribed 8.92 times on the final day of bidding on June 22, according to National Stock Exchange data.
The portion reserved for qualified institutional buyers was subscribed 12.86 times the number of shares on offer, while the non-institutional investors was subscribed 21 times. The retail investors' segment was subscribed 1.44 times.
RITES Makes A Solid Start
RITES Ltd. listed at a premium of 2.7 percent at Rs 190 per share on the National Stock Exchange, compared to its issue price of Rs 185. The stock rose as much as 11.2 percent to Rs 205.75 thereafter.
The IPO, which was the first by a government-owned company in the current financial year, was subscribed over 67 times last week. The non-institutional portion was subscribed over 194 times, the retail portion for the IPO was subscribed nearly 16 times, according to cumulative data available on NSE.
Thermax Gains After Order Win
Shares of the energy equipment maker rose as much as 5.3 percent, the most in nearly a month to Rs 1,098.
The company won Rs 340 crore order from an Indian steel major, according to its stock exchange filing. The trading volume was 7.4 times its 20-day average, according to Bloomberg data.
Bosch Falls After Unit Sale Plans
Shares of the auto component maker fell as much as 1.5 percent to Rs 17,252.
The company plans to sell $1.5 billion packaging machines division, according to its regulatory filing.
Bosch India trades at 36.8 times trailing 12-month earnings per share, Bloomberg data showed. The stock is 17 percent below the Bloomberg consensus one-year price target.
Stocks Reacting To June Auto Sales Data
- Stock rose as much as 3.3 percent to Rs 129.95.
- Total sales rose 28 percent year-on-year to 15,791 units.
- Stock rose as much as 1.3 percent to Rs 8,936.20.
- Total sales rose 36.3 percent year-on-year to 1.44 lakh units.
- Stock rose as muich as 3.6 percent to Rs 2,912.
- Total sales rose 65 percent year-on-year to 4.04 lakh units.
- Stock fell as much as 2.5 percent to Rs 27,865.15.
- Total Royal Enfield sales rose 18 percent year-on-year to 74,477 units.
- Stock rose as much as 1.5 percent to Rs 884.25.
- Total sales rose 72.8 percent year-on-year to 9,983 units.
- Stock rose as much as 1.2 percent to Rs 908.50.
- Total sales rose 26 percent year-on-year to 45,155 units.
- Stock rose as much as 2.9 percent to Rs 277.
- Total sales rose 54 percent year-on-year to 56,773 units.