Sensex, Nifty Snap Six-Day Rally; Banking Stocks Underperform
The downward curve of the stock market in Germany. (Photographer: Alex Kraus/Bloomberg)

Sensex, Nifty Snap Six-Day Rally; Banking Stocks Underperform

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Markets At Close

  • Benchmark indices snap six-day gaining streak
  • Nifty ends 0.3% lower at 10,029
  • Sensex ends 0.4% lower at 33,980
  • Nifty Bank ends 2.6% lower at 20,390
  • Both Nifty Midcap and Nifty Smallcap Index end little changed
  • India Volatility Index ends 1.7% lower at 29.51
  • Nifty Realty Index was the other sectoral laggard; down 1.7%
  • Nifty Media ends as the top sectoral gainer; up 4.1%
  • Nifty I.T. (up 1.8%), Nifty Metal (up 1%), Nifty Pharma (up 2.1%) and Nifty PSU Bank (up 1%) were the other sectoral gainers
  • Vedanta ends as the top Nifty gainer; up 7.7%
  • Asian Paints ends as the top Nifty laggard; down 4.6%
  • 953 stocks on the NSE end with gains while 834 decline

What Contributed To Nifty's Losses

BREAKING: Amazon In Early Talks For $2 Billion Stake In Bharti Airtel

Amazon is in early-stage talks to buy a stake worth at least $2 billion in Bharti Airtel, according to a Reuters report quoted by Bloomberg News. Reuters has cited three unidentified people with knowledge of the matter.

Based on the current market value of Bharti, Amazon would buy a 5% stake if the proposed investment takes shape.

Shares spiked to end the session 3.7% higher at Rs 573.15 post the newsbreak.

Closing Bell: Taking A Pause

Indian equity markets ended their best gaining run in seven months after posting modest losses on the weekly options expiry day.

Both benchmark indices had gained 11.5% each during their six-day rally.

European markets continue to trade with losses while futures on the Dow Jones are now down 150 points.

The S&P BSE Sensex ended 0.4% lower at 33,980 while the NSE Nifty 50 managed to close above the 10,000 mark for the second straight day, rebounding from the bear-market level of 9,944. The index closed at 10,029, down 0.3%.

Private banks were the primary laggards in today's trading session. The Nifty Bank index ended as the worst sectoral performer with losses of 2.7%.

I.T., Media, Pharma and PSU Banks were the outperforming sectors with gains ranging between 1.2-4.5%.

Market breadth returned to favour the advances with 953 stocks ending higher on the NSE while 834 posted losses.

Covid-19 Update: L&T Infotech

  • Expect mid-single digit decline in dollar revenue growth in Q1FY21
  • Revenue growth likely to recover in H2FY21
  • Expect a slight increase in receivables for a temporary period
  • Expect near-term margin pressure which cannot be quantified currently
  • Not issued margin guidance for FY21
  • Manufacturing, Energy & Utilities verticals shall see the highest negative impact
  • Expect demand pressure in the short-term
  • Deferred salary hikes and annual incentive payouts to staff
  • Well positioned to fulfill our obligations.

Shares trade 0.8% higher at Rs 1,862.

Stock Reaction: State Bank Of India

India's largest lender has informed the exchanges that its executive committee of the central board will meet on June 11 to consider long-term fund raising.

The lender looks to raise $1.5 billion in long-term funds in single or multiple tranches through a public offer or private placement in senior unsecured notes in U.S. Dollars or any other convertible currency during FY21.

Shares trade 0.5% lower at Rs 173.95, snapping a four-day gaining streak.

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