Sensex, Nifty Halt Two-Day Losses Led By Tech Stocks
India’s stock benchmarks closed higher after a volatile session, snapping a two-day losing streak, helped by technology stocks.
The S&P BSE Sensex rose 0.41% to 55,555.79. The NSE Nifty 50 advanced 0.28% to 16,496.45. Tata Consultancy Services Ltd. contributed the most to the index gain, increasing 2.2%. HCL Technologies Ltd. had the largest increase, rising 4.1%.
The broader indices underperformed their larger peers with the S&P BSE MidCap slipping 1% and the S&P BSE SmallCap shedding 1.65%. Twelve out of 19 sectoral indices compiled by the BSE Ltd. declined, with S&P BSE Basic Materials falling 1.5% and S&P BSE Auto shedding 1.25%. On the flipside, S&P BSE Teck and S&P BSE Information technology added over 1%.
The market breadth was skewed in favour of bears. About 786 stocks advanced, 2,464 declined and 143 remained unchanged.
"Considering improved visibility of sustained earnings recovery in subsequent quarters, a meaningful correction in quality midcap names should be bought. As Federal Reserve intends to reverse its ultra-soft monetary policy by the end of this year, liquidity driven market rally might take a backseat and therefore investors should be advised to focus on quality companies with strong fundamentals. We note higher government’s capex and revival in industrials’ capex should aid economic recovery", Mr. Binod Modi, Head Strategy at Reliance Securities wrote in a note.
BSE To Investors: Refrain From Dealing In Unregulated Products Like CFDs/Binary Options
Noticed some unregulated platforms/ websites offering trading in certain unregulated derivative products called Contracts for Difference (CFDs)/Binary Options.
Investors falling prey to the promises of exorbitant returns by these platforms may eventually lose money heavily.
Advise investors to refrain from dealing/investing in unregulated products such as Contracts for Difference (CFDs)/ Binary Options offered by such unregulated internet-based trading platforms.
Source: BSE Media Release
Aditya Birla Capital Slips The Most In Nearly 5 Months
Shares of Aditya Birla Capital Ltd. fell 8.05%, the steepest decline in nearly five months, to Rs 100 apiece.
Trading volume was 4.27 million shares, 44% above the 20-day average of 2.96 million shares for this time of the day.
The relative strength index on the stock was below 30, indicating that it may be oversold.
Analysts have 9 ‘buy’, no hold and no sell recommendations on the stock. The overall consensus price of analysts tracked by Bloomberg implied an upside of 43%
Escorts Gains Over 9%; Outperforms Peers
Shares of Escorts Ltd. gained over 9%, the most in almost a year, to Rs 1,303.40 apiece.
Trading volume was 1.52 million shares, 50% above the 20-day average of 1.02 million shares for this time of the day. Escorts outperformed its peers in S&P BSE Auto index in which 12 of the 15 constituents declined.
Of the 25 analysts tracking the company, 17 maintained 'buy', 5 maintained 'hold' and 3 analysts maintained 'sell' recommendations with 7 analysts revising their target prices higher over the past month. The overall price consensus of analysts tracked by Bloomberg implied an upside of 7.6%.
Citi, BofA, Goldman Among Banks Vying To Manage India's LIC IPO
BNP Paribas, Citigroup, BofA Securities and Goldman Sachs are among seven foreign banks vying to manage the Indian govt’s initial public offering in state-run Life Insurance Corp., according to a presentation schedule.
The banks will make presentations on their bids on Tuesday; HSBC, JPMorgan and Nomura are the other banks making presentations Tuesday.
Nine local banks, including Axis Capital, Kotak Mahindra and HDFC Bank, will make presentations on Wednesday.
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Capacit’e Infraprojects Tumbles On Ratings Downgrade
S&P BSE SmallCap Index Slips Nearly 2%
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Tech Stocks Advance
Nuvoco Vistas Lists At 15% Discount On The NSE
Affle India Slips The Most In Nearly 8 Weeks
Adani Total Gas Locked In 5% Upper Circuit
Aurobindo Pharma Advances The Most In Over 3 Months
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Opening Bell: Sensex, Nifty Gain Amid Positive Asia Trade
Adani Group Shares In Focus
Rupee Bonds May Drop as Traders Assess RBI Minutes
SGX Nifty Hints At Gains; Adani Enterprises, BPCL, Cadila Health In Focus
- HCL Tech Climbs Over 5% On Munich Re Contract
- Bloomberg Exclusive: India Is Said To Plan Rs 6 Lakh Crore Of Infrastructure Asset Sales
- Arvind Fashions Hits 52-Week High After Raising Rs 439 Crore From Investors
- Nuvoco Vistas Lists At 15% Discount On The NSE
- Aurobindo Pharma Advances The Most In Over 3 Months