Investors Lose Rs 1.5 Lakh Crore As Sensex, Nifty Log Worst Day In Two Weeks 
Stock price information is reflected in a glass panel as a trader monitors financial data during the official opening of the stock trading floor. (Photographer: Andrey Rudakov/Bloomberg)

Investors Lose Rs 1.5 Lakh Crore As Sensex, Nifty Log Worst Day In Two Weeks 

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Closing Bell: Sensex, Nifty Resume Declines; Investors Lose Rs 1.5 Lakh Crore

Indian equity investors lost around Rs 1.5 lakh crore of wealth, according to data available with Bombay Stock Exchange.

That came after Indian equity benchmarks resumed declines to clock their worst fall in two weeks. The S&P BSE Sensex closed 1.23 percent or 463 points lower at 37,018 and the NSE Nifty 50 ended at 10,980, down 1.24 percent.

The markets are declining due to lack of hope on policies, according to OPC Asset Solutions’ Executive Chairman Ajay Bagga.

“There is very little policy intervention. Nobody is really addressing it. The budget was pedestrian,” Bagga told BloombergQuint in an interaction.

Sit on cash, until you get a sense that there is some real policy action to arrest the fall in sentiment, he said.

The benchmark indices had registered their worst July in 17 years. “We are going into August with low expectations, rather no expectation at all,” Karvy Stock Broking’s Chief Executive Officer Rajiv Singh told Bloomberg. “Market should pick up the threads from here and hope it won’t get worse than this,” he added.

The market breadth was tilted in favour of sellers. About 1,187 stocks declined and 575 shares declined on National Stock Exchange.

Ten out of 11 sectoral gauges compiled by NSE ended lower, led by the NSE Nifty Metal Index’s 3.13 percent fall. On the flipside, the NSE Nifty Auto Index was the only sectoral gainer, up 0.1 percent.

Investors Lose Rs 1.5 Lakh Crore As Sensex, Nifty Log Worst Day In Two Weeks 

Fab Four Stocks Of The Day

Trent

  • Stock rose as much as 7.4 percent to Rs 427.20.
  • Revenue up 29.9 percent to Rs 767.2 crore.
  • Net profit up 50.8 percent to Rs 57.9 crore.
  • Ebitda up 2.3 times to Rs 163.9 crore.
  • Margin at 21.4 percent versus 12 percent.
  • Depreciation up eight times to Rs 59.7 crore.
  • Finance cost up five times to Rs 53.6 crore.

Ajanta Pharma

  • Stock rose as much as 9.4 percent to Rs 964.80.
  • Trading volume was seven times its 20-day average.

Aegis Logistics

  • Stock rose as much as 7.3 percent to Rs 200.
  • Shares snap four-day losing streak.

Voltas

  • Stock rose as much as 4.9 percent to Rs 611.60
  • Fresh longs were seen with high OI of 24.8 percent.

Marico Falls After Q1 Results

Shares of Marico fell as much as 4.5 percent to Rs 350.40 after the company announced their quarterly results for the three months ended June.

Key Earnings Highlights (Q1, YoY)

  • Revenue up 7 percent to Rs 2166 crore.
  • Net profit up 21.2 percent to Rs 315 crore.
  • Ebitda up 26 percent to Rs 461 crore.
  • Margin at 21.3 percent versus 18.1 percent.

Market Check: Sensex Drops Nearly 800 Points; Nifty Below 10,900

Indian equity benchmarks extended declines to trade at day’s low.

The S&P BSE Sensex fell as much as 2.1 percent or 786 points to 36,694 and the NSE Nifty 50 fell as much as 2.13 percent to 10,881. The broader market represented by the NSE Nifty 500 Index fell as much as 2.05 percent.

The market breadth was tilted in favour of sellers. About 1,329 stocks declined and 416 shares advanced on National stock Exchange.

Investors Lose Rs 1.5 Lakh Crore As Sensex, Nifty Log Worst Day In Two Weeks 

Market Commentary: Ajay Bagga Says Little Policy Intervention Spooks Investors

The markets are declining due to lack of hope on policies, according to OPC Asset Solutions’ Executive Chairman Ajay Bagga.

“There is very little policy intervention. Nobody is really addressing it. The budget was pedestrian,” Bagga told BloombergQuint in an interaction.

Sit on cash, until you get a sense that there is some real policy action to arrest the fall in sentiment, he said.

Enforcement Directorate Conducts Raids On Singh Brothers’ Premises

The Enforcement Directorate on Thursday raided premises linked to Singh brothers Malvinder and Shivinder, the former promoters of Ranbaxy Laboratories and Fortis Healthcare Ltd., in connection with a money-laundering case, said agency officials.

According to the ED officials, the raids were conducted after the filing of a case under the Prevention of Money Laundering Act, 2010.

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Source: PTI

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