Nifty Clocks Worst F&O Series In Nine Months; Bonds Slide; Rupee Weakens
A financial trader looks at trading data on his screens at the Aurel BGC brokerage in Paris, France. (Photographer: Antoine Antoniol/Bloomberg)

Nifty Clocks Worst F&O Series In Nine Months; Bonds Slide; Rupee Weakens

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Closing Bell: Nifty Clocks Worst F&O Series In Nine Months

Indian equity benchmark NSE Nifty 50 fell 4.98 percent in July series, the worst since October 2018 when it declined 13.3 percent.

The S&P BSE Sensex closed marginally lower at 37,870 and the Nifty closed at 11,252.15, down 0.17 percent. The broader market index represented by the NSE Nifty 500 Index ended flat.

The market breadth was tilted in favour of sellers. About 981 stocks declined and 788 shares advanced on National Stock exchange.

Seven out of 11 sectoral gauges compiled by NSE advanced, led by the NSE Pharma Index’s 2.2 percent gain. On the flipside, the NSE Nifty PSU Bank Index was the top sectoral loser, down 0.68 percent.

Nifty Clocks Worst F&O Series In Nine Months; Bonds Slide; Rupee Weakens

Fab Four Stocks Of The Day

ICICI Prudential Life Insurance

  • Stock rose as much as 6.6 percent to Rs 408.35.
  • Q1 gross premium up 14.7 percent to Rs 6329 crore.

Varun Beverages

  • Stock rose as much as 8.2 percent to Rs 640.
  • Ex-date for bonus issue at 1:2

Shriram Transport Finance

  • Stock rose as much as Rs 1,015.
  • Q1 net profit up 10.7 percent to Rs 634.3 crore.

Caplin Point Lab

  • Stock rose as much as 13.1 percent to Rs 436.55
  • The company received EIR for injectable facility by the U.S. FDA

Money Market Update: Rupee Erases Gain

The Indian rupee erased gains against the U.S. dollar. The home currency depreciated as much as 0.13 percent to 69.06 against the greenback.

Nifty Clocks Worst F&O Series In Nine Months; Bonds Slide; Rupee Weakens

Bond Market Update: Bonds Slide On Report PMO Not Favoring FX-Denominated Debt

The yield on the 10-year benchmark jumped as much as 12 basis points to 6.55 percent after the news agency firm Cogencis reported that Prime Minister Modi’s office doesn’t favour a FX-denominated overseas sovereign bond issuance.

Sovereign bonds are trading lower as there is ‘less clarity’ in markets as to the size and nature of the overseas bond sale, Bloomberg reported quoting Badrish Kulhalli, head of fixed income at HDFC Life Insurance. “The market was expecting a sizable dollar issuance to replace domestic borrowing,” Kulhalli said.

Nifty Clocks Worst F&O Series In Nine Months; Bonds Slide; Rupee Weakens

Nifty Set For Worst F&O Series In Nine Months

Indian equity benchmark NSE Nifty 50 is set for its worst F&O series since October 2018.

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