Last-Hour Selloff Drag Sensex, Nifty Lower For Fourth Day
Men look up at an electronic ticker board that indicates stock figures at the Bombay Stock Exchange (BSE) in Mumbai. Photographer: Dhiraj Singh/Bloomberg.

Last-Hour Selloff Drag Sensex, Nifty Lower For Fourth Day

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Closing Bell: Last-Hour Selloff Drag Sensex, Nifty Lower For Fourth Day

Indian equity benchmarks witnessed a sharp fall in the last hour, extending their declines for the fourth straight trading sessions.

The S&P BSE Sensex, which rose 186 points during the day, closed down nearly 50 points, or 0.13 percent, at 37,982.74. The NSE Nifty 50 swung to a drop 0.13 percent from a gain of as much as 0.46 percent. The broader market represented by the NSE Nifty 500 Index closed 0.15 percent lower.

The markets are neither showing signs to make any fresh investments nor to make any fresh exits after the correction, according to IIFL’s Senior Technical Analyst Hadrien Mendonca.

“There are no signs to enter the market after a huge fall. It is also too late to be a fresh seller,” Mendonca told BloombergQuint in an interaction, adding that he would remain cautious at present and let the selloff playout.

Mendonca said that 11,300 is the crucial level to watch out for in Nifty. “There may see another round of selling if the index falls below 11,300.”

The market breadth, however, was tilted in favour of buyers. About 899 stocks advanced and 860 shares declined on National Stock Exchange.

Seven out of 11 sectoral gauges compiled by NSE ended lower, led by the NSE Nifty PSU Bank Index’s 3.1 percent fall. On the flipside, the NSE Nifty Realty Index was the top sectoral gainer, up 0.99 percent.

Last-Hour Selloff Drag Sensex, Nifty Lower For Fourth Day

Fab Four Stocks Of The Day

Kotak Mahindra Bank

  • Stock rose as much as 3.9 percent to Rs 1,512.
  • The lender’s June quarter profit rises but misses estimates
  • The scrip is the best performer on Sensex and Nifty.

VA Tech Wabag

  • Stock rose as much as 8.6 percent to Rs 317.
  • The secured an order worth Rs 1,187 crore from Bihar Urban Infrastructure Development Corporation.

Can Fin Homes

  • Stock rose as much as 5.4 percent to Rs 395.40.
  • Trading volume was three times its 20-day average.

Arvind

  • Stock rose as much as 3.9 percent to Rs 61.60.
  • Fresh longs were seen with high OI of 25 percent.

Market Check: Sensex, Nifty Turn Volatile Ahead Of Close

Indian equity benchmarks turned volatile ahead of close.

The S&P BSE Sensex, which rose 186 points, fell 132 points to 37,898 as of 3 p.m.. The NSE Nifty 50 swung to a drop of as much as 0.38 percent from a gain of as much as 0.46 percent.

The market breadth was tilted in favour of sellers. About 885 stocks declined and 854 shares advanced on National Stock Exchange.

India Needs To Tax FPIs Differently Than The Super-Rich, Says Samir Arora

India needs to tax overseas investors differently than the nation’s super rich, according to fund manager Samir Arora, as higher taxes in the budget have triggered the worst foreign fund outflows in nine months.

While the budget in itself would have been welcomed, the tax part was unnecessary and is leading to unintended consequences, Arora of Helios Capital, told BloombergQuint in an interview.

Read the full story and watch the full interaction here.

RIL, Aramco Talks On Refinery Stake Sale Said To Stall

  • Aramco said to concerned about debt in proposed structure
  • RIL is exploring sale of up to 25 percent stake in refinery unit.
  • RIL said to work on alternatives for talks with Aramco.
  • RIL, Aramco talks could resume with a compromise.

Source: People familiar with the matter told Bloomberg

Shares of Reliance Industries erased gains and fell as much as 1.2 percent to Rs 1,227.

Last-Hour Selloff Drag Sensex, Nifty Lower For Fourth Day

Stocks Reacting To Earnings Announcement

Indian Overseas Bank (Q1, YoY)

  • Stock rose as much as 2.1 percent to Rs 11.95.
  • Net loss of Rs 342.08 crore verssus net loss of 919.44 crore
  • Net interest income up 7 percent to Rs 1,288.46 crore.
  • Provisions fall 74 percent to Rs 1,157.82 crore (QoQ).
  • Gross NPA at 22.53 percent versus 25.64 percent (QoQ).
  • Net NPA at 11.04 percent versus 10.81 percent (QoQ).

HT Media (Q1, YoY)

  • Stock rose as much as 5.5 percent to Rs 27.70.
  • Net loss at Rs 155.3 crore versus net profit of Rs 1.24 crore
  • Revenue down 0.1 percent to Rs 540.21 crore
  • Net loss at Rs 155.3 crore versus net profit of Rs 1.24 crore
  • Ebitda up 35 percent to Rs 40.97 crore
  • Margin at 7.6 percent versus 5.6 percent.

SKF India (Q1, YoY)

  • Stock fell as much as 2.3 percent to Rs 1,856.
  • Revenue up 2.9 percent to Rs 77,683 crore.
  • Net Profit down 4 percent to Rs 7,794 crore.
  • Ebitda flat at Rs 11,602 crore.
  • Margin at 14.9 percent versus 15.4 percent.

Kajaria Ceramics (Q1, YoY)

  • Stock fell as much as 3.4 percent to Rs 504.85.
  • Net profit up 12 percent to Rs 51 crore.
  • Revenue up 7 percent to Rs 600 crore.
  • Margin at 15.1 percent versus 14.7 percent
  • Ebitda up 9 percent to Rs 106 crore.

HDFC Life (Q1, YoY)

  • Stock rose as much as 2.2 percent to Rs 501.60
  • Total Premium up 29 percent to 6,536 crore.
  • Net profit up 12 percent to 425 crore.
  • New Business Premium up 47 percent to 3,926 crore.
  • Value of new business up 104 percent to 509 crore.
  • New business margin at 29.80 percent versus 24.2 percent.
  • 13-month persistency at 88 percent versus 87 percent.
  • 61-month persistency at 54 percent versus 50 percent.
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