Sensex Drops For A Third Session; Nifty Ends Flat
A trader speaks on the telephone while working on the floor of the Philippine Stock Exchange.(Photographer: Taylor Weidman/Bloomberg)

Sensex Drops For A Third Session; Nifty Ends Flat

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Indian stock benchmarks ended little changed, after a seesaw day of trade, as investors turned their attention to the second-quarter earnings season and prospects of economic recovery.

The S&P BSE Sensex was little changed at 52,372.69, while the NSE Nifty 50 Index too ended flat at 15,692.60. ICICI Bank was among the top contributers after 2.17 million shares changed hands in a pre-market trade.

The broader market outperformed thier larger peer. The S&P BSE MidCap index gained 0.4% while the S&P BSE SmallCap index advanced 0.7%. Twelve of the 19 sector sub-indexes compiled by BSE Ltd. advanced, led by a gauge of real estate companies.

The Nifty appears to be consolidating in the range of 15,600-15,900, according to Binod Modi, Head Strategy at Reliance Securities."We continue to believe that any meaningful correction in the market should be taken as an opportunity to get in quality stocks."

Investors are looking ahead to Infosys’s results on Wednesday, after rival Tata Consultancy Services posted an earnings miss last week. The outlook for rainfall may weigh on the economy, with India receiving 242 millimeters of rains during this monsoon season, which runs through September, compared with the typical 261.8 millimeters.

Sensex Drops For A Third Session; Nifty Ends Flat

Redington India Gains For A Second Session In A Row

Redington India Ltd. rose 8.5%. Trading volume was double the average for this time of day.

  • The stock was the best performer among its peers.

  • Trading volume was 3.7 million shares, double the 20-day average of 1.61 million shares for this time of day.

  • The relative strength index on the stock was above 70, indicating it may be overbought.

  • Stock advanced 274% in the past 52 weeks. The Sensex gained 43%.

  • Redington India trades at 14 times its estimated earnings per share for the coming year. It trades at 18 times trailing EPS.

  • Analysts have eight buy, no hold, and no sell recommendations on the stock.

  • The price target of Rs 265.71 represents a 23% decrease from the last price

Welspun India Up 6.7%, Most In Six Weeks

  • The stock was the best performer among its peers.

  • The relative strength index on the stock was above 70, indicating it may be overbought.

  • Stock advanced 249% in the past 52 weeks, compared with a 74% increase for the company's Bloomberg peers.

  • Analysts have six buy, two hold, and no sell recommendations on the stock.

  • The price target of Rs 111.40 represents a 1.8% decrease from the last price

Aster DM Healthcare Surges After 0.8% In Equity Changes Hands

India’s Aster DM Healthcare rises as much as 8.9%, the most since April 9, after 0.8% equity changes hands through two block trades.

  • About 40 lakh shares changed hands via the two trades, according to data compiled by Bloomberg

  • Buyers, sellers not immediately known

  • Trading vol. 6.8x of 3-month full-day avg; set for 3rd day of gains

  • Stock has 9 buys with avg 12-month target price at Rs 200, ~23% above current price

JSW Steel, Tata Consumer in Focus: Options Watch

  • UltraTech Cement options volume 3.2x the 20-day average, with 29,725 calls changing hands vs 6,709 puts

    • Stock up 2.5%, volume 1.6x the 20-day average for this time of day

  • Tata Consumer options volume 2.1x the average, with 12,012 calls vs 3,092 puts

    • Stock up 1.4%, volume 1.3x the average

  • JSW Steel options volume 1.6x the average, with 20,209 calls vs 7,190 puts

    • Stock up 1.8%, volume 1.3x the average

  • Nifty 50 options volume 0.5x the average, with 4.22 million calls vs 4.19 million puts; gauge up 0.1%

    • Cost of hedging as measured by the 90/110, one-month skew ranks in the 49th percentile over the past year

  • Nifty Bank index options volume 0.5x the average, with 7 million calls vs 6.99 million puts; gauge up 0.3%

    • 90/110, one-month skew in the 24th percentile

  • India VIX Index up 2.2%

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