Sensex, Nifty Fall For A Fourth Straight Day Amid Profit-Booking
Passersby watch the live telecast of Prime Minister Narendra Modi’s address to the nation, on a screen outside Bombay Stock exchange, in Mumbai.

Sensex, Nifty Fall For A Fourth Straight Day Amid Profit-Booking

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Indian equities declined for a fourth day as a rebound in auto, pharma and FMCG was overshadowed by profit booking in financials and IT space.

The S&P BSE Sensex fell 0.3% at 52,318.60 after completing five straight positive quarters Wednesday. The NSE Nifty 50 Index too fell a similar magnitude, with Infosys and HDFC Bank weighing on both measures. Thirteen of the 19 sector sub-indices compiled by BSE Ltd. fell, led by a gauge of power companies.

Sensex, Nifty Fall For A Fourth Straight Day Amid Profit-Booking

India’s steady pace of vaccination and dropping number of Covid-19 cases has helped states ease curbs on peoples’ movements. Industrial activity has been gathering pace, with key industries’ output increasing 16.8% in May.

Also read: Traders See RBI Testing Market With Biggest 10-Year Bond

Gail India Is Said To Win $125 Million Arbitration

Gail India Ltd. has been awarded Rs 930 crore ($125 million) in an arbitration matter against power producer Andhra Pradesh Gas Power Corp. over gas supply price, two people familiar with the matter said.

  • Arbitration judge G.P. Mathur upheld Gail’s claim that Andhra Power Gas supplied the power generated using subsidized gas to private users instead of public utilities

  • Arbitration award dated June 21 asks Andhra Pradesh Gas to pay Gail the difference in price of gas meant for public and private use for the duration of 2005 to 2017 along with interest

  • A Gail spokesperson couldn’t immediately comment, while Andhra Pradesh Gas Power chairman was not immediately available for comment

Sequent Scientific Falls As Expansion Plan Seen Hurting Margin

Sequent Scientific said its plan to expand into specialty branded generics for animals will attract new investment while stalling margin expansion.

  • Shares fall as much as 8.6%, most since April 12; worst performer on Nifty Smallcap 100, with trading volume > 3.6x 3-month full-day average

  • Company aims to expand in the U.S. and some European markets and will start making value-added generics, Managing Director Manish Guptasays on a conference call

    • Plans capex of about $30 million over next 24 months for planned expansion that may stall margin expansion seen in recent years

    • “We are taking a break from that in terms of margin expansion, because we are building up,” Gupta says

    • NOTE: FY21 margin expansion 250 bps vs 200 bps it forecast: 4Q earnings presentation

  • Shares +69% YTD, extending 2020’s 140% rally

Tata Motors, Maruti Suzuki Deliver Strong Sequential Sales Growth

Sterlite Tech Up 5.9%, Most In 5 Weeks

Sterlite Technologies Ltd. rose 5.9%. Trading volume was triple the average for this time of day.

  • The stock was the best performer among its peers.

  • Trading volume was 1.12 million shares, triple the 20-day average of 362,285 shares for this time of day.

  • Analysts have six buy, two hold, and one sell recommendations on the stock.

  • The price target of Rs 270.71 represents a 3.3% decrease from the last price

Info Edge India Up 5.1%, Most In 19 Weeks

Info Edge India Ltd. rose 5.1%. Trading volume was quadruple the average for this time of day.

  • The stock was the best performer among its peers.

  • Trading volume was 889,441 shares, quadruple the 20-day average of 220,826 shares for this time of day.

  • The shares are up 8% in the past 5 days and rose 17% in the past 30 days.

  • Analysts have nine buy, six hold, and nine sell recommendations on the stock.

  • The price target of Rs 4,633.79 represents a 10% decrease from the last price

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