Sensex, Nifty Register Biggest Single-Day Drop In Nearly Two Months
Indian stock benchmarks dropped, with key benchmarks registering their steepest single-day drop in nearly two months as investors booked profit after yesterday's record closing.
The S&P BSE Sensex fell nearly 1% to 52,568.94 while the NSE Nifty 50 too declined by a similar magnitude to 15727.90 -- the biggest drop for both the indices since May 12.
Tata Steel was the worst performer on the Sensex, falling 2.3%, followed by a 1.9% decline in Sun Pharmaceutical Industries Ltd. Of the 30 stocks in benchmark Sensex, 24 traded lower. ICICI Bank and HDFC Bank contributed the most to the index’s decline.
Tata Consultancy, which will kickoff corporate earnings season for June quarter later Thursday, also traded lower, easing 0.5%.
“The earnings season would provide some direction to the market and offer cues about the economic revival,” Siddhartha Khemka, head of retail research at Motilal Oswal Financial Services, wrote in a note. “Consistent earnings delivery versus expectations are critical for further outperformance in our view.”
The broader markets fared a little better than their larger peers. The S&P BSE MidCap fell 0.4% while the S&P BSE SmallCap was little changed. Seventeen of the 19 sectoral indices declined, led by the S&P BSE Metal index, down 2.4%.
The S&P BSE Utilities index was the best performer, gaining nearly 0.6%.
India Stock Funds See Rs 5,988 Crore Of Inflows In June
Equity mutual funds see net inflow of Rs 5,988.2 crore in June compared with inflow of Rs 10,082.9 crore in May.
JUNE MUTUAL FUND DATA
Multi-cap funds: Inflow of Rs 209.5 crore vs inflow of Rs 1,954.2 crore in May
Large-cap funds: Inflow of Rs 547.3 crore vs inflow of Rs 937.4 crore in May
Mid-cap funds: Inflow of Rs 1,729.1 crore vs inflow of Rs 1,368.1 crore in May
Small-cap funds: Inflow of Rs 705.1 crore vs inflow of Rs 1,080 crore in May
Total net inflow of Rs 15,320.3 crore vs net outflow of Rs 38,601.9 crore in May
Average AUM: Rs 34.1 lakh crore in June vs Rs 32.99 lakh crore in May
Metal Stocks Lead The Pack Of Laggards
Nifty Metal is the worst performing sectoral index today.
Nifty Metal shed 1.62% compared with the NSE Nifty 50 Index’s 0.72% decline as of 1:30 p.m.
Metal stocks which gained in the previous session pared most of the gains.
SAIL (-2.89%), Hindalco (-2.34%) , JSW Steel (-2.10) and Tata Steel (-1.61%) are among of the top losers.
Nifty Metal has shed 0.12% over the last week with shares of NMDC leading the losses (-8.4%) while National Aluminium gained 6.74%.
The decline in Nifty Metal comes amid strengthening U.S. dollar powered by reaffirmation of taper timeline by the U.S. Federal Reserve as exemplified in the minutes of the June policy meeting.
Tata Motors Worst On Nifty Auto Index
Bajaj Healthcare Jumps To Record On DRDO Nod For Covid-19 Drug
Shares of the healthcare firm gained as much as 10.8% to Rs 1009.80, a new all-time high level. The stock has risen for nine consecutive session and is up over 117% so far this year.
Bajaj Healthcare said in a regulatory filing that it has received a licence from Defence Research and Development Organisation (DRDO) to Manufacture and Market of ‘2-Deoxy-D-Glucose’ as approved medication for the treatment of COVID-19 patients.
Trading volume was more than quadruple the 20-day average for this time of day.
The shares are up 18 percent in the past 5 days and rose 25 percent in the past 30 days.
The relative strength index on the stock was above 70, indicating it may be overbought.