Sensex, Nifty End Lower; Telecom Shares Slide, Tata Motors Top Performer
Closing Bell
Indian stocks end a truncated week flat with a negative bias as investors await next week’s earnings season for further direction. The S&P BSE Sensex closed nearly 0.3 percent lower at 27,126, while the NSE Nifty settled 0.2 percent lower at 8,323.
The BSE Midcap index outperformed its larger peer, up 0.1 percent, while the BSE Telecom index was the worst performing sectoral gauge, down 2.2 percent.
The market witnessed range-bound movement with negative bias as investors stayed put from making fresh long positions ahead of U.S. job data expected later today. A better job data will provide an intermediate relief to the Fed from the underlying headwinds of Brexit. The correction from any angle could be utilised as an opportunity to buy on dips as the stability in domestic fundamentals will pay better risk return in the medium-term.”Vinod Nair, Head of Research, Geojit BNP Paribas Financial Services said in an email statement.
Closing Bell
Indian stocks end a truncated week flat with a negative bias as investors await next week’s earnings season for further direction. The S&P BSE Sensex closed nearly 0.3 percent lower at 27,126, while the NSE Nifty settled 0.2 percent lower at 8,323.
The BSE Midcap index outperformed its larger peer, up 0.1 percent, while the BSE Telecom index was the worst performing sectoral gauge, down 2.2 percent.
The market witnessed range-bound movement with negative bias as investors stayed put from making fresh long positions ahead of U.S. job data expected later today. A better job data will provide an intermediate relief to the Fed from the underlying headwinds of Brexit. The correction from any angle could be utilised as an opportunity to buy on dips as the stability in domestic fundamentals will pay better risk return in the medium-term.”Vinod Nair, Head of Research, Geojit BNP Paribas Financial Services said in an email statement.
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In the last four months FIIs have invested nearly $6.5 billion and DIIs have sold nearly $2 billion, net institutional buying of $4.5 billion. Albeit, in the last month (since June 01) both FIIs and DIIs have not been major net buyers. Interestingly, in the last four months FIIs have been net sellers in debt markets, to the tune of the nearly $1.5 billion.Sachin Shah, fund manager at Emkay Investment Managers said in an email statement.
Power Finance Surges On Talks of Bonus Issue
The state-run firm rises as much as 4.7 percent to Rs 196, after it informed the exchanges that it will consider a bonus issue on July 14.
Lupin Falls After Dabhasa Facility Receives U.S. FDA Observations
Shares of the drug maker fell around 1.3 percent to Rs 1,634, after announcing that the U.S. FDA issued it two Form 483, conveying its concerns about its Dabhasa facility. In its press release to NSE, Lupin said both the observations are “minor in nature” and “corrective and preventive” actions were shown to the inspectors during the inspection.
The inspection was carried out from June 29 to July 6 this year.
Lupin Falls After Dabhasa Facility Receives U.S. FDA Observations
Shares of the drug maker fell around 1.3 percent to Rs 1,634, after announcing that the U.S. FDA issued it two Form 483, conveying its concerns about its Dabhasa facility. In its press release to NSE, Lupin said both the observations are “minor in nature” and “corrective and preventive” actions were shown to the inspectors during the inspection.
The inspection was carried out from June 29 to July 6 this year.
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European Shares Recover After Weak OpeningEuropean Shares Recover After Weak Opening
8K Miles Software Up 8.4% after Q1 Net Doubles
The midcap firm soars as much as 8.4 percent to Rs 1950, biggest single day gain since June 17, after its first quarter net profit nearly doubled to Rs 19.33 crore. It made a net profit of Rs 7.22 crore for June quarter of previous year.
8K Miles Software Up 8.4% after Q1 Net Doubles
The midcap firm soars as much as 8.4 percent to Rs 1950, biggest single day gain since June 17, after its first quarter net profit nearly doubled to Rs 19.33 crore. It made a net profit of Rs 7.22 crore for June quarter of previous year.
Telecom Stocks Fall on Talks of Govt Action for Understating Revenues
Shares of telcos Bharti Airtel, Idea Cellular, Reliance Communication and Tata Teleservices dropped anywhere between 2.3 percent and 1.4 percent, making the BSE Telecom index one of the worst performing index.
These are among the six telecom companies that may have to pay an additional Rs 46,000 crore in licence fees and spectrum usage charge to the government, said the department of telecommunications in a statement.
Telecom Stocks Fall on Talks of Govt Action for Understating Revenues
Shares of telcos Bharti Airtel, Idea Cellular, Reliance Communication and Tata Teleservices dropped anywhere between 2.3 percent and 1.4 percent, making the BSE Telecom index one of the worst performing index.
These are among the six telecom companies that may have to pay an additional Rs 46,000 crore in licence fees and spectrum usage charge to the government, said the department of telecommunications in a statement.
Opening Bell
Indian equity benchmarks open little changed, in line with previous sessions, as investors seem to have entered wait-and-watch, awaiting cues from next week’s second quarter earnings season.
India Inc.’s performance in the quarter gone by and the outlook for the quarters to come is likely to decide the future course for market.
The S&P BSE Sensex opened 0.3 percent higher but soon gave up all of its gains, currently down 0.1 percent at 27,173. Meanwhile the NSE Nifty fell around 0.1 percent as well to 8,329.
Opening Bell
Indian equity benchmarks open little changed, in line with previous sessions, as investors seem to have entered wait-and-watch, awaiting cues from next week’s second quarter earnings season.
India Inc.’s performance in the quarter gone by and the outlook for the quarters to come is likely to decide the future course for market.
The S&P BSE Sensex opened 0.3 percent higher but soon gave up all of its gains, currently down 0.1 percent at 27,173. Meanwhile the NSE Nifty fell around 0.1 percent as well to 8,329.
Pre-Market Update
The S&P BSE Sensex and the NSE Nifty rise around 0.3 percent and 0.1 percent in pre-market trading.
Lupin, DLF, Tata Motors, Infosys, IndusInd Bank, GMR Infra, Vedanta advance while Tata Steel, Coalgate Palmolive, NTPC, Coal India, Indian Oil, ICICI Bank, ONG and Bharat Forge decline.
Monsoon Vs Market Returns
The monsoon season has started to pick up, according to the latest data from the Indian Meteorological Department. Will this translate into Nifty gains? Here’s a chart check by BloombergQuint’s Bhavesh Chauhan.
Stocks to Watch- Tata Steel said to suspend U.K. sale process on Brexit concern
- Bharti, Vodafone, Reliance Comm, Tata Comm and Idea: May face government action for understating revenues
- Autos: SIAM to release domestic passenger car sales between July 8 and 12.
- HT Media, DB Corp, Jagran Prakashan: FDI cap in print media may be raised
- Lupin: U.S. FDA completes Goa plant inspection; issues Establishment Inspection Report (EIR)
Get the full list of Stocks to Watch: HERE
IPO Watch
- Matrimony.Com to start gauging India IPO demand July 11: Terms
Talking Points- Top six telecom companies may face government action for understating revenues (Quick read)
- Prime Minister Modi to interact with Indian community in Johannesburg
- India monsoon rain 35 percent above normal in 7-days ended July 6
- Government to consider raising foreign investment limit in media
- Total monsoon rainfall 1 percent above normal as of July 6: IMD
- BSE sets market wide position limits for securities lending and borrowing (SLB) in 7 stocks
- Oil demand growth to slow in 3Q on China, India: Macquarie
- Global funds sell Rs 300 crore of local stocks; domestic funds sell Rs 160 crore yesterday: Provisional data
- China’s Changan said in talks with Tamil Nadu govt on plant (Economic Times)
- Qatar’s QIA said to buy Sahara stake in 3 overseas hotels (CNBC-TV18)
- GE’s stake in SBI Card attracts Carlyle Group, Credit Saison (Economic Times)
- India’s ministry in favor of raising EPFO investment in ETFs (PTI)
- Home First Finance plans sale of 30 percent stake to fund operations (Economic Times)
Must Read: The Silent Role of Credit Ratings in India’s Bad Loan Crisis
Good Morning!
The Nifty Futures on the Singapore Exchange, an early indicator of Nifty performance in India, fell around 0.2 percent to 8,354. U.S. stocks slipped lower as energy shares drag lower on sell-off in crude oil.
Asian markets open on a tentative note ahead of the monthly U.S. jobs report. https://t.co/YH2hDRD1wz pic.twitter.com/nuIGBe57No
— BloombergQuint (@BloombergQuint) July 8, 2016
According to the U.S. Labour Department said the number of Americans who filed for jobless benefits for the first time fell last week, suggesting a possible resurgence in the job market. Claims were a seasonally adjusted 254,000, below the 269,000 poll figure of Bloomberg.
Your Friday morning briefing https://t.co/Z3JRVleOLd pic.twitter.com/tzYmBgk0jn
— BloombergQuint (@BloombergQuint) July 8, 2016
Back home, Indian equity benchmarks closed little changed, as investors adopt a wait and watch approach ahead of second quarter earnings announcements. (Here’s a quick recap)
Also Read: Oil Trims Weekly Drop as U.S. Production Falls Most Since 2013
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