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Indian equity markets ended lower for the second day but capped their best quarterly return since 2009.
Both the S&P BSE Sensex and the NSE Nifty 50 index ended little changed after trading in a narrow range throughout the session.
The Sensex ended at 34,915 while the Nifty managed to hold on to the 10,300 mark, ending at 10,302.
Among the sectoral indices, the Nifty Auto index outperformed in today's session, ending with gains of 1.1%.
Among the laggards, the Nifty PSU Bank and the Nifty Media indices fell 1.7% each while the Nifty Pharma index fell 1.5%. The Nifty Realty index fell for the fifth day in a row.
Broader markets too ended flat. The Midcap index fell 0.2% while the smallcap index ended with losses of 0.6%.
The India Volatility Index ended 0.4% higher at 29.03.
Market breadth was in favour of the laggards. 1,020 stocks on the NSE ended with losses while 786 ended with gains.
Shares trade 3.7% lower at Rs 62.75, post the announcement.
Factors At Play For ONGC:
The ratings agency also believes that the impact on NBFCs will be greater than that on banks.
The note also said that while asset quality of Indian banks was improving over the last 18 months, the pandemic has derailed the rehabilitation process.
Let's take a look at how benchmark indices across Europe have opened:
Shares fell as much as 4.4% to Rs 82.2, down for the fifth straight day.
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Shares trade 3.1% lower at Rs 10.75, ahead of the earnings announcement.
The company informed the exchanges on Monday that it has received cumulative orders worth $31 million or Rs 234 crore including orders received by its JVs and subsidiaries.
The orders span over a period of five years, starting H2FY21 and are expected to be completed by FY26, the company said in a statement.
A major part of the order is from an international OEM company based in India and it will include domestic as well as export orders.
The company also reported earnings on Monday where net profit fell 96% compared to the previous year while revenue and Ebitda fell 14% and 22% respectively.
Shares gained as much as 20% - the biggest single-day gain since February 2015 to Rs 120.5. The stock is trading at a four-month high.
Shares fell as much as 3.8% to Rs 276.2, down for the sixth straight day. This is the longest losing streak for the stock in three months.
The company has informed the exchanges regarding the loss in production due to the blowout at the Baghjan oil well in Assam.
The press release said that there was a production loss of 86 million tonnes of crude oil and 0.13 MMSCM of Natural Gas as reported on June 28, 2020. Operations were disrupted in 13 oil wells and one gas well.
According to the company, the total production loss since May 27, 2020 due to flooding and other factors like bandhs and blockades is 8,832 million tonnes of crude oil and 11.38 MMSCM of natural gas.
Shares are trading near the day's low, down 0.8% at Rs 94.9, snapping a two-day gaining streak.
Shares are locked in a lower circuit of 5% at Rs 18.1 and are down for the third straight day.
Shares fell as much as 3.71% to Rs 253. They have now recovered and trade 0.3% higher at Rs 263.55 per share.
The company has informed the exchanges that it has won fresh export orders for the truck and caravan trailer market in the U.S.
The order consists of supplying close to 14,000 steel wheels and it will be executed in the month of July and August from the company's Chennai plant.
The revenue generated from the additional order will be close to $3,15,000, according to the company's exchange filing.
The stock gained as much as 6.1% to Rs 444. It will also be reporting its March quarter earnings today.
The steel producer reported a net loss of Rs 1,095.7 crore for the March quarter. The loss was due to an exceptional item of Rs 3,405.8 crore.
The exceptional item included provisions for impairment of non-current assets worth Rs 3,141 crore.
Operational performance of the company was better than estimates.
Ebitda fell 38.2% while margins stood at 13.7% from 17.7% in the previous year.
Brokerage firm JPMorgan has maintained its overweight rating on the stock with a price target of Rs 440. Morgan Stanley too has maintained its overweight rating on the stock with a price target of Rs 405.
Shares gained as much as 5.2% to Rs 337.6, snapping a two-day losing streak.
The rupee opened stronger in today's session, gaining for the fourth straight day. This is the best winning streak for the rupee in two months.
The currency opened at 75.47 against the U.S. Dollar as compared to Monday's close of 75.57.
Traders will look forward to several economic indicators to be released today.
First, the government will release its fiscal deficit data for the April-May period. It will also be releasing its balance of payments data which analysts estimate at $3 billion current account deficit for the March quarter.
Yield on the 10-year government bond opened at 5.87% as compared to Monday's closing of 5.904%. Bond traders will look forward to the state government debt auction worth Rs 9,000 crore.
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The Mumbai-based private lender will hold a board meeting on Thursday, July 2, to consider raising of funds.
The fund raise will happen through issue of equity shares, depository receipts and any other instruments or securities through a QIP, ADR or GDR program, the bank said in an exchange filing.
The amount to be raised through these methods has not been declared yet.
Shares gained as much as 2.5% to Rs 414.8 and are among the leading gainers on the Nifty 50 index.
Shares gained as much as 7.6% to a five-month high of Rs 94.20.
The company has informed the exchanges regarding the launch of the Indian branded generic of Axitinib, with a brand name Axishil.
Axishil is used to treat patients suffering from Advanced Renal Cell Carcinoma, the company said in an exchange filing.
The company further states that the monthly cost of treatment post the launch of this drug will reduce to Rs 14,940 as compared to the earlier cost of Rs 1.66 lakh.
Shares gained as much as 5.4% to Rs 498.1, post the announcement, snapping a four-day losing streak.
The defence equipment manufacturer reported a 63.7% rise in its revenue as compared to the previous year.
Net profit rose 2.5 times while Ebitda was higher by 2.4 times at Rs 404.8 crore.
Ebitda margins saw a sharp expansion, rising to 28.2% from 13.7%
A substantial decline in finance costs and employee expenses led to an expansion in the company's margins.
The company has also declared a dividend of Rs 2.55 per share.
Shares gained as much as 15.7% - the most on record to Rs 349.7. The stock now trades at the highest level since November 2019. It is also the top performer on the Nifty 500 index.
Indian equity markets erased most of Monday's losses, opening higher on the final trading day of the April-June period. Cues from Asia are positive, while futures on the Dow Jones trade with a positive bias.
The S&P BSE Sensex rose 0.6% on open to 35,168 while the NSE Nifty 50 index opened at 10,382, up 0.7%. Both benchmark indices are up nearly 20% this quarter.
Among sectoral indices, the Auto index has opened 1.1% higher while the PSU Bank and Metal index have opened with gains close to 1%.
The Nifty Media index is the only sectoral laggard, opening 0.3% lower.
Market breadth is in favour of the gainers. 1,113 stocks on the NSE opened with gains while 325 posted losses.
To know more about results reported after market hours and what brokerages make of companies, click here.
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