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Indian equity markets fell for the fourth straight day - the most in over five months, dragged by heavyweight financials and Reliance Industries.
Rising Covid-19 cases and lack of upside triggers saw benchmark indices face pressure at higher levels.
The S&P BSE Sensex ended 1.77% lower at 36,939 while the NSE Nifty 50 fell 1.64% to end at 10,891.
Banking and Financial Services stocks were the major laggards in today's trade. The Nifty Bank index ended with losses of over 2% with private banks leading the declines. Nifty Realty and Nifty Media were the other two sectoral laggards, ending with losses of 1% each.
Broader markets outperformed in today's trade. The midcap index ended little changed while the smallcap index ended with gains of 1%.
The India Volatility Index ended 3.9% higher at 25.13.
Market breadth ended in favour of the gainers. 998 stocks on the NSE ended with gains while 820 declined.
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Shares are locked in a 10% upper circuit at Rs 303.6. The stock is up for the fifth straight day.
The company informed the exchanges that it has won multiple orders across geographies including the U.S., Saudi Arabia and India.
The orders are for 106 KMT and are worth Rs 1,000 crore, the company said in an exchange filing.
The order book of the company post these orders stand at 759 KMT and worth Rs 6,200 crore, post execution up to June 2020.
"This reflects overall improvement in business sentiments and exhibits our strong customer connect," the company said.
Shares are locked in an upper circuit of 5% at Rs 92.15. The stock is up for the fifth straight day.
Shares rose to the day's high, gaining as much as 3.2% to Rs 447.3. The stock is up for the second straight day.
Shares gained as much as 5% to Rs 223.55, post the announcement.
Let's take a look at how benchmark indices across Europe have opened:
Shares are trading near the day's low, down 2.4% to Rs 402, down for the third straight day.
Shares gained as much as 7.1% to Rs 50.4, post the announcement.
Shares are off the day's high, currently up 0.8% at Rs 84.55.
Shares fell as much as 4.1% - the most in over two months to Rs 293. The stock trades at the lowest in over two months.
Shares are off the day's high, currently trading 0.8% higher at Rs 36.25.
Shares gained as much as 4.5% to Rs 479.9. The stock is up for the second straight day.
India's manufacturing Purchasing Managers' Index for the month of July stood at 46, as compared to 47.2 in the month of June, according to IHS Markit.
The figure during the same period in 2019 stood at 52.5. This was the fourth straight month of contraction for the Indian economy after it went into one of the strictest lockdowns to combat the Covid-19 pandemic.
Output too has seen a contraction for the fourth straight month, falling to 44 from 46.7 in June.
New orders too have fallen as compared to the previous month.
Brokerages like CLSA, Investec and Emkay have raised their respective price targets on the stock, after reiterating their bullish stance on the company's prospects going ahead.
Shares fell as much as 6.9% to Rs 445.2. This was the biggest single-day decline for the stock in nearly three months. It is also the worst performing stock on the Nifty 50 index.
The currency opened weak in today's session after capping off a rangebound week on Friday.
The rupee opened at 74.88 against the U.S. Dollar as compared to Friday's close of 74.81.
The currency was the worst performing in Asia last week, despite ending little changed for the week.
Shares gained as much as 2.2% to Rs 3,069, before cooling off.
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Brokerage firm Kotak Securities has maintained a sell rating on the stock with a price target of Rs 90. It says that a substantial pick-up in volumes is essential for the company's return to profitability.
However, Edelweiss has maintained its buy rating on the stock and raised its price target to Rs 141 from Rs 127. It has cited JLR's upcoming product pipeline and peak of its capex cycle as some key factors.
Shares gained as much as 8.5% to Rs 113.5. It is trading at the highest level in two months and is also the top performing stock on the Nifty 50 index.
34.56 crore shares of the private lender exchanged hands in 27 large trades, as per Bloomberg data.
The total number of shares sold amounts to 21.5% of the bank's total equity.
Bandhan Financial Holdings, the promoter of the bank intended to sell shares for a total sum of $1.4 billion, as per the term sheet.
The floor price of Rs 311 per share was at a 9.9% discount to Friday's closing price.
Shares fell as much as 9.3% to Rs 313.1. This was the biggest single-day fall in the stock in over three months. It is also the worst performing stock on the Nifty Bank index.
Indian equity markets have begun the new trading month on a subdued note, as markets react to corporate earnings and auto sales for the month of July.
The S&P BSE Sensex opened unchanged at 37,595 while the NSE Nifty 50 index opened 0.14% lower at 11,057.
Among sectoral indices, the Nifty Bank index has opened 0.5% lower while the Auto index has gained 0.6% at the start of trade. Other sectoral indices are flat.
Its a muted start to trade for the broader markets as well. The midcap index opened 0.2% higher while the smallcap index gained 3%.
Market breadth has opened in favour of the advances. 848 stocks on the NSE opened with gains while 629 opened in the red.
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To know more about companies that reported earnings after market hours, auto sales for the month and key brokerage updates, click here.
Good Morning!
The six-week surge for India's benchmark indices came to a halt on Friday with both Sensex and the Nifty losing more than 1% each.
Again, the Singapore-traded SGX Nifty, an early indicator of the Nifty 50 Index’s performance in India, fell 0.55% to 11,043 as of 8:05 a.m. on Monday.
Automakers have been reporting their monthly sales numbers. Two-wheeler maker Bajaj Auto will be announcing sales figures on Monday.
Among those that already declared, Maruti Suzuki's sales — though flat compared to the previous month — were ahead of the estimates. Sales of Hero MotoCorp, Mahindra & Mahindra, too, surpassed expectations.
While no Nifty 50 company will report quarterly earnings on Monday, non-index names like Kansai Nerolac, Bank of India and Exide Industries are set to announce.
Nifty 50 companies like Tata Motors and UPL and non-index names like Vinati Organics, Godrej Agrovet, Relaxo Footwear that declared their first-quarter results after market hours on Friday will remain in focus.
Across the globe, Asian markets have begun the new month of trade on a mixed note. Markets in Japan are advancing, while those in Hong Kong and Australia are lower.
West Texas Intermediate crude fell 0.7% to $40 per barrel, while gold was flat at $1,975/Oz.
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