Sensex, Nifty Fall Nearly 1% To Extend Losing Streak To Second Day
Sensex, Nifty fell nearly 1%, dragged by broad based losses across sectors led by I.T., FMCG, auto, banking and metal stocks.
KEY HIGHLIGHTS
Closing Bell
India's stock benchmarks fell nearly 1%, dragged by broad based losses across sectors led by information technology, FMCG, auto, banking and metal stocks. The decline comes amid fall in Asian and European markets after technology shares dragged the Wall Street down on Monday.
The Sensex fell 0.94% to close near day's low at 53,886.61. This is the first time the 30-stock gauge closed before 54,000 in four sessions since July 6.
The Nifty 50 also declined by similar magnitude to 16,058.30. Today 44 of Nifty 50 stocks fell while six rose. This is the worst day for the index in almost three weeks since June 22.
The broader indices outperformed their larger peers with both the MidCap and SmallCap gauges shedding 0.5%. Fifteen of the 19 sectoral indices compiled by BSE declined with FMCG, Information Technology, Auto, Metal and Teck indices losing over 1%. On the flipside, Telecom, Utilities, Power measures gained 1%.
The market breadth is skewed in the favour of bears. About 1,477 stocks rose, 1,818 fell and 172 remained unchanged.
10-Year Bond Yield Falls
Yield on the 10-year bond fell 3bps to close at 7.39%.
Source: Bloomberg
Rupee Closes At New Low
Indian currency fell 0.28% (22 paise) to record low 79.66 against the U.S. dollar, during the session.
The Rupee trimmed losses to 79.60, a new closing low.
Source: Bloomberg
Euro Extends Decline To Reach Parity With U.S. Dollar
Rail Vikas Nigam Gains Most In Nearly Six Weeks
Shares of Rail Vikas Nigam rose after a consortium of the company and SP Singla Constructions was awarded a Letter of Acceptance (LoA) by National Highways Authority of India (NHAI) on July 11. The LoA pertains to construction of four-lane of National Highway between Kaithlighat and Shakral Village in Himachal Pradesh. The design length of the project is 17.47 km. The total estimated cost of the project is Rs 1,844.77 crore.
Both the analysts tracking the company maintain 'buy'. The return potential of the stock is 46.2%.
Source: Exchange filing, Bloomberg
Rakesh Jhunjhunwala-Backed Star Health Gains Over 20% In Four Days
Shares of billionaire Rakesh Jhunjhunwala-backed Star Health & Allied Insurance Co rose nearly 7.5%, the most in three days.
The stock is on a four-day winning streak in which it added over 21%.
The rise comes after the company and Common Services Centers, under Ministry of Electronics & Information Technology partnered to provide over 5 lakh CSCs access to Star Health insurance products.
These products have been designed specifically to suit the needs of rural customers.
The partnership is intended to increase rural health insurance penetration in rural India.
The added distribution network is likely to aid the market share growth, Star Health said in an exchange filing post market hours on Monday.
Trading volume is thrice the 30-day average.
Despite the surge in the last four sessions, the stock is down 25% for the year compared to 6% losses for Sensex.
Of the 14 analysts tracking the stock, 10 maintain 'buy', one suggests 'hold' and three recommend 'sell'.
The overall consensus price of analysts tracked by Bloomberg implies an upside of 26.4%.
Source: Exchange filing, Bloomberg
