Stock Market Live Updates: Sensex trims losses after tanking 500 points; Nifty IT, Auto, Bank among top losers; Rupee slumps 34 paise against dollar
8 min readDomestic equity benchmark made a steep gap-down start on Monday tracking global peers following Federal Reserve official Jim Bullard’s hawkish comments that suggested the first interest rate hike by the US central bank could come as early as the end of 2022. The S&P BSE Sensex index plunged as much as 604.26 points to hit 51,740.19 in the first few minutes of trade, and the broader NSE Nifty50 benchmark slumped to as low as 15,505.65, down 177.7 points from its previous close. JSW Steel was the top laggard among blue-chip stocks, trading 2.93 per cent lower in early deals. Tata Motors, Hindalco, ultraTech, SBI, IndusInd Bank and UPL were among other losers. On the other hand, NTPC was the top performer among the four percentage gainers in the Nifty50 pack, up 1.98 per cent. Adani Ports, HUL and HDFC Life were other stocks that rose.
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SAIL share cuts back some losses, up from morning dip
The state-owned metal company Steel Authority of India (SAIL) stock had started the day 2% down but bounced back by 12 pm and was only 0.2% down. The steel major has postponed its plans to begin commercial production of head hardened (HH) rails at its Bhilai Steel Plant in Chhattisgarh, as the foreign experts involved in the trials left India in the wake of the second Covid wave.
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Sebi may open up commodity futures to FPIs
India is mulling over a plan to let foreign portfolio investors (FPIs) trade commodity futures listed on local exchanges. The Securities & Exchange Board of India (Sebi) recently held a meeting with leading international commodity trading firms, FPIs which are large commodity investors in other markets, banks, and one of the bourses to understand their views on the subject, according to two persons who attended the meeting. Unlike other financial products like stock, bond, gilt, and currency, foreign firms are restricted from taking positions in exchange traded commodity derivatives.
Porinju Veliyath of Equity Intelligence on themes to play in the market
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PNB Housing shares hit lower circuit
The PNB Housing Finance share hit lower circuit on Monday after Sebi restrained PNB Housing Finance from going ahead with shareholders’ voting on the proposed Rs 4,000 crore-deal with Carlyle group. The watchdog said the resolution regarding the deal, which was to be put for shareholders’ vote on June 22, was “ultra-vires” of the company’s Articles of Association (AoA). Sebi has directed the company to carry out the valuation process as per the relevant legal provisions. Shares of the housing financiar tanked 5 per cent to Rs 702.40 on Monday. BSE Sensex was trading at 52,099.12, down by 245.33 points or 0.47 per cent at 10.25 am. The counter closed at Rs 739.35 on Friday.
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Rupee slumps 34 paise against US dollar
The Indian rupee slumped 34 paise to 74.20 against the US dollar in opening trade on Monday tracking the strengthening of the American currency and a muted trend in domestic equities. Forex traders said rising crude oil prices also weighed on investor sentiment. At the interbank foreign exchange, the rupee opened lower at 74.20 against the dollar, registering a fall of 34 paise over its previous close.
Shares of Authum Investment and Reliance Home Finance up 2% and 5% respectively as Authum emerges as highest bidder for Reliance Home Finance
Price as on 21 Jun, 2021 10:56 AM, Click on company names for their live prices.
NTPC’s Jhabua Power bid hits NPA tag hurdle
State-owned power giant NTPC Ltd faces a Section 29A hurdle in its bid for Jhabua Power, a clause embedded in the Insolvency and Bankruptcy Code (IBC) that prevents bidders from buying insolvent companies if they themselves or their associate companies have a track record of default, according to multiple executives. NTPC owns stakes in Ratnagiri Gas and Power Ltd and Konkan LNG. Both companies had defaulted on loans prior to the commencement of Jhabua Power’s insolvency proceedings.
Metal stocks in the green as BSE trims losses further
Price as on 21 Jun, 2021 10:47 AM, Click on company names for their live prices.
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Shares of Hinduja Global Solutions hit upper circuit in early trade
Price as on 21 Jun, 2021 10:36 AM, Click on company names for their live prices.
BSE largecap top losers at 10 AM
BSE largecap gainers at 10 AM
PNB Housing Finance falls after order to halt Carlyle deal
Price as on 21 Jun, 2021 10:16 AM, Click on company names for their live prices.
Bandhan Bank soars 7% in early trade as Assam Govt provides relief on MFI loans
Price as on 21 Jun, 2021 10:07 AM, Click on company names for their live prices.
Sun, Cadila up, Laurus Labs, Biocon, Cipla in the red among pharma stocks
Price as on 21 Jun, 2021 09:58 AM, Click on company names for their live prices.
Bank stocks among top losers, drag index
Price as on 21 Jun, 2021 09:50 AM, Click on company names for their live prices.
Fear gauge India VX rises 8.51%
Markets are likely to spend some more time in a range and we expect volatility to remain high due to the scheduled derivatives expiry of June month contracts. With no major event, participants will be closely eyeing the global markets for cues. Besides, the progress of the monsoon and updates on the vaccination drive will also be in focus.
– Ajit Mishra, Religare Broking
Sensex recovers nearly half of early losses
Sensex recovers nearly half of early losses after plunging 500 points in early session, The hawkish US Fed had triggered a selloff on Monday across Asia, with domestic stocks eroding Rs 3 lakh crore in investor wealth within five minutes into trading. Data showed the BSE market capitalisation declined by Rs 2.68 lakh crore to Rs 224.65 lakh crore from Rs 227.33 lakh crore on Friday.
D-St selloff erodes Rs 3 lakh crore in investor wealth
Opening Bell: Sensex joins global rout, tanks 500 points; Nifty below 15,550; SBI, Tata Steel drop 2% each
Pre-open session: Sensex sheds 250 points, Nifty50 below 15,600
SGX Nifty signals a gap-down start
Nifty futures on Singapore Exchange traded 205 points, or 1.30 per cent, lower at 15,545, signaling that Dalal Street was headed for a gap-down start on Monday.
Tech View: Nifty support at 15,430
Nifty50 on Friday declined for the third straight session. It formed a ‘Hammer ‘candle on the daily chart and an indecisive ‘Doji’ on the weekly scale. Analysts said the range of 15,430-450 will be a crucial support to defend. They see the immediate resistance for Nifty50 at 15,761 level.
Hong Kong shares open lower
Hong Kong stocks started sharply lower Monday morning following a big sell-off in New York on expectations that the Federal Reserve will begin winding down its ultra-loose monetary policy sooner than expected. The Hang Seng Index fell 1.04 percent, or 299.63 points, to 28,501.64. The benchmark Shanghai Composite Index slipped 0.27 percent, or 9.60 points, to 3,515.50, while the Shenzhen Composite Index on China’s second exchange shed 0.20 percent, or 4.81 points, to 2,373.80.
Tokyo’s Nikkei drops 3% on US rate hike fear
Tokyo’s key Nikkei index tumbled just over three percent after the open on Monday, tracking losses on Wall Street as investors digested Federal Reserve messaging on more restrictive monetary policy. The benchmark Nikkei 225 index was down 3.01 percent or 870.79 points to 28,093.29 just over 30 minutes after the opening bell, while the broader Topix index was down 2.44 percent or 47.51 points to 1,899.05.
US stocks settled lower on Friday
US stocks ended sharply lower on Friday, with the Dow and S&P 500 posting their worst weekly performances in months, after comments from Federal Reserve official James Bullard that the U.S. central bank might raise interest rates sooner than previously expected spooked investors. On Friday, the Dow Jones Industrial Average fell 533.37 points, or 1.58%, to 33,290.08, the S&P 500 lost 55.41 points, or 1.31%, to 4,166.45 and the Nasdaq Composite dropped 130.97 points, or 0.92%, to 14,030.38.
Rupee snaps 8-day losing streak; rises 22 paise to 73.86 per dollar
The rupee on Friday broke its eight-session losing streak to end 22 paise higher at 73.86 against the US dollar, taking cues from stronger Asian currencies and lower crude oil prices. At the interbank foreign exchange market, the domestic unit opened lower at 74.10 per dollar from the previous close of 74.08. It touched a low of 74.27 during the day following a weak trend in domestic equities, before clawing back lost ground to end at 73.86.
Sensex, Nifty on Friday
The BSE Sensex staged a smart recovery to end in the positive terrain after diving over 722 points during the session on Friday, as heavyweights Reliance and HDFC duo saved the day for the benchmark. After swinging over 985 points during the day, the BSE gauge ended 21.12 points or 0.04 per cent higher at 52,344.45. On the other hand, the broader NSE Nifty slipped 8.05 points or 0.05 per cent to close at 15,683.35. Intraday, the index touched a high of 15,761.50 and a low of 15,450.90.
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