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Sensex, Nifty Halt Two-Day Losses Led By Tech Stocks

Catch all live updates on share prices, index moves, corporate announcements and more from Indian stock markets today.

A bronze bull statue stands at the entrance to the Bombay Stock Exchange (BSE) building in Mumbai, India. (Photographer: Prashanth Vishwanathan /Bloomberg)
A bronze bull statue stands at the entrance to the Bombay Stock Exchange (BSE) building in Mumbai, India. (Photographer: Prashanth Vishwanathan /Bloomberg)
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India’s stock benchmarks closed higher after a volatile session, snapping a two-day losing streak, helped by technology stocks.

The S&P BSE Sensex rose 0.41% to 55,555.79. The NSE Nifty 50 advanced 0.28% to 16,496.45. Tata Consultancy Services Ltd. contributed the most to the index gain, increasing 2.2%. HCL Technologies Ltd. had the largest increase, rising 4.1%.

Sensex, Nifty Halt Two-Day Losses Led By Tech Stocks

The broader indices underperformed their larger peers with the S&P BSE MidCap slipping 1% and the S&P BSE SmallCap shedding 1.65%. Twelve out of 19 sectoral indices compiled by the BSE Ltd. declined, with S&P BSE Basic Materials falling 1.5% and S&P BSE Auto shedding 1.25%. On the flipside, S&P BSE Teck and S&P BSE Information technology added over 1%.

Sensex, Nifty Halt Two-Day Losses Led By Tech Stocks

The market breadth was skewed in favour of bears. About 786 stocks advanced, 2,464 declined and 143 remained unchanged.

"Considering improved visibility of sustained earnings recovery in subsequent quarters, a meaningful correction in quality midcap names should be bought. As Federal Reserve intends to reverse its ultra-soft monetary policy by the end of this year, liquidity driven market rally might take a backseat and therefore investors should be advised to focus on quality companies with strong fundamentals. We note higher government’s capex and revival in industrials’ capex should aid economic recovery", Mr. Binod Modi, Head Strategy at Reliance Securities wrote in a note.

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BSE To Investors: Refrain From Dealing In Unregulated Products Like CFDs/Binary Options

  • Noticed some unregulated platforms/ websites offering trading in certain unregulated derivative products called Contracts for Difference (CFDs)/Binary Options.

  • Investors falling prey to the promises of exorbitant returns by these platforms may eventually lose money heavily.

  • Advise investors to refrain from dealing/investing in unregulated products such as Contracts for Difference (CFDs)/ Binary Options offered by such unregulated internet-based trading platforms.

Source: BSE Media Release


Aditya Birla Capital Slips The Most In Nearly 5 Months

Shares of Aditya Birla Capital Ltd. fell 8.05%, the steepest decline in nearly five months, to Rs 100 apiece.

  • Trading volume was 4.27 million shares, 44% above the 20-day average of 2.96 million shares for this time of the day.

  • The relative strength index on the stock was below 30, indicating that it may be oversold.

  • Analysts have 9 ‘buy’, no hold and no sell recommendations on the stock. The overall consensus price of analysts tracked by Bloomberg implied an upside of 43%

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Escorts Gains Over 9%; Outperforms Peers

Shares of Escorts Ltd. gained over 9%, the most in almost a year, to Rs 1,303.40 apiece.

Trading volume was 1.52 million shares, 50% above the 20-day average of 1.02 million shares for this time of the day. Escorts outperformed its peers in S&P BSE Auto index in which 12 of the 15 constituents declined.

Sensex, Nifty Halt Two-Day Losses Led By Tech Stocks

Of the 25 analysts tracking the company, 17 maintained 'buy', 5 maintained 'hold' and 3 analysts maintained 'sell' recommendations with 7 analysts revising their target prices higher over the past month. The overall price consensus of analysts tracked by Bloomberg implied an upside of 7.6%.


Citi, BofA, Goldman Among Banks Vying To Manage India's LIC IPO

BNP Paribas, Citigroup, BofA Securities and Goldman Sachs are among seven foreign banks vying to manage the Indian govt’s initial public offering in state-run Life Insurance Corp., according to a presentation schedule.

  • The banks will make presentations on their bids on Tuesday; HSBC, JPMorgan and Nomura are the other banks making presentations Tuesday.

  • Nine local banks, including Axis Capital, Kotak Mahindra and HDFC Bank, will make presentations on Wednesday.

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