Sensex loses 219 points as ICICI Bank tumbles; Page Industries hits new all-time high

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Updated:Jun 26, 2018 8:57:10 am

Sensex live updates: BSE Sensex fell over 50 points to a low of 35,637.95 points in early trade, while the Nifty50 of the National Stock Exchange (NSE) slid 17 points to a low of 10,804.50 points. Shares of Idea Cellular plunged more than 7% to a one-month low.

Finolex Industries, EBITDA, Finolex CablesStock market live: Indian stock markets opened on a lower note on Monday.

The benchmark BSE Sensex fell 105 points to scale a low of 35,584.24 points on heavy selling pressure. The NSE Nifty50 slipped 33 points to 10,788.30. On the BSE, Tata Motors plunged 4%. ICICI Bank, Hero MotoCorp, Power Grid, NTPC, Coal India, ITC, ONGC, SBI shares traded in the red.

Shares of Aditya Birla Group’s telecom company Idea Cellular Ltd plunged more than 7% to a one-month low in the late morning deals on Monday on news reports of its merger with Vodafone India “may not meet expected June 30 timeline”. Shares of PNB Housing Finance climbed over 12%, their biggest intraday percentage gain since January 2017.

Live Blog

Live updates on Indian stock markets: Check out Sensex, Nifty50 gainers and losers here

Highlights

    16:32 (IST)25 Jun 2018
    Why Nifty failed to sustain 10,800 today

    "The Nifty wasn't able to sustain above 10800 which has been the major concern for bulls. With a muted start we have seen nifty taking cues from US Friday session and the Asian cues in morning. Profit booking was witnessed at higher levels on the back of same sentiments. The weaker opening of European indices also added some negative sentiment.  As Far as Nifty is above 10700 we believe it is safe to assume the bullish undertone in place. Since 10700 is a previous week low which was held and a buying was seen at those levels," Mustafa Nadeem, CEO, Epic Research.

    16:23 (IST)25 Jun 2018
    Porinju Veliyath on India's stock market

    Ace stock picker Porinju Veliyath explains why India cannot have a bear market: Even as the stock markets remain volatile on the back of factors such as the political environment and global crude prices, ace investor Porinju Veliyath says that India is not having a bear market, and will not have one in the near future. In 1989, in on December 29th the Japanese Index Nikkei had gone to 39,560. Today, after three decades it's at 22,500. This is called a bear market. This might have happened in the 1930’s in the United States, you would have heard in history. 

    15:47 (IST)25 Jun 2018
    Market close: Sensex, Nifty end lower

    BSE Sensex fell 219.25 points to end at 35,470.35 while NSE Nifty shed 59.4 points to 10,762.45 on Monday with blue-chip shares of ICICI Bank, Tata Motors, L&T, Reliance Industries (RIL), State Bank of India (SBI), ITC, Axis Bank and Maruti Suzuki contributing the most to the index losses. 

    "Markets opened the day slightly lower on the back of weaker global cues and an inherent malaise in the markets. The opening was soon sold into, and the markets gradually drifted lower to close at the lowest point of the session with losses of over half a percent for the day. Auto and banks were weak in trade today; the weakness was aggravated among mid-cap stocks which under performed in trade. FIIs continue to be net sellers and markets continue to remain range bound. Overall we continue to hold a bearish outlook on the indices and would not recommend entering fresh longs at the current juncture," said Nikhil Kamath, Co-Founder, Zerodha.

    "Global trade war concern and F&O expiry led volatility impacted the market sentiment. Drop in oil prices on account of increase in production will provide some relief to Indian markets in the near term. However, any escalation in trade tensions and outflow of foreign funds is likely to add pressure on INR and fiscal path," said Vinod Nair, Head of Research, Geojit Financial Services. 

    15:21 (IST)25 Jun 2018
    Nifty at 11,000?

    Nifty back at 11,000? Not in 2018, investors will have to wait, says ICICI Pru’s Yogesh Bhatt

    With the Indian stock markets on a correction mode ever since the January highs and the Nifty 50 currently testing the level of 10,800, ICICI Pru's Yogesh Bhatt does not see Nifty 50 going back to its record levels very soon, at least not in 2018.

    15:00 (IST)25 Jun 2018
    Sudden drop: Sensex falls over 200 points

    The benchmark Sensex index fell more than 200 points in the late afternoon trades on Monday. Shares of ICICI Bank, Tata Motors, ITC, L&T, Reliance Industries, SBI, HDFC and Axis Bank emerged as the biggest drag out of the components of the index. BSE Sensex plunged 206 points to a day's low of 35,483.12. 

    14:33 (IST)25 Jun 2018
    Page Industries hits all-time high!

    Shares of Hyderabad-based premium innerwear maker Page Industries advanced nearly 6% in the afternoon deals on Monday. Earlier this month, the stock of Page Industries moved up nearly 8% in two days after the company's licence agreement with Jockey International got extended till December 2040. Today, Page Industries rose as much as 5.94% to hit a fresh all-time high of Rs 28,599.95 on BSE. 

    14:22 (IST)25 Jun 2018
    Manpasand Beverages shares surge

    Shares of Vadodara-based fruit juice maker Manpasand Beverages rally for the third straight session today ahead of the scheduled board meeting on 27 June 2018. Earlier last week on Thursday, Manpasand Beverages informed the company will consider and approve audited financial results for the fourth quarter and year ended 31 March 2018, and recommend a dividend, if any, which will be subject to the approval from the members of the company. The stock of Manpasand Beverages gained 5% to a day's high of Rs 156.9 on BSE.

    14:01 (IST)25 Jun 2018
    ICICI Bank, Tata Motors & ITC bleed!

    Heavyweight shares of companies such as ICICI Bank, Tata Motors and ITC contributed the most to the Sensex losses on Monday. On a collective basis, these 3 stocks alone wiped off 110 points out of Sensex. Out of the 'A' group on BSE, shares of Idea Cellular, Allahabad Bank were the major laggards. 

    13:33 (IST)25 Jun 2018
    Europe's banks, autos stocks sink as trade dispute deepens

    Following the latest episode in a trade dispute between the US and other major economies, European shares skidded on Monday with benchmarks down 0.7 to 1.4 percent, Reuters reported. Europe's tech sector fell 0.9 percent on news reports that US President Donald Trump plans to bar many Chinese companies from investing in US technology firms and block more tech exports to Beijing hit Asian stocks overnight and dented early European trading. The autos sector fell 1.4 percent, set for its seventh straight day of losses.

    12:47 (IST)25 Jun 2018
    Top 5 BSE Sensex gainers and losers: Vedanta up 2.8%, Tata Motors down 4%

    Top 5 Sensex gainers: Vedanta Ltd. (up 2.89%), Infosys (up 1.89%), Sun Pharma (up 1.68%), Hindustan Unilever (up 1.05%) and Kotak Bank (up 1%).

    Top 5 Sensex losers: Tata Motors DVR (down 4.10%), Tata Motors (down 3.62%), ICICI Bank (down 2.66%), Coal India (down 1.94%) and Hero MotoCorp (down 1.51%).

    12:22 (IST)25 Jun 2018
    Barclays says rupee will suffer even worse rout than 2013 taper tantrum

    Barclays Plc has forecast that the Indian rupee will weaken even more than it did during the 2013 taper tantrum, Bloomberg reported. The lender expects the rupee to decline to 72 per dollar by 2018-end on elevated oil prices denting government finances and foreigners dumping Indian assets. The rupee hitting that target would mean an annual drop of 11.3% for the currency, which is worse than that seen in 2013. Barclays prediction is also more bearish than the 67.52 median forecast in a Bloomberg survey.

    12:08 (IST)25 Jun 2018
    Varroc Engineering's Rs 1,955-crore IPO opens tomorrow

    Varroc Engineering IPO opens tomorrow: All about biggest public issue of FY19 in 19 points

    Aurangabad-based auto component maker Varroc Engineering's Rs 1,955-crore initial public offer will open on June 26 at a price band of Rs 965-967. The offer consists of an offer-for-sale to the tune of 20,221,730 equity shares by promoters and existing investors.  The offer will close on June 28.  Promoter Tarang Jain will sell up to 1,752,560 shares, investor Omega TC Holdings will sell up to 16,917,130 equity shares and Tata Capital will sell up to 1,552,040 shares. 

    12:00 (IST)25 Jun 2018
    Tata Motors stock dives 4% on looming US auto tariffs

    Tata Motors stock dived 4% to a low of Rs 295.20 on the BSE on looming US tariffs on automobiles. Shares of Tata Motors slid after US President Donald Trump on Friday threatened to escalate a trade war with Europe by imposing a 20% tariff on all US imports of European Union-assembled cars. The S&P BSE auto index fell 1.01%.

    11:32 (IST)25 Jun 2018
    HDFC shares returns lagged in last 3 months; should you buy?

    Should you buy HDFC shares after recent underperformance? Here’s what Goldman Sachs has to say

    The country’s largest mortgage lender’s shares have returned about 15% in the last one year, marginally higher than the Nifty at 12.3%. Notably, in the last three months, the shares have lagged the benchmark, returning about 5.5% as compared to Nifty returns of 7%.  Global financial services major Goldman Sachs says that HDFC shares are attractive at the current valuations and has upgraded the shares to buy from neutral earlier. The firm notes that HDFC is a market leader in mortgages, and the demand drivers for HDFC are getting better. 

    11:25 (IST)25 Jun 2018
    BSE Sensex plunges 100 points, Nifty50 down 30 points; Tata Motors drops 3%

    The benchmark BSE Sensex fell 105 points to scale a low of 35,584.24 points on heavy selling pressure. The NSE Nifty50 slipped 33 points to 10,788.30. On the BSE, Tata Motors plunged 3.59%.  ICICI Bank, Hero MotoCorp, Power Grid, NTPC, Coal India, ITC, ONGC, SBI shares traded in the red.

    11:15 (IST)25 Jun 2018
    Idea Cellular's stock dives 7% to one-month low

    Idea shares crash 7% to 1-month low on reports Idea-Vodafone merger may not meet expected timeline

    Shares of Aditya Birla Group’s telecom company Idea Cellular Ltd plunged more than 7% to a one-month low in the late morning deals on Monday on news reports of its merger with Vodafone India “may not meet expected June 30 timeline”.  The stock of Idea Cellular dived as much as 7.1% to a 1-month low level of Rs 56.25 on BSE while the stock dipped 7.27% to a 1-month low of Rs 56.15 on NSE. This is the lowest level since 22 May 2018 when Idea Cellular shares hit a low of Rs 52.35 on NSE.

    11:05 (IST)25 Jun 2018
    PNB Housing Finance shares up over 12%

    Shares of PNB Housing Finance climbed over 12%, their biggest intraday percentage gain since January 2017. Shares of the company surged almost 12.8% to Rs 1,209.5 after news reports said that Housing Development Finance Corp (HDFC) and Kotak Mahindra Bank are competing for a controlling stake in PNB Housing Finance as they aim to gain wider coverage in a mortgage market that’s seen among the safest of havens in the lending world.

    10:13 (IST)25 Jun 2018
    Bitcoin falls to its lowest at $5,787 in 2018

    Bitcoin hits lowest in 2018; falls below $6,000: Here’s what you should know

    Bitcoin crashed to a low of $5,787 on Sunday afternoon, mildly recovering to $6,131 on Monday morning. Post-October last year, Bitcoin had rallied from the modest $4,000 price to surge past $19,000 in just two months. Founded by an unknown person or a group of persons Satoshi Nakamoto in 2009, Bitcoin remained within $4000 until mid-2017, when it increased exponentially for about 10 months.

    10:08 (IST)25 Jun 2018
    Biocon shares hits near 3-week high

    The country's biggest biotechnology firm Biocon's shares rose as much as 2.44% to Rs 645 on Monday, the highest level since June 5. In a regulatory filing to the BSE, Biocon on Saturday said it has received Establishment Inspection Report (EIR) from U.S. FDA for its sterile drug product manufacturing facility in Bangalore.

    09:44 (IST)25 Jun 2018
    Stocks in focus today: IFCI, Asian Paints, Idea, Biocon, SBI, Bombay Dyeing, Axis Bank

    Shares in news today: IFCI, Asian Paints, Idea, Biocon, SBI, Bombay Dyeing, Axis Bank

    IFCI stocks will be in focus as it is planning to raise Rs 3,000 crore from debt, including bonds, during the current fiscal to aid expansion of its loan book. The mega-merger deal of Idea Cellular and Vodafone India may not meet the expected June 30 timeline as the telecom department is looking to raise a fresh demand of around Rs 4,700 crore, PTI reported citing an unidentified source.

    09:40 (IST)25 Jun 2018
    Brent oil prices drop by 2% after OPEC meet

    Brent oil prices drop by 2% today: This is the only reason behind fall

    Brent crude futures, the international benchmark for oil prices, were at $73.90 per barrel at 0035 GMT, down 2.2 percent from their last close. U.S. West Texas Intermediate (WTI) crude futures were at $68.36 a barrel, down 0.3 percent, supported by a slight drop in U.S. drilling activity.

    09:38 (IST)25 Jun 2018
    Rupee opens weak, falls 29 paise against US dollar

    The rupee weakened by 29 paise to 68.13 against the dollar in early trade on Monday on increased demand for the dollar, along with a lower opening in the domestic equity markets.

    09:35 (IST)25 Jun 2018
    Asian shares slip on trade worries, oil gives up some gains

    Asian shares slip on trade worries, oil gives up some gains; Bitcoin hits 7-month low

    Escalating trade tensions between the US and major economies pulled Asian shares lower on Monday.  Oil prices gave up some of their hefty gains made after major oil producers agreed to a modest increase in production. S&P500 mini futures eased as much as 0.6 percent in early trade while MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.25 percent. Japan’s Nikkei lost 0.4 percent.

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