Sensex Ends 143 Points Lower; Banking and Finance Stocks Witness Selling

Fri, 10 Jul Closing

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Indian share markets witnessed selling pressure throughout the day today, tracking weak global cues as coronavirus cases continue to surge across the world.

Benchmark indices fell further in the afternoon session, amid concerns of fresh set of lockdowns due to rise in coronavirus cases.

At the closing bell, the BSE Sensex stood lower by 143 points, down 0.4%.The NSE Nifty closed down by 45 points, down 0.4%.

SGX Nifty was trading at 10,742, down by 82 points, at the time of writing.

The BSE Mid Cap index ended the day down by 0.8%. The BSE Small Cap index ended down by 0.4%.

Among sectoral indices, banking stocks and finance stocks were among the hardest hit.

Energy stocks on the other hand, witnessed buying interest.

Asian stock markets ended deep in the red today, following Wall Street indices, on worries that economic recoveries might fade as coronavirus cases increase in the United States and some other countries.

As of the most recent closing prices, the Hang Seng ended down by 1.8% while the Shanghai Composite stood lower by 2%. The Nikkei declined 1.1%.

Gold prices are trading up by 0.5% at Rs 49,104 per 10 grams.

The rupee is trading at 75.20 against the US$.

Speaking of the current stock market scenario, have a look at the chart below which shows how the BSE Sensex and the smallcap index have moved over the past one year:

The markets are coming out of the deep fall. An important driver of this rally is the increasing inflow from foreign institutional investors now that the global economies have opened the liquidity tap.

A lot of this money is coming to the mid and smallcap space.

In her latest video, Richa Agarwal, editor of our premium smallcap service Hidden Treasure, shares her thoughts on what this could mean for the rebound in smallcaps and how to make the most of it.

Tune in to find out more...

Moving on, market participants were tracking Tata Consultancy Services (TCS) share price.

The company flagged off the June quarter earnings season by reporting a profit at Rs 70.1 billion, down 12.9% QoQ, dented by lockdown-led supply and demand challenges.

The year-on-year fall in profit stood at 13.8%, which partially impacted by a 67.8% YoY (down 19% QoQ) decline in other income to Rs 4.6 billion.

To know more, you can read TCS' Q1FY21 result analysis on our website.

In news from the insurance sector, shares of insurance companies were in focus today as their new business premiums (NBP) contracted by lesser margin on a year-on-year (YoY) basis in June as compared to April and May.

The NBP of life insurance companies contracted 10.46% YoY in June. Life insurers had seen their NBP decline 32.6% and 25.4% in April and May, respectively.

In June, life insurers earned NBP to the tune of Rs 288.7 billion, compared to Rs 322.4 billion in the same period a year ago. NBP is the premium acquired from new policies for a particular year.

Shares of SBI Life Insurance rallied 4%, while HDFC Life Insurance Company gained 2.5% in intra-day trade.

However, shares of ICICI Prudential Life Insurance Company slipped 3% after it said NBP in the month of June declined 37.1% YoY at Rs 5.7 billion. For April-June quarter, the NBP had fallen 32.6% YoY at Rs 15 billion.

In the first quarter of the current financial year, life insurers saw their NBP decline 18.46% to Rs 493.4 billion versus Rs 606.4 billion in the same period last year, owing to a strict lockdown enforced by the authorities to contain the spread of the contagion.

State-owned insurance behemoth, Life Insurance Corporation (LIC) of India also saw its NBP contract 12.65% in June to Rs 227.4 billion, but in the previous months, the extent of decline was far severe.

LIC saw its NBP fall 31% YoY in March, 32% in April, and 24% in May.

Moving on to news from the banking sector, Yes Bank was among the top buzzing stocks today.

The private lender informed the exchanges that the floor price for its Rs 150 billion Further Public Offering (FPO) has been fixed at Rs 12 per equity share and a cap of Rs 13 per share.

The decision was taken at the meeting of the Capital Raising Committee (CRC) of Yes Bank, the lender said in a regulatory filing.

The Yes Bank FPO will involve bidding in the lots of 1,000 equity shares and a discount of Rs 1 will be given to eligible employees of the bank bidding in the Employee Reservation Portion.

The fundraising is important for the bank to boost its capital base, especially after it announced last month that it failed to make interest payments on its bonds, after the RBI said its capital adequacy ratio was below regulatory ratio.

Shares of Yes Bank reacted negatively to the floor pricing information as it witnessed a sharp dip soon after the announcement.

On Thursday, the bank's CRC decided that it will raise up to Rs 150 billion through the FPO. Shares worth Rs 20 billion will be reserved for the bank's employees.

On Wednesday, State Bank of India (SBI) had said that it will further invest Rs 17.6 billion in the public offering.

SBI already holds 48.21% in the private lender after it invested more than Rs 60 billion to rescue it.

On March 13, the government had approved a bailout plan for Yes Bank, under which the bank had received around Rs 100 billion from eight financial institutions, including SBI.

Yes Bank share price ended the day down by 3.8%.

To know what's moving the Indian stock markets today, check out the most recent share market updates here.

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