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Sensex Ends 124 Points Lower; JSW Steel and Wipro Among Top Nifty Losers
Mon, 26 Jul Closing

Indian share markets witnessed volatile trading activity throughout the day today and ended lower.

Benchmark indices ended a volatile session near the lowest point of the day amid an intensified selling in FMCG, financial, and realty stocks, along with profit-taking in heavyweights like Reliance Industries, Tech Mahindra, TCS, L&T, and Bharti Airtel.

At the closing bell, the BSE Sensex stood lower by 124 points (down 0.2%).

Meanwhile, the NSE Nifty closed lower by 32 points (down 0.2%).

SBI Life Insurance and Bajaj Finserv were among the top gainers today.

JSW Steel and Wipro, on the other hand, were among the top losers today.

The SGX Nifty was trading at 15,828, down by 26 points, at the time of writing.

The BSE Mid Cap index and the BSE Small Cap index ended up by 0.1% and 0.3%, respectively.

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Sectoral indices ended on a mixed note with stocks in the energy sector, power sector and realty sector witnessing most of the selling pressure.

Consumer durables and metal stocks, on the other hand, witnessed buying interest.

Shares of Avenue Supermarts and Infosys hit their respective 52-week highs today.

Asian stock markets ended on a mixed note today as Chinese tech stocks in Hong Kong plunged.

The Hang Seng and the Shanghai Composite ended the day down by 4.1% and 2.3%, respectively.

The Nikkei ended up by 1% in today's session.

US stock futures are trading on a negative note today with the Dow Futures trading down by 130 points.

The rupee is trading at 74.42 against the US$.

Gold prices for the latest contract on MCX are trading up by 0.3% at Rs 47,695 per 10 grams.

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In news from the banking sector, Kotak Mahindra Bank was among the top buzzing stocks today.

Kotak Mahindra Bank's standalone net profit for the first quarter of the current fiscal rose 32% to Rs 16.4 bn compared to Rs 12.4 bn in the same quarter of the previous fiscal.

The net interest income (NII), which is the difference between the interest earned and interest expended, grew 5.8% to Rs 39.4 bn against Rs 37.2 bn year on year (YoY). The private lender's net interest margin (NIM) for first quarter was at 4.6%.

Asset quality weakened during the quarter as the gross non-performing asset (NPA) stood at 3.6% against 3.3% on sequential basis whereas the net NPA came at 1.3% from 1.2% quarter on quarter (QoQ).

Provisions and contingencies fell to Rs 9.3 bn from Rs 11.8 bn QoQ and Rs 9.6 bn in the year-ago quarter.

Current account saving account (CASA) ratio as at 30 June 2021 stood at 60.2% compared to 56.7 % as at 30 June 2020.

Average current account deposits grew by 28% to Rs 463.4 bn for the first quarter of 2022 compared to Rs 360.7 YoY.

Average savings deposits grew by 10% to Rs 1162.2 bn for the June quarter compared to Rs 1056.7 bn for the same period last year.

Kotak Mahindra Bank said that Covid related provisions as at 30 June 2021 were maintained at Rs 12.8 bn.

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In accordance with the resolution framework for Covid-19 and micro, small and medium enterprise (MSME) announced by RBI, the bank has implemented total restructuring of Rs 5.5 bn as at 30 June 2021

Kotak Mahindra Bank share price ended the day up by 0.8% on the BSE.

Speaking of stocks, here's a pattern that if you see, you must sell your position. After all, exits are more important than entries.

In the chart below, we can see the head and shoulder pattern - the stock goes up, makes a high, falls a little bit, goes up to a higher high, does not make a higher low, rallies again, fails to make a new high, and then starts to break down.

This usually happens in a situation where a stock or index has typically been in a bull trend for a while. Spotting this correctly can help you save money.

If you're interested in trading and want to know how you can use this pattern, you can read about it in one of the editions of Profit Hunter here: It's When You Sell that Counts

Moving on to news from the IPO space...

Rolex Rings Fixes IPO Price Band at Rs 880-900 Per Share

Rolex Rings has fixed its initial public offering (IPO) price at ?880-900 a share. Earlier, the firm said its issue will open on 28 July and close on 30 July.

The IPO comprises a fresh issue of Rs 0.6 bn and an offer for sale of Rs 6.7 bn that is up to 7.5 m equity shares by Rivendell PE LLC.

Rivendell PE (formerly known as New Silk Route-PE Mauritius) currently holds a 41.01% stake in the company.

Equirus Capital, IDBI Capital, and JM Financial are the book lead managers on the issue.

Based in Rajkot, Gujarat, Rolex Rings is among the leading manufacturers of forged and machined components in the country.

The company will utilize the net proceeds from the fresh issue for funding long-term working capital requirements, and general corporate purposes.

As of March 2021, the company has posted a profit of Rs 869.6 m compared to Rs 529.4 m a year ago.

Its revenue from operations stood at Rs 6.2 bn versus Rs 6.8 bn last year.

How the IPO sails through remains to be seen. Meanwhile, stay tuned for more updates from this space.

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

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

Read the latest Market Commentary


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Stock Market Updates

RELIANCE IND. at All Time High; BSE OIL & GAS Index Down 0.8% (Today's Market)

Sep 24, 2021 01:48 PM

RELIANCE IND. share price has hit an all time high at Rs 2,505 . The BSE OIL & GAS Index is down by 0.8%. Among the top gainers in the BSE OIL & GAS Index today are RELIANCE IND. (down 0.7%) and PETRONET LNG (up 0.7%). The top losers include RELIANCE IND. and BPCL (down 0.9%).

Sensex Crosses 60,000 for the First Time, Nifty Tops 17,900; IT Stocks Lead Rally (Today's Market)

Sep 24, 2021 09:30 am

Indian share markets open higher. The BSE Sensex opened up by 298 points, while the Nifty is trading higher by 77 points.

KEI INDUSTRIES at All Time High; BSE POWER Index Down 0.3% (Today's Market)

Sep 24, 2021 09:48 AM

KEI INDUSTRIES share price has hit an all time high at Rs 930 (up 1.9%). The BSE POWER Index is down by 0.3%. Among the top gainers in the BSE POWER Index today are KEI INDUSTRIES (up 1.9%) and SIEMENS (up 0.1%). The top losers include TATA POWER (down 0.2%) and KEC INTERNATIONAL (down 0.4%).

WIPRO at All Time High; BSE IT Index Up 2.1% (Today's Market)

Sep 24, 2021 09:42 AM

WIPRO share price has hit an all time high at Rs 699 (up 3.1%). The BSE IT Index is up by 2.1%. Among the top gainers in the BSE IT Index today are WIPRO (up 3.1%) and L&T INFOTECH (up 6.3%). The top losers include HEXAWARE TECHNOLOGIES .

L&T at All Time High; BSE CAPITAL GOODS Index Up 0.9% (Today's Market)

Sep 24, 2021 09:42 AM

L&T share price has hit an all time high at Rs 1,810 (up 1.7%). The BSE CAPITAL GOODS Index is up by 0.9%. Among the top gainers in the BSE CAPITAL GOODS Index today are L&T (up 1.7%) and HONEYWELL AUTOMATION (up 0.8%). The top losers include V GUARD INDUSTRIES (down 0.1%) and HEG (down 0.1%).

KPIT TECHNOLOGIES Share Price Up by 5%; BSE IT Index Up 1.9% (Today's Market)

Sep 24, 2021 09:30 AM

KPIT TECHNOLOGIES share price is trading up by 5% and its current market price is Rs 366. The BSE IT is up by 1.9%. The top gainers in the BSE IT Index are KPIT TECHNOLOGIES (up 5.1%) and L&T INFOTECH (up 6.2%).

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