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Sensex Crashes 667 Points; Banking and Finance Stocks Bleed
Mon, 3 Aug Closing | Monish Vora, TM Team

Indian share markets extended losses as the session progressed and ended their day deep in the red, amid a huge selloff in banking and financial services stocks.

Sentiment was weighed down by disappointing factory data and fear of extension of loan moratorium for banks.

Finance Minister Nirmala Sitharaman said the ministry was working with the Reserve Bank of India (RBI) on restructuring of loans and extension of moratorium on term loans.

At the closing bell, the BSE Sensex stood lower by 667 points (down 1.8%). The NSE Nifty closed down by 174 points (down 1.6%).

The SGX Nifty witnessed huge selling pressure and was trading at 10,915, down by 190 points, at the time of writing.

The BSE Mid Cap index ended the day down by 0.3%. Meanwhile, the BSE Small Cap index ended up by 1%.

On the sectoral front, banking stocks and finance stocks were the hardest hit.

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Asian share markets ended on a mixed note today as US lawmakers struggled to hammer out a new stimulus plan amid a global surge of new coronavirus cases.

As of the most recent closing prices, the Hang Seng was down by 0.7% while the Nikkei stood higher by 2.2%.

European share markets inched higher today as improvement in Chinese manufacturing data boosted sentiment, but a warning from Europe's biggest lender HSBC over rising bad loans weighed on financials.

The rupee is trading at 75.01 against the US$.

Gold Prices are trading up by 0.1% at Rs 53,830. Domestic gold prices edged higher today, tracking moderate gains in global markets.

The fifth tranche of Sovereign Gold Bond (SGB) Scheme 2020-21 opened today and the issue price has been fixed at Rs 5,334 per gram.

Speaking of gold, note that international gold prices have already rallied by about 20% since the rate cut in March 2020. Gold rallied almost 10% last month. That's a sharp rise by any standard.

However, if you're thinking that gold won't rally anymore next month, then you must look at this chart.

This is the August month performance of international gold prices for the last 20 years. If history is anything to go by, then August is the month to hold gold rather than to exit.

International gold prices moved up in 15 out of the last 20 years. That's a success ratio of 75%. The average monthly gains of gold in August is 2.84% over the last 20 years.

So, history suggests gold is set for a rally this August.

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Moving on, Tata Motors was among the top buzzing stocks today.

Shares of the company rallied over 8% intraday after the company on Friday released its June quarter numbers for the fiscal year 2020-21 (Q1FY21).

For the quarter under review, Tata Motors reported a consolidated net loss of Rs 84.4 billion against Rs 37 billion in the corresponding quarter of last year.

The company's total revenue from operations nearly halved to Rs 319.8 billion during the period from Rs 614.7 billion in the previous year quarter.

Apart from Tata Motors, shares of other auto and auto ancillary companies ended with decent gains today after the automakers reported encouraging sales numbers for July.

Shares of Maruti Suzuki advanced over 2.5% today after the company announced it had sold 108,000 units in July, 88.2% more than June 2020, in a clear indication that people were rushing to buy new cars as the coronavirus-induced lockdown eased, and opting for private transport to maintain social distancing.

Mahindra and Mahindra sold 25,678 units of commercial and passenger vehicles in July 2020, indicating a month-on-month growth of 32.64%.

India's largest two wheeler company, Hero MotoCorp registered a sequential growth of 14% over the previous month (June 2020) and reached more than 95% of wholesale dispatch numbers of the corresponding month in the previous year (July 2019).

Moving on to news from the macroeconomic space, Indian manufacturing slowed down in July after slowly mending for two months as lockdowns to contain coronavirus cases weighed on demand and output and raised the chances of a sharper economic contraction.

Output contracted in July as regional lockdown extensions across the country severely held back demand, said the monthly IHS Markit India Manufacturing Purchasing Managers' Index (PMI) survey.

Manufacturing PMI stood at 46 in July, down from 47.2 in June. In PMI parlance, a score above 50 means expansion and below that denotes contraction. PMI fell to a historic low of 27.4 in April, but had been steadily climbing up since.

Businesses collapsed and exports slowed when India was locked down to contain the coronavirus and worldwide economies collapsed. The PMI survey showed manufacturers cut jobs yet again, albeit at a similar pace than June.

New orders fell for the fourth-month running. Similar to the trend for output, the pace of decline accelerated from June, but remained slower than at the height of the current crisis.

However, the PMI survey showed that manufacturers remained optimistic towards the one-year business outlook in July, with sentiment strengthened for the second month to a five-month high.

We will keep you updated on the latest developments from this space. Stay tuned.

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!


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Stock Market Updates

ASHOKA BUILDCON Share Price Up by 5%; BSE REALTY Index Down 1.1% (Today's Market)

Aug 3, 2020 03:23 PM

ASHOKA BUILDCON share price is trading up by 5% and its current market price is Rs 53. The BSE REALTY is down by 1.1%. The top gainers in the BSE REALTY Index is ASHOKA BUILDCON (up 5.1%). The top losers are GODREJ PROPERTIES (down 0.3%) and PHOENIX MILL (down 1.6%).

ADVANCED ENZYME TECHNOLOGIES Share Price Up by 12%; BSE HEALTHCARE Index Up 0.9% (Today's Market)

Aug 3, 2020 02:37 PM

ADVANCED ENZYME TECHNOLOGIES share price is trading up by 12% and its current market price is Rs 212. The BSE HEALTHCARE is up by 0.9%. The top gainers in the BSE HEALTHCARE Index are ADVANCED ENZYME TECHNOLOGIES (up 11.6%) and BLISS GVS PHARMA (up 14.4%). The top losers are CIPLA (down 1.0%) and FORTIS HEALTHCARE (down 1.1%).

STERLITE TECH. Share Price Down by 5%; BSE 500 Index Down 0.9% (Today's Market)

Aug 3, 2020 02:37 PM

STERLITE TECH. share price is trading down by 5% and its current market price is Rs 123. The BSE 500 is down by 0.9%. The top gainers in the BSE 500 Index are BLISS GVS PHARMA (up 14.4%) and JUBILANT LIFE SCIENCES (up 9.7%). The top losers are STERLITE TECH. (down 5.1%) and APOLLO HOSPITALS (down 5.2%).

GUJARAT GAS Share Price Up by 5%; BSE OIL & GAS Index Down 0.6% (Today's Market)

Aug 3, 2020 02:27 PM

GUJARAT GAS share price is trading up by 5% and its current market price is Rs 304. The BSE OIL & GAS is down by 0.6%. The top gainers in the BSE OIL & GAS Index is GUJARAT GAS (up 5.1%). The top losers are CASTROL INDIA and INDRAPRASTHA GAS (down 1.1%).

APOLLO HOSPITALS Share Price Down by 5%; BSE 500 Index Down 1.0% (Today's Market)

Aug 3, 2020 02:11 PM

APOLLO HOSPITALS share price is trading down by 5% and its current market price is Rs 1,702. The BSE 500 is down by 1.0%. The top gainers in the BSE 500 Index are BLISS GVS PHARMA (up 10.1%) and JUBILANT LIFE SCIENCES (up 10.0%). The top losers are APOLLO HOSPITALS (down 5.4%) and UPL (down 5.4%).

Sensex Slips Over 400 Points; Kotak Mahindra Bank & IndusInd Bank Top Losers (Today's Market)

Aug 3, 2020 12:30 pm

The BSE Sensex is trading down by 397 points, while the NSE Nifty is trading down by 103 points.

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