Markets tumbled on back of weak global cues with maximum impact seen in financial stocks on Monday with Nifty financial services index declining by 2% and Nifty 50 closing below 15850. A close below 15850 has confirmed short term reversal in key indices and Nifty should see test of 15000 in coming days. The main focus event in yesterday’s trade was USDINR, which activated massive breakout above 74.86, thus opening the gates for an up move towards 77.40 which this will trigger more outflows from Indian market in the coming days.
U.S. stocks, oil prices and government bond yields slid Monday amid anxiety that the spread of the Delta coronavirus variant would hold back the global economy. All three major U.S. stock indexes ended the session sharply lower, with the S&P and the Nasdaq suffering their largest one-day percentage drop since mid-May. The Dow Jones Industrial Average fell 725.81 points, or 2.09%, to 33,962.04, the S&P 500 lost 68.67 points, or 1.59%, to 4,258.49 and the Nasdaq Composite dropped 152.25 points, or 1.06%, to 14,274.98.
Stocks in news
India’s $7 Billion BPCL Sale Said to Slow on Pandemic, LIC IPO
India Court Halts Billionaire Agarwal’s Plan to Acquire Videocon
Bank of Maharashtra leads challenge against steep haircut
India Top Court Reserves Order on Telcos’ Plea to Cut Past Dues
India Court to Hear Amazon Case Against Future Retail July 20
Billionaire Adani’s Firms Probed by Indian Market Regulator
India Exempts Importers of Pulses From Stockpile Limit Norms
India Ethanol Blending in Fuel Rises to 7.93% as of July 12
India Cumulative Monsoon Rainfall 6% Below Normal as of July 19
ACC 2Q net income Rs 5.34b vs. 2.68b y/y, beats est. 4.52b; revenue +49% y/y to 38.85b
City Union Bank Approves raising capital through QIP of Rs 5b
HCL Technologies 1Q net income +9.6% to Rs 32.1b, misses est. 32.45b; revenue +13% y/y to 200.7b
HCL Technologies Appoints Shiv Nadar as Chairman Emeritus
Nippon Life India AM 1Q net income +16% y/y to Rs 1.81b, beats est. 1.74b; Revenue +30% y/y to 3.02b
Must Read: Why is equity market not falling given the covid-led chaos in the country?
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