By Aamar Deo Singh, Head Advisory, Angel Broking Ltd
Indian indices ended in the red, dragged down by the financial stocks in today’s trading session.
Nifty went down by 0.35% or 39.35 points and closed at 11,278.00, falling below the 11,300 mark, while S&P BSE Sensex went down by 0.45% or 171.43 points and closed at 38,193.92.
Zee Entertainment (3.06%), Tata Steel (3.57%), Reliance Industries Limited (2.68%), Cipla (2.73%), and Grasim Industries (2.39%) were among the top Nifty gainers, whereas SBI (4.09%), GAIL (3.38%), Bajaj Finserv (2.89%), Axis Bank (2.73%), and IOC (2.60%) were among top Nifty losers.
BSE Midcap and BSE Smallcap tripped down by 0.28% and 0.94%, respectively. Nifty Bank lost over 2% while Nifty IT and Nifty FMCG also declined by over half a percent each.
Zee Entertainment
Stocks of Zee Entertainment went up by 3.06% and traded at Rs.220.30 after the global financial firm retained its ‘buy’ call on the stock and raised the stock’s target price to Rs.275 per share.
Tata Motors
Stocks of Tata Motors went down by 1.16% and traded at Rs.140.65 after a global firm named HSBC upgraded stock to ‘buy’ maintaining a target price of Rs.200 for the stocks.
Dr. Reddy’s Laboratories
The company announced the launch of Remdesivir under the brand name “Redyx” in India for the treatment of COVID-19 patients. The stocks of the company rose by 1.67% and traded at Rs.4,421.50.
Bharat Dynamics
Stocks of Bharat Dynamics declined by 5.14% and traded at Rs.314.00 after the company informed that the government would sell up to 10% stake or 18,338,125 equity shares of the total paid-up capital of the company.
SML Isuzu Ltd.
The company reported a net loss of Rs. 52.26 crore during the first quarter of the FY21. The stocks of SML Isuzu Ltd. went down by 2.59% and traded at Rs. 402.15.
Reliance Industries Limited
Stocks of Reliance Industries went up by 2.68% and traded at Rs.2,163.55 after a Private Equity giant Silver Lake Partners announced to invest Rs.7,500 crore in the company’s retail unit for an exchange of 1.75% stake.
CG Power and Industrial Solutions
The company reported a net loss of Rs.288.06 crore for the first quarter of FY21 and a strong fall in its revenue during the June quarter. The stocks of the company tripped down by 4.97% and traded at Rs.22.00.
Indian Rupee
Indian rupee ended at Rs.73.53 against the U.S. Dollar amid volatile domestic equity markets.
Mixed Global Market Cues
Asian stocks projected a decline in today’s session while European stocks ended in the green during the day amid rising concerns regarding global economic recovery. Nasdaq, Nikkei 225, and Hang Seng declined by 4.11%, 1.04%, and 0.63%, respectively, while FTSE 100 and FTSE MIB rose by 0.71% and 0.50% each.
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