Banks have continued to be weak along with auto, energy and metal names. Traditional defensives IT and pharma are trading in the green.
Market Update: Banks have continued to be weak along with auto, energy and metal names. Traditional defensives IT and pharma are trading in the green.
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Equity benchmarks have continued to trade in the red on Monday morning. The Sensex is down over 250 points, while the Nifty is hovering around 11,350-mark.
At 10:29 hrs IST, the Sensex is down 261.15 points or 0.69% at 37608.08, and the Nifty down 75.00 points or 0.66% at 11354.50. The market breadth is negative as 721 shares advanced, against a decline of 1,365 shares, while 106 shares were unchanged.
Banks have continued to be weak along with auto, energy and metal names. Traditional defensives IT and pharma are trading in the green.
At 10:29 hrs IST, the Sensex is down 261.15 points or 0.69% at 37608.08, and the Nifty down 75.00 points or 0.66% at 11354.50. The market breadth is negative as 721 shares advanced, against a decline of 1,365 shares, while 106 shares were unchanged.
Banks have continued to be weak along with auto, energy and metal names. Traditional defensives IT and pharma are trading in the green.
Brokerages on HDFC Bank: Shares of HDFC Bank were down around 2 percent on Monday morning, following an abrupt resignation by Deputy MD Paresh Sukthankar last week.
Global research firm Nomura believes that the exit is a small, near-term negative and that the potential MD&CEO candidate could be an outsider now. It also highlighted that the timing of this & notice period of 3 months matches with the change in guard at Axis Bank. It reiterated that the speculation in the market is also pointing towards that. Should this event take place, there could a re-rating on Axis Bank.
Meanwhile, Citi said that some investors could show concern as the development has come around the QIP issue. Puri had indicated in analyst meet in 2018 that external & internal candidates will be considered, the report highlighted.
Macquarie, on the other hand, said that the early resignation has come in as a surprise. At the margin this development is negative, it said, adding that the bank will manage the challenge well. It also believes that Sukthankar will be a good fit for Axis Bank.
Buzzing: Shares of NBCC fell 6.2 percent in the early trade on Monday despite company reported better numbers in the quarter ended June 2018.
The company's Q1 consolidated net profit was up 23.9 percent at Rs 73.2 crore versus Rs 59.1 crore in a year ago period.
Revenue was up 19.1 percent at Rs 1,844 crore versus Rs 1,548.9 crore.
The company has received an order from Central Board of Secondary Education (CBSE) for construction of CBSE, Integrated Office Complex at Sector-23, Dwarka, New Delhi amounting to Rs 150 crore.
Market Opens: Bears took the control on the D-street as the benchmark indices opened lower on Monday morning, with the Nifty trading around 11,350, while the Sensex trading around 37,600.
The Sensex is down 268.42 points at 37600.81, and the Nifty down 73.80 points at 11355.70. About 347 shares have advanced, 846 shares declined, and 71 shares are unchanged.
Nifty Bank down 1 percent as banking stocks were under pressure post the rupee touched a record low of 69.49 in the opening trade on Monday.
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Global research firm Nomura believes that the exit is a small, near-term negative and that the potential MD&CEO candidate could be an outsider now. It also highlighted that the timing of this & notice period of 3 months matches with the change in guard at Axis Bank. It reiterated that the speculation in the market is also pointing towards that. Should this event take place, there could a re-rating on Axis Bank.
Meanwhile, Citi said that some investors could show concern as the development has come around the QIP issue. Puri had indicated in analyst meet in 2018 that external & internal candidates will be considered, the report highlighted.
Macquarie, on the other hand, said that the early resignation has come in as a surprise. At the margin this development is negative, it said, adding that the bank will manage the challenge well. It also believes that Sukthankar will be a good fit for Axis Bank.
Buzzing: Shares of NBCC fell 6.2 percent in the early trade on Monday despite company reported better numbers in the quarter ended June 2018.
The company's Q1 consolidated net profit was up 23.9 percent at Rs 73.2 crore versus Rs 59.1 crore in a year ago period.
Revenue was up 19.1 percent at Rs 1,844 crore versus Rs 1,548.9 crore.
The company has received an order from Central Board of Secondary Education (CBSE) for construction of CBSE, Integrated Office Complex at Sector-23, Dwarka, New Delhi amounting to Rs 150 crore.
Market Opens: Bears took the control on the D-street as the benchmark indices opened lower on Monday morning, with the Nifty trading around 11,350, while the Sensex trading around 37,600.
The Sensex is down 268.42 points at 37600.81, and the Nifty down 73.80 points at 11355.70. About 347 shares have advanced, 846 shares declined, and 71 shares are unchanged.
Nifty Bank down 1 percent as banking stocks were under pressure post the rupee touched a record low of 69.49 in the opening trade on Monday.
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SBI, Vedanta, Indiabulls Housing, Hindalco, UPL, Bharti Airtel, Union Bank, NBCC, Jet Airways, Tata Motors, Nalco are among the major losers on indices, while Dr. Reddy's Lab, Sun Pharma, TCS, Corporation Bank are trading with marginal gains.
Rupee opens at record low: The Indian rupee slipped to a record low as it fell 66 paise in the early trade on Monday.
It has opened at 69.47 per dollar on Monday versus 68.83 Friday.
The dollar-rupee August contract on the NSE was at 68.99 in the previous session. August contract open interest declined 1.86% in the previous day, said ICICIdirect.
We expect the USD-INR to find supports at lower levels. Utilise downsides in the pair to initiate long positions, it added.
Rupee opens at record low: The Indian rupee slipped to a record low as it fell 66 paise in the early trade on Monday.
It has opened at 69.47 per dollar on Monday versus 68.83 Friday.
The dollar-rupee August contract on the NSE was at 68.99 in the previous session. August contract open interest declined 1.86% in the previous day, said ICICIdirect.
We expect the USD-INR to find supports at lower levels. Utilise downsides in the pair to initiate long positions, it added.
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