Monday, 2 July 2018

Sensex Slips Over 150 Points Tata Steel Tata Motors Stocks Gain 1%

Posted by suhani varma on Monday, July 02, 2018 with No comments


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Equity indices were trading under pressure following correction in major Asian stocks amid US-China trade tensions. On the sectoral front, Nifty metal and FMCG index fell 1% each. 

BSE Sensex was trading at 35,260 down 162 points, while NSE Nifty was trading at 10,667 down 47 points.

Tata Motors stock was up 1%. Its overall sales jumped 50% in June, with domestic sales increasing by more than half to 56,773 units.

Shares of Bajaj Auto gained 2.5%. The company sold 4.04 lakh units in June 2018, which were quite higher that Nomura expectation of 3.86 lakh units.

Shares of Tata Steel rose 2% after it approved a joint venture with Germany's Thysenkrupp AG to make Europe's second largest steel company after ArcelorMittal.

Shares of Prakash Industries rose 1%. The company said the Odisha Government had executed the mining lease of Sirkaguttu Iron Ore Mine, having Geological Reserves of around 9.9 million tonnes, in favour of the company in January 2017.

BSE Mid-cap Index was trading up 0.19%, while BSE Small-cap Index was trading up 0.15%.

Bajaj Auto (+2.4%), Tata Steel (+2.1%), Tech Mahindra (+1.7%), HPCL (+1.4%) and Tata Motors (+1.2%) were the top gainers on NSE.

NTPC (-3.4%), Hindalco (-2.3%), L&T (-2%), Vedanta (-2%) and ONGC (-1.8%) were the top losers on NSE.

The India VIX was slightly up 3.86% at 13.4375.

Out of 2,049 stocks traded on the NSE, 774 declined, 821 advanced and 454 remained unchanged.

A total of 10 stocks registered a fresh 52-week high in trade, while 55 stocks touched a new 52-week low on the NSE.

Asian indices opened on a mute to mildly negative note after a superb pull back rally on Friday.

US indices close with minor gains on Friday as oil price rise sees energy stocks do well. Investors continue to chase US$ & bonds with yields falling to 2.85% as 'risk off' trade sees emerging markets witnessing exit on both equities & bonds.

The Indian rupee opened higher after it hit an all-time low of 69.09 against the dollar last week because of higher crude oil prices and strong demand from exporters and banks.

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