News By/Courtesy: Daksh Dave | 15 Jun 2020 23:35pm IST

The Indian stock market was down deep in red as coronavirus cases rose and there was concern about the second wave of infections in China. Sensex is down 616.05 points or 1.82 percent to 33164.84, and Nifty is down 172.10 points or 1.73 percent to 9800.80. Among the sectors, banks were the worst hit with the banking index down by more than 3%. The biggest loser was IndusInd Bank, which fell by more than 5%, followed by RBL Bank, State Bank of India, ICICI Bank, Bandhan Bank, and Axis Bank, which fell by more than 3% each.

State Bank of India shares was one of the most active shares in terms of NSE volumes at 10:45 hours, with 1,95,47,646 shares being traded, followed by RBL Co. State Bank of India shares was one of the most active shares in terms of NSE volumes at 10:45 hours, with 1,95,47,646 shares being exchanged, followed by RBL Stock, where 1,82,47,571 shares were exchanged. Nifty Financial Services was down by more than 2%. HDFC fell 2%, followed by Bajaj Finance, Kotak Mahindra Bank, Shriram Transport Finance, REC, Cholamandalam Investment, and Bajaj Finserv, among others.

"The banking sector is likely to remain under pressure in the near term due to a strong correlation with the economy. Asset quality and market growth are expected to remain sluggish in the coming quarters," said Sundar Sanmukhani, Chief Research Officer at Choice Broking. "Investors with a medium to long term horizon can invest in ICICI Bank, HDFC Bank, and Axis Bank. These are the leading private sector banks with strong fundamentals and also available at a multi-year low valuation," he added. 

Reliance Industries: stock traded at Rs1624.55 per unit, up by 2.25 percent. RIL has agreed its Jio Platforms, and this time it would be L Catterton, one of the largest consumer-focused private equity firms in the world. Investment of Rs1894.50cr from Catterton to purchase 0.39 percent of the share capital of Jio Platforms on a fully diluted basis.

Sun Pharma: share price at Rs486.85 per piece, up by 1.47 percent. The company entered into an exclusive licensing and production contract for ILUMYA through its wholly-owned subsidiary Hikma Pharmaceuticals PLC (Hikma). ILUMYA will be marketed by Sun Pharma in the Middle East & North Africa (MENA) region.

THIS ARTICLE DOES NOT INTEND TO HURT THE SENTIMENTS OF ANY INDIVIDUAL, COMMUNITY, SECT, OR RELIGION ETCETERA. THIS ARTICLE IS BASED PURELY ON THE AUTHOR'S PERSONAL VIEWS AND OPINIONS IN THE EXERCISE OF THE FUNDAMENTAL RIGHT GUARANTEED UNDER ARTICLE 19(1)(A) AND OTHER RELATED LAWS BEING FORCE IN INDIA, FOR THE TIME BEING.

Section Editor: Pushpit Singh | 16 Jun 2020 14:47pm IST


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