
A dealer is reflected on a monitor displaying a graph of the movement of the yen against the U.S. dollar at a foreign exchange brokerage in Tokyo, Japan. (Photographer: Yuriko Nakao/Bloomberg)
Live: Sensex, Nifty Decline; Broader Markets Cool Off
The Franklin Templeton Fallout
How Are The Sectoral Indices Faring
Markets At Noon
- Benchmark indices fluctuate from the day's low
- Nifty down 0.6 percent at 9,218
- Nifty futures trade at a discount of 10 points
- Sensex down 0.6 percent at 31,497
- Nifty Bank down 0.9 percent at 19,510
- Nifty Midcap Index gives up gains; trades flat
- Nifty Smallcap Index up 0.8 percent
- India Volatility Index down 2 percent to 40.39
- Most sectoral indices trade flat to negative
- Nifty FMCG Index remains top sectoral laggard; down 1.3 percent
- Bharti Infratel remains the top Nifty gainer; up 5.8 percent
- BPCL remains the top Nifty loser; down 3.7 percent
- 809 stocks on the NSE are advancing while 862 are declining
Stock Update: Strides Pharma
- Top performer on the Nifty 500 index
- Snaps four-day losing streak
- Gains as much as 7.9 percent to Rs 445
- Had fallen 7 percent in the four sessions before today
- Today's volumes are nearly double than its 30-day average
- The stock trades at 11.9 times estimated forward Earnings Per Share as compared to 23.2 times for its peers
- The company is set to report its fourth-quarter earnings tomorrow
- Has gained 64 percent from its 52-week low of Rs 268 on March 20, 2020
- All 10 analysts tracking the stock have a buy recommendation
- Return potential for the stock as per Bloomberg data is 19.5 percent
Bank Of England Rate Decision
The central bank has maintained status quo on interest rate, keeping them at 0.1 percent. A Bloomberg poll of economists were expecting the rates to remain unchanged.
The committee has voted 7-2 on keeping the asset purchase program unchanged. The Bank of England expects the economy to shrink 14 percent in 2020.
It expects unemployment rising to 8 percent this year while consumer spending is likely to drop 14 percent.