India : Q1 earnings drag Nifty, Sensex slips 205pts; Axis, SBI fall 4pct
Thu Jul 21 2016
Rajesh Sharma (2003 articles)

India : Q1 earnings drag Nifty, Sensex slips 205pts; Axis, SBI fall 4pct

MUMBAI : Weak earnings concerns drag market on Thursday. The Sensex was down 205.37 points or 0.7 percent at 27710.52, and the Nifty slipped  55.75 points or 0.6 percent at 8510.10. About 1099 shares have advanced, 1588 shares declined, and 184 shares are unchanged.

Axis Bank lost 4 percent, SBI fell 3 percent while BHEL, ICICI Bank and Dr Reddy’s were major losers in the Sensex.

Overall power deficit was 0.9 percent in the April-June quarter of this fiscal as 292.82 billion units were supplied against a demand of 295.34 billion units, Parliament was informed today.During the quarter, 2,92,822 million units of power was supplied against the demand of 2,95,344 million units, Power Minister Piyush Goyal said in a written reply to Lok Sabha.In 2015-16, the overall power deficit was 2.11 percent as 1090.85 billion units were supplied against the demand of 1114.40 billion units.

Growth slowdown in the global economy is imminent as risks from events such as Brexit materialise even as the Indian economy continues to remain relatively stable, though not unimpacted.

Those were the takeaways with a CNBC-TV18 interview with the top management of Credit Suisse India, which believes that Indian investors should seek refuge in high quality stocks even as some opportunities abound in select metal and bank names.

“We have seen USD 3 billion of net FII inflows in the and this will continue,” MD and India Country CEO Mickey Doshi told CNBC-TV18, adding that more India reforms are likely to follow and support the India story.

The total market valuation of the BSE-listed companies surged to an all-time high of Rs 107 lakh crore today.

During the morning trade, market capitalisation (m-cap) of all companies listed on BSE soared to Rs 1,07,00,756 crore.

Investor wealth of BSE-listed firms, measured by market capitalisation, had seen a previous record high of Rs 106.85 lakh crore scaled on April 13, 2015.

The total market valuation of all listed firms on BSE had hit a record high of Rs 100 lakh crore in November 2014.

European stocks traded flat with negative bias as markets await the latest monetary policy decision from the European Central Bank (ECB) and digest a slew of earnings from major corporates.Asia markets mostly gained, with Japanese shares advancing after local media reports suggested the government was preparing a sizable stimulus package. The benchmark Nikkei 225 closed up 128.33 points, or 0.77 percent, at 16,810.22, with stocks also receiving a boost from a relatively weaker yen.

Rajesh Sharma

Rajesh Sharma

Rajesh Sharma is Correspondent for Stock Market of South East Asia based in Mumbai. He has been covering Asian markets for more than 5 years.