Closing Bell: Sensex holds 37000 in volatile trade, Nifty gives up 11000, metal, PSU bank shares slump, SBI dips 4.7%

Nifty Bank ends 509 points in the red after 772-point trading range##Nifty Bank ends 509 points in the red after 772-point trading range

Here's a quick round-up of what happened in the markets today##Here's a quick round-up of what happened in the markets today

-Market makes a smart recovery, but fails to turn positive.

-Nifty breached 10,900 intra-day, ends 99 points off lows.

-Nifty closes at fresh 5-month low, down 138 points.

-Only 11 Nifty Stocks close with gains in a weak session; Wipro top gainer.

-Sensex up 324 points from lows, but still down 463 points for the day.

-Nifty Midcap index reverses Wednesday’s gains, closes 167 points lower.

-Nifty Bank ends 509 points in the red after 772-point trading range.

-Reliance snaps seven-day losing streak.

-Auto stocks gain despite disappointing July sales; Maruti top gainer.

-Zee Entertainment closes 4 percent lower after 11 percent stake sale to Oppenheimer.

-Marico closes 1 percent lower, but off lows after FMCG major maintains India margin guidance.

-Ujjivan amongst a few outperformers in a weak session; stock up 9 percent.

Closing Bell: Sensex slips 463 points, Nifty below 11K, Vedanta, JSW Steel, SBI dip sharply##Closing Bell: Sensex slips 463 points, Nifty below 11K, Vedanta, JSW Steel, SBI dip sharply

Benchmark indices recovered sharply in the last few minutes of trade helping the BSE Sensex hold the 37000 mark, but the NSE Nifty50 closed below 11000. At close, the Sensex was down 462.80 points at 37,018.32, while Nifty was down 138 points at 10,980. The Nifty MidCap index slipped over a percent in trade. Among sectors, metal, PSU Bank, IT, infra, pharma and FMCG were the worst hit with metal and PSU Bank down 3 and 2 percent, respectively. Vedanta, JSW Steel, Hindalco Industries, SBI and Tata Motors were among major losers on the Nifty, while gainers were Wipro, Bharti Infratel, Maruti Suzuki, Reliance Industries and Power Grid Corp.

These stocks have helped market make a smart recovery in the last few minutes##These stocks have helped market make a smart recovery in the last few minutes

Don't think it's the right time to buy automobile stocks, says UBS Securities’ Gautam Chhaochharia##Don't think it's the right time to buy automobile stocks, says UBS Securities’ Gautam Chhaochharia

Stock price correction in the automobile sector is in-line with the earnings per share (EPS) decline, said Gautam Chhaochharia, head of India Research at UBS Securities, adding that he doesn't think it's right time yet to buy auto stocks.

“We still remain underweight... there is some more room left for it to play out and still early days for commercial vehicle cycles to bottom out. Therefore, we won’t jump into the sector," he said in an interview with CNBC-TV18. READ MORE

Nifty Bank clocks biggest 1-month losses since January 2018##Nifty Bank clocks biggest 1-month losses since January 2018

The Nifty Bank index has fallen nearly 9 percent in the past one-month, registering their biggest monthly losses since January 2018, on concern over a deterioration in asset quality, while weak earnings of Axis Bank also soured sentiment. The stress in corporate groups like Reliance Group, Essel Group, and Dewan Housing Finance Corp has raised concerns that banks with exposure to these groups may see higher provisioning in the coming quarters, which will dent their net profits. Further, concerns over a slowdown in retail lending operations of most banks due to lower consumer appetite for credit has also arisen. Shares of RBL Bank, YES Bank, Federal Bank, Axis Bank, State Bank of India, ICICI Bank, Indusind Bank have fallen 2-40 percent over the past one month. The Nifty Bank index was down 2.6 percent at 28120.85 points.

Marico reports a Q1 net profit of Rs 315 crore Vs CNBC-TV18's poll of Rs 316 crore##Marico reports a Q1 net profit of Rs 315 crore Vs CNBC-TV18's poll of Rs 316 crore

ED raids former Ranbaxy group promoters Malvinder and Shivinder Singh##ED raids former Ranbaxy group promoters Malvinder and Shivinder Singh

The ED on Thursday raided the premises linked to erstwhile Ranbaxy promoters, Malvinder Mohan Singh and Shivinder Mohan Singh, in connection with a money-laundering case, agency officials said. READ MORE

Market sees a sharp fall as Sensex drops more than 500 points##Market sees a sharp fall as Sensex drops more than 500 points

Raamdeo Agrawal of Motilal Oswal says slowdown is intensifying##Raamdeo Agrawal of Motilal Oswal says slowdown is intensifying

"There is a slowdown... and it is actually increasing," said Raamdeo Agrawal, co-founder of Motilal Oswal Financial Services. He said the spread of the slowdown is "like a chain effect", which has only risen after the IL&FS crisis. It was a steady quarter for Motilal Oswal, but the asset management company’s (AMC) assets under management (AUM) growth has slowed down even as risks in the housing book remain. “For the last 8-9 months, flows have become zero and market is also flat; mark-to-market growth is not happening,” said Agrawal. “Our AUM is steady at Rs 38,000-38,500 crore, revenues are also stable; we have rationalised expenditure. So that’s keeping the profits almost at the same level, a percentage or two." READ MORE

Nifty Metal: Only 2 stocks advance, Vedanta, Hindalco, JSW Steel among worst hit##Nifty Metal: Only 2 stocks advance, Vedanta, Hindalco, JSW Steel among worst hit

Worst July for Nifty in 17 years! Only 5 stocks gave positive returns##Worst July for Nifty in 17 years! Only 5 stocks gave positive returns

Bears dominated the Indian market in July with the Nifty50 index losing nearly 750 points (6.3 percent) and Sensex declining over 2200 points (6.5 percent). This was the worst July for Nifty in the last 17 years. Before this, Nifty fell 9.35 percent in 2002. Apart from these two cases, the index has ended July in the red 3 other times — 2.93 percent in 2011, 0.95 percent in 2012 and 1.72 percent in 2013. The fall in the markets in July started post Budget after Nirmala Sitharaman proposed new super-rich surcharges, tax on buybacks in listed companies, and increasing public shareholding to 35 percent. READ MORE

Godrej Consumer Q1 net profit beats CNBC-TV18 estimates by 24%; EBITDA margin in-line with expectations##Godrej Consumer Q1 net profit beats CNBC-TV18 estimates by 24%; EBITDA margin in-line with expectations

CRISIL cuts India's FY20 GDP growth estimate##CRISIL cuts India's FY20 GDP growth estimate

CRISIL has cut India's FY20 GDP growth estimate to 6.9 percent from 7.1 percent on the back of weak monsoon, slowing global growth and sluggish high-frequency Q1 data. According to CRISIL the near-term onus on monetary policy is to stimulate India growth.

Gold demand, driven by India, leaps to three-year high as prices surge: WGC##Gold demand, driven by India, leaps to three-year high as prices surge: WGC

Global gold demand rose 8 percent in the first half of this year to the highest since 2016, driven by central bank buying and a flood of investment into gold-backed exchange-traded funds (ETFs), the World Gold Council said on Thursday. READ MORE