Sensex rises! These stocks are up over 10% on BSE
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Hans India
34 minutes ago
- Hans India
Indices tumble nearly 1% on selling in IT, auto stocks
Equity benchmark indices Sensex and Nifty declined for the third session in a row on Friday, dropping nearly 1 per cent, dragged by heavy selling in IT, auto and energy stocks amid a muted start of the earnings season. Tariff-related uncertainties and mixed global market trends also added to the pressure, analysts said. The 30-share BSE Sensex tanked 689.81 points or 0.83 per cent to settle at 82,500.47. During the day, it fell 748.03 points or 0.89 per cent to 82,442.25. As many as 2,450 stocks declined while 1,557 advanced and 158 remained unchanged on the BSE. Similarly, the 50-share NSE Nifty dropped 205.40 points or 0.81 per cent to 25,149.85. On the weekly front, the BSE benchmark dropped 932.42 points or 1.11 per cent, and the Nifty tanked 311.15 points or 1.22 per cent. 'While weak European market cues and negative US Dow Futures weighed on sentiment, the disappointing start to earnings season by software major TCS cautioned investors about the sluggish global demand scenario that led to heavy selling in IT, telecom, auto, realty and oil & gas stocks,' Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd, said. From the Sensex firms, Tata Consultancy Services declined 3.46 per cent after reporting its June quarter earnings. The country's largest IT services company on Thursday reported a 6 per cent growth in June quarter net profit at Rs 12,760 crore, helped by a jump in non-core income even as revenues grew at a tepid pace. The rupee revenue grew 1.3 per cent to Rs 63,437 crore during the quarter. Still, it was down by over 3 per cent on a constant currency basis, as the company faced headwinds in its major markets amid a winding down of the BSNL deal, which helped it in recent quarters. Mahindra & Mahindra, Bharti Airtel, Tata Motors, Titan, HCL Tech, Bajaj Finance, Reliance Industries, Trent, Infosys and HDFC Bank were among the other major laggards from the pack.
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Business Standard
an hour ago
- Business Standard
Jane Street ban threatens 900% rally for Asia's oldest stock exchange
Asia's oldest stock exchange was preparing to celebrate its 150th anniversary when a storm of bad news upended the festivities. On Monday, a report revealed deepening losses in equity derivatives among India's retail traders, fueling concerns that the Securities and Exchange Board of India may impose tighter curbs. Just days earlier, the regulator barred Jane Street Group from dealing in local markets, alleging the trading giant manipulated prices to make billions of dollars at the expense of small investors — charges the US firm has denied. Buoyed by a boom in derivatives trading, BSE saw its revenue surge in recent years, even as the regulator began curbing the options frenzy late last year. Now, with mounting fears of even stricter oversight and larger rival National Stock Exchange of India Ltd. preparing for a public listing, BSE faces questions over whether the trading landscape that powered its rise is about to shift. 'This is the time for BSE to innovate and adapt,' said Deven Choksey, managing director at wealth management firm DRChoksey FinServ Pvt. 'The exchange that can come up with differentiated products that solve the issue of individuals losing out to high-frequency traders will be able to corner volumes going ahead.' The Jane Street fallout has already taken a toll on BSE, with the shares on July 4 suffering one of their steepest declines this year — extending a slide that had already begun. The stock, whose price ballooned more than 900 per cent over the past two years, is now down 21 per cent from its June peak. On Friday, it closed at its lowest price in almost two months. According to Jefferies Financial Group Inc., reduced volatility and the curbs on Jane Street led to a 25 per cent week-on-week drop in index options premium turnover across both BSE and NSE on Thursday, the first major derivatives expiration day since the ban. That, the brokerage estimates, could shave 4 per cent off BSE's earnings per share in the current fiscal year. 'Easy gains may be behind BSE,' said Sonam Srivastava, founder of Wright Research in Mumbai. Current valuations reflect hopes of structural change, and BSE will need to deliver on them, she added. Founded in 1875 by cotton merchant Premchand Roychand, BSE began as the Native Share & Stock Brokers' Association, where brokers met under a banyan tree near Mumbai's Town Hall before it moved to it current location on Dalal Street — the equivalent of Wall Street. Over the decades, BSE introduced key innovations including the benchmark BSE Sensex Index in 1986. It now hosts more than 5,000 listed firms. BSE's journey hasn't been without setbacks. A billion-dollar scandal shook India in 1992, when Mumbai broker Harshad Mehta illegally diverted bank funds into the stock market — an episode that prompted reforms and reshaped the nation's investment landscape. Sebi was granted statutory powers, and the fully-electronic NSE launched in 1994, quickly emerging as a formidable player and forcing its rival to adapt. BSE moved to electronic trading the following year. More recently, as millions of new investors embraced stocks and derivatives, BSE ramped up spending in infrastructure to improve its trading platform and transparency, Chief Executive Officer Sundararaman Ramamurthy said by email. While the exchange's share of India's daily $14 billion cash equities trading — an area long dominated by the NSE — has stagnated at about 6 per cent, the launch of derivatives tied to the Sensex and BSE Bankex Index has helped, he said. BSE's net income surged more than fourfold to ₹494 crore ($58 million) in the quarter ended in March, with derivatives accounting for more than half of it. 'Our efforts have paid off,' said Ramamurthy, who took over in 2023. 'Sensex index derivatives are now the world's fastest-growing derivatives contract.' For Dubai-based Siddharth Balachandran, recent regulatory measures aimed at protecting retail investors offer more reassurance than concern. A shareholder since BSE was privately traded over a decade ago, Balachandran held a 3 per cent stake as of March 31, making him the largest shareholder after Life Insurance Corp. of India Ltd., the nation's top insurer. Sebi's moves 'only improve the foundation of credibility and relative safety that I base my decisions on,' he said. Balachandran, who also owns NSE shares and plans to keep them for the long haul, said his investments are rooted in the belief that the shift in household savings to financial products will accelerate, providing a tailwind for exchanges. BSE, he said, is a proxy for India's growth story. 'My strategy is to align with institutions that can stand the test of time,' Balachandran said. 'BSE was the obvious choice.'
Economic Times
3 hours ago
- Economic Times
Think beyond volatile times, stay with experience: 7 large-cap stocks from different sectors with upside potential of up to 38% in 1 year
As markets tend to be volatile every so often, long-term investment decisions cannot be based on what the Nifty or Sensex do every week, or even every month. So, until something dramatically wrong has happened with the fundamentals of the sector or company you are investing in, don't panic. Why are we talking about volatility at this point of time? Given the fact that valuations are not cheap, small corrections can lead to price cuts as the rush FONT SIZE SAVE PRINT COMMENT
