Headlines of the Day

  • Groww raises funds worth $1.6M, in pre-series of funding.
  • TCS Q1 earning beats financial estimates
  • Almost 60 stocks declare a devastating 52-week low
  • Stocks in Telecom and Pharma sector see a steep downgrade, IT sector stocks have also been upgraded.
  • Rising crude prices is costing India, as most of their crude oil is imported from other countries. To finance this, India needs to purchase dollars, hence dollar is rising against rupee.
  • Higher interest rates and rupee depreciation against the backdrop is likely to put a brake on consumption, along with that, expenses for companies are also increasing.
  • Analysts have already cut their earnings (as earnings = revenues – expenses) expectations for Nifty 50 companies, citing higher raw material costs and rising interest rates. This has put great down pressure on most of the sectors making them perform poorly.
  • The average earnings per share forecast of Nifty 50 companies is now 1.7 %, which is (modestly) lower than what analysts expected in April, according to estimates tracked by Bloomberg.
  • Gaurav Dua, head of research at BNP Paribas’ Sharekhan, too cited banking stress, along with pressure on margins due to rising input costs, to lower earnings forecast by 1.5 percent.
  • Expert Comments:
    Lokpriya said that along with a weakening rupee and rising rates, a lower credit growth and lack of capital for banks will likely result in further cut in earnings estimates.

Here is How the Market Behaved Today:

10th July 2018 ▲▼

Sensex Today: 36,239.62

Up by:  304.90 (0.85%)

Nifty Today: 10,947.25

Up by:94.35 (0.87%)

BSE Mid-Cap Index: 15737.77

Up by: 156.69  (1.01%)

BSE Small-Cap Index: 16483.58

Up by: 169.64(1.04%)

Top Gainers

Gail, Hindalco, Reliance, Coal India, Bajaj Auto

Top Losers

HPCL, IOC, Induslnd Bank, Indiabulls Hsg, Lupin