Sixth straight day of fall on expiry day; Bajaj twins sink 4%

Markets remained volatile on the July series expiry day. Nifty fell about 5 percent in July series, its worst since October 2018. Nifty Midcap and Nifty Bank’s fall in July series was also the biggest in 10 months.

Indian markets fell for the sixth straight day on July 25 to close with marginal losses. Nifty failed to hold on to 11,300 which it reclaimed in intraday trade while the S&P BSE Sensex took a U-turn after surpassing 38,000 in trade.

The final tally on D-Street – Sensex fell 16 points to 37,830 while the Nifty closed 19 points down at 11,252.

In terms of sectors, buying was seen in healthcare, IT, consumer, and banks while selling was seen in energy, oil & gas, metals and capital goods.

Markets remain volatile as traders rolled over bets from July series to August series while muted results from top Nifty names weighed on sentiment.

“Indian markets continued to fall for the sixth straight day as the weakness prevailed in the ongoing earnings season. The Bajaj twins—Finserv and Finance—tanked the most with over 4 percent decline,” Umesh Mehta, Head of Research, Samco Securities told .

“Bajaj Finance, the leader in the housing finance space faced flak from the Street due to higher provisioning and red flags were raised in the digital and two-wheeler loans as well as lower disbursements,” he said.

Top Nifty losers include Tata Motors (down 4.6 percent, Bajaj Finserv (down 4 percent), Bajaj Finance (down 4 percent) and CIL (down 3.6 percent).

Stocks in news:

Shares of Cipla rose 3 percent after its US subsidiary acquired worldwide rights (excluding Greater China) of key anti-infective drug Zemdri.

Shriram Transport Finance Corporation shares added 6 percent as Morgan Stanley remained positive on the stock. Its June quarter earnings beat analyst expectations despite slowdown and election period.

Share price of Canara Bank shed nearly 4 percent as research house Morgan Stanley remained underweight on the stock with a target of Rs 220 per share.

Caplin Point Laboratories surged 10 percent after company received the establishment inspection report (EIR) from USFDA.

Mcnally Bharat Engineering shares rose 4 percent after the company won an order worth Rs 46.70 crore.

Global update:

European markets are trading marginally higher on July 25 ahead of European Central Bank’s policy rate decisions.

Most of Asian markets closed higher with Shanghai Composite rising 0.48 percent at 2,937.36, Hang Seng up 0.25 percent at 28,594.30, Nikkei rising 0.22 percent at 21,756.55, while Kospi shedding 0.38 percent at 2,074.48.