After slim gains in early trade today (July 8, 2020), markets have lost ground to trade flat with a negative bias. At the time of writing this story, Nifty was just shy of 10800 points, while Sensex was at 36643. Nifty PSU Bank index was the biggest gainer in trade today sector-wise, while on a stock-specific basis Asian Paints, HCL Tech, Zee Entertainment were among the top losers on NSE.
Here are some of the newsmakers stocks in trade on July 8, 2020 that are in focus today:
1. PSB Bank Stocks:
Stocks from the public sector bank pack have been up in trade today as there are reports doing the rounds that the centre may ask IBA to set up the proposed 'Bad Bank' taking financial assistance from banks. In doing so they would avoid asking government to act as a promoter.
Indian Bank, Bank of Baroda, Bank of Maharashtra were trading with gains of 6-9% while SBI, Bank of India, PNB, IOB were up between 3-5%.
2. IT stocks are trading lower:
Just ahead of announcement of earnings for April-June quarter by TCS, shares from the basket are down as there is expected a dent in revenues even though TCS said earlier that the impact due to Covid is not as bad as seen. Also the company is unlikely to come up with annual guidance for FY21 given the pandemic situation. TCS, Infosys, HCL Tech were all down in trade 1-3% with HCL Tech being the top loser on the Nifty.
3. Dixon Technologies:
Shares in consumer durable company Dixon Technologies after logging 5% gains hit 52-week high on the BSE at Rs. 6150 per share. This is after reports suggest a sharp recovery in sales for consumer durable sector for the June month after some relaxations have been granted from the Covid 19 led lockdown.
4. Chemical shares:
Specialty chemicals and commodities as well as chemicals shares rallied today on news that government in order to promote its 'Make in India' mission will extend tax incentives to the chemical sector. In line the stocks that traded higher by up to 15% include the likes of Thirumalai Chemicals, Himadri Speciality Chemical, GHCL, Sudarshan Chemical among others.
Cipla shares in trade on July 8, 2020 rallied close to 2% to Rs. 648 per share on both the NSE and BSE. After the company told CNBC TV18 that the company is likely to launch its remdesivir version in the next 1-2 days. The first batch of Cipla's remdesivir has left the manufacturing plant of Sovereign Pharma -- the Daman-based company that has been contracted to produce finished dosages. "We are attempting to launch remdesivir in the next 1-2 days. We cannot comment on the volumes just as yet, but there is a huge demand-supply gap in the market," Kedar Upadhyay, Cipla CFO told CNBC-TV18.