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Sensex Closes 378 Points Lower; Dena Bank Tumbles 20% Post Merger Deal
Thu, 3 Jan Closing | Rini Mehta, TM Team

Indian share markets ended lower following a selloff in Asian markets. At the closing bell, BSE Sensex ended down by 378 points, while, NSE Nifty ended down by 120 points.

All sectoral indices ended on a negative note with metal stocks, and energy stocks witnessing maximum selling pressure.

Among major moves, shares of Dena Bank and Vijaya Bank slumped, while Bank of Baroda shares jumped after BoB announced share swap ratio of their proposed merger.

Globally, Asian stock markets finished lower today with shares in Japan leading the region. The Nikkei 225 is down 0.3% while Hong Kong's Hang Seng is off 0.3% and China's Shanghai Composite is lower by 0.1%. European markets are lower today with shares in Germany off the most. The DAX is down 0.6% while France's CAC 40 is off 0.5% and London's FTSE 100 is lower by 0.1%.

Note that, Sensex closed the year at 36,068.

A year ago, on the last trading day of 2017, the Sensex had closed at 34,057.

That's a 6% gain for the Sensex in 2018.

For equities, that's not a good enough return. Your money could have done better parked in fixed deposits.

The Story of Sensex 2018

Most investors have seen their investments diminish in value during the year.

In fact, the total market value of all listed companies on the BSE declined 5% to Rs 144.1 trillion from Rs 151.7 trillion at the end of 2017.

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In other words, wealth worth Rs 7.6 trillion, which is more than the market cap of Tata Consultancy Services or Reliance Industries, was wiped out during the year.

Now, as the year 2019 begins, in the latest edition of our stock market podcast, we talk about the investment strategy for 2019 and Richa Agarwal's 4 small cap stocks that we need to watch out for. Listen in to find out. Just visit SoundCloud, iTunes or Stitcher.

In the news from the currencies space, Indian rupee weakened against US dollar today on account of strengthening of American currency amid sustained foreign fund outflows.

Further, fall in domestic equities also dragged down the domestic unit.

Though, falling crude oil prices capped rupee's losses. As per the reports, foreign funds pulled out Rs 6.2 billion from the capital markets on a net basis, while domestic institutional investors sold shares worth Rs 2.3 billion on Wednesday.

The rupee is currently trading at 70.39, weaker by 21 paise from its previous close of 70.18 on Wednesday. The currency touched a high and low of 70.53 and 70.30 respectively.

The reference rate for the dollar stood at 69.60 and for Euro stood at 79.96 on 2 January 2019.

Moving on to the news from engineering sector. In the latest development, Larsen & Toubro's (L&T) construction arm, L&T Construction won orders worth Rs 10.6 billion.

The Smart World and Communication business has secured a major order from the Andhra Pradesh State FiberNet (APSFL) for Bharatnet Phase-II works to establish an IPMPLS Infrastructure covering the 13 districts of Andhra Pradesh.

The scope of the work involves the creation of a digital infrastructure-including-implementation, end to-end integration, Disaster Recovery, Cloud-based Data Centre (DC) among others.

Another order has been secured from Pimpri-Chinchwad Smart City for the creation of a City Network Backbone and implementation of smart elements.

Notably, diversification continues to help L&T negotiate and get better terms and margins for projects. Apparently, this is because it is less desperate to win orders as compared to a company which are present in only a couple of sectors.

Its reputation, extensive technical prowess, and large skilled workforce have enabled L&T to command a certain premium from customers and vendors alike.

Whether, further addition to these new projects provides a cushion to its profitability will be an interesting thing to watch out for going forward.

To know more about the company, you can access to L&T's Q2FY19 result analysis and L&T's 2017-18 Annual Report Analysis on our website.

L&T share price ended down by 2%.

And to know what's moving the Indian stock markets today, check out the most recent share market updates here.

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

Read the latest Market Commentary

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Stock Market Updates

Sensex Ends Marginally Higher; Automobile and Power Stocks Witness Buying (Today's Market)

Aug 16, 2019 Closing

The BSE Sensex ended the day up by 39 points, while the NSE Nifty closed up by 18 points.

PIDILITE INDUSTRIES at All Time High; BSE FMCG Index Up 0.4% (Today's Market)

Aug 16, 2019 03:34 PM

PIDILITE INDUSTRIES share price has hit an all time high at Rs 1,373 (up 1.7%). The BSE FMCG Index is up by 0.4%. Among the top gainers in the BSE FMCG Index today are PIDILITE INDUSTRIES (up 1.7%) and P&G HYGIENE (up 0.2%). The top losers include AVANTI FEEDS (down 0.1%) and COLGATE (down 0.1%).

APL APOLLO TUBES Surges by 6%; BSE CAPITAL GOODS Index Down 0.1% (Today's Market)

Aug 16, 2019 03:32 PM

APL APOLLO TUBES share price has surged by 6% and its current market price is Rs 1,350. The BSE CAPITAL GOODS is down by 0.1%. The top gainers in the BSE CAPITAL GOODS Index are APL APOLLO TUBES (up 6.4%) and SUZLON ENERGY (up 6.7%). The top losers are LAKSHMI MACHINE (down 0.2%) and HONEYWELL AUTOMATION (down 0.4%).

CANARA BANK Surges by 5%; BSE BANKEX Index Up 0.8% (Today's Market)

Aug 16, 2019 03:30 PM

CANARA BANK share price has surged by 5% and its current market price is Rs 237. The BSE BANKEX is up by 0.8%. The top gainers in the BSE BANKEX Index is CANARA BANK (up 5.2%). The top losers is HDFC BANK (down 0.2%).

ECLERX SERVICES Plunges by 5%; BSE IT Index Down 0.8% (Today's Market)

Aug 16, 2019 03:30 PM

ECLERX SERVICES share price has plunged by 5% and its current market price is Rs 519. The BSE IT is down by 0.8%. The top gainers in the BSE IT Index are FIRSTSOURCE SOL. (up 3.5%) and ORACLE FINANCIAL (up 3.2%). The top losers is ECLERX SERVICES (down 5.5%).

DR. LAL PATHLABS LTD Surges by 7%; BSE HEALTHCARE Index Down 0.3% (Today's Market)

Aug 16, 2019 03:22 PM

DR. LAL PATHLABS LTD share price has surged by 7% and its current market price is Rs 1,201. The BSE HEALTHCARE is down by 0.3%. The top gainers in the BSE HEALTHCARE Index are DR. LAL PATHLABS LTD (up 7.1%) and APOLLO HOSPITALS (up 8.1%). The top losers are STRIDES PHARMA SCIENCE (down 0.1%) and SANOFI INDIA (down 0.2%).

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