Indian Stock Market News, Equity Market and Sensex Today in India | Equitymaster

Helping You Build Wealth With Honest Research
Since 1996. Try Now

  • MyStocks

MEMBER'S LOGINX

     
Login Failure
   
     
   
     
 
 
 
(Please do not use this option on a public machine)
 
     
 
 
 
  Sign Up | Forgot Password?  

Profit booking takes toll
Wed, 19 Jan Closing

Markets had a rather choppy trading session today. For the larger part of the day the indices barely managed to stay afloat. However, selling activity intensified in the afternoon session and pushed the indices into the red. From thereon, there was not much respite and the indices closed well below the dotted line. While the BSE-Sensex closed lower by around 114 points (down 0.6%), the Nse-Nifty closed lower by 33 points (down 0.6%). The BSE Midcap and the BSE Small cap, however, bucked the trend as they notched gains of 0.2% each. While auto and banking stocks found favour, IT and oil & gas stocks were at the receiving end.

As regards global markets, most Asian indices closed mixed today while European indices have opened in the red. The rupee was trading at Rs 45.40 to the dollar at the time of writing.

Auto stocks closed mixed today. While Bajaj Auto and TVS Motor found favour, Maruti and Hero Honda closed into the red. Bajaj Auto announced its 3QFY11 results a while ago. Net sales grew by 27% YoY during the quarter. Growth was led by a 17% YoY increase in volumes and a 9% YoY increase in average realisations. Operating profits increased by 18% as operating expenses increased at a faster pace. Operating margins during the quarter contracted by 1.4% as input costs increased as a percentage of sales. Net profits rose by 28% YoY during 3QFY11 (adjusted for extraordinary items). Apart from a decent operating performance, higher other income and a lower tax outgo helped the company perk up the profit growth. During 9mFY11, net sales and profits (adjusted for extraordinary items) rose by 45% YoY and 66% YoY respectively.

As per reports, pharma major Glenmark has received final approval from the US FDA for launching the generic version of GSK Plc’s drug ‘Malarone’. It must be noted that Glenmark had settled its patent suit with GSK in April 2010. As per the terms of the settlement, Glenmark will be able to market and distribute its generic version of the drug under a royalty-bearing license from GSK in the third quarter of 2011, or earlier under certain circumstances. Glenmark also believes that it is entitled to the 180-day exclusivity period given that it is first-to-file for this product. It must be noted that ‘Malarone’ had sales of US$ 56 m in 2009 in the US market and is used for treating malaria. This is a positive for Glenmark and will enable it to enhance sales from the highly competitive US generics market wherein it is has a strategy of launching either niche or limited competition products. The stock closed higher today.

Steel stocks closed firm today with the key gainers being SAIL, JSW Steel and Tata Steel. As per a leading business daily, Tata Steel is looking to double its annual investments in its European operations over the next couple of years to increase productivity. So far, the company had been investing around Rs 14.5 bn annually and is looking to raise this amount to around Rs 30 bn per annum. The company's overall capital expenditure has been pegged at US$ 2-2.5 bn annually for the next 2-3 years. It must be noted that Tata Steel is hoping to raise Rs 35 bn through its FPO. Part of the proceeds will go towards retiring debt and to part-finance the Jamshedpur expansion project.

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


What else is happening in the markets today? Dig in...

Equitymaster requests your view! Post a comment on "Profit booking takes toll". Click here!

  

Stock Market Updates

Bloodbath on Dalal Street: 6 Reasons Why Sensex Nosedived 1,939 Points Today (Today's Market)

Feb 26, 2021 Closing

Indian share markets end deep in the red with the Sensex down by 1,939 points and the Nifty ending down by 568 points.

ONGC Share Price Down by 7%; BSE OIL & GAS Index Down 4.0% (Today's Market)

Feb 26, 2021 03:34 PM

ONGC share price is trading down by 7% and its current market price is Rs 118. The BSE OIL & GAS is down by 4.0%. The top gainers in the BSE OIL & GAS Index is CASTROL INDIA (up 1.3%). The top losers are ONGC (down 7.1%) and GAIL (down 6.3%).

ULTRATECH CEMENT Share Price Down by 5%; BSE 500 Index Down 3.4% (Today's Market)

Feb 26, 2021 03:30 PM

ULTRATECH CEMENT share price is trading down by 5% and its current market price is Rs 6,487. The BSE 500 is down by 3.4%. The top gainers in the BSE 500 Index are SOUTH IND.BANK (up 10.4%) and JAGRAN PRAKASHAN (up 10.0%). The top losers are ULTRATECH CEMENT (down 5.0%) and BAJAJ FINSERV (down 6.3%).

JAGRAN PRAKASHAN Share Price Up by 10%; BSE 500 Index Down 3.2% (Today's Market)

Feb 26, 2021 03:26 PM

JAGRAN PRAKASHAN share price is trading up by 10% and its current market price is Rs 60. The BSE 500 is down by 3.2%. The top gainers in the BSE 500 Index are JAGRAN PRAKASHAN (up 10.1%) and RCF (up 11.0%). The top losers are MAHINDRA CIE AUTO. and AJANTA PHARMA (down 0.1%).

UPL Share Price Down by 5%; BSE 500 Index Down 3.2% (Today's Market)

Feb 26, 2021 03:26 PM

UPL share price is trading down by 5% and its current market price is Rs 589. The BSE 500 is down by 3.2%. The top gainers in the BSE 500 Index are RCF (up 11.0%) and SOUTH IND.BANK (up 10.4%). The top losers are UPL (down 5.4%) and BAJAJ FINSERV (down 6.2%).

ICICI LOMBARD GENERAL INSURANCE Share Price Down by 5%; BSE 500 Index Down 3.2% (Today's Market)

Feb 26, 2021 03:26 PM

ICICI LOMBARD GENERAL INSURANCE share price is trading down by 5% and its current market price is Rs 1,479. The BSE 500 is down by 3.2%. The top gainers in the BSE 500 Index are RCF (up 11.0%) and SOUTH IND.BANK (up 10.4%). The top losers are ICICI LOMBARD GENERAL INSURANCE (down 5.2%) and BAJAJ FINSERV (down 6.2%).

View More Indian Share Market News

Most Popular

It's the Beginning of a New Bull Phase in Smallcaps(Profit Hunter)

Feb 24, 2021

Last time the smallcap index crossed 19k a big correction followed. Here's what makes it different this time.

Intraday Trading for a Living(Fast Profits Daily)

Feb 15, 2021

In this video, I'll cover your queries on intraday trading and also share my view on how to decide stop losses and target prices.

Top 5 Stocks Mutual Funds Bought and Sold in January 2021(Sector Info)

Feb 16, 2021

A look at what India's top equity mutual funds bought and sold in January 2021.

I Would Recommend this Small-cap Stock Over Tesla(Profit Hunter)

Feb 16, 2021

Do you enjoy reading Tesla and Bitcoin stories? Here's a not so famous small-cap stock to profit from the rise of EVs.

More

India's #1 Trader
Reveals His Secrets

Secret To Increasing Your Trading Profits Today
Get this Special Report,
The Secret to Increasing Your Trading Profits Today, Now!
We will never sell or rent your email id.
Please read our Terms

S&P BSE SENSEX


Feb 26, 2021 (Close)

MARKET STATS