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Sensex Trades 250 Points Lower; Vedanta & Tata Steel Top Losers
Tue, 22 Jan 12:30 pm | Monish Vora, TM Team

Share markets in India are presently trading on a negative note. Barring healthcare stocks and oil & gas stocks, all sectoral indices are trading in red with stocks in the auto sector, metal sector and power sector witnessing maximum selling pressure.

The BSE Sensex is trading down by 261 points (down 0.7%), while the NSE Nifty is trading down by 83 points (down 0.8%). The BSE Mid Cap index is trading down by 0.9% and the BSE Small Cap index is trading down by 0.8.

Speaking of Indian share markets, the growing participation has resulted in not just money flowing into mutual funds, but also in the opening of demat accounts.

In fact, the attractiveness of Indian equities and the fact that investing in demat accounts is now very easy has led to a steady rise in accounts.

Have a look at the chart below that shows the steady growth in direct participation in the stock markets:

Direct Participation in Stock Markets is Growing Steadily

What more, this trend is all set to continue, as the Indian stock markets scale new highs in the coming years.

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In the news from the currency space, the Indian rupee erased early gains and is presently trading at 71.37 against the US$.

The dollar's weakness against some other currencies amid lingering worries about a global slowdown, supported the rupee.

On Monday, the rupee had ended lower by 9 paise at 71.28 against the US currency amid rise in demand for the greenback.

In the latest development from the results corner, HDFC Asset Management Company has reported a rise of 24.7% in its net profit at Rs 2.43 billion for the quarter ended December 31, 2018 as compared to Rs 1.95 billion for the same quarter in the previous year.

Total income of the company increased by 7.6% at Rs 5.3 billion for Q3FY19 as compared Rs 4.9 billion for the corresponding quarter previous year.

Market participants are also tracking Asian Paints, Oberoi Realty, Shree Cement and TVS Motor company as the announce their Q3FY19 results later today.

Moving on to the news from the healthcare sector, Sun Pharma share price is witnessing buying interest today after the company made a series of clarifications and changes in its filing to the bourses.

The drug major said that its domestic formulations distribution shall be transitioned from Aditya Medisales, the current distributor to a wholly-owned subsidiary of Sun Pharma and the change will be made effectively.

This apart, the firm also announced unwinding of a transaction with Atlas Global Trading.

As per an article in The Economic Times, real estate firm Suraksha Realty, owned by Sudhir Valia, the brother-in-law of promoter Dilip Shanghvi has raised money using Sun Pharma shares as collateral on three occasions in the past two years.

Here's an excerpt from the article:

  • This transaction, which is believed to have happened on January 8, and two others done in the past two years could raise questions over the extent of Sun promoters' relationship with Valia, who is also a Sun director, and promoter of Suraksha Realty. Investors have been expressing concern for some time about the business relationship between Sun and Suraksha and, specifically whether Sun has helped Suraksha through guarantees or loans.

The company also confirmed that neither any loans nor guarantees have been given to Suraksha Realty.

Last week, as per a news report by a financial news website, huge transactions of over Rs 58 billion allegedly took place between Aditya Medisales and private companies of Sun Pharma's promoters between 2014 and 2017.

This is as per a new 172-page complaint (with documents) sent by the whistleblower on Sun Pharma to the markets regulator.

Shares of the company fell as much as 12% on Friday, crashing to a six-year low.

Last month, a note by Macquarie, an Australian brokerage firm went viral which raised concerns among the investing community.

The note raised questions about inadequate disclosures regarding the role of promoter Dilip Shanghvi's brother-in-law Sudhir Valia, Sun Pharma's past links with banned traders Ketan Parekh and Dharmesh Doshi, related party transactions involving promoter Shanghvi and guarantees given to real estate firm Suraksha Realty.

In November, a whistleblower had approached markets regulator with a document alleging various irregularities by the company, its promoter Shanghvi and others.

The whistleblower made allegations in a 150-page letter sent to the markets regulator, which had earlier banned Doshi and Parekh following the 2001 scam.

According to the news in a leading financial daily, the irregularities involved two or three major rounds of foreign currency convertible bonds (FCCBs) issues by Sun Pharma during 2002-2007, which was managed by Jermyn Capital LLC.

The markets regulator reportedly is planning to reopen the investigation into the insider trading case against the company and its promoters which was settled through consent mechanism.

Sun Pharma share price is presently trading up by 4.5%.

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Stock Market Updates

Sensex Trades Over 200 Points Higher; Dow Futures Up by 37 Points (Today's Market)

Mar 8, 2021 12:30 pm

BSE Sensex is trading up by 214 points, while the NSE Nifty is trading up by 76 points.

Indian Share Markets Open Higher; GAIL & ONGC Surge 5% (Today's Market)

Mar 8, 2021 09:30 am

Indian share markets open higher. The BSE Sensex opened up by 363 points, while the Nifty is trading higher by 112 points.

ONGC at 52 Week High; BSE 500 Index Up 1.0% (Today's Market)

Mar 8, 2021 09:40 AM

ONGC share price has hit a 52-week high. It is presently trading at Rs 121. BSE 500 Index is up by 0.7% at 20,123. Within the BSE 500, ONGC (up 5.2%) and BEML (up 13.1%) are among the top gainers, while top losers are DHFL and CORPORATION BANK.

GRINDWELL NORTON at 52 Week High; BSE 500 Index Up 1.0% (Today's Market)

Mar 8, 2021 09:38 AM

GRINDWELL NORTON share price has hit a 52-week high. It is presently trading at Rs 975. BSE 500 Index is up by 0.8% at 20,123. Within the BSE 500, GRINDWELL NORTON (up 5.5%) and BEML (up 11.8%) are among the top gainers, while top losers are DHFL and CORPORATION BANK.

ASTRAL POLY TECHNICK at All Time High; BSE CAPITAL GOODS Index Up 1.4% (Today's Market)

Mar 8, 2021 09:36 AM

ASTRAL POLY TECHNICK share price has hit an all time high at Rs 2,332 (up 3.6%). The BSE CAPITAL GOODS Index is up by 1.4%. Among the top gainers in the BSE CAPITAL GOODS Index today are ASTRAL POLY TECHNICK (up 3.6%) and HONEYWELL AUTOMATION (up 2.5%). The top losers include KALPATARU POWER (down 0.8%).

BEML Share Price Up by 12%; BSE CAPITAL GOODS Index Up 1.4% (Today's Market)

Mar 8, 2021 09:36 AM

BEML share price is trading up by 12% and its current market price is Rs 1,311. The BSE CAPITAL GOODS is up by 1.4%. The top gainers in the BSE CAPITAL GOODS Index is BEML (up 11.7%). The top losers is KALPATARU POWER (down 0.8%).

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