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?  

Sensex Surges 470 Points; Bank Stocks Top Gainers
Mon, 26 Mar Closing | Parth Parekh, TM Team

After opening the day in red share markets in India witnessed volatile trading activity throughout the day and ended the day firmly in green, after a strong rally at the wee end of the session. Sectoral indices too ended the day in green, with stocks in the bank sector and stocks in the metal sector leading the gains.

At the closing bell, the BSE Sensex stood higher by 470 points (up 1.4%) and the NSE Nifty closed up by 133 points (up 1.3%). The BSE Mid Cap index ended the day up 1.2%, while the BSE Small Cap index ended the day up by 0.7%.

Asian stock markets finished mixed, as fears about a trade war between US and China seemed to dissipate. As of the most recent closing prices, the Hang Seng was up by 0.8% and the Shanghai Composite was down by 0.6%. The Nikkei 225 was up by 0.7%. Meanwhile, European markets, too were trading on a positive note. The FTSE 100 was up by 0.3%, The DAX, was up by 0.7% while the CAC 40 was up by 0.4%.

The rupee was trading at Rs 64.87 against the US$ in the afternoon session. Oil prices were trading at US$ 65.6 at the time of writing.

--- Advertisement ---
What Is The First Thing To Do When Market Crash?

Bad news! Market crashed.

But don't be afraid. Market crashes are nothing to be afraid of.

In fact, this is the right time to start planning for early and wealthy retirement.

Sounds impossible? No. It's Not!

Today we're going to show you how retiring rich and early already happened...happening now...and could happen to you...using our small cap stocks recommendation service.

And here's one good news if you want to retire early and wealthy.

Now you can claim 1 year access to our Small Cap service... virtually FREE!

But this unique opportunity ends on 31st March 2018.

So, grab this opportunity now.
------------------------------

In the news from the IPO space, the initial public offer of Lemon Tree Hotels Ltd which opened for subscription today, was subscribed by over 16% at the time of writing.

The proceeds from this IPO of around Rs 10.9 billion will go to the selling shareholders. None of the promoters are selling their shares in this IPO and thus their holdings post the IPO will remain the same at 29.16%.

Lemon Tree Hotels Ltd. is the India's largest hotel chain in the mid-priced hotel sector, and the third largest overall, on the basis of controlling interest in owned and leased rooms, as of June 30, 2017 (as per the Horwath Report). It is also the ninth largest hotel chain in India in terms of owned, leased and managed rooms, as of June 30, 2017. The company operates in the mid-priced hotel sector, consisting of the upper-midscale, midscale and economy hotel segments.

A significant part of the company's revenues (57% in FY17) comes from the corporate customers. The company opened its first hotel in 2004 and the count as of 31 July 2017 stood at 40.

To know our view on this IPO, you can read our IPO note on Lemon Tree Hotels Ltd (requires subscription).

SME IPO Boom in 2017

We've constantly mentioned how the IPO euphoria has peaked in recent times. It now looks like the smaller companies have also joined the party. The recent SME IPO data for 2017 certainly seems to suggest so.

The amount raised by SME IPOs in 2017 stood at 17.85 billion, more than three times the amount raised in 2016. The number of SME IPOs launched also doubled from 66 to 132.

With big ticket IPOs in the limelight in 2017, SMEs have also joined in to get a share of the pie. If past history is anything to go by, the IPO wave has generally been followed by a market correction. That too major ones. We've seen stocks debut just before the 2000-01 dotcom bubble. Then the IPO euphoria in 2008 was followed by the sub-prime crisis.

While it doesn't make sense to completely ignore this space, a certain sense of caution is definitely merited.

Dr Reddy's share price ended the day higher, after it was reported that the company launched Palonosetron Hydrochloride Injection, after getting approval from the United States Food & Drug Administration (USFDA).

The drug is indicated for the treatment of acute nausea and vomiting and is generic version of Helsinn Healthcare SA's Aloxi.

According to IMS Health sales data, the Aloxi brand and its generics had sale of around US$ 446 million in the US for the twelve months ended January 2018.Indian pharma companies catering to the US markets are breathing a sigh of relief. After being adversely affected by import bans and the suspension of new drug approvals from manufacturing facilities in the past three years, there has been a sharp pick-up in new drug approvals in FY17.

However, note that USFDA alerts on Indian pharma companies have increased over the past few years. Regulators used to visit the plants every two years. Now they come every eight months. Increasing inspections have led to a total of 41 import alerts in the past eight years - 33 of them (80%) in just the last four years (2013-16). This clearly signifies increased USFDA scrutiny on Indian pharma firms. If that wasn't enough, increasing pricing pressure in the generics segment has dented realisations.

However, the recent development of USFDA expediting the drug approval process can bring some respite for Indian pharma companies. This comes as drug approvals for Indian companies have gone up 50% in the period from January to June 2017 compared to the same period last year.

While short-term pain is expected, companies with strong R&D capabilities and compliant plants will do well over the long term. The uncertainties make it important to be stock specific in the sector. It is important to look for companies that have the competence and staying power to overcome the challenges.

Dr Reddys share price ended the day up by 0.8%.

And here's a note from Profit Hunter:

The broader market indices witnessed heavy buying interest in today's session. The Nifty 50 index is up 133 points, while the BSE Sensex is up nearly 500 points.

Titan Company Ltd is among the stocks that are witnessing maximum buying interest. The stock is up 5% with healthy volumes and it touched a fresh life-time high in today's session.

In an earlier note, we spotted Titan Company Ltd breaking out of its resistance level of Rs 440 in February 2017.

After breaking that glass ceiling, it traded in a rising channel and peaked at a lifetime high of 939 in January 2018. It later corrected towards the channel's support line, but reversed just short of it after touching a low of 753. Today, the stock is up 5% at a new life-time high.

So how long will the stock maintains its uptrend? That's something to watch out for.

Titan Rallied 5% for the Day
Titan Rallied 5% for the Day

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 "Sensex Surges 470 Points; Bank Stocks Top Gainers". 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