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Sensex Ends 382 Points Lower; Auto and Telecom Stocks Witness Selling
Tue, 21 May Closing | Monish Vora, TM Team

India share markets witnessed huge selling pressure during closing hours and ended their trading session deep in the red.

At the closing bell, the BSE Sensex stood lower by 382 points (down 1%) and the NSE Nifty closed down by 119 points (down 1%).

The BSE Mid Cap index ended the day down 0.8%, while the BSE Small Cap index ended the day down 0.6%.

Sectoral indices ended in the red with stocks in the metal sector, telecom sector and auto sector witnessing most of the selling pressure.

The rupee was trading at 69.73 against the US$.

Asian stock markets finished on a mixed note. As of the most recent closing prices, the Hang Seng was down by 0.5% and the Shanghai Composite was up by 1.2%. The Nikkei 225 was down 0.1%.

European markets were trading on a positive note. The FTSE 100 was up by 0.6%. The DAX was trading up by 0.9%, while the CAC 40 was up by 0.5%.

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Speaking of Indian share markets, note that the bullishness that we witnessed in the markets from March until mid-April was driven by renewed foreign investor flows into Indian equities.

One of the key reasons this money poured into India, including other emerging markets, was the shift in monetary policy stance by the US Federal Reserve.

Here's what Ankit Shah wrote about this in a recent edition of The 5 Minute WrapUp...

  • The US central bank, until some months ago, was on track to hike interest rates and shrink the Fed balance sheet. But seeing signs of slowdown in the economy and the nervousness in the stock markets, it showed its willingness to turn dovish.

    So, it's unlikely we'll see any interest rate hikes by the US Federal Reserve in 2019.

    In fact, my reading suggests that the Fed may resume its easy money policies if the global economic slowdown persists and the markets gets jittery.

    One of the key triggers for the ongoing market correction is the escalation in the US-China trade war amid increasing fears of a global slowdown.

The chart below shows how foreign money moved in and out of India over the last three months owing to the evolving global events:

Foreign Investors Turn Sellers in May 2019

Meanwhile, in times like these, hold on to your safe stocks and don't go looking for overvalued stocks. Maintaining your calm when everyone is losing theirs will help you build long-term wealth.

United Breweries share price was in focus today as the company reported a 25.3% year-on-year (YoY) fall in net profit for the quarter ended March at Rs 679.2 million.

Total income during the quarter was up 5.8% to Rs 34.7 billion as against Rs 32.7 billion in the corresponding quarter of the previous fiscal.

Commenting on the results, the company reported that UBL's growth continues to lead the industry, strengthening its market position. Good performance generated healthy operating cash flows, which along with better working capital management helped internal funding of Rs 4.3 billion investments in the business.

The board of directors of the company has proposed dividend of Rs 2.50 per equity share for the financial year ended March 31, 2019.

Apart from the above, DLF share price, Tech Mahindra share price and Bosch share price were in focus on the back of their March quarter (Q4FY19) results announcement today.

You can also read our recently released Q4FY19 Results: Bajaj Auto, PI Industries, GSK Pharma.

Moving on to the news from the pharma sector, market participants were tracking Alembic Pharma share price today as the company said it has received US Food and Drug Administration (USFDA) approval for Solifenacin Succinate Tablets, 5 mg and 10 mg.

Solifenacin Succinate Tablet is a muscarinic antagonist indicated for the treatment of overactive bladder with symptoms of urge urinary incontinence, urgency, and urinary frequency.

The approved products is therapeutically equivalent to the reference listed drug, Vesicare tablets of Astellas Pharma US, Inc.

Quoting sales data, the company said that Solifenacin Succinate tablets 5 mg and 10 mg had an estimated market size of US$ 967 million for 12 months, ending December 2018.

The company now has a total of 94 ANDA approvals from the USFDA.

Speaking of pharma sector, we at Equitymaster believe that pharma companies that invest in creating a pipeline of complex generics or building competencies in alternative dosage forms are better equipped to tackle the changing dynamics in the US generics market as well as in the overall industry.

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

Top 5 Mid-Cap Gainers Today; RELIANCE INFRA Leads the Pack (Today's Market)

Jun 26, 2019 04:12 PM

Here's a list of 5 stocks that gained the most in the BSE Mid-Cap Index today. It also includes information on BSE Mid-Cap index and the broader benchmark indices.

EMAMI LTD Surges by 11%; BSE FMCG Index Down 0.1% (Today's Market)

Jun 26, 2019 02:40 PM

EMAMI LTD share price has surged by 11% and its current market price is Rs 326. The BSE FMCG is down by 0.1%. The top gainers in the BSE FMCG Index is EMAMI LTD (up 11.5%). The top losers are DABUR (down 0.1%) and E.I.D. PARRY (down 0.3%).

IRB INFRA. Surges by 6%; BSE REALTY Index Up 1.5% (Today's Market)

Jun 26, 2019 02:30 PM

IRB INFRA. share price has surged by 6% and its current market price is Rs 103. The BSE REALTY is up by 1.5%. The top gainers in the BSE REALTY Index is IRB INFRA. (up 5.5%). The top losers are MAHINDRA LIFESPACE (down 2.0%) and GODREJ PROPERTIES (down 3.1%).

SBI LIFE INSURANCE Surges by 10%; BSE 500 Index Up 0.4% (Today's Market)

Jun 26, 2019 02:26 PM

SBI LIFE INSURANCE share price has surged by 10% and its current market price is Rs 744. The BSE 500 is up by 0.4%. The top gainers in the BSE 500 Index are SBI LIFE INSURANCE (up 10.2%) and RELIANCE CAPITAL (up 12.9%). The top losers are MOTILAL OSWAL and THERMAX .

CG POWER & INDUSTRIAL Surges by 6%; BSE CAPITAL GOODS Index Up 0.9% (Today's Market)

Jun 26, 2019 02:24 PM

CG POWER & INDUSTRIAL share price has surged by 6% and its current market price is Rs 31. The BSE CAPITAL GOODS is up by 0.9%. The top gainers in the BSE CAPITAL GOODS Index are CG POWER & INDUSTRIAL (up 5.5%) and DILIP BUILDCON LTD (up 8.0%). The top losers are THERMAX and CARBORUNDUM UNIVERSAL (down 0.5%).

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