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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

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While the BSE Sensex closed higher by 466 points, NSE Nifty closed higher by 156 points.

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IRCON INTERNATIONAL share price is trading up by 11% and its current market price is Rs 102. The BSE CAPITAL GOODS is up by 1.7%. The top gainers in the BSE CAPITAL GOODS Index are IRCON INTERNATIONAL (up 11.3%) and HINDUSTAN AERONAUTICS (up 10.1%). The top losers are V GUARD INDUSTRIES (down 0.2%) and GRAPHITE INDIA (down 0.5%).

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PROCTER & GAMBLE HEALTH share price is trading up by 5% and its current market price is Rs 4,311. The BSE HEALTHCARE is down by 0.2%. The top gainers in the BSE HEALTHCARE Index are PROCTER & GAMBLE HEALTH (up 5.1%) and DISHMAN CARBOGEN AMCIS LTD (up 7.9%). The top losers are GRANULES INDIA and STRIDES PHARMA SCIENCE (down 0.3%).

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ASHOK LEYLAND share price is trading up by 5% and its current market price is Rs 52. The BSE AUTO is up by 2.9%. The top gainers in the BSE AUTO Index are ASHOK LEYLAND (up 5.5%) and M&M (up 7.7%). The top losers is BAJAJ AUTO (down 1.2%).

GODREJ AGROVET LTD Share Price Up by 14%; BSE 500 Index Up 1.2% (Today's Market)

Jul 6, 2020 03:26 PM

GODREJ AGROVET LTD share price is trading up by 14% and its current market price is Rs 493. The BSE 500 is up by 1.2%. The top gainers in the BSE 500 Index are GODREJ AGROVET LTD (up 13.8%) and HINDUSTAN AERONAUTICS (up 11.4%). The top losers are AJANTA PHARMA and STRIDES PHARMA SCIENCE .

BHARAT ELECTRONICS Share Price Up by 6%; BSE CAPITAL GOODS Index Up 1.8% (Today's Market)

Jul 6, 2020 03:24 PM

BHARAT ELECTRONICS share price is trading up by 6% and its current market price is Rs 104. The BSE CAPITAL GOODS is up by 1.8%. The top gainers in the BSE CAPITAL GOODS Index are BHARAT ELECTRONICS (up 5.6%) and HINDUSTAN AERONAUTICS (up 11.4%). The top losers are GRAPHITE INDIA (down 0.3%) and CARBORUNDUM UNIVERSAL (down 0.7%).

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