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Sensex Ends on a Flat Note; IT & Automobile Stocks Witness Selling
Thu, 13 Jun Closing | Monish Vora, TM Team

Indian share markets traded on a volatile note throughout the day and recovered during the closing hours to end their session on a flat note.

Sectoral indices ended on a mixed note with stocks in the realty sector and power sector witnessing buying interest while IT stocks, automobile stocks and healthcare stocks witnessed selling pressure.

At the closing bell, the BSE Sensex stood lower by 15 points and the NSE Nifty closed up by 8 points. The BSE Mid Cap index ended the day down by 0.3% and the BSE Small Cap index ended down by 0.5%.

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

The rupee is trading at 69.50 against the US$.

Tata Sponge Iron share price was in focus today as the company approved the issuance of 3,30,00,000 equity shares of face value of Rs 10 each, on a rights basis.

The issuance was for an amount not exceeding Rs 16.5 billion, and in ratio of 15:7 i.e. 15 equity shares for every 7 equity shares held by eligible equity shareholders of the company as on the record i.e. June 25, 2019.

The issue price is Rs 500 per equity share. The issue opens on July 2 and closes on July 16, 2019.

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Market participants were tracking Jain Irrigation share price as the company asserted it has not defaulted on any of its debt obligations.

The company further stated it is confident of executing its plan to bring down its debt by Rs 20 billion through corporate action.

In the news from the finance sector, Indiabulls Housing Finance share price was in focus today. Stock of the company witnessed buying interest after it was announced that Abhay Yadav, who had filed a petition against promoter Sameer Gehlaut and the company over alleged fund misappropriation, has withdrawn his case in the Supreme Court.

As per the company statement, Yadav in his affidavit said that he was not aware of the contents and allegations mentioned in the complaints of the petition.

The company's statement suggested Yadav as saying that "I now realise that such papers, affidavits, applications, etc. were signed by me have been misused to file false complaints against Indiabulls with malafide intentions".

Note that the stock of the company witnessed huge selling this week after a writ was filed in the Supreme Court on Monday against Chairman Sameer Gehlaut for misappropriation of Rs 980 billion public money.

As per an article in a leading financial daily, a plea was filed in the Supreme Court on Monday seeking legal action against the company, its chairman and directors for alleged misappropriation.

The petition alleged that money was siphoned off by Sameer Gehlaut, the chairman of the firm for their personal use.

Speaking of non-banking financial companies (NBFCs), note that NBFCs were flush with funds from banks, insurance companies, and asset management companies i.e. mutual funds in 2016.

And with these funds and without the necessary restrictions, NBFCs become reckless in deploying the funds.

You can see this clear as day in the chart below...

One Chart that Predicted the NBFC and Mutual Fund Crisis Back in 2016

One Chart that Predicted the NBFC and Mutual Fund Crisis Back in 2016

Here's what Tanushree Banerjee wrote about this in today's edition of The 5 Minute WrapUp...

  • Let's look back at 2016...

    Banks, mutual funds, and insurance companies were competing with each other to lend to NBFCs.

    And why not?

    Not only were the fast growing NBFCs hungry for funds, they also offered attractive yields.

    The NBFCs took more risk than banks by lending without collaterals. But they charged higher interest rates; which meant their margins remained far higher than that of banks.

    It's no wonder the NBFCs caught everyone's fancy. In fact, between 2013 and 2016, the top NBFCs saw their valuation multiples move up three to eight times.

As per Tanushree, the problem in the NBFC sector is far from over. But she believes the good quality NBFCs, and housing finance companies will continue to flourish and you can make the most of the opportunity by buying the safest NBFCs.

In the news from commodity space, crude oil prices jumped around 4% today. This was seen as a welcome breather as prices were trading deep in the red yesterday.

The rise in prices came on news of a suspected attack on two tankers in the Gulf of Oman near Iran and the Strait of Hormuz, through which a fifth of global oil consumption passes.

Note that oil prices were trading in the red this week as the US Energy Information Administration (EIA) cut its forecasts for 2019 world oil demand growth and US crude oil production in a monthly report released this week. Also, the EIA lowered its 2019 world oil demand growth forecast by 160,000 barrels per day (bpd) to 1.22 million bpd. It wound back its forecast for 2019 US crude production to 12.32 million bpd. This is 140,000 bpd less than the May forecast.

The next meeting of the Organization of the Petroleum Exporting Countries (OPEC) is going to take place at the end of June and market participants are eyeing whether the world's major oil producers would prolong their supply cuts.

How this pans out remains to be seen. Meanwhile, we will keep you updated on all the developments from this space.

To know more about commodity and currency markets and which are the best counters to trade in this space, you can read Vijay Bhambwani's recent article: Why Do I Recommend Trading Only Nickel, Crude oil, Gold, Copper, and USDINR?

And 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

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

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Stock Market Updates

MAX INDIA LTD Surges by 15%; BSE 500 Index Up 0.1% (Today's Market)

May 29, 2020 12:15 PM

MAX INDIA LTD share price has surged by 15% and its current market price is Rs 65. The BSE 500 is up by 0.1%. The top gainers in the BSE 500 Index are MAX INDIA LTD (up 15.5%) and RAIN INDUSTRIES (up 13.2%). The top losers are PIDILITE INDUSTRIES and MOTHERSON SUMI (down 0.1%).

WIPRO Surges by 5%; BSE IT Index Down 1.1% (Today's Market)

May 29, 2020 12:15 PM

WIPRO share price has surged by 5% and its current market price is Rs 210. The BSE IT is down by 1.1%. The top gainers in the BSE IT Index are WIPRO (up 5.1%) and SONATA SOFTWARE (up 6.0%). The top losers are PERSISTENT SYSTEMS (down 0.1%) and TECH MAHINDRA (down 0.3%).

HPCL Surges by 5%; BSE OIL & GAS Index Up 1.9% (Today's Market)

May 29, 2020 12:15 PM

HPCL share price has surged by 5% and its current market price is Rs 196. The BSE OIL & GAS is up by 1.9%. The top gainers in the BSE OIL & GAS Index is HPCL (up 5.3%). The top losers is RELIANCE IND. (down 0.7%).

CHALET HOTELS Surges by 11%; BSE 500 Index Up 0.4% (Today's Market)

May 29, 2020 11:25 AM

CHALET HOTELS share price has surged by 11% and its current market price is Rs 122. The BSE 500 is up by 0.4%. The top gainers in the BSE 500 Index are CHALET HOTELS (up 10.5%) and RAIN INDUSTRIES (up 13.8%). The top losers are UCO BANK (down 0.1%) and LAURUS LABS LTD (down 0.1%).

APL APOLLO TUBES Surges by 6%; BSE CAPITAL GOODS Index Up 1.8% (Today's Market)

May 29, 2020 11:15 AM

APL APOLLO TUBES share price has surged by 6% and its current market price is Rs 1,489. The BSE CAPITAL GOODS is up by 1.8%. The top gainers in the BSE CAPITAL GOODS Index is APL APOLLO TUBES (up 5.7%). The top losers are BHARAT ELECTRONICS (down 0.5%) and HAVELLS IND (down 0.8%).

Sensex Opens Lower; IT and Metal Stocks Under Pressure (Today's Market)

May 29, 2020 09:30 am

Indian share markets open lower. The BSE Sensex opened down by 194 points, while the Nifty is trading down by 44 points.

View More Indian Share Market News

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May 29, 2020 01:13 PM