X

Sign up for Equitymaster's free daily newsletter, The 5 Minute WrapUp and get access to our latest Multibagger guide (2019 Edition) on picking money-making stocks.

This is an entirely free service. No payments are to be made.


Download Now Subscribe to our free daily e-letter, The 5 Minute WrapUp and get this complimentary report.
We hate spam as much as you do. Check out our Privacy Policy and Terms Of Use.
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 Ends 71 Points Lower; Metal and Energy Stocks Witness Selling
Mon, 24 Jun Closing | Monish Vora, TM Team

India share markets witnessed selling pressure during closing hours and ended their volatile trading day marginally lower.

At the closing bell, the BSE Sensex stood lower by 71 points (down 0.2%) and the NSE Nifty closed down by 24 points (down 0.2%).

The BSE Mid Cap index ended the day down 0.3%, while the BSE Small Cap index ended the day down 0.2%.

Sectoral indices ended on a mixed note with stocks in the metal sector, energy sector and realty sector witnessing most of the selling pressure.

The rupee was trading at 69.44 against the US$.

Asian stock markets finished on a positive note. As of the most recent closing prices, the Hang Seng was up by 0.14% and the Shanghai Composite was up by 0.21%. The Nikkei 225 was up 0.13%.

European markets were trading on a negative note. The FTSE 100 was down by 0.06%. The DAX was trading down by 0.47%, while the CAC 40 was down by 0.14%.

--- Advertisement ---
The New India Is Here…This Book Reveals How to Potentially Profit From it!

The Secrets Identifying  10X StocksThe New India is already here. We see change happening all around us every single day.

Sadly, most people don't know the full story, and are hence missing out on a once-in-a-lifetime opportunity.

That's the reason our Co-Head of Research, Tanushree Banerjee, decided to write a book on this transformation. And to show people how to potentially profit BIG from it.

And for a limited time, you could get a copy of this book worth Rs 1,950 virtually FREE.

Nearly 2,000 copies of it have been claimed already. So don't delay.

Click here to find out how to get this book virtually FREE…
------------------------------

Market participants were tracking DHFL share price today as it was announced that the company's lenders will meet in the first week of July to work out a rescue package for Dewan Housing Finance Corporation (DHFL).

The key talking points of the meeting will include restructuring of loans to ensure repayment, fresh working capital support, inducting a new financial investor and a new management team to be put in place.

From the energy sector, Suzlon Energy share price was in focus today. Shares of the company witnessed buying interest after the company told its lenders that Canadian investor Brookfield is keen to acquire a majority stake in the company.

The above development will help the cash-strapped renewable energy company settle its loans if the lenders were to give a waiver.

Suzlon has offered a one-time settlement proposal to its lenders.

Note that the company has net term debt of Rs 77.6 billion, and working capital debt of Rs 33.8 billion.

How this development pans out remains to be seen. We will keep you updated on all the news from this space.

From the aviation space, Jet Airways share price was also in focus today. Shares of the company witnessed buying interest even as Insolvency proceedings have been initiated against the company.

Last week, State Bank of India filed insolvency petition against the company to recover dues.

Insolvency proceedings against Jet Airways has started as a consortium of lenders led by the State Bank of India (SBI) failed to find a buyer for the beleaguered airline.

The National Company Law Tribunal (NCLT) could hear insolvency petitions filed by the airline's operational creditors for recovery of dues on June 20.

Moving on to the news from the commodity space, crude oil witnessed buying interest today. Gains were seen on the back of tensions between Iran and the United States.

As per the news, US Secretary of State Mike Pompeo said significant sanctions on Tehran would be announced soon which will be aimed at further choking off resources that Tehran uses to fund its activities in the region.

Last week, crude oil prices gained momentum over a possible trade deal between US & China amid fresh concerns arising from the Middle East.

Market participants will be tracking the G20 summit which is to be conducted in Japan later this month where US President Donald Trump will likely meet Chinese President Xi Jinping.

The two countries will resume with the trade talks before the presidents of the two countries meet in Japan.

Markets will also be closely tracking crude oil prices in the coming weeks ahead of the OPEC meet. The members of the Organization of the Petroleum Exporting Countries (OPEC) have agreed to meet on July 1, followed by a meeting with non-OPEC allies on July 2 where they will discuss whether to extend a deal on cutting 1.2 million barrels per day of oil production that runs out this month.

Note that crude oil prices have quietly creeped up this year. Prices went up by around 40% from January 2019 to April 2019 as can be seen in the chart below:

As you know, rising crude oil prices have a big impact on the Indian economy as it imports over 70% of its energy needs.

Rise in crude oil increases input costs for dependent firms. It also means rising inflation. Rising inflation means rising interest rates.

It also puts pressure on the government to cut excise duty, thereby impacting its revenues. We have already seen that happening.

Research Analyst, Richa Agarwal believes that this has the potential to bring down sentiments in the domestic markets. She further believes that, if oil prices continue their upward march in a tight global environment, a broader correction in the sentiment fueled domestic market cannot be ruled out.

We will keep you updated on all the developments from this space. Stay tuned.

To know more about commodity and currency markets and which are the best counters to trade in this space, you can read one of Vijay Bhambwani's recent articles: 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

Equitymaster requests your view! Post a comment on "Sensex Ends 71 Points Lower; Metal and Energy Stocks Witness Selling". Click here!

  

Stock Market Updates

ONGC Surges by 5%; BSE OIL & GAS Index Up 3.3% (Today's Market)

Aug 23, 2019 01:58 PM

ONGC share price has surged by 5% and its current market price is Rs 123. The BSE OIL & GAS is up by 3.3%. The top gainers in the BSE OIL & GAS Index are ONGC (up 5.1%) and HPCL (up 5.4%). The top losers [TOPLOSERS].

ONGC Surges by 5%; BSE OIL & GAS Index Up 3.3% (Today's Market)

Aug 23, 2019 01:56 PM

ONGC share price has surged by 5% and its current market price is Rs 123. The BSE OIL & GAS is up by 3.3%. The top gainers in the BSE OIL & GAS Index are ONGC (up 5.3%) and BPCL (up 5.0%). The top losers [TOPLOSERS].

INOX WIND Surges by 6%; BSE CAPITAL GOODS Index Up 0.2% (Today's Market)

Aug 23, 2019 01:56 PM

INOX WIND share price has surged by 6% and its current market price is Rs 37. The BSE CAPITAL GOODS is up by 0.2%. The top gainers in the BSE CAPITAL GOODS Index are INOX WIND (up 5.6%) and BHARAT ELECTRONICS (up 5.9%). The top losers are LAKSHMI MACHINE (down 0.2%) and L&T (down 0.3%).

BPCL Surges by 5%; BSE OIL & GAS Index Up 3.4% (Today's Market)

Aug 23, 2019 01:54 PM

BPCL share price has surged by 5% and its current market price is Rs 329. The BSE OIL & GAS is up by 3.4%. The top gainers in the BSE OIL & GAS Index are BPCL (up 5.2%) and HPCL (up 5.6%). The top losers [TOPLOSERS].

TATA ELXSI Surges by 5%; BSE IT Index Up 1.1% (Today's Market)

Aug 23, 2019 01:14 PM

TATA ELXSI share price has surged by 5% and its current market price is Rs 637. The BSE IT is up by 1.1%. The top gainers in the BSE IT Index is TATA ELXSI (up 5.1%). The top losers are SONATA SOFTWARE (down 0.2%) and ECLERX SERVICES (down 0.8%).

Sensex, Nifty Open Lower; Rupee Weakens Past 72-Mark (Today's Market)

Aug 23, 2019 09:30 am

Indian share markets open lower. The BSE Sensex opened down by 223 points, while the Nifty is trading down by 58 points.

View More Indian Share Market News

Most Popular

This 60-Year Old Smallcap Company Could Be Our Next Recommendation(The 5 Minute Wrapup)

Aug 12, 2019

My experience at the recent AGM of this smallcap company which has financials of any FMCG major.

Interest Rates Are Low. Buy Solid Dividend Stocks Instead(The 5 Minute Wrapup)

Aug 13, 2019

The dividends paid by these stocks are helpful when interest rates are falling.

Smallcaps that Will Outperform in the Market Rebound(Profit Hunter)

Aug 12, 2019

Only These Smallcaps Will Give Historic Returns in the Future.

My Top 3 Dividend Stocks to Buy Now(Profit Hunter)

Aug 19, 2019

As markets continue to rattle amid earning season, upcoming elections, volatile crude price and US China trade war, it's a great idea to add some stability to your portfolio by adding dividend stocks.

Chandrayaan 2 Heads to the Moon and It's Good News for These Stocks(The 5 Minute Wrapup)

Aug 14, 2019

Why investors should take note of India's advantage as a low cost satellite launcher...

More

Get the Indian Stock Market's
Most Profitable Ideas

How To Beat Sensex Guide 2019
Get our special report, How to Beat Sensex Nearly 3X Now!
We will never sell or rent your email id.
Please read our Terms

S&P BSE SENSEX


Aug 23, 2019 02:09 PM

MARKET STATS