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


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

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

  

Stock Market Updates

ESCORTS LIMITED at All Time High; BSE AUTO Index Down 0.6% (Today's Market)

Jul 10, 2020 03:30 PM

ESCORTS LIMITED share price has hit an all time high at Rs 1,141 (up 0.8%). The BSE AUTO Index is down by 0.6%. Among the top gainers in the BSE AUTO Index today are ESCORTS LIMITED (up 0.8%) and BAJAJ AUTO (up 0.5%). The top losers include BALKRISHNA INDUSTRIES (down 0.2%) and HERO MOTOCORP (down 0.4%).

LAURUS LABS LTD Share Price Up by 5%; BSE HEALTHCARE Index Up 0.7% (Today's Market)

Jul 10, 2020 03:18 PM

LAURUS LABS LTD share price is trading up by 5% and its current market price is Rs 604. The BSE HEALTHCARE is up by 0.7%. The top gainers in the BSE HEALTHCARE Index is LAURUS LABS LTD (up 5.2%). The top losers are ALKEM LABORATORIES (down 0.1%) and PROCTER & GAMBLE HEALTH (down 0.1%).

GUJARAT GAS Share Price Up by 5%; BSE OIL & GAS Index Up 0.2% (Today's Market)

Jul 10, 2020 03:16 PM

GUJARAT GAS share price is trading up by 5% and its current market price is Rs 306. The BSE OIL & GAS is up by 0.2%. The top gainers in the BSE OIL & GAS Index is GUJARAT GAS (up 5.3%). The top losers are IOC (down 0.3%) and INDRAPRASTHA GAS (down 0.6%).

PERSISTENT SYSTEMS Share Price Down by 5%; BSE IT Index Up 0.1% (Today's Market)

Jul 10, 2020 02:34 PM

PERSISTENT SYSTEMS share price is trading down by 5% and its current market price is Rs 749. The BSE IT is up by 0.1%. The top gainers in the BSE IT Index are FIRSTSOURCE SOL. (up 7.4%) and TCS (up 0.7%). The top losers is PERSISTENT SYSTEMS (down 5.0%).

RELIANCE IND. at All Time High; BSE OIL & GAS Index Down 0.1% (Today's Market)

Jul 10, 2020 01:54 PM

RELIANCE IND. share price has hit an all time high at Rs 1,879 (up 2.7%). The BSE OIL & GAS Index is down by 0.1%. Among the top gainers in the BSE OIL & GAS Index today are RELIANCE IND. (up 2.7%) and INDRAPRASTHA GAS (up 0.6%). The top losers include IOC (down 0.6%) and PETRONET LNG (down 1.3%).

Sensex Slips 200 Points; IndusInd Bank & HDFC Top Losers (Today's Market)

Jul 10, 2020 12:30 pm

The BSE Sensex is trading down by 213 points, while the NSE Nifty is trading down by 64 points.

View More Indian Share Market News

Most Popular

How to Find the Best Stocks for Day Trading - 1(Fast Profits Daily)

Jul 2, 2020

In the first of two videos, I'll show you how to identify the best stocks for intraday trading.

Two Agri Stocks Are Likely to Outperform Even in this Market(Profit Hunter)

Jul 2, 2020

Why we have recommended two agriculture stocks for our Hidden Treasure subscribers. Read on...

A Warning for Traders: Don't Get Addicted to Hopium(Fast Profits Daily)

Jun 30, 2020

If you are a trader, you must watch out for this dangerous addiction.

Smallcaps Are in a Sweet Spot Again: Are You Buying?(Profit Hunter)

Jul 3, 2020

This is why I believe smallcaps are the place to be in the near future.

More

India's #1 Trader
Reveals His Secrets

The 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


Jul 10, 2020 (Close)

MARKET STATS