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Sensex Ends Flat; IT and Realty Stocks Witness Selling

Thu, 25 Jun Closing

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Share markets in India witnessed volatile trading activity throughout the day and ended on a flat note.

Benchmark indices fluctuated between gains and losses, tracking weakness in global peers.

Global stock markets fell sharply, with investors worrying over rising coronavirus infections in several countries and as trade tensions between Brussels and Washington rose again.

Selling pressure was also seen as the International Monetary Fund slashed its growth outlook for the country and forecast a deeper global recession.

Sectoral indices ended on a mixed note with stocks in the IT sector and realty sector witnessing selling pressure.

FMCG stocks, on the other hand, witnessed buying interest.

At the closing bell, the BSE Sensex stood lower by 27 points, down 0.1% at 34,800 levels. Meanwhile, the NSE Nifty ended down by 16 points.

The SGX Nifty was trading at 10,288, down by 7 points, at the time of writing.

The BSE Mid Cap index ended the day up by 0.7%. The BSE Small Cap index ended up by 0.8%.

Asian stock markets finished on a mixed note. As of the most recent closing prices, the Nikkei ended down by 1.2%. Markets in China and Hong Kong were closed today for a holiday.

Gold prices are trading down by 0.4% at Rs 47,963 per 10 grams.

The rupee recovered from the day's low and ended higher at 75.66, amid volatile trade seen in the domestic equity market.

It opened marginally lower at 75.75 per dollar against previous close of 75.72 and remained in the range of 75.57-75.78.

As per an article in The Economic Times, the growth shock to India's economy from the coronavirus pandemic will trigger more weakness in the rupee, dragging it toward an unprecedented 80-per dollar level.

Here's an excerpt from the article:

• That's the view from Venkat Thiagarajan, who has traded currency markets for 26 years, and most recently served as the head of forex at Reliance Industries Ltd., which runs India's largest corporate treasury. The rupee, he argues, has a stronger link with economic growth, and metrics like the current account, balance of payments and global dollar dynamics have a marginal impact in the medium term.

Thiagarajan has seen Reliance emerge as one of the most prolific issuers and borrowers in the global debt markets during his 17-year stint at the oil-to-telecom giant.

Controlled by Mukesh Ambani, Asia's richest man, Reliance alone accounts for about 10% of India's exports, which explains why traders closely watch its forex flows. Last year, the company is said to have sold bulk of the US$ 5 billion in a forex swap with the central bank.

Note that, massive sell-off in equities and bonds led to a huge fall in rupee against the dollar in 2020. In April, the domestic currency fell to a record low of 76.92.

Most of the selling pressure for rupee was seen on the back of slump in equities and currencies globally. Investors were concerned that support measures from governments and central banks may be insufficient to halt the economic damage caused by the coronavirus pandemic.

Rupee's Downtrend

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Moving on to the stock specific news, market participants were tracking IIFL Finance share price.

Shares of the company surged 10% today after it was reported that promoter Nirmal Jain bought an additional 0.12% stake in the NBFC on Wednesday.

With this, the promoter's stake in the IIFL Group's company jumped to over 25%, suggesting the promoters might have to go for an open offer.

Other IIFL Group companies were also in focus today. Shares of IIFL Wealth Management and IIFL Securities zoomed up to 20%.

In news from the energy sector, GAIL (India) was among the top buzzing stocks today.

The state owned company is reportedly planning to acquire around 26% stake in India's first natural gas exchange that went online last week.

According to an expression of interest (EoI) seeking its equity participation in a gas exchange, the state-owned firm wants to come in as a promoter with 26% equity stake.

The public sector unit owns liquefied natural gas (LNG) terminals and is already a member of the natural gas trading platform, set up by Indian Energy Exchange.

The company's chairman and managing director Manoj Jain told reporters on Wednesday that the firm is analyzing the opportunity to buy a stake in Indian Gas Exchange.

The Indian Gas Exchange provides day-ahead market and forward contracts, including daily, weekly, weekday, fortnightly and monthly, at three physical hubs in Dahej, Hazira in Gujarat, and Odoru in Andhra Pradesh.

On Wednesday, GAIL (India) reported a 168.9% year-on-year growth in its standalone profit for the quarter ended March 2020, driven by tax write-back and strong operating performance.

Profit during the quarter increased to Rs 30.2 billion from Rs 11.2 billion in the same period last year.

However, the company's revenue from operations fell 5.4% to Rs 177.5 billion compared to year-ago, hit by nationwide lockdown that began in late March.

The natural gas segment saw a 6.1% year-on-year increase in revenue to Rs 15.5 billion and its earnings before interest & tax rose 15.4% to Rs 8.9 billion.

GAIL (India) share price ended the day up by 1.7%.

To know more, you can read the company's latest result analysis on our website.

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!

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