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Indian Share Markets End Flat; Tech Mahindra, IndusInd Bank & Bajaj Finance Top Losers
Thu, 30 Jun Closing

Indian Share Markets End Flat; Tech Mahindra, IndusInd Bank & Bajaj Finance Top Losers

Indian share markets traded in a rangebound fashion throughout the day today to end flat.

Benchmark indices gave up early gains and slipped into red owing to weakness in auto, and IT stocks.

At the closing bell, the BSE Sensex stood lower by 8 points.

Meanwhile, the NSE Nifty closed lower by 19 points (down 0.1%).

Axis Bank and SBI were among the top gainers today.

Tech Mahindra and IndusInd Bank, on the other hand, were among the top losers today.

IOC share price rose 1.6% today. Shares of IOC were under pressure for the past couple of weeks owing to marketing margin pressure.

The SGX Nifty was trading at 15,821, up by 46 points, at the time of writing.

The BSE MidCap index and the BSE SmallCap index ended lower by 0.7% and 0.5%, respectively.

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Sectoral indices ended on a mixed note with stocks in the power sector and banking sector witnessing most of the buying interest.

Auto stocks, IT stocks and realty stocks, on the other hand, witnessed selling pressure.

Shares of Orient Bell and Axita Cotton hit their 52-week highs today.

As companies publish their annual reports, check out these 4 companies which turned profitable in 2022.

If you are interested in penny stocks, have a look at these fundamentally strong penny stocks.

Asian stock markets ended on a mixed note today. The Hang Seng and the Nikkei ended down by 0.6% and 1.5%, respectively. The Nikkei added 1.1%.

US stock futures are trading on a negative note today with Dow Futures trading down by 351 points.

Gold prices for the latest contract on MCX are trading down by 0.2% at Rs 50,630 per 10 grams.

The rupee is trading at 78.96 against the US$. The domestic currency stepped back from record lows hit in the previous session.

Amid the rupee declining against the US dollar, Finance Minister Nirmala Sitharaman said the Indian currency is relatively better placed than other global currencies against the greenback.

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The domestic currency rupee hit an all-time low of 79.03. Rising interest rates, inflation and global liquidity has kept the rupee under pressure.

But it this all? Or will the rupee fall more?

Chartist Brijesh Bhatia answers these questions in the video below:

In news from the telecom sector, Sterlite Tech has signed a definitive agreement to acquire balance 25% stake in Jiangsu Sterlite Tongguang Fiber Co. (JSTFCL) for cash consideration of Rs 650 m.

The company's current shareholding in JSTFCL is 75%. Post-acquisition, JSTFCL will become a wholly owned subsidiary of Sterlite Tech.

STFCL was incorporated as a joint venture between STL and Jiangsu Tongguang Information Co. in China in January 2011 to manufacture optical fiber.

In an exchange filing, the company said this acquisition will ensure optical fiber supply security to support the company's expanding optical fiber cable operations.

To know more, check out Sterlite Tech's financial factsheet.

Moving on to news from the batteries space, Eveready Industries was among the top buzzing stocks today.

Eveready's MD and CEO in the AGM informed that that the topline growth coupled with sustainable profit and adherence to the 'highest degree of good corporate governance' will be key areas of focus for India's largest dry cell battery maker.

Speaking at the annual general meeting (AGM), he said Eveready is in the midst of a transformation, building on the core strength of a solid brand, strong distribution network and significantly high market share in the core areas of battery and flashlight.

Speaking about individual categories, the company is expecting the lighting business to become profitable in the immediate future. The business contributes 20% to the company's turnover.

On the input cost pressure, the company highlighted that zinc is a key input for batteries which did shoot up from the second half of the last fiscal. So the company took a price hike of 12-15%, partially offsetting the cost-push.

Following all these positive developments, Eveready Industries share price ended 10% higher today.

To know more, check out Eveready Industries' 2021-22 annual report analysis.

Speaking of smallcap stocks, lead smallcap analyst at Equitymaster Richa Agarwal believes this is neither time to be fearful nor greedy to invest in the smallcap space.

According to Richa, this is the time to be highly selective.

The chart above is the Smallcap to Sensex ratio. Despite the sharp rally in smallcaps, the ratio is 0.47 now.

At this level, it's closer to the long-term median of 0.43 to 0.44, than to the previous peak of 0.58 in January 2018, or the higher peaks earlier.

As per Richa, in the long term, and within this decade, there is a potential for Sensex to touch 1 lakh.

At median, this would imply 43,000 for smallcap index, versus 26,384 now. The individual smallcaps could fetch gains much higher than the index.

But you need to select the best smallcap stocks if you want to ride the rally.

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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