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Sensex Ends 345 Points Lower; Auto and IT Stocks Witness Selling
Wed, 8 Jul Closing | Monish Vora, TM Team

Indian share markets witnessed selling pressure in the last hour of trading and ended their session on a negative note.

At the closing bell, the BSE Sensex snapped its 5-day winning streak and stood lower by 345 points (down 0.9%).

The NSE Nifty closed lower by 93 points (down 0.9%).

The SGX Nifty was trading at 10,684, down by 75 points, at the time of writing.

Both, the BSE Mid Cap index and the BSE Small Cap index ended down by 0.4%.

On the sectoral front, losses were largely seen in the realty sector, IT sector, and auto sector.

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

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Asian stock markets ended on a mixed note today. As of the most recent closing prices, the Hang Seng ended up by 0.59% and the Shanghai Composite stood higher by 1.74%. The Nikkei ended down by 0.78%.

The rupee is trading at 75.07 against the US$.

Speaking of the current stock market scenario, the last few months have witnessed the kind of shifts that most investors would recall as once in a lifetime.

The Sensex is up over 34% from the lows in March 2020. At that time, it had declined by over 20%. That seemed to suggest the start of a bear market.

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Lupin was among the top buzzing stocks today.

Lupin said it is voluntarily recalling its diabetes treatment drug Metformin Hydrochloride extended-release tablets in the US market. In a regulatory filing, the company said that it is voluntarily recalling its Metformin Hydrochloride extended-release tablets USP, 500 mg and 1000 mg products in the US.

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In news from the banking sector, IndusInd Bank share price was in focus today.

The stock of the lender witnessed buying interest after media reports suggested that US-based hedge fund Route One Investment Company has initiated talks to increase its stake in the private lender.

Reports stated that Route One Investment Company had initiated talks to increase its stake in the Hinduja Group-backed lender, which is exploring multiple options to strengthen its Balance Sheet and raise capital. It also claimed that the Reserve Bank of India (RBI) has already approved Route One Investment plans.

The fund currently holds 5.41% in the company and plans to raise its stake to 9.9% via a preferential allotment of shares.

Promoters of the company had said last month that they would increase stake in the lender and subsequently bought shares from the open market. A back of envelope calculation shows that they grabbed over 19 lakh shares of the company in June.

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

In news from the IPO space, Rossari Biotech's initial public offering (IPO) is hitting the stock markets on July 15, Monday. The price band for this Rs 5 billion IPO by specialty chemicals manufacturer has been set at Rs 423-425 apiece.

The IPO would be a mix of fresh issue and offer for sale (OFS). The promoters would sell up to 10,500,000 equity shares, comprising an OFS of up to 5,250,000 shares by Edward Menezes and up to 5,250,000 shares by Sunil Chari.

The company would also raise Rs 500 million in fresh capital. This is against the earlier intended size of Rs 1.5 billion.

In a pre-IPO placement, the company had raised Rs 999 million in a private placement of 2,352,920 shares to various investors including Malabar India Fund, Axis New Opportunities AIF-I , Mirae Asset Mid Cap Fund, Sundaram Mutual Fund A/C Sundaram Select Micro Cap Series - XIV, IIFL Special Opportunities Fund - Series 4 and ICICI Lombard General Insurance Company.

Rossari intends to use the proceeds of the fresh issue and the proceeds from the pre-IPO placement to repay or prepay borrowings availed by the company of Rs 650 million, to fund its working capital requirements of Rs 500 million and towards general corporate purposes.

Rossari Biotech focuses on home, personal care and performance chemicals. The company is among the largest manufacturers of textile specialty chemicals in India. It also manufactures acrylic polymers.

The company, which plans to venture into the construction chemicals market and water treatment formulations, will allot shares to anchor investors on July 10.

Early in March this year, Rossari had postponed its IPO plans due to the extreme volatility in the market due to the Covid-19 pandemic.

How the above IPO sails through remains to be seen. Stay tuned for more updates from this space.

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 345 Points Lower; Auto and IT Stocks Witness Selling". Click here!

1 Responses to "Sensex Ends 345 Points Lower; Auto and IT Stocks Witness Selling"

Gopal

Jul 8, 2020

The unpredictability of the market continues. Reflects the Volatile, Uncertain, Complex and Ambiguous sentiments regarding the current economic scenario prevailing. Reactions are probably disproportionate and knee jerk

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Equitymaster requests your view! Post a comment on "Sensex Ends 345 Points Lower; Auto and IT Stocks Witness Selling". Click here!

Stock Market Updates

TUBE INVESTMENTS OF INDIA LTD Share Price Up by 5%; BSE CAPITAL GOODS Index Up 0.5% (Today's Market)

Aug 7, 2020 03:34 PM

TUBE INVESTMENTS OF INDIA LTD share price is trading up by 5% and its current market price is Rs 558. The BSE CAPITAL GOODS is up by 0.5%. The top gainers in the BSE CAPITAL GOODS Index are TUBE INVESTMENTS OF INDIA LTD (up 5.2%) and HONEYWELL AUTOMATION (up 14.2%). The top losers are V GUARD INDUSTRIES (down 0.2%) and SKF INDIA (down 0.3%).

BANK OF BARODA Share Price Up by 5%; BSE BANKEX Index Up 0.4% (Today's Market)

Aug 7, 2020 03:34 PM

BANK OF BARODA share price is trading up by 5% and its current market price is Rs 49. The BSE BANKEX is up by 0.4%. The top gainers in the BSE BANKEX Index are BANK OF BARODA (up 5.1%) and RBL BANK LTD (up 9.7%). The top losers are AXIS BANK and SBI (down 0.2%).

ADANI TRANSMISSION Share Price Up by 9%; BSE POWER Index Up 1.4% (Today's Market)

Aug 7, 2020 03:34 PM

ADANI TRANSMISSION share price is trading up by 9% and its current market price is Rs 254. The BSE POWER is up by 1.4%. The top gainers in the BSE POWER Index are ADANI TRANSMISSION (up 9.0%) and JSW ENERGY (up 5.3%). The top losers are NTPC (down 0.3%) and KALPATARU POWER (down 0.5%).

ESSEL PROPACK Share Price Down by 5%; BSE 500 Index Up 0.3% (Today's Market)

Aug 7, 2020 03:14 PM

ESSEL PROPACK share price is trading down by 5% and its current market price is Rs 275. The BSE 500 is up by 0.3%. The top gainers in the BSE 500 Index are HONEYWELL AUTOMATION (up 11.7%) and RBL BANK LTD (up 10.0%). The top losers are ESSEL PROPACK (down 5.0%) and LUPIN (down 6.0%).

EMAMI LTD Share Price Up by 6%; BSE FMCG Index Up 0.8% (Today's Market)

Aug 7, 2020 02:26 PM

EMAMI LTD share price is trading up by 6% and its current market price is Rs 254. The BSE FMCG is up by 0.8%. The top gainers in the BSE FMCG Index are EMAMI LTD (up 6.2%) and GSK CONSUMER (up 5.1%). The top losers [TOPLOSERS].

Sensex Trades Marginally Lower; HCL Technologies & Infosys Top Losers (Today's Market)

Aug 7, 2020 12:30 pm

The BSE Sensex is trading down by 83 points, while the NSE Nifty is trading down by 18 points.

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Aug 7, 2020 (Close)

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