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Sensex Ends 183 Points Lower; Bajaj Auto and TCS Among Top Nifty Losers

Fri, 9 Jul Closing

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Indian share markets witnessed negative trading activity throughout the day today and ended lower.

Benchmark indices fell for the second straight day today, tracking the decline in global peers amid concerns that the spread covid variants could disrupt economic recovery.

At the closing bell, the BSE Sensex stood lower by 183 points (down 0.4%).

Meanwhile, the NSE Nifty closed lower by 38 points (down 0.3%).

Tata Steel and Bajaj Finserv were among the top gainers today.

Bajaj Auto and TCS, on the other hand, were among the top losers today.

The SGX Nifty was trading at 15,718, up by 8 points, at the time of writing.

The BSE MidCap index and the BSE SmallCap index ended up by 0.6% and 0.4%, respectively.

Sectoral indices ended on a mixed note with stocks in the energy sector, banking sector and oil & gas sector witnessing most of the selling pressure.

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

Shares of Just Dial and VRL Logistics hit their respective 52-week highs today.

Asian stock markets ended on a mixed note today.

The Hang Seng ended the day up by 0.7%, while the Shanghai Composite ended on a flat note today.

The Nikkei ended down by 0.6% in today's session.

US stock futures are trading on a positive note today with the Dow Futures trading up by 161 points.

The rupee is trading at 74.64 against the US$.

Gold prices for the latest contract on MCX are trading up by 0.2% at Rs 47,820 per 10 grams.

Speaking of the stock markets, India's #1 trader, Vijay Bhambwani, talks about why the bulls are finding it difficult to push the market higher, in his latest video for Fast Profits Daily.

Tune in to the video below to find out more:

In news from the pharma sector, Alembic Pharma was among the top buzzing stocks today.

Alembic Pharmaceuticals said it has received final approval from the US health regulator for Erlotinib tablets used in the treatment of cancer.

The approved product is therapeutically equivalent to the reference listed drug product Tarceva tablets of OSI Pharmaceuticals.

The company has received final approval from the US food and drug administration (USFDA) for its abbreviated new drug application (ANDA) for Erlotinib tablets in the strengths of 25 milligram (mg), 100 mg, and 150 mg, Alembic Pharma said in a regulatory filing.

Erlotinib tablets are indicated for the treatment of patients with metastatic non-small cell lung cancer (NSCLC).

The tablet in combination with gemcitabine is also indicated for the first-line treatment of patients with locally advanced, unresectable or metastatic pancreatic cancer.

Erlotinib tablets have an estimated market size of US$37 m for the twelve months ending March 2021.

Alembic has a cumulative total of 148 ANDA approvals (130 final approvals and 18 tentative approvals) from the USFDA.

Alembic Pharma share price ended the day down by 0.8% on the BSE.

Moving on to news from the power sector...

Tata Power Bags Solar Project from Kerala State Electricity Board

Tata Power announced that the company has been empanelled and won a contract worth Rs 4 bn from the Kerala State Electricity Board (KSEBL) on 2 July 2021 to develop 64 megawatt (MW) solar rooftop project for domestic consumers across all districts of Kerala.

'As a part of this agreement, the company will implement projects through KSEBL of 80 MW for individual households with solar capacity ranging from 3 kilowatt (kW) - 10 kW and for 20 MW of residential / housing society with projects (solar capacity ranging from 11 kW - 100 kW),' Tata Power said.

The company has won this capacity in a bid announced by KSEBL in February 2021 under the 'Soura Subsidy Scheme in Domestic Sector', Kerala, in line with the phase II subsidy programme of the ministry of new & renewable energy.

The project has to be commissioned within three months of receipt of an order from individual residential customers.

Besides rooftop, the company had earlier received a letter of award (LoA) from KSEBL on 6 January 2021 to develop a 110 MW solar project which is expected to generate about 274 mega units (MU) of energy per year.

Upon completion of this 84 MW of solar rooftop project, it is expected to generate 120 MU of energy per year and will annually offset approximately 100 m kg of CO2.

Tata Power share price ended the day up by 1% on the BSE.

Speaking of the power sector, it's interesting to note the power exchanged in India is about 4.5% of the overall power production, as can be seen in the chart below.

As per Tanushree Banerjee, Co-Head of Research at Equitymaster, India's power sector is currently in transition. It's driven by increasing reliance on short-term contracts and electricity spot markets.

This transition to the short-term market is happening due to quickly evolving industry dynamics.

Tanushree believes the Indian power sector will see a surge in spot power volumes due to certain factors.

In August 2020, Tanushree recommended a high-quality stock from this space. Subscribers can read the report here (requires subscription).

If you are not a StockSelect subscriber, here's where you can sign up.

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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