Sensex Falls 750 Points from Day's High; Telecom and Energy Stocks Witness Selling

Wed, 15 Jul Closing

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After opening the day on a strong note, Indian share markets witnessed selling pressure during closing hours today and ended flat.

Benchmark indices gave up early gains and slipped into the red during the last hour of trading.

In early trade today, Indian share markets rose in sync with overnight gains in the US market. Wall Street logged strong gains, with the Dow Jones Industrial Average ending more than 2% higher.

Optimism over vaccine trials and more stimulus from the governments boosted sentiment. Zydus Cadila said it had begun human trials for its potential coronavirus vaccine across multiple sites.

Separately, the first Covid-19 vaccine tested in the US revved up people's immune systems just the way scientists had hoped, researchers reported, with the shots poised to begin key final testing.

The experimental vaccine, developed by US government's top infectious disease expert Anthony Fauci's colleagues at the National Institutes of Health and Moderna Inc, will start its most important step around July 27, a 30,000-person study to prove if the shots really are strong enough to protect against the coronavirus.

At the closing bell, the BSE Sensex stood higher by 19 points. The BSE Sensex rose over 750 points in intraday trade before settling on a flat note.

Meanwhile, the NSE Nifty closed up by 11 points (up 0.1%).

SGX Nifty was trading at 10,635, up by 21 points, at the time of writing.

The BSE MidCap index ended the day down by 0.4%. The BSE SmallCap index ended down by 0.1%.

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

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

Asian stock markets ended on a mixed note today as encouraging results from a coronavirus vaccine study and optimism about swift economic growth supported expectations that corporate earnings will pick up in the second half of the year.

As of the most recent closing prices, the Hang Seng ended on a flat note and the Shanghai Composite stood lower by 1.6%. The Nikkei ended up 1.6%.

The rupee is trading at 75.15 against the US$.

Gold prices are trading down by 0.2% at Rs 49,150.

Moving on, market participants were tracking Infosys share price. The company is slated to announce its June quarter results later today.

Shares of the company surged 8% to hit a new high of Rs 848 on the BSE, after Vanguard on Tuesday announced it will partner Infosys as part of its ongoing strategy to enhance and evolve its full-service defined contribution (DC) business.

Apart from Infosys, shares of HCL Technologies and Larsen & Toubro Infotech hit their respective record highs today after IT services major Wipro reported a better-than-expected performance in June quarter (Q1FY21), as its profitability improved despite a contraction in revenues on a sequential basis.

Besides, Reliance Industries, Granules India, Laurus Labs, Dr Lal Pathlabs, and Coromandel International from the S&P BSE 500 index too touched their respective record highs today.

In news from the banking sector, Yes Bank was among the top buzzing stocks today.

The private sector lender on Tuesday raised Rs 45 billion from anchor investors ahead of its follow-on public offer that opened today.

The company has fixed the price band at Rs 12-13 per share for its follow-on public offer (FPO) which will be open for subscription from July 15-17.

Yes Bank is aiming to raise Rs 150 billion through the issue to ensure adequate capital to support its growth and expansion, including enhancing its solvency, capital adequacy ratio, and evolving regulatory requirement.

According to investment banking sources, several investors including FPIs have been allocated shares at Rs 12 in the anchor portion.

These investors include US-based alternative asset manager Tilden Park Capital Management LP, Singapore-based fund management company Amansa Capital and UK-based fund management firm Jupiter Fund.

The other investors who have received allotment in the anchor book are Elara Capital, RBL Bank, Hinduja Group's Leyland Finance, HDFC Life Insurance Company and ICICI Prudential Mutual Fund.

Yes Bank share price ended the day down by 2.2%.

Speaking of the banking sector, note that 2019 was brutal for some banking stocks.

The market has severely punished them. This is due to issues such as worsening asset-quality, corporate governance, and inadequate capital.

Stocks such as Yes Bank and Lakshmi Vilas Bank have witnessed huge selling pressure.

Falling Knives in the Banking Sector

Falling stock prices could be enticing. After all, we love deep discounts and good bargains.

But if you're thinking of buying these stocks it's important to remember this point - If a stock is in a falling spree, there's probably a good reason behind it.

And realising this in a falling market is the first step towards correcting one's investing process.

Moving on, the Rs 5-billion IPO by Rossari Biotech attracted 38 times bids on Day 3 of the bidding process.

At the time of writing, the issue by the specialty chemicals company had attracted bids for 31,06,99,025 shares, which was 38 times the issue size of 81,73,530 shares.

The reserved portion for retail investors has seen 5.14 times subscription and non-institutional investors portion is subscribed 121.69 times. The portion set aside for qualified institutional buyers has been subscribed 32.77 times.

Last week on Friday, the company raised Rs 1,488.7 million from anchor investors, which included top three fund houses - SBI Mutual Fund, HDFC Mutual Fund and ICICI Prudential Mutual Fund.

Rossari Biotech is a specialty chemical manufacturing firm with focus on home and personal care, performance chemicals, textile specialty chemicals and animal health and nutrition products.

How this IPO performs on listing day 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!

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