Sensex Ends 66 Points Lower; Bajaj Finance and Bajaj Finserv Among Top Nifty Losers

Fri, 30 Jul Closing

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

Benchmark indices erased early gains and turned negative in today's session, tracking weak global cues and primarily dragged by metal and finance stocks.

At the closing bell, the BSE Sensex stood lower by 66 points (down 0.1%).

Meanwhile, the NSE Nifty closed lower by 15 points (down 0.1%).

Sun Pharma and Tech Mahindra were among the top gainers today.

Bajaj Finance and Bajaj Finserv, on the other hand, were among the top losers today.

The SGX Nifty was trading at 15,792, down by 48 points, at the time of writing.

The BSE Mid Cap index and the BSE Small Cap index ended up by 0.5% and 0.7%, respectively.

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

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

Shares of Abbott India and Mindtree hit their respective 52-week highs today.

Asian stock markets ended on a negative note today.

The Hang Seng and the Shanghai Composite ended the day down by 1.4% and 0.4%, respectively.

The Nikkei ended down by 1.8% in today's session.

US stock futures are trading on a negative note today with the Dow Futures trading down by 120 points.

The rupee is trading at 74.41 against the US$.

Gold prices for the latest contract on MCX are trading down by 0.2% at Rs 48,192 per 10 grams.

Speaking of the stock markets, India's #1 trader, Vijay Bhambwani, shares how you can profit from the weakness in NBFC stocks, in his latest video for Fast Profits Daily.

Tune in to the video below to find out more:

In news from the auto sector, Ashok Leyland was among the top buzzing stocks today.

Shares of Ashok Leyland edged higher by 10% to Rs 137.5 on the BSE today on the back of heavy volumes after the commercial vehicle (CV) major lined up its electric vehicle (EV) road map on Wednesday.

The stock of Hinduja group company was trading close to its 52-week high level of Rs 138.9 touched on 4 February 2021.

Switch Mobility, the electrified commercial vehicles company and a subsidiary of Ashok Leyland on Wednesday announced a strategic agreement with Dana Incorporated (Dana), the global leader in drivetrain and e-propulsion systems, to make a minority investment in Switch.

Under the terms of the agreement, Dana will make a strategic investment in Switch Mobility and will also be a preferred supplier of electric drivetrain components for the company's e-bus and EV commercial vehicle offering - including e-Axles, gearboxes, motors, inverters, software and controls, and electronics cooling, Switch Mobility said in a release.

The company further said with this agreement, Dana not only becomes an important supplier to Switch but will also invest US$18 m in the company, representing an approximate 1% stake.

Switch Mobility combines the electrical commercial vehicle operations of Ashok Leyland in India and UK to secure a leading global position in net zero carbon buses and light commercial vehicles.

Ashok Leyland share price ended the day up by 5.8% on the BSE.

Speaking of electric vehicles, note that the power ministry has approved setting up 2,636 electric vehicle charging stations across 62 cities in 24 states.

Here's what co-head of Research at Equitymaster, Tanushree Banerjee wrote about electric vehicles in one of her editions of Profit Hunter:

• '106 public and private entities have approached the government for permissions to set up about 7,000 EV charging stations.
  
  This clearly shows the vehicle manufacturers have enough incentive to capture this latent demand.
  
  The tax benefit in terms of a lower GST rate (at 5%) is a further shot in the arm of the EV industry.'

As per Tanushree, electric vehicles are very much on their way to invading Indian roads. The threat of disruption in this era is something you cannot ignore.

Moving on to news from the IPO space...

Rolex Rings IPO Subscribed 101 Times on Final Day

The public issue of Rolex Rings, one of India's leading forging companies, is subscribed 101.02 times on 30 July, the final day of bidding. The offer closes today.

Investors have put in bids for 574.3 m equity shares against offer size of 5.7 m equity shares, the subscription data available on exchanges showed.

The offer size has been reduced to 5.7 m equity shares from 8.1 m equity shares after fund raising from anchor investors on 27 July.

The reserved portion of qualified institutional buyers was subscribed 114.73%, while a part set aside for non-institutional investors was subscribed 263.36 times and that of retail investors 23.62 times.

Rolex Rings is planning to garner Rs 7.3 bn from public issue which comprises a fresh issue of Rs 560 m and an offer for sale of Rs 6.8 bn by selling shareholder.

The fresh issue proceeds will be utilised for working capital requirements.

How the IPO sails through remains to be seen. Meanwhile, 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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