Sensex Ends Flat; Healthcare and Metal Stocks Witness Selling

Wed, 12 Aug Closing

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After staging a gap-down opening, Indian share markets recovered losses as the session progressed and ended on a flat note.

Benchmark indices fell in early trade today tracking negative global equities. Further, weak domestic factory output data dampened investor sentiment.

At the closing bell, the BSE Sensex stood lower by 37 points.

The NSE Nifty snapped its 6-day winning streak and closed down by 14 points.

SGX Nifty was trading at 11,311, down by 33 points, at the time of writing.

The BSE Mid Cap index ended the day down by 0.3%. The BSE Small Cap index ended down by 0.1%.

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

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

Asian stock markets ended on a mixed note. As of the most recent closing prices, the Nikkei ended 0.4% higher, while the Shanghai Composite ended 0.6% lower. The Hang Seng ended up by 1.4%.

The rupee is trading at 74.82 against the US$.

Gold prices are trading down by 0.2% at Rs 51,836 per 10 grams. In early trade today, gold futures on MCX plunged as much as 3% to Rs 49,955 per 10 grams.

Hopes of vaccine development prompted some investors to reduce exposure to the yellow metal.

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Speaking of the current stock market scenario, note that after over 2 years of lag, the smallcap index is beating Sensex in the post Covid rebound.

As per Richa Agarwal, lead smallcap analyst at Equitymaster, the next few days would be crucial for making big gains in smallcap stocks.

But while it is time to act, you must tread with caution. Post Covid, Richa expects a lot of clean up in the smallcap space, with only a few quality stocks emerging as winners.

Moving on, market participants were tracking Lemon Tree Hotels share price.

Shares of the company zoomed as much as 10% today after the company announced its debut in Dwarka, Gujarat, with the launch of the 109 key hotel - Lemon Tree Premier, Dwarka.

In news from the media sector, PVR was among the top buzzing stocks today.

Shares of the company advanced up to 9% on the BSE after the multiplex-chain owner successfully raised Rs 3 billion via its right issue. The rights issue was over-subscribed by 2.24 times.

The rights issue had opened for subscription on July 17th and closed on July 31st. It received an application for 85.29 lakh shares, worth Rs 6.72 billion.

The offer size was Rs 3 billion, an equivalent of 38.23 lakh shares at an issue price of Rs 784 per share.

The promoters, Ajay Bijli and Sanjeev Kumar also participated and applied for shares more than their entitlement in the rights issue.

During the last financial year, PVR became the first Indian multiplex to cross the 800 screen milestone, and 100 million footfalls.

PVR's CFO, Nitin Sood said, "the proceeds will be essentially used for meeting working capital needs (like cinema maintenance, electricity) and partly for debt repayment obligations. We have approximately Rs 1.5 billion of debt repayments due in FY21."

Theatres in India have been shut for over five months due to coronavirus-led lockdown.

While cinemas were expected to open in Unlock 3.0, there has been no government order on their resumption.

While theatres still remain shut, PVR has prepared itself to welcome the audience back to theatres. It has invested Rs 60 million across its properties on safety and hygiene measures.

PVR share price ended the day up by 6.1%.

Moving on to news from the airlines sector, shares of InterGlobe Aviation - the parent firm of India's largest airline by market share IndiGo, gained over 10% today amid reports that the airline is in talks with two lessors to sell and lease back 12 of its ATR 72-600 aircraft and their engines.

As per a leading financial daily, the conversations with at least two lessors - Aergo Capital and DAE have been going on for the past few days.

Each of these aircraft is likely to generate US$ 18 million to US$ 20 million for the low-cost carrier.

The airline confirmed to the organisation that it is working to close these transactions, but it will be difficult to give a specific timeframe for its completion. Apart from this, the airline said it will continue to finance their new aircraft deliveries in the ordinary course as more planes are delivered.

During its board meeting on August 10, IndiGo had approved to raise Rs 40 billion through an issue of equity shares by way of a qualified institutions placement.

IndiGo share price ended the day up by 9.9%.

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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