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Sensex Ends 267 Points Lower; Metal and Capital Goods Stocks Witness Huge Selling
Wed, 21 Aug Closing | Monish Vora, TM Team

India share markets continued to witness selling pressure during closing hours and ended their day deep in the red.

At the closing bell, the BSE Sensex stood lower by 267 points (down 0.7%) and the NSE Nifty closed down by 98 points (down 0.9%).

The BSE Mid Cap index ended the day down 1.3%, while the BSE Small Cap index ended the day down 1.4%.

Note that the decline in small-cap segment has been sharper since the Union Budget, with the BSE Smallcap index hitting its lowest level since February 2017.

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But Richa Agarwal says this fall currently offers the best bargains to the market.

In the below video, she talks about picking right stocks to benefit from the upcoming rebound.

Sectoral indices ended on a negative note with stocks in the metal sector and capital goods sector witnessing most of the selling pressure.

URGENT OPPORTUNITY: Top 5 Stocks That Could Potentially Give the First 50-100% Gains Very Fast

The rupee was trading at 71.45 against the US$.

Asian stock markets finished on a mixed note. As of the most recent closing prices, the Hang Seng was up by 0.15% and the Shanghai Composite was trading flat. The Nikkei 225 was down 0.28%.

European markets were trading on a positive note. The FTSE 100 was up by 1.01%. The DAX was trading up by 1.02%, while the CAC 40 was up by 1.42%.

Speaking of stock markets in general, the market is typically focused on the most recent star performers.

You will often find the likes of HUL or HDFC Bank being the market darlings for never having a disappointing quarter.

But it is rare to find companies that thrive through most of their survival period.

Tanushree Banerjee shares few of her thoughts on this. Here's an excerpt of what she wrote in today's edition of The 5 Minute WrapUp...

  • It is rare to find companies that survive for decades. It's even rarer to find ones that thrive through most of their survival period.

    So, if you do not wish to pay steep valuations for the market darlings, you need to look for the companies with history and consistency on their side.

    And they shouldn't be too conspicuous to the market either.

    I am talking of companies like Hawkins and City Union Bank. They have a track record of paying dividends for decades.

    The dividends such companies pay are especially helpful at a time when globally interest rates are headed lower.

And, as seen in the chart below, 'risk-free returns' from debt seem to have gone missing.

Inflation Adjusted Risk Free Returns Are Negligible Globally

Inflation Adjusted Risk Free Returns Are Negligible Globally

In the news from the realty sector, Oberoi Realty share price and Capacite Infraprojects share price were in focus today.

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Shares of the companies witnessed selling pressure after the income Tax (IT) Department carried out searches for suspicious transactions, including alleged purchase from dubious entities.

Capacite Infraprojects is Oberoi Realty group's biggest vendor.

As per the news, clarification has been sought by stock exchanges on the development and the companies are yet to respond.

As per the report, there was suspicion on related party transaction within Oberoi and the IT department also suspects a difference between the sale price of housing units shown on the books and the registered prices.

The report added that since Oberoi Realty deals in the luxury home segment, the department suspects benami transactions by flat buyers to hide their identities.

Earlier this month, the IT department had conducted searches at Mumbai and Pune-based offices of four other realty firms, including Hub Town, Atul Projects, Wadhwa Group and Radius Developers.

A statement issued by the Press Information Bureau, on the behalf of IT department, said that the searches across more than 40 premises led to recovery of evidence related to receipt of 'On Money' sale of commercial and residential blocks, bogus unsecured loans taken, bogus long-term capital gains and various other sham transactions to evade income aggregating about Rs 7 billion.

How this all pans out remains to be seen. Meanwhile, we will keep you updated on all the developments from this space.

In the news from the commodity space, crude oil prices witnessed buying interest today.

Prices rose above US$ 60 a barrel for the first time in over a week amid data that showed a larger-than-expected drawdown in US crude inventories.

The American Petroleum Institute (API) reported a crude oil inventory draw of 3.45 million barrels for the week ending August 15, compared to analyst expectations of a 1.889-million barrel draw.

The inventory build this week compares to last week's surprise build of 3.7 million barrels, according to API data.

Oil prices rose on the back of above announcement but ongoing worries about a global economic recession capped gains.

Note that crude oil has been witnessing volatility lately amid weekly declines in US inventories and rising geopolitical tensions between Iran and other countries.

Meanwhile, volatility was also seen on the back of ongoing geopolitical tensions in the Middle East.

How this all pans out remains to be seen.

To know more about crude oil and the recent developments in this space, you can read Vijay Bhambwani's recent article here: Message of the Markets - What is Crude Oil Indicating?

And 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


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Stock Market Updates

ESCORTS LIMITED at All Time High; BSE AUTO Index Down 0.6% (Today's Market)

Jul 10, 2020 03:30 PM

ESCORTS LIMITED share price has hit an all time high at Rs 1,141 (up 0.8%). The BSE AUTO Index is down by 0.6%. Among the top gainers in the BSE AUTO Index today are ESCORTS LIMITED (up 0.8%) and BAJAJ AUTO (up 0.5%). The top losers include BALKRISHNA INDUSTRIES (down 0.2%) and HERO MOTOCORP (down 0.4%).

LAURUS LABS LTD Share Price Up by 5%; BSE HEALTHCARE Index Up 0.7% (Today's Market)

Jul 10, 2020 03:18 PM

LAURUS LABS LTD share price is trading up by 5% and its current market price is Rs 604. The BSE HEALTHCARE is up by 0.7%. The top gainers in the BSE HEALTHCARE Index is LAURUS LABS LTD (up 5.2%). The top losers are ALKEM LABORATORIES (down 0.1%) and PROCTER & GAMBLE HEALTH (down 0.1%).

GUJARAT GAS Share Price Up by 5%; BSE OIL & GAS Index Up 0.2% (Today's Market)

Jul 10, 2020 03:16 PM

GUJARAT GAS share price is trading up by 5% and its current market price is Rs 306. The BSE OIL & GAS is up by 0.2%. The top gainers in the BSE OIL & GAS Index is GUJARAT GAS (up 5.3%). The top losers are IOC (down 0.3%) and INDRAPRASTHA GAS (down 0.6%).

PERSISTENT SYSTEMS Share Price Down by 5%; BSE IT Index Up 0.1% (Today's Market)

Jul 10, 2020 02:34 PM

PERSISTENT SYSTEMS share price is trading down by 5% and its current market price is Rs 749. The BSE IT is up by 0.1%. The top gainers in the BSE IT Index are FIRSTSOURCE SOL. (up 7.4%) and TCS (up 0.7%). The top losers is PERSISTENT SYSTEMS (down 5.0%).

RELIANCE IND. at All Time High; BSE OIL & GAS Index Down 0.1% (Today's Market)

Jul 10, 2020 01:54 PM

RELIANCE IND. share price has hit an all time high at Rs 1,879 (up 2.7%). The BSE OIL & GAS Index is down by 0.1%. Among the top gainers in the BSE OIL & GAS Index today are RELIANCE IND. (up 2.7%) and INDRAPRASTHA GAS (up 0.6%). The top losers include IOC (down 0.6%) and PETRONET LNG (down 1.3%).

Sensex Slips 200 Points; IndusInd Bank & HDFC Top Losers (Today's Market)

Jul 10, 2020 12:30 pm

The BSE Sensex is trading down by 213 points, while the NSE Nifty is trading down by 64 points.

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