Sensex Ends Marginally Lower; Telecom and Banking Stocks Witness Selling

Mon, 14 Sep 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 marginally lower.

Benchmark indices opened on a positive note tracking gains in Asian peers as resumption of vaccine trial by AstraZeneca boosted hopes of an early end to the pandemic and lifted investor sentiments.

Gains were erased in the afternoon session, amid selling in banking, telecom and FMCG companies.

At the closing bell, the BSE Sensex stood lower by 98 points. Meanwhile, the NSE Nifty ended down by 24 points.

HCL Tech and TCS were among the top gainers today. Bharti Airtel, on the other hand, was among the top losers today.

SGX Nifty was trading at 11,431, down by 36 points, at the time of writing.

Broader indices outperformed their benchmark peers after the markets regulator tweaked rules for multi-cap mutual funds.

According to the new norms, multi-cap funds must hold at least 75% of their assets in equities with 25% each in large, medium and smaller companies.

The BSE Mid Cap index ended up by 1.6%. The BSE Small Cap index ended up by 4%.

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

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

Asian stock markets ended on a positive note. As of the most recent closing prices, the Hang Seng and the Shanghai Composite ended higher by 0.6%. The Nikkei ended up by 0.7%.

US stock futures are trading higher today, indicating a positive start for Wall Street indices.

Nasdaq Futures are trading up by 161 points (up 1.5%), while Dow Jones Industrial Average Futures are trading up by 285 points (up 1%).

The rupee is trading at 73.53 against the US$.

Gold prices are trading up by 0.2% at Rs 51,402 per 10 grams.

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Moving on to stock specific news...

HCL Technologies was among the top buzzing stocks today.

Shares of the company rallied 11% to hit a record high of Rs 807.80 on the BSE after the company said it expects the revenue and the operating margin for the July-September quarter (Q2FY21) to be meaningfully better than the top end of the guidance it had provided in July'2020.

"We have seen strong execution during the quarter to date, and continue to execute to the plan this month. The Revenue growth for the current quarter is expected to exceed 3.5% quarter on quarter in constant currency (CC), enabled by broad based momentum across all service lines, verticals and geographies," the company said in mid-quarter business update.

The IT major further said the earnings before interest and tax (EBIT) margin for the current quarter is expected to be between 20.5% and 21%.

For the April-June quarter of fiscal year 2020-21, HCL Technologies had recorded 31.7% increase in consolidated net profit at Rs 29.3 billion.

HCL Technologies share price ended the day up by 10%.

In other news, the market-capitalisation of Tata Consultancy Services (TCS) surged past the Rs 9 trillion-mark for the first time, after its share price rose 5% to hit a record high of Rs 2,504.

The IT giant is the second Indian company, after Reliance Industries, to achieve the milestone.

Shares of other IT companies also witnessed buying interest today with Persistent Systems, Mphasis, NIIT, Mastek, Ramco Systems and Quick Heal Technologies from the S&P BSE IT index rising in the range of 5-11%.

Moving on to news from the automobile sector, as per a leading financial daily, Tata Motors has initiated the process of selling stakes in units Tata Technologies and Tata Hitachi Construction Machinery Co. as part of its ambitious plan to turn debt-free in three years.

The intent is to monetise non-core assets and the exercise has begun with these two companies.

In other news, the company's wholly owned subsidiary, Jaguar Land Rover (UK) said retail sales totalled 36,421 in July and 28,887 vehicles in the seasonally lower month of August.

Notably UK retail sales in July and August were up significantly year-on-year (YoY), 29.1% and 14.3% respectively.

Tata Motors share price ended the day up by 2.1%.

Speaking of the automobile sector, have a look at the chart below which shows the performance of BSE Auto index for the month of September since inception.

The BSE auto index ended in the red on only 3 out of the last 15 years for the month of September. That's a success ratio of 80%.

The auto index has entered the greed phase in September 2019 and will stay there until December 2021. This means there is still a lot of fuel left for auto stocks.

How automobile stocks perform in the coming months 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.

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INDICESBSE (Rs 0 to 1)BSE (Rs 1 to 2)BSE (Rs 2 to 4)BSE (Rs 4 to 10)BSE (Rs 10 to 20)BSE (Above Rs 20)BSE - AllBSE-30BSE-100BSE-200BSE-500BSE AutoBSE BankexBSE Capital GoodsBSE Consumer DurablesBSE FMCGBSE HealthcareBSE ITBSE MetalBSE Oil & GasBSE PSUBSE TeckBSE RealtyBSE PowerBSE A GroupBSE B GroupBSE Mid-CapBSE Small-CapBSE Basic MaterialsBSE Consumer DiscretionaryBSE IndustrialsBSE UtilitiesBSE Sensex 50BSE Sensex Next 50BSE Bharat 22BSE 150 MidCapBSE 250 SmallCapBSE 250 LargeMidCapBSE 400 MidSmallCapBSE AllCapBSE LargeCapBSE SmallCap SelectBSE 100 LargeCap TMCBSE InfraBSE ManufacturingBSE CPSEBSE Private BankBSE Diversified FinancialsBSE MomentumBSE Low VolatilityBSE QualityBSE Enhanced ValueBSE Divident StabilityS&P BSE IPOBSE SMEIPOBSE 100 ESGBSE CarbonexBSE GreenexNSE (Rs 0 to 10)NSE (Rs 10 to 20)NSE (Above Rs 20)NSE - AllNSE-50NSE ITNSE Nifty Midcap 50NSE JR. NiftyNSE Bank NiftyNIFTY Next 50NIFTY 100NIFTY 200NIFTY 500NIFTY MidCap 100NIFTY SmallCap 250NIFTY SmallCap 50NIFTY SmallCap 100NIFTY LargeMidCap 250NIFTY MidSmallCap 400NIFTY AutoNIFTY Consumer DurablesNIFTY FinanceNIFTY FMCGNIFTY MediaNIFTY MetalNIFTY PharmaNIFTY Private BankNIFTY PSU BankNIFTY RealtyNIFTY Oil & GasNIFTY SME EmergeNIFTY CommoditiesNIFTY CPSENIFTY EnergyNIFTY India ConsumptionNIFTY InfraNIFTY MNCNIFTY PSENIFTY Serv SectorNIFTY100 Liquid 15NIFTY Midcap Liquid 15NIFTY Midcap 150 Quality 50NIFTY50 Equal WeightNIFTY100 Equal WeightNIFTY100 Low Volatility 30NIFTY100 Alpha 30NIFTY Alpha 50NIFTY Dividend Opportunities 50NIFTY High Beta 50NIFTY Low Volatility 50NIFTY200 Quality 30NIFTY 500 Value 50NIFTY 100 Quality 30SECTORSAgricultureAirlinesAluminiumAsset Management CompaniesAutomobilesAuto AncillariesBanks (Private)Banks (PSU)BankingCementChemicalsDefenceDiagnosticsDronesEngineeringElectric VehicleElectric Vehicle BatteryEnergy SourcesESGEthanolFertilizersFintechFMCGFoodGreen HydrogenHotelsInfrastructureInsuranceInvestment and FinanceInvITIT (Large)IT (Others)LogisticsMediaMetalMiningIndia's Big Tech StocksIndian PharmaMNC PharmaPSUPaintPaperPlasticPowerRating AgenciesReal EstateREITsRenewable EnergyRetailingSemiconductorShippingSteelSugarSupply ChainTelecomTextilesTravel Support Services

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