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Sensex Tanks 642 Points; Automobile and Realty Stocks Plunge
Tue, 17 Sep Closing | Monish Vora, TM Team

Indian share markets fell sharply today amid fears of rising crude oil prices and weakness in the rupee rattled investor sentiment. The BSE Sensex fell over 700 points intraday and breached the 36,500 mark. Meanwhile, NSE Nifty slumped below 10,800.

All sectoral indices ended on a negative note, with stocks in the automobile sector, realty sector and metal sector, leading the losses.

At the closing bell, the BSE Sensex stood lower by 642 points (down 1.7%) and the NSE Nifty closed down by 186 points (down 1.7%). The BSE Mid Cap index and the BSE Small Cap index ended the day down by 1.8%.

Asian stock markets finished on a negative note. As of the most recent closing prices, the Hang Seng was down by 1.4% and the Shanghai Composite stood lower by 1.7%.

The rupee is trading at 71.91 against the US$.

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In news from the commodity space, oil witnessed selling pressure today. Oil prices pulled back slightly after soaring 15% in the previous session.

Saturday's attacks raised the prospect of a major supply shock in a market that in recent months has focused on demand concerns due to the pressure on global growth from an ongoing US-China trade dispute.

On Monday, oil prices surged nearly 20% in intraday trading in response to the attacks, the biggest jump in almost 30 years, before closing at a four-month high.

US President Donald Trump said it looked like Iran was behind attacks but stressed he did not want to go to war. Relations between the United States and Iran have deteriorated since Trump pulled out of the Iran nuclear accord last year and reimposed sanctions on its oil exports.

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

In news from the PSU space, shares of STC India and MMTC plunged up to 18% in early trade today, amid reports that the Commerce Ministry has decided to close down the state-owned trading firms along with the Project and Equipment Corporation of India (PEC).

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As per reports, the department of commerce may soon approach the cabinet with the proposal.

When asked whether the government is considering to shut or merge these units, Commerce and Industry Minister Piyush Goyal said "all options are open".

He said gradually the purpose of these companies is getting eroded and they are no more canalising agencies. He further added that there is no meaning for such a big infrastructure (MMTC) to carry out gold imports.

According to STC's annual report for 2018-19, the company is facing "severe liquidity crisis" as all the lender banks have reported STC's account as NPA due to non-payment of interest on the banking limits availed by the company". At present, the company has no banking limits, funded or non-funded, available with it.

Out of the total dues of about Rs 19.1 billion crystallized with the lender banks, an amount of Rs 11 billion has already been paid by STC to the lender banks.

The balance amount is also proposed to be paid partly through sale of its immovable properties and partly out of the trade receivables to be realized by the company.

Moving on to news from the pharma sector, Glenmark Pharma has been granted Orphan Drug Designation by US Food and Drug Administration (USFDA) to its bispecific antibody candidate GBR 1342 for the treatment of patients with multiple myeloma who have received prior therapies.

Derived from the company's proprietary BEAT (Bispecific Engagement by Antibodies based on the T cell receptor) technology, GBR 1342 is being investigated for the treatment of multiple myeloma.

Glenmark Pharma share price ended the day down by 0.9%.

To know more about the company, you can read Glenmark's latest result analysis and Glenmark's 2018-19 annual report analysis on our website.

Meanwhile, Dr Reddy's Laboratories has launched Lansoprazole delayed-release capsules USP, 15 mg, an over the counter (OTC) store-brand equivalent of Prevacid 24HR capsules, in the United States market, as approved by the USFDA.

Dr Reddy's OTC Lansoprazole delayed-release capsules USP, 15 mg, is an over the counter, Proton Pump Inhibitor (PPI) used to treat frequent heartburn occurring two or more days a week.

Dr Reddy's share price ended the day up by 0.6%.

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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Stock Market Updates

TIME TECHNO Plunges by 5%; BSE 500 Index Down 1.7% (Today's Market)

Sep 17, 2019 03:33 PM

TIME TECHNO share price has plunged by 5% and its current market price is Rs 70. The BSE 500 is down by 1.7%. The top gainers in the BSE 500 Index are PC JEWELLER (up 10.2%) and TATA COMM. (up 5.0%). The top losers are TIME TECHNO (down 5.3%) and HERO MOTOCORP (down 6.4%).

TAKE SOLUTIONS Plunges by 7%; BSE IT Index Down 0.4% (Today's Market)

Sep 17, 2019 03:33 PM

TAKE SOLUTIONS share price has plunged by 7% and its current market price is Rs 134. The BSE IT is down by 0.4%. The top gainers in the BSE IT Index is INFOSYS (up 0.6%). The top losers are TAKE SOLUTIONS (down 6.8%) and ECLERX SERVICES (down 8.1%).

SUNTECK REALTY Plunges by 5%; BSE REALTY Index Down 3.7% (Today's Market)

Sep 17, 2019 03:33 PM

SUNTECK REALTY share price has plunged by 5% and its current market price is Rs 463. The BSE REALTY is down by 3.7%. The top gainers in the BSE REALTY Index is OMAXE LTD (up 0.2%). The top losers are SUNTECK REALTY (down 5.3%) and SOBHA LIMITED (down 5.2%).

TATA STEEL Plunges by 5%; BSE METAL Index Down 2.8% (Today's Market)

Sep 17, 2019 03:33 PM

TATA STEEL share price has plunged by 5% and its current market price is Rs 366. The BSE METAL is down by 2.8%. The top losers is TATA STEEL (down 5.1%).

TATA MOTORS Plunges by 5%; BSE AUTO Index Down 4.0% (Today's Market)

Sep 17, 2019 03:31 PM

TATA MOTORS share price has plunged by 5% and its current market price is Rs 130. The BSE AUTO is down by 4.0%. The top losers are TATA MOTORS (down 5.2%) and HERO MOTOCORP (down 6.3%).

Sensex Slips Over 300 Points; Axis Bank & Tech Mahindra Top Losers (Today's Market)

Sep 17, 2019 12:30 pm

The BSE Sensex is trading down by 304 points, while the NSE Nifty is trading down by 86 points.

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