Sensex Down 285 Points; Metal and Healthcare Stocks Witness Selling

Mon, 28 Jan 12:30 pm

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After opening the day marginally higher, share markets in India witnessed selling pressure and are presently trading on a negative note. Sectoral indices are trading on a negative note with stocks in the metal sector and healthcare sector witnessing maximum selling pressure.

The BSE Sensex is trading down by 285 points (down 0.8%) and the NSE Nifty is trading down by 91 points (down 0.9%). Meanwhile, the BSE Mid Cap index is trading down by 1.6%, while the BSE Small Cap index is trading down by 1.9%.

The rupee is trading at 71.12 to the US$.

In the news from macroeconomic space, as per a leading financial daily, India has appeared in the list of the world's most innovative nations in 2019.

The chart below shows the scores of the nations that ranked among the top five (in red) - South Korea, Germany, Finland, Switzerland, and Israel.

India, with a score of 47.93, ranked 54th in the list.

India's Enters List of World's Most Innovative Nations

Bloomberg has been publishing the innovation index since the last seven years. But India hadn't made it to this list before.

The annual Bloomberg Innovation Index analyzes dozens of criteria using seven metrics, including research and development spending, manufacturing capability, concentration of high-tech public companies, patent activity, among others.

It is interesting to note that the ranking process in 2019 began with more than 200 economies. Each economy was scored on a 0-100 scale based on seven equally weighted categories. Nations that didn't report data for at least six categories were eliminated, trimming the total list to 95.

The final list published by Bloomberg consisted the top 60 economies.

The above data validates Tanushree's optimism about India's future.

And as we wrote in today's edition of The 5 Minute WrapUp... 'Anyone who still thinks India is a poor country of elephants and snake charmers needs to seriously rethink.'

Market participants are tracking Graphite India share price and HEG share price today.

This comes as the stocks have continued their downtrend seen last week on the back of rise in raw material prices.

Share price of Graphite India extended its losing streak for the eighth consecutive session and plunged around 15% on the BSE today, thereby touching its 52-week low of Rs 470.

Similarly, shares of HEG fell for the third straight session and fell around 10% today.

Note that needle coke is the main raw material for GE production & is very critical for the growth of GE industry.

HEG in its investor presentation released this month said that due to excess capacity of needle coke in the recent past, some of the needle coke producers have been trying to find a new application for coke in the Lithium Ion batteries.

In the last couple of years, needle coke has been successfully used in this application and a reasonably large part of needle coke is now being used in China in Lithium Ion batteries.

Apart from the above, market participants are also closely tracking Zee Entertainment share price today.

This comes as shares of Zee Entertainment jumped over 13% today after the company said it has reached a deal with lenders on pledged shares. The company said 96-97% of the lenders have agreed not to revoke shares were the shares to fall further.

CEO Punit Goenka said that after the agreement, the company has not pledged further shares as collateral after Friday's sharp fall.

Last week, the stock of the company tanked over 30% - it's worst ever fall - on the back of a report that stated a link has emerged between Essel Group and a company being probed for suspect demonetisation deposits.

Meanwhile, other reports stated that Zee Entertainment's promotors' plan to sell stake in the company has gained fresh momentum.

The above development also weighed on Zee Entertainment's subsidiary Dish TV, which was closed down by 12% today.

To know what's moving the Indian stock markets today, check out the most recent share market updates here.

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