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Sensex Ends Over 450 Points Lower; IT and Energy Stocks Witness Selling
Fri, 19 Oct Closing | Monish Vora, TM Team

Share markets in India continued their sell-off seen during the day and ended the trading session deep in the red. All sectoral indices traded on a negative note with stocks in the IT sector and energy sector witnessing most of the selling pressure.

At the closing bell, the BSE Sensex stood lower by 464 points (down 1.3%) and the NSE Nifty closed down by 149 points (down 1.4%). The BSE Mid Cap index ended the day down 1.1%, while the BSE Small Cap index ended the day down 1.3%.

The rupee was trading at 73.43 against the US$.

Asian stock markets finished on a mixed note. As of the most recent closing prices, the Hang Seng was up by 0.4% and the Shanghai Composite was up by 2.5%. The Nikkei 225 was down 0.6%.

Speaking of sell-off in the stock markets, many good companies have corrected quite a bit.

The chart below shows the current mood of the market. Headline indices have corrected significantly from their peaks in 2018.

Are These Deep Corrections a Buying Signal?

These corrections are a clear sign of fear across sectors and individual stocks.

As per Research Analyst, Ankit Shah, the correction could last longer.

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But looking at the history of equity returns, he believes this would be just a passing correction phase.

Despite all the volatility and periodic crashes, equities are still one of the most rewarding and safe asset classes over the long run.

In the news from global financial markets, China's economy grew at a slower than expected pace of 6.5% in the third quarter from a year earlier.

This was marked as the weakest rate since the global financial crisis. The data pointed a modest cooling in the world's second-largest economy, as the government's multi-year efforts to tackle debt risks begin to weigh on growth and as a trade war with the United States threatens its exports.

As per the data, retail sales rose 9.1% over a year earlier in the first nine months of the year, down 0.1% from the first half. Growth in factory output decelerated to 6.4% for the first nine months of 2018, down 0.3 percentage points from the first half. Investment rose 5.4% in the first three quarters, down 0.6 percentage points from the first half.

In the news from pharmaceutical sector, Lupin share price was in focus today. The stock of the company witnessed selling pressure after the company said that the US Food and Drug Administration (USFDA) has completed the inspection of Pithampur Unit-3 (Indere) facility with five observations. The company in a BSE filing said that these observations are procedural in nature.

The above inspection was a good manufacturing practices (GMP) inspection for the facility and also a pre-approval inspection (PAI) for the company's Tiotropium DPI abbreviated new drug application (ANDA).

From the IT sector, Mphasis share price was also in focus today as the company reported its September quarter results today. The company reported a 37% YoY (year-on-year) rise in consolidated net profit at Rs 2.7 billion for the September quarter. This was against a net profit of Rs 1.9 billion in the year-ago period.

You can listen to this week's stock market updates in our brand new podcast below. Tune in!

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

SHEELA FOAM LTD Surges by 5%; BSE FMCG Index Up 1.2% (Today's Market)

Nov 19, 2018 03:15 PM

SHEELA FOAM LTD share price has surged by 5% and its current market price is Rs 1,458. The BSE FMCG is up by 1.2%. The top gainers in the BSE FMCG Index is SHEELA FOAM LTD (up 5.2%). The top losers are GILLETTE INDIA (down 0.3%) and TATA COFFEE (down 0.4%).

ADANI TRANSMISSION Surges by 6%; BSE POWER Index Up 0.5% (Today's Market)

Nov 19, 2018 03:11 PM

ADANI TRANSMISSION share price has surged by 6% and its current market price is Rs 231. The BSE POWER is up by 0.5%. The top gainers in the BSE POWER Index are ADANI TRANSMISSION (up 6.5%) and RELIANCE INFRA (up 6.9%). The top losers are THERMAX LTD (down 0.2%) and TORRENT POWER LTD (down 0.7%).

BLUE STAR Surges by 5%; BSE CAPITAL GOODS Index Up 0.6% (Today's Market)

Nov 19, 2018 02:53 PM

BLUE STAR share price has surged by 5% and its current market price is Rs 646. The BSE CAPITAL GOODS is up by 0.6%. The top gainers in the BSE CAPITAL GOODS Index are BLUE STAR (up 5.3%) and CG POWER & INDUSTRIAL SOLUTIONS LTD (up 6.8%). The top losers are THERMAX LTD (down 0.5%) and V GUARD IND. (down 0.7%).

DENA BANK Surges by 5%; BSE BANKEX Index Up 0.1% (Today's Market)

Nov 19, 2018 02:43 PM

DENA BANK share price has surged by 5% and its current market price is Rs 18. The BSE BANKEX is up by 0.1%. The top gainers in the BSE BANKEX Index are DENA BANK (up 5.4%) and YES BANK (up 6.1%). The top losers are SBI (down 0.7%) and AXIS BANK (down 1.1%).

BANK OF MAHARASHTRA Surges by 11%; BSE BANKEX Index Up 0.4% (Today's Market)

Nov 19, 2018 02:35 PM

BANK OF MAHARASHTRA share price has surged by 11% and its current market price is Rs 15. The BSE BANKEX is up by 0.4%. The top gainers in the BSE BANKEX Index is BANK OF MAHARASHTRA (up 10.5%). The top losers are SBI (down 0.4%) and AXIS BANK (down 1.0%).

Sensex Trades Marginally Higher; Yes Bank & Tata Motors Top Gainers (Today's Market)

Nov 19, 2018 12:30 pm

The BSE Sensex is trading up by 141 points, while the NSE Nifty is trading up by 33 points.

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