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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

LINDE INDIA Surges by 11%; BSE OIL & GAS Index Up 0.1% (Today's Market)

Jan 24, 2019 11:56 AM

LINDE INDIA share price has surged by 11% and its current market price is Rs 732. The BSE OIL & GAS is up by 0.1%. The top gainers in the BSE OIL & GAS Index is LINDE INDIA (up 10.9%). The top losers are GAIL (down 0.2%) and CASTROL INDIA (down 0.2%).

HEG LTD Plunges by 5%; BSE CAPITAL GOODS Index Down 0.4% (Today's Market)

Jan 24, 2019 11:42 AM

HEG LTD share price has plunged by 5% and its current market price is Rs 3,321. The BSE CAPITAL GOODS is down by 0.4%. The top gainers in the BSE CAPITAL GOODS Index are KALPATARU POWER (up 1.1%) and HAVELLS IND (up 0.9%). The top losers are HEG LTD (down 5.0%) and GRAPHITE INDIA (down 5.4%).

The BSE REALTY Index has hit an all-time high at 1,881 (up 2.8%) (Today's Market)

Jan 24, 2019 11:00 AM

The BSE REALTY Index has hit an all-time high at 1,881 (up 2.8%). Among the top gainers in the BSE REALTY Index today are OBEROI REALTY and GODREJ PROPERTIES. Meanwhile, the BSE Sensex has surged 0.3% to 36,226.

OBEROI REALTY Surges by 5%; BSE REALTY Index Up 2.6% (Today's Market)

Jan 24, 2019 10:58 AM

OBEROI REALTY share price has surged by 5% and its current market price is Rs 463. The BSE REALTY is up by 2.6%. The top gainers in the BSE REALTY Index is OBEROI REALTY (up 5.1%).

KPIT TECHNOLOGIES Surges by 5%; BSE IT Index Down 0.2% (Today's Market)

Jan 24, 2019 10:20 AM

KPIT TECHNOLOGIES share price has surged by 5% and its current market price is Rs 144. The BSE IT is down by 0.2%. The top gainers in the BSE IT Index is KPIT TECHNOLOGIES (up 5.3%). The top losers are ORACLE FINANCIAL SERVICES (down 0.2%) and SONATA SOFTWARE (down 0.3%).

Sensex Opens Flat; Metal & Automobile Stocks Drag (Today's Market)

Jan 24, 2019 09:30 am

Indian share markets open flat with Sensex down by 17 points, while the Nifty is trading down by 2 points.

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