Sensex Today Ends 188 Points Lower | SBI & Axis Bank Down 3% | ONGC, BPCL Top Losers

Fri, 17 Nov Closing

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After opening the day on a negative note, Indian share markets continued the downtrend as the session progressed and ended lower.

Equity benchmark indices fell on fell as Profit booking in financial stocks weighed on the benchmark indices with State Bank of India (SBI), Axis Bank falling up to 3.6%.

At the closing bell, the BSE Sensex stood down by 187 points (down 0.3%).

Meanwhile, the NSE Nifty closed lower by 33 points (down 0.2%).

Apollo Hospital and L&T were among the top gainers today.

Axis Bank and ONGC on the other hand, were among the top losers today.

The GIFT Nifty was trading at 19,814, up by 24 points, at the time of writing.

Broader markets ended on positive note. Both the BSE MidCap index and the BSE SmallCap index ended 0.3% higher.

Sectoral indices ended mixed with stocks in the realty sector and auto sector witnessing most of the buying. Meanwhile stocks in the energy sector and finance sector witnessed selling.

Shares of Tata Elxis, Bajaj Auto and Titan hit their respective 52-week highs today.

Now track the biggest movers of the stock market using stocks to watch today section. This should help you keep updated with the latest developments...

Asian share markets ended in the positive territory. The Shanghai Composite ended flat, while the Nikkei index ended 0.5% higher. Meanwhile Hang Seng ended 2% lower.

The rupee is trading at 83.3 against the US$.

Gold prices for the latest contract on MCX are trading 0.4% lower at Rs 60,953 per 10 grams.

Meanwhile, silver prices are trading 0.5% higher at Rs 73,700 per 1 kg.

Speaking of stock markets, Co-head of Research at Equitymaster Rahul Shah talks about taking more exposure to stocks right now or waiting for the markets to correct, in his latest video.

Tune in for more.

Tata Investment Corporation Soars 19%. Here's why.

In news form the finance sector, Tata Investment Corporation, an investment company of Tata group, saw its shares climbing over 19% in Friday's trade, thanks to unlocking opportunity on account of Tata Technologies Ltd initial public offer (IPO).

Tata Technologies, whose issue would kick off on Wednesday, 22 November, is a subsidiary of Tata Motors. Tata Investment Corporation is a promoter group entity in Tata Motors, owning 0.3% stake as on 30 September. This would be the first IPO by the Tata group after Tata Consultancy Services (TCS) in 2004.

Other than Tata Motors, Tata Investment Corporation owned stakes in at least six other listed Tata group firms, including Tata Chemicals, Tata Consumer Products Ltd, Trent, Tata Elxsi, Tata Steel, Tata Consultancy Services.

The last we checked, Tata Technologies shares were trading at a premium of Rs 298 in the grey market, indicating strong investor demand.

Before that, in September 2023, Tata Investment Corporation shares climbed for five consecutive days, reaching a 52-week high.

To know why this Tata Group company is having its best year since 2009, check out Why Tata Investment Share Price is Rising.

Why Dr Reddy's Share Price is Rising

Moving on to news from the pharma sector, Dr Reddy's Laboratories rose half a percent to Rs 5,561, rallying for the third day in a row on 17 November, after the company introduced Nerivio, a United States Food and Drug Administration (USFDA) approved wearable therapy device, for drug-free management of migraine in India.

Nerivio is a prescription-based, non-invasive device designed for the acute and preventive treatment of migraines, both with and without aura, in adults and adolescents aged 12 years and older.

The device is worn on the upper arm and comes with 18 built-in treatment sessions, each lasting 45 minutes. It is recommended to use the device within 60 minutes of the onset of a migraine for acute treatment or every other day for migraine prevention.

The device employs the Remote Electrical Neuromodulation (REN) mechanism to selectively trigger conditioned pain modulation by stimulating nerve endings.

This activation initiates a natural pain-relief process in the brainstem, leading to a widespread effect of pain inhibition that impacts the primary source of migraine pain in the head.

The Nerivio device comes with an app which will help manage the intensity levels of the device.

To know what's driving the rally in this large-cap stock and whether there's more steam left, check out Why Dr Reddy's Share Price is Rising.

Why Axis Bank share price is falling

Moving on to news from the banking sector, Axis Bank shares fell over 2% on 17 November, a day after the Reserve Bank of India (RBI) tightened norms for personal loans and credit cards to check the unbridled growth in this segment.

The central bank has raised credit risk weights on unsecured consumer loans by increasing the capital requirements for such loans as concerns have been growing over these borrowings.

The fall in Axis Bank share price also comes after RBI took stringent action against the bank, imposing a monetary penalty of nearly Rs 9.1 m.

The penalty is a consequence of Axis Bank's non-compliance with specific directives outlined by the RBI.

This regulatory action stems from the findings of the statutory inspection for supervisory evaluation, conducted by the RBI with reference to Axis Bank's financial position as of March 2022.

The inspection revealed several deficiencies in regulatory compliance, including the bank's failure to preserve records related to customer identification and addresses in specific cases.

What separates a good bank from a bad one? NPAs and capital efficiency. Axis Bank is one such bank that have low NPAs and a higher Return on Equity (ROE)...

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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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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