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Sensex Falls 1,100 Points from Day's High to End Marginally Lower; Metal & Energy Stocks Witness Selling
Tue, 30 Nov Closing

Sensex Zooms 600 Points, Nifty Tops 17,250; Bajaj Finserv & Tech Mahindra Top Gainers

It was indeed a volatile trading session for Indian share markets today.

Benchmark indices reversed course in intraday deals as global cues turned bearish after US pharma major Moderna warned that Covid-19 shots seemed less effective against Omicorn.

The BSE Sensex which had rallied to a high of 58,184 (up 923 points at the day's high), tumbled to a low of 56,868 owing to late sell-off.

The NSE Nifty tanked 394 points from its high of 17,325 to a low of 16,931.

At the closing bell, the BSE Sensex stood lower by 196 points (down 0.3%).

Meanwhile, the NSE Nifty closed lower by 71 points (down 0.4%).

Power Grid and Titan Company were among the top gainers today.

Tata Steel and Kotak Mahindra Bank, on the other hand, were among the top losers today.

The SGX Nifty was trading at 17,062, down by 33 points, at the time of writing.

The BSE Mid Cap index and the BSE Small Cap index ended up by 0.3% and 1.5%, respectively.

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Sectoral indices ended on a mixed note with stocks in the metal sector, banking sector and energy sector witnessing most of the selling pressure.

Consumer durables and IT stocks, on the other hand, witnessed buying interest.

Shares of Timken India and Orient Electric hit their respective 52-week highs today.

Asian stock markets ended on a negative note today.

Both, the Hang Seng and the Nikkei ended down by 1.6%, while the Shanghai Composite ended on a flat note.

US stock futures are trading deep in the red today with the Dow Futures trading down by 463 points.

The rupee is trading at 75.16 against the US$.

Gold prices for the latest contract on MCX are trading up by 0.7% at Rs 47,908 per 10 grams.

Speaking of stock markets, Brijesh Bhatia shares the sector to avoid in 2022, in his latest video for Fast Profits Daily.

Tune in to the video below to find out more:

In news from the banking sector, Yes Bank was among the top buzzing stocks today.

In a big relief to Yes Bank, the supreme court on 30 November 2021 stayed the Uttar Pradesh Police order, freezing the lender's voting rights in the Dish TV annual general meeting.

A bench headed by Justice DY Chandrachud took serious exception to police action in a corporate matter and also stayed the investigation until further orders.

'We cannot permit police officers sitting in Gautam Buddha Nagar to freeze voting rights of a shareholder', the bench said. 'The police here did what even the National Company Law Tribunal did not do (freeze shares and voting rights).'

Senior Counsel Abhishek Manu Singhvi, representing Yes Bank, essentially questioned the validity of the police notice issued earlier this month, asking the bank to not act on the shares, that is to say not to sell the shares or even carry out voting rights that come attached with the ownership of the shares.

Terming the notice as an 'extraordinary ingenious misuse of the criminal law', Singhvi alleged that the notice of freeze on voting rights came at an opportune time only to prevent the bank, as the largest shareholder, from voting in the annual general meeting.

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If Yes Bank votes during the Dish TV AGM, it may vote to change or refuse to reappoint directors. This, the bank contends, is a primary reason behind police action against the bank coming just ahead of the AGM.

The civil proceedings that were initiated by Essel group against the bank were withdrawn earlier this year, however, the 'FIR filed in the case had been languishing since August 2020' saw police action over a year later.

Remarking on this, the court said that there cannot be short-circuiting of the judicial process by using police action.

Using criminal procedure to achieve results of civil proceedings will have dangerous consequences, the supreme court bench observed.

Yes Bank had disbursed loans of Rs 52.7 bn to Essel group and its sister concerns between 2016 and 2018.

After the Yes Bank scam surfaced and the bank's board was reconstituted, it acted on the Dish TV shares that were pledged with it.

Yes Bank grabbed 25% ownership after the company's promoter failed to pay the debt and the pledged shares were invoked as a response in early 2020.

Yes Bank share price ended the day up by 0.2% on the BSE.

Speaking of the stock markets, a right investing process can help you win in the long term. It might offer some unexpected and undesirable results in the short term but lets you fare well when you average the outcomes.

According to Richa Agarwal, Senior Research Analyst at Equitymaster, any investment process should not be judged based on individual outcomes. Instead, it should have stood the test of the time.

Her smallcap service Hidden Treasure has had its fair share of failures. But sticking to a disciplined process meant that Hidden Treasure's internal rate of return (IRR) increased to 24.38% since inception. This compares favourably to the IRRs of 9.6% for the Sensex, and 8.8% for the smallcap index in the same period (February 2008 - June 2020) as can be seen in the chart below.

The service's performance did suffer in the short term after the 2018 crash in smallcaps. However, the long term track record and the post Covid rebound underscores the strength of stock picking process.

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Moving on to news from the IPO space...

Anand Rathi Wealth, part of Mumbai-based financial services group Anand Rathi said it has fixed a price band of Rs 530-550 a share for its Rs 6.6 bn initial public offering (IPO), which will open for public subscription on 2 December 2021.

The three-day public issue will conclude on 6 December 2021.

The initial share sale is entirely an offer for sale (OFS) of 12 m equity shares by promoters and existing shareholders.

The OFS consists of the sale of 9.2 m equity shares by Anand Rathi Financial Services, and 3.8 lakh equity shares each by Anand Rathi, Pradeep Gupta, Amit Rathi, Priti Gupta, Supriya Rathi, Rawal Family Trust, and Feroze Azeez, and 90,000 equity shares by Jugal Mantri.

The issue includes a reservation of 2.5 lakh equity shares for employees.

Half of the issue size has been reserved for qualified institutional buyers (QIBs), 15% for non-institutional investors, while 35% has been set aside for retail investors.

Anand Rathi Wealth operates in the financial services industry with a focus on mutual fund distribution and the sale of financial products.

From 31 March 2019 till 31 August 2021, the company's asset under management (AUM) has grown at a compound annual growth rate (CAGR) of 22.74% to Rs 302.1 bn.

As of August 2021, the company's flagship private wealth vertical catered to 6,564 active client families across the country.

In addition to the private wealth vertical, the company has two new-age technology-led business verticals - Digital Wealth and Omni Financial Advisors.

How this IPO sails through remains to be seen. Meanwhile, stay tuned for more updates from this space.

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!

Read the latest Market Commentary


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