Sensex Ends 87 Points Lower; IndusInd Bank & Power Grid Top Losers

Mon, 22 Mar Closing

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   SGX Nifty   

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   Closing   

Indian share markets witnessed volatile trading activity throughout the day today and ended on a flat note.

Benchmark indices edged lower, weighed down by financial and energy stocks amid rising coronavirus cases in the country.

At the closing bell, the BSE Sensex stood lower by 87 points. Meanwhile, the NSE Nifty ended down by 8 points.

In intraday trade today, the Sensex fell over 500 points while the Nifty fell below 14,600.

Tech Mahindra was among the top gainers today. IndusInd Bank, on the other hand, was among the top losers today.

SGX Nifty was trading at 14,860, up by 106 points, at the time of writing.

The BSE Mid Cap index ended up by 1%. The BSE Small Cap index ended higher by 0.7%.

Sectoral indices ended on a mixed note with stocks in the realty sector, IT sector and FMCG sector witnessing buying interest.

Banking stocks and finance stocks, on the other hand, witnessed selling pressure.

Shares of Adani Enterprises and Adani Gas hit their 52-week highs today.

Asian share markets ended mixed and bonds bounced as a plunge in the Turkish lira sparked talk that capital controls might be needed to stem the rout.

The Nikkei plunged 618 points, down 2.1% while the Hang Seng ended lower by 0.3%.

Turkey's lira slid 15% to near its all-time low after President Tayyip Erdogan's shock weekend decision to oust a hawkish central bank governor sparked fears of a reversal of recent rate hikes and undermined the bank's credibility.

The currency tumbled to as weak as 8.4850 versus the dollar, from 7.2185 on Friday, back to levels touched in early November when it reached an intraday record of 8.58.

US stock futures are trading mixed today. Nasdaq Futures are trading up by 68 points, while Dow Futures are trading down by 89 points.

The rupee is trading at 72.35 against the US$.

Gold prices for the latest contract on MCX are trading down by 0.7% at Rs 44,689 per 10 grams.

Speaking of gold, in the latest Momentum Moves video, Brijesh Bhatia explains why he believes gold could test US$ 2,500 in COMEX and Rs 60,000 in the long-term.

As per Brijesh, the weekly chart of COMEX and MCX are both indicating a bullish scenario for gold and he believes there are four reasons why gold is an excellent buy here.

Tune in to the video below to find out more.

In latest developments from the IPO space...

Casual dining chain Barbeque Nation Hospitality today fixed a price band of Rs 498-500 per share for its initial share sale, which will open for public subscription on March 24.

The initial public offer (IPO) comprises a fresh issue of shares worth Rs 1.8 billion and an offer-for-sale (OFS) of up to 54,57,470 equity shares.

At the upper end of the price band, the IPO is expected to fetch Rs 4.5 billion.

The company has already raised Rs 1.5 billion through a pre-IPO placement from Xponentia Capital and Jubilant Foodworks.

Proceeds from the issue will be utilised to fund the company's capital expenditure for expansion and opening of new restaurants besides, prepayment or repayment of certain borrowings and expenses related to general corporate purposes.

Earlier in 2017, the company had filed IPO papers with markets regulator seeking to raise Rs 7 billion. However, the regulator kept the processing of the company's proposed IPO in abeyance "pending regulatory action for past violations" and finally approved the IPO plan in January 2018.

Although, the company could not launch the initial share-sale due to adverse market conditions.

As of December 2020, Barbeque Nation Hospitality operates 147 outlets across India and six outlets across three countries - UAE, Oman and Malaysia.

Speaking of IPOs, note that four companies - Anupam Rasayan India, Craftsman Automation, Laxmi Organic Industries and Kalyan Jewellers will make their debut later this week, in what are back-to-back listings.

Anupam Rasayan will list its equity shares on the bourses on March 24, Craftsman Automation and Laxmi Organic Industries on March 25, and Kalyan Jewellers on March 26.

In the first quarter of 2021, 16 companies launched public issues. Barbeque Nation Hospitality is the 17th public offer in Q1CY21.

With this, the total fund raising in 2021 through primary market, so far, stands at Rs 188 billion.

How the above developments pan out going forward remains to be seen. Meanwhile, we will keep you updated on the latest news from this space.

Moving on to stock specific news...

Bharat Dynamics (BDL) was among the top buzzing stocks today.

Shares of Bharat Dynamics gained as much as 4% in early trade today after the state-owned defence company signed a Rs 11.9-billion contract for the production and supply of Milan-2T anti-tank guided missiles.

"The contract was signed by Dipti Mohil Chawla, Joint Secretary (AM & LS) on behalf of the ministry of defence and Commodore and TN Kaul (Retd), executive director (Marketing), BDL," the company said in an exchange filing.

CMD of BDL Commodore Siddharth Mishra said the receipt of this order has given a boost to the existing order book of the company. The current order book position of the company with the current order received is over Rs 90 billion.

In line with the Centre's initiative for creation of ' HYPERLINK "https://www.equitymaster.com/detail.asp?date=05/14/2020&story=7&title=Heres-How-to-be-Aatma-Nirbhar-in-Picking-the-Best-Stocks&utm_source=archive-page&utm_medium=website&utm_campaign=views-on-news&utm_content=story" Atmanirbhar Bharat' in the defence sector, many items have been exclusively earmarked for the Indian industry and a negative list of imports has been released by the Ministry of Defence, it said.

Note that the government has been pushing India's private sector to develop arms and ammunition so that the country can reduce its dependence on imports for defense. There have been two industrial corridors set up in India for the same purpose: One in the north and one in the south.

Bharat Dynamics share price ended the day up by 2.7%.

Speaking of the  HYPERLINK "https://www.equitymaster.com/profit-hunter/detail.asp?date=11/20/2020&story=3&title=I-Trust-Tanushree-to-Pick-Indias-Best-Defence-Stock-for-You&utm_source=homepage&utm_medium=website&utm_campaign=Content&utm_content=featured-posts" \t "_blank" defence sector, have a look at the chart below which shows the top 5 military spending countries in the world as of 2019:

According to a SIPRI (Stockholm International Peace Research Institute) report, India was the third largest military spending country in the world in 2019.

Here's what we wrote about it in one of the editions of Profit Hunter:

• If you look at the chart closely, you will realise it is likely to remain among the top spenders in the coming years.
  
  It's because of the second largest spender shown in the chart, China.
  
  With rising tensions between the two countries, the incentive is strong for India to keep up with China.
  
  It all makes sense for the government to focus on this sector in a big way in the near future.
  
  The government's 'Atmanirbhar' push will get a massive boost through local defence manufacturing. This will create profitable opportunities in defence stocks for astute investors.

Co-head of Research at Equitymaster, Tanushree Banerjee keeps a close watch on stocks in the defence space. As per Tanushree, defence will be a big wealth-creating opportunity.

Back in June 2020, she recorded a video about India's best defence stocks.

You can watch the video here: The Upside in India's Best Bulletproof Defence Stocks.

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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