Sensex Ends 345 Points Lower; Auto and IT Stocks Witness Selling

Wed, 8 Jul Closing

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Indian share markets witnessed selling pressure in the last hour of trading and ended their session on a negative note.

At the closing bell, the BSE Sensex snapped its 5-day winning streak and stood lower by 345 points (down 0.9%).

The NSE Nifty closed lower by 93 points (down 0.9%).

The SGX Nifty was trading at 10,684, down by 75 points, at the time of writing.

Both, the BSE Mid Cap index and the BSE Small Cap index ended down by 0.4%.

On the sectoral front, losses were largely seen in the realty sector, IT sector, and auto sector.

Metal stocks, on the other hand, witnessed buying interest.

Asian stock markets ended on a mixed note today. As of the most recent closing prices, the Hang Seng ended up by 0.59% and the Shanghai Composite stood higher by 1.74%. The Nikkei ended down by 0.78%.

The rupee is trading at 75.07 against the US$.

Speaking of the current stock market scenario, the last few months have witnessed the kind of shifts that most investors would recall as once in a lifetime.

The Sensex is up over 34% from the lows in March 2020. At that time, it had declined by over 20%. That seemed to suggest the start of a bear market.

What's Driving the Markets?

So, what's driving the markets? An important driver of this rally is the inflow from global funds, now that the global economies have opened the liquidity tap.

Investors and traders who are new to stock markets have had a superb experience over past three months as almost any and every stock has given them phenomenal returns.

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Lupin was among the top buzzing stocks today.

Lupin said it is voluntarily recalling its diabetes treatment drug Metformin Hydrochloride extended-release tablets in the US market. In a regulatory filing, the company said that it is voluntarily recalling its Metformin Hydrochloride extended-release tablets USP, 500 mg and 1000 mg products in the US.

In news from the banking sector, IndusInd Bank share price was in focus today.

The stock of the lender witnessed buying interest after media reports suggested that US-based hedge fund Route One Investment Company has initiated talks to increase its stake in the private lender.

Reports stated that Route One Investment Company had initiated talks to increase its stake in the Hinduja Group-backed lender, which is exploring multiple options to strengthen its Balance Sheet and raise capital. It also claimed that the Reserve Bank of India (RBI) has already approved Route One Investment plans.

The fund currently holds 5.41% in the company and plans to raise its stake to 9.9% via a preferential allotment of shares.

Promoters of the company had said last month that they would increase stake in the lender and subsequently bought shares from the open market. A back of envelope calculation shows that they grabbed over 19 lakh shares of the company in June.

How this development pans out remains to be seen. We will keep you updated on all the news from this space. Stay tuned.

In news from the IPO space, Rossari Biotech's initial public offering (IPO) is hitting the stock markets on July 15, Monday. The price band for this Rs 5 billion IPO by specialty chemicals manufacturer has been set at Rs 423-425 apiece.

The IPO would be a mix of fresh issue and offer for sale (OFS). The promoters would sell up to 10,500,000 equity shares, comprising an OFS of up to 5,250,000 shares by Edward Menezes and up to 5,250,000 shares by Sunil Chari.

The company would also raise Rs 500 million in fresh capital. This is against the earlier intended size of Rs 1.5 billion.

In a pre-IPO placement, the company had raised Rs 999 million in a private placement of 2,352,920 shares to various investors including Malabar India Fund, Axis New Opportunities AIF-I , Mirae Asset Mid Cap Fund, Sundaram Mutual Fund A/C Sundaram Select Micro Cap Series - XIV, IIFL Special Opportunities Fund - Series 4 and ICICI Lombard General Insurance Company.

Rossari intends to use the proceeds of the fresh issue and the proceeds from the pre-IPO placement to repay or prepay borrowings availed by the company of Rs 650 million, to fund its working capital requirements of Rs 500 million and towards general corporate purposes.

Rossari Biotech focuses on home, personal care and performance chemicals. The company is among the largest manufacturers of textile specialty chemicals in India. It also manufactures acrylic polymers.

The company, which plans to venture into the construction chemicals market and water treatment formulations, will allot shares to anchor investors on July 10.

Early in March this year, Rossari had postponed its IPO plans due to the extreme volatility in the market due to the Covid-19 pandemic.

How the above IPO sails through remains to be seen. 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!

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