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Sensex Ends 171 Points Lower; Banking and Finance Stocks Witness Selling
Wed, 9 Sep Closing | Monish Vora, TM Team

Indian share markets witnessed selling pressure throughout the day today and ended marginally lower.

Weak global cues and concerns over India-China tensions dragged benchmark indices lower today.

Further, rising tensions between US-China and news in vaccine development dampened sentiment.

AstraZeneca Plc paused a late-stage trial of one of the leading Covid-19 vaccine candidates due to an unexplained illness in a study participant, disappointing investors who were pricing in a vaccine by the end of the year.

At the closing bell, the BSE Sensex stood lower by 171 points. Meanwhile, the NSE Nifty ended down by 32 points.

SGX Nifty was trading at 11,310, down by 57 points, at the time of writing.

The BSE Mid Cap index ended down by 0.3%. The BSE Small Cap index ended down by 0.9%.

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Sectoral indices ended on a mixed note with stocks in the banking sector and finance sector witnessing selling pressure.

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

Asian stock markets ended on a negative note. As of the most recent closing prices, the Hang Seng was down 0.6% and the Shanghai Composite stood lower by 1.9%. The Nikkei ended down by 1%.

The rupee is trading at 73.55 against the US$.

Gold prices are trading down by 0.5% at Rs 51,074 per 10 grams.

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Domestic gold prices edged lower today, declining for the fourth day in five days.

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As you can see, barring just two years - 2013 and 2015, gold has delivered positive returns in 13 of the last 15 years.

Even with the recent volatility in prices, gold and silver remain among the best performing commodities this year to combat the fallout from the coronavirus pandemic.

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Moving on to stock specific news...

TeamLease Services was among the top buzzing stocks today.

Shares of the company declined over 5% today after the company announced acquisition of additional 36.17% stake in Schoolguru Eduserve.

In 2017, the company had acquired 40% stake in online learning company Schoolguru for Rs 135.3 million, a move that the company had said would accelerate its employability strategy.

TeamLease Services share price ended the day down by 5%.

Market participants were also tracking Bharat Dynamics share price.

Shares of the company slipped 5% today, falling 18% in the past two trading days after the government on Tuesday launched a share sale to divest 15% stake. The stock has fallen below the base price of Rs 330 per share set for the share sale.

The base price for the share sale was set at Rs 330 per share, a discount of 15% to Monday's close. Retail investors will technically get the shares at Rs 310 as the Centre announced an additional discount of Rs 20 per share to them.

The government currently holds nearly 88% stake in the company. If the retail portion is fully subscribed the government's stake will fall below 75%, making Bharat Dynamics compliant with the 25% public shareholding norms.

Moving on, in latest developments from the IPO space, the initial public offer (IPO) of Happiest Minds Technologies, which has drawn strong response from investors, was subscribed 125 times at the time of closing stock market hours today.

Happiest Minds IPO opened for subscription on Monday and will close today.

The company had raised Rs 3.2 billion from anchor investors ahead of the IPO.

The company's shares will get listed on BSE and NSE on September 17, 2020.

Strong and experienced promoters, along with a niche business model and exponential growth prospects are the prime reasons cited for the hefty premium in grey market, said dealers in the unofficial market for unlisted shares.

Ashok Soota, promoter of Happiest Minds, was the founder of midcap IT firm Mindspace, which was later taken over by Larsen & Toubro group. The industry veteran previously had a long stint in Wipro from 1984 to 1999.

In other news, the public offer of Route Mobile opened for subscription today. At the time of writing, the issue was subscribed 55.9%.

The IPO received bids for 6.8 million equity shares against offer size of over 12.1 million equity shares.

The response from retail investors remained good so far, as their reserved portion witnessed 108% subscription. The portion set aside for non-institutional investors subscribed 8%.

The Rs 6-billion public issue consists a fresh issue of Rs 2.4 billion and an offer for sale of Rs 3.6 billion by promoters.

The price band has been fixed at Rs 345-350 per equity share.

The company has already garnered Rs 1.8 billion from 15 anchor investors on September 8, a day ahead of IPO opening.

SBI Mutual Fund, SBI Life Insurance, Goldman Sachs, ICIC Prudential, Franklin Templeton, Kuwait Investment Authority, Vantage Equity, and Axis Mutual Fund are among 15 investors who participated for the anchor book.

How the above IPOs sail through remains to be seen. Meanwhile, we will keep you updated on the latest developments from this space.

And 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

What else is happening in the markets today? Dig in...

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Stock Market Updates

HPCL Share Price Up by 5%; BSE OIL & GAS Index Up 0.3% (Today's Market)

Oct 29, 2020 03:34 PM

HPCL share price is trading up by 5% and its current market price is Rs 180. The BSE OIL & GAS is up by 0.3%. The top gainers in the BSE OIL & GAS Index is HPCL (up 5.0%). The top losers are CASTROL INDIA (down 0.9%) and BPCL (down 1.1%).

TATA ELXSI Share Price Down by 5%; BSE IT Index Up 0.3% (Today's Market)

Oct 29, 2020 03:30 PM

TATA ELXSI share price is trading down by 5% and its current market price is Rs 1,566. The BSE IT is up by 0.3%. The top gainers in the BSE IT Index are HCL TECHNOLOGIES (up 1.2%) and PERSISTENT SYSTEMS (up 1.0%). The top losers are TATA ELXSI (down 5.0%) and SONATA SOFTWARE (down 6.1%).

DISH TV Share Price Down by 6%; BSE 500 Index Down 0.5% (Today's Market)

Oct 29, 2020 03:12 PM

DISH TV share price is trading down by 6% and its current market price is Rs 12. The BSE 500 is down by 0.5%. The top gainers in the BSE 500 Index are RELIANCE POWER (up 12.8%) and RELIANCE CAPITAL (up 9.9%). The top losers are DISH TV (down 6.0%) and MULTI COMMODITY (down 5.4%).

STRIDES PHARMA SCIENCE Share Price Down by 11%; BSE HEALTHCARE Index Down 1.1% (Today's Market)

Oct 29, 2020 02:56 PM

STRIDES PHARMA SCIENCE share price is trading down by 11% and its current market price is Rs 748. The BSE HEALTHCARE is down by 1.1%. The top gainers in the BSE HEALTHCARE Index are AJANTA PHARMA (up 2.7%) and THYROCARE TECHNOLOGIES (up 2.0%). The top losers is STRIDES PHARMA SCIENCE (down 10.6%).

MULTI COMMODITY Share Price Down by 5%; BSE 500 Index Down 0.6% (Today's Market)

Oct 29, 2020 02:48 PM

MULTI COMMODITY share price is trading down by 5% and its current market price is Rs 1,760. The BSE 500 is down by 0.6%. The top gainers in the BSE 500 Index are RELIANCE POWER (up 14.1%) and RELIANCE CAPITAL (up 9.0%). The top losers are MULTI COMMODITY (down 5.0%) and PIRAMAL ENTERPRISES (down 5.7%).

Sensex Trades 48 Points Higher; Dow Futures Up by 329 Points (Today's Market)

Oct 29, 2020 12:30 pm

BSE Sensex is trading up by 48 points, while the NSE Nifty is trading flat.

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Oct 29, 2020 03:32 PM