Sensex Today Ends 311 Points Lower | IT Stocks Drag | Hero MotoCorp & ZEE Entertainment Slump 4%

Thu, 15 Jun Closing

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After opening the day on a muted note, Indian share markets extended the losses as session progressed and ended the day lower.

Benchmark indices ended in the negative zone on Thursday with IT and Bank indices feeling the effect of the Fed's hawkish tone. Continued profit booking by investors also contributed to the drag in the market.

At the closing bell, the BSE Sensex stood higher by 311 points (down 0.5%).

Meanwhile, the NSE Nifty closed down by 68 points (down 0.4%).

Cipla, Apollo Hospital and BPCL were among the top gainers today.

Wipro, SBI and Kotak Mahindra on the other hand, were among the top losers today.

Check out the NSE Nifty heatmap to get the complete list of gainers and losers.

The SGX Nifty was trading at 18,753, down by 83 points, at the time of writing.

Broader markets ended on a positive note. The BSE Midcap index ended 0.3% higher while the BSE SmallCap rose marginally.

Sectoral indices ended on a mixed note with stocks in the auto sector, Oil & gas sector and FMCG sector witnessed most buying.

While stocks in the financial sector and banking sector witnessed selling.

Shares of MRF and Nestle hit their 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 stock markets ended on a positive note. The Nikkei ended the day flat, while the Hang Seng ended 2.2% higher. The Shanghai Composite ended 0.7% higher.

The rupee is trading at 82.2 against the US$.

Gold prices for the latest contract on MCX are trading 0.7% lower at Rs 58,900 per 10 grams.

Meanwhile, silver prices for the latest contract on MCX are trading 2% lower at Rs 71,181 per kg.

Speaking of stock markets, banking stocks have had a great run, but is there trouble ahead?

Financials as a group have been among the top-performing stocks in the market. Banking stocks in particular have done very well recently.

However, the technical charts are signalling caution. Why is that so?

Chartist Brijesh Bhatia answers the question in the below video.

Godrej Properties' shares jump over 5%. Here's why.

In news from the realty sector, Shares of Godrej Properties jumped over 5% to Rs 1,886.4 today after the firm agreed to acquire around 7.44-acre land parcel in Kolkata's New Alipore from West Bengal Housing Infrastructure Development Corporation.

The developer has emerged as the highest bidder in an e-auction conducted by the authority.

Godrej Properties is planning to develop this land parcel as a luxury group housing project. The project will have a developable potential of approximately 9.8 lakh sq ft with an estimated revenue potential of around Rs 12 bn based on the current business assumptions.

New Alipore is one of the premium locations of Kolkata with an established physical and social infrastructure.

The company has been aggressively buying land parcels in recent times compared to its asset-light development model all these years. To know how it will pan out, check out our editorial: Godrej Properties continues its shopping speer, but will its new strategy work?

Being the biggest beneficiaries of a turnaround in the realty sector, Godrej Properties stand among the top 4 real Estate stocks in India.

Glenmark Pharma lowers breast cancer's drug price

Moving on to news from the pharma sector, , Pharma major Glenmark, on 15 June 2023, cut the price of its breast cancer drug, Trumab, to Rs 35 per mg.

The 440 mg vial will now cost Rs 15,749. Other brands in the market are priced between Rs 40,000 and Rs 54,000.

Breast cancer is most commonly diagnosed cancer in India, accounting for 13.5% of all cancer cases.

According to Global Cancer Observatory's 2020 report, almost 178,000 new cases are diagnosed each year.

Breast cancer identified as HER2-positive tends to grow faster, metastasise and recur. Trumab works by binding to the HER2 protein and blocking its activity.

In the past five years, the stock has experienced a fall of 22.3%

It is amongst the top 4 pharma stocks in India.

PNC Infratech jumps 4% on road assets sale buzz

Moving on to news from the engineering sector, shares of PNC Infratech hit an over three-month high, as they rallied 6% today in an otherwise subdued market.

The rally was seen on reports that KKR's Roads Highways Infrastructure Trust is in talks to acquire a portfolio of 12 road projects from the company for an enterprise value of about Rs 90 billion (bn).

The stock of civil construction company quoted at its highest level since February 2023.

The portfolio on sale comprises 11 hybrid annuity model (HAM) roads and one build-operate-transfer (BOT) road. These projects are located across Uttar Pradesh, Madhya Pradesh and Rajasthan.

PNC Infratech is engaged in diversified construction activities, such as the construction of highways, bridges, flyovers, airport runways and allied activities. The company has over two decades of experience executing road projects, and its major clients include the National Highway Authority of India (NHAI) and the Airports Authority of India (AII), among others.

As on 31 March 2023, PNC Infratech has a robust order book of Rs 156 bn.

A contract under execution is over Rs 205 bn, which is over 2.9 times the financial year 2023 revenue, including a contract worth Rs 48.5 bn not yet included in the order book.

For a fundamental analysis of PNC Infratech, check out Equitymaster's Indian stock screener which has a separate screen for top engineering companies in India.

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!

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