Sensex Falls 135 Points, Nifty Ends Below 15,300; Pharma & IT Stocks Witness Selling

Fri, 17 Jun Closing

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Indian share markets ended on a weaker note today in line with weak global markets and concerns over unabated foreign capital outflows.

Benchmark indices ended on a negative note for the sixth consecutive session in choppy trade amid global central bank efforts to tame runaway inflation.

At the closing bell, the BSE Sensex declined 135 points (down 0.3%).

Meanwhile, the NSE Nifty closed lower by 67 points (down 0.4%).

Bajaj Finance, Bajaj Finserv, and Reliance Industries were among the top gainers today.

Titan, Wipro, and Dr Reddy's Laboratories, on the other hand, were among the top losers today.

Titan share price have been falling and is down 30% from its peak.

The SGX Nifty was trading at 15,333, down by 16 points, at the time of writing.

The broader markets ended on a negative note. The BSE MidCap index and the BSE SmallCap index ended lower by 0.7% and 0.9% respectively.

Among the sectoral indices, stocks in the auto sector, pharma sector, and IT sector witnessed most of the selling.

On the other hand, some buying was seen among stocks in the banking sector and financial services sector.

As Indian share markets have been in a downtrend, you must be wondering when will the markets fully recover.

In this uncertainty, check out these 5 fundamentally strong companies which pay regular dividends and are undervalued.

Meanwhile, check out the results of a poll we conducted recently asking readers what's their course of action in this market.

Not surprisingly, majority of people seem to be buying the stock market dip.

Asian stock markets ended mixed today despite an overnight sell-off on Wall Street amid concerns of an economic downturn as monetary policies tighten.

The Nikkei plunged 1.8% while the Shanghai Composite added 1%. The Hang Seng climbed 1.1%.

European shares inched higher in early trade but were set for sharp weekly losses as a slew of interest rate hikes from major central banks fuelled worries about a sharp economic slowdown.

US stock futures are trading on a positive note with the Dow Futures trading up by 170 points.

The rupee is trading at 78.02 against the US$.

Gold prices for the latest contract on MCX are trading up by 0.2% at Rs 51,100 per 10 grams.

As we mentioned earlier, the Indian stock market is falling which has traders and investors worried.

The one question on every investor's mind today is whether the market correction is over?

Correlating Indian markets with the US markets, Chartist Brijesh Bhatia offers his view to answer this question, in his latest video for Fast Profits Daily.

Tune in to the below video to find out more:

In news from the automobile sector, Union Transport and Highways Minister Nitin Gadkari today said the prices of all electric vehicles will be equal to the cost of petrol vehicles in the country within one year.

Gadkari also mentioned that as an alternative to petrol and diesel, the government is promoting ethanol produced from crop residue.

Gadkari while addressing a summit said that this move will save money spent on fossil fuels.

The minister also noted that waterways is a cheaper mode of transportation than road and it is going to come up in a big way.

If you wish to invest in EV stocks, read our editorial to find if India's top EV stocks are generating returns for investors?

Speaking of EVs, have a look at the chart below which shows the massive opportunity in the two-wheeler EVs.

Here's what lead Smallcap Analyst at Equitymaster, Richa Agarwal wrote about this in one of the editions of Profit Hunter:

• In the last five years, two-wheeler sales in India were around 2 crore units per year. Now the sector is cyclical and has been in the downturn for some time. So let's consider a moderate 5% growth for the next 10 years.
  
  By 2030, we are looking at 2-wheeler sales of 3 crore units. Even if one third of this is EV sales, that's 1 crore electric 2-wheelers per year.
  
  In the last 2 years, average electric 2-wheeler sales were 1.5 lakh units. From 1.5 lakh to 1 crore, that's a 66x opportunity in 2-wheeler EVs.
  
  This is an annual growth rate of 52% over next 10 years. It's an almost vertical growth opportunity.

As per Richa, this is like a gold rush. But like in any gold rush, the winners will just be a few.

Moving on to news from the logistics space, Delhivery has launched its guaranteed same-day delivery service in 15 key cities in India.

This new service will enable direct-to-customer brands to deliver their webstore orders-on the day the order is received.

Delhivery will partner with brands and identify fast-moving SKUs, which will be stocked in warehouses within the city, close to the end consumer.

Orders received as late as 3 pm will be delivered on the same day.

Commenting on the announcement, Ajith Pai, Chief Operations Officer of Delhivery, said:

• We consistently innovate with technology-led solutions. This solution will enable D2C brands to leverage our technology and supply chain capabilities to meet the evolving needs of their consumers.

Delhivery's backers include SoftBank Group, Tiger Global LP, the Carlyle Group, and FedEx.

Founded in 2011 as a food delivery service, Delhivery provides warehousing for Xiaomi and Lenovo Group.

The company also does shipment tracking for Zara, deliveries for Amazon and Walmart-owned Flipkart, and logistics for India's largest automakers, appliance manufacturers, and consumer goods makers.

The company plans to expand overseas by partnering with minority shareholder FedEx to sell its technology services.

Delhivery posted a loss of Rs 1.2 bn on revenue of Rs 20.7 bn for the March 2022 quarter.

Following the announcement, Delhivery share prices ended 4.5% lower on the BSE today.

To know more, check out Delhivery's financial factsheet.

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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