Sensex Today Ends 216 Points Lower, Nifty Below 18,800 | Telecom & Power Stocks Drag | Adani Enterprises Slips 7%

Mon, 19 Jun Closing

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After opening the day flat, Indian share markets remained subdued throughout the session and ended lower.

Benchmark indices  missed touching record high levels by a whisker on Monday as investors booked profit at a higher level. Eight of the 13 major sectoral indexes declined with high weightage financials losing 0.3%.

At the closing bell, the BSE Sensex stood lower by 216 points (down 0.3%).

Meanwhile, the NSE Nifty closed down by 71 points (down 0.4%).

TCS and Tech Mahindra were among the top gainers today.

Axis Bank 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 18,855, down by 43 points, at the time of writing.

Broader markets ended on a mixed note. The BSE Midcap index ended marginally lower, and BSE SmallCap ended 0.2% higher.

Sectoral indices ended on a mixed note with stocks in the metal sector and IT sector witnessing most of the buying.

On the other hand, stocks from the realty sector and power sector witnessed selling pressure.

Shares of Titan and Raymond 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 lower by 1%. while the Hang Seng and Shanghai Composite ended 0.6% lower.

The rupee is trading at 82.94 against the US$.

Gold prices for the latest contract on MCX are trading lower by 0.3% at Rs 59,179 per 10 grams.

Meanwhile, silver prices for the latest contract on MCX are trading down by 0.2% at Rs 72,515 per kg.

Speaking of stock markets, the stock price of US tech company Nvidia has soared by 25% after the management predicted a massive boom in demand for its computer chips in the latest earnings call.

The company expects to meet the needs of AI products such as ChatGPT.

Can Indian investors profit from such AI led boom in stock markets?

Co-head of Research at Equitymaster Tanushree Banerjee, answers this in the video below.

Coal India to offer OFS to employees

In news from the mining sector, Coal India, following the approval given by the Government of India through an alternative mechanism, is proposing to offer up to 92,44,092 shares to eligible employees by the President of India.

The Employee OFS of the face value of Rs 10 each will be available to the employees at the price of Rs 226.1 per equity share.

The Employee OFS will remain open from 21 June to 23 June 2023.

The Coal India share sale was oversubscribed earlier this month, by both retail and institutional investors, and the government is expected to get more than Rs 40 bn. In the two-day offer for sale (OFS), the government sold its 184.8 m shares or 3% stake in Coal India at a floor price of Rs 225 apiece. At the floor price, the stake sale would fetch over Rs 40 bn to the exchequer.

Coal India is the largest supplier of thermal coal to power sectors, with 75-80% of fuel requirements being met by the coal major.

Coming to the stock performance, the share price of Coal India has eroded over 5% so far in 2023.

To know what has led to the sudden change in share price momentum for this monopoly stock, check out why Coal India's share price is falling.

HPCL bags long-term contract from OPaL

Moving on to news from the energy sector, HPCL today has bagged a long-term contract from ONGC Petro additions for the supply of Natural Gas. Under the contract, HPCL will supply natural gas to OPaL's Mega Petrochemical Complex at Dahej.

HPCL will supply 13.53 trillion Btu of Natural Gas to OPaL from October 2023 to May 2026 under this contract.

OPaL is a joint venture of ONGC, GAIL and GSPC, and it requires natural gas for operating Captive Power Plant (CPP) to support its power and steam requirements. HPCL has won the contract through competitive bidding against a tender floated by OPaL.

Besides, HPCL has also forged a partnership with Automin Car Services, a subsidiary of Petromin Corporation, Kingdom of Saudi Arabia (KSA), to establish co-branded HP-Petromin Express vehicle service centres across India.

This strategic partnership aims at providing a world-class customer experience at affordable prices and offers a comprehensive range of solutions under one roof, including lube change, light repairs and much more.

Petromin is a leading mobility solutions player in automotive technology, with more than 700 multi-brand quick-service outlets across GCC.

HPCL is one of the most profitable midcap stocks to watch out for in 2023.

For the first half of the financial year 2023, the company reported a combined net loss of Rs 124,550 m. This was mainly due to the high crude price that had put pressure on the company's marketing margins.

This didn't bode well with the investors, and the share price of HPCL was affected.

Lupin's new drug launch in US

Moving on to news from the pharma sector, Pharma major Lupin on Monday, launched in the US its generic Thiamine Hydrochloride injection 200 mg/2 mL (100 mg/mL) multiple-dose vials used for the treatment of thiamine deficiency.

The launch follows alliance partner Caplin Steriles receiving approval for its ANDA (Abbreviated New Drug Application) from the US Food and Drug Administration (USFDA).

The injection is therapeutically equivalent to the reference listed drug Thiamine Hydrochloride Injection 200 mg/2 ml (100mg/mL) of Fresenius Kabi USA LLC.

Thiamine Hydrochloride injection had estimated annual sales of USD 35 million in the US.

Check out Equitymaster's stock screener for screening India's top pharma stocks.

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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