Sensex Snaps 6-Day Losing Streak to End Higher; Vedanta Crashes 12%, HDFC & HUL Up 4%

Mon, 20 Jun Closing

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Snapping a six-day losing streak, Indian share markets ended on a firm note today tracking positive trend in the global markets.

Benchmark indices ended on a strong note as buying was seen in select large cap stocks but prevailing inflationary pressure and concerns over policy tightening limited the upside.

At the closing bell, the BSE Sensex jumped 238 points (up 0.5%).

Meanwhile, the NSE Nifty closed higher by 57 points (up 0.4%).

HUL, HDFC, and Wipro were among the top gainers today.

Tata Steel, IndusInd Bank, and Reliance Industries, on the other hand, were among the top losers today.

Titan share price closed 1.4% higher today. Although Titan share price has been falling consistently over the past few days and is down 30% from its peak.

The SGX Nifty was trading at 15,365 up by 16 points, at the time of writing.

Bucking the trend, the broader markets ended on a negative note. The BSE MidCap index and the BSE SmallCap index ended lower by 1.4% and 3% respectively.

Among the sectoral indices, stocks in the metal sector, banking sector, and auto sector witnessed most of the selling.

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

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

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Asian stock markets ended mixed today as investors remained cautious on surging inflation and central bank interest rate hikes that are fueling concerns of a recession.

The Nikkei plunged 0.7% while the Shanghai Composite ended flat. The Hang Seng climbed 0.4%.

European shares are trading higher today as investors focus on UK consumer price index data which is due on Wednesday as well as retail sales readings that are due later this week.

US stock futures are trading on a positive note with the Dow Futures trading up by 142 points.

The rupee is trading at 77.98 against the US$.

Gold prices for the latest contract on MCX are trading flat at Rs 50,818 per 10 grams.

Crude oil prices are turbulent today as investors refocused on tight supplies. In the previous session, oil saw a 6% slump amid concerns about slowing global economic growth and fuel demand.

Shares of energy companies were under pressure after oil prices tumbled. Shares of Indian Oil Corporation have been falling over the past two months now.

Speaking of stock markets, in the latest episode of Investor Hour podcast, Rahul Goel talks to Vivek Kaul about inflation and India's economy.

We highly recommend you watch the hour-long podcast because Vivek Kaul is an economist like no other. When he talks about India's economy and its challenges, it makes sense.

Tune in below to find out more:

In news from the mining sector, India's metal and mining conglomerate Vedanta has decided to put its sterlite copper unit in Tamil Nadu for sale.

The multinational mining company, in conjunction with Axis Capital, has invited expression of Interest for its Thoothukudi-based smelter, which has been shut since mid-2018, following a Tamil Nadu government order.

The move comes after four years of the deadly protests that sought the plant's closure for alleged pollution which witnessed thirteen casualties in an alleged police firing.

Sterlite Copper Plant facilities like Copper Refinery, Copper Rod plant, Sulphuric Acid Plant, oxygen generation unit, and residential complex have been put up for sale.

The company stated that interested buyers have time till 4 July to submit their bids for the plant, which it said accounted for 40% of India's copper output and employed thousands.

The company, controlled by billionaire Anil Agarwal, had said in March 2021 that it was looking for a state government partner to set up a new, Rs 100 bn copper smelter.

Post the announcement, Vedanta share price tumbled 12% on the BSE today.

Moving on to news from the engineering sector, Anup Engineering has secured orders worth Rs 1 bn from Public Sector Refinery.

The order is for thermal & mechanical design, detailed engineering, fabrication, procurement, testing, inspection, painting, and supply of heat exchanger.

Anup Engineering is a subsidiary of Arvind and a member of the Indian conglomerate Lalbhai Group.

Anup Engineering share price declined 4.3% on the BSE today.

To know more about the company, check out its financial factsheet and its latest quarterly results.

Speaking of engineering stocks, have a look at the chart below to see how the infra index has performed over the years:

The increased capex plans, backed by government's announcements on the production linked incentive (PLI) schemes has pushed the index higher in the past one year.

Global supply chains are shifting away from China and India is a key beneficiary of that trend.

Moving on to news from the banking space, IDBI Bank has invited bids through e-auction of property of Great Indian Tamasha Company, which was running the Kingdom of Dreams in Gurugram.

The Great Indian Tamasha Company was the corporate guarantor of the Great Indian Nautanki Company.

IDBI Bank is calling for bids under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act due to default of loans.

As on 1 May 2022, the dues of IDBI Bank that are outstanding stand at Rs 927 m.

The guarantors and directors listed are Anumod Sharma, Anu Appaiah, Viraf Sarkari, Sanjay Chaudhary, Great Indian Tamasha Company, SG Investments, and Wizcraft International Entertainment.

IDBI Bank share price fell 5.4% on the BSE today.

To know more about the company, check out its 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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