Sensex Today Ends 260 Points Lower | Adani Power, Adani Transmission Tank 6% | Tata Motors & SBI Top Losers

Fri, 23 Jun Closing

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

Benchmark indices declined on Friday, extending their previous day's fall, in line with weak trend in Asian markets and fresh foreign fund outflows. Rising interest rates globally also dampened investor sentiments.

The downward trajectory was further boosted due to profit booking by investors.

At the closing bell, the BSE Sensex stood lower by 260 points (down 0.4%).

Meanwhile, the NSE Nifty closed down by 105 points (down 0.5%).

IndusInd Bank and Bharti Airtel were among the top gainers today.

Tata Motors and SBI 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 18,718, down by 112 points, at the time of writing.

Broader markets ended lower. Both the BSE Midcap index ended and the BSE SmallCap ended 1.2% lower.

All sectoral indices ended the day on a negative note with stocks in the metal sector, oil & gas sector, and power sector witnessing most of the selling.

Shares of Tube Investments of India 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 negative note. The Nikkei ended lower by 1.5%, while the Hang Seng ended 1.7% lower. The Shanghai Composite ended 1.3% lower.

The rupee is trading at 82.02 against the US$.

Gold prices for the latest contract on MCX are trading higher by Rs 75 at Rs 58,501 per 10 grams.

Meanwhile, silver prices for the latest contract on MCX are 0.5% lower at Rs 67,995 per kg.

Speaking of stock markets, a recent survey by Gartner states that almost 33% of electronics supply chain leaders have already moved their businesses out of China.

Or at least are planning to. The increased tariffs imposed by the Chinese and the US government have resulted in rising business costs.

Of course, India has begun reaping the benefits.

Smartphone and premium electronics maker Apple, for instance, is set to triple its production in India in the next three years.

Co-head of Research at Equitymaster Tanushree Banerjee, in below video talks about such stocks that are set to benefits from India's electronics revolution.

Why ONGC share price is falling

In news from the energy sector, Oil and Natural Gas Corporation (ONGC) share price fell 1.3% to Rs 157 on 23 June 2023 after Brent crude declined by US $ 4 (about Rs 328.1) overnight.

Upstream companies like ONGC, involved in the exploration and production of oil, stand to lose when oil prices tumble. This is because oil prices have a direct impact on the margins and profitability of such oil and gas companies.

On 22 June, ONGC successfully linked the panna process platform with a subsea pipeline, a part of ONGC's Bassein & Satellite (B&S) Asset.

The linkage will help the public sector undertaking (PSU) save US $ 43,000 (about US $ 3.5 m) cost per day, previously incurred while transporting crude oil through ships.

According to company the submarine pipeline connection will minimise the production downtime associated with tanker changeovers and eliminates demurrage charges during adverse weather conditions.

The panna segment includes the laying of two segments of 37.5 km of submarine pipeline and the installation of three main oil line pumps (MOL) and three booster pumps.

ONGC share price was under pressure even before today. Last month ONGC share price fell by 5.8%.

To know what other factors are dragging down ONGC share price read our editorial on why ONGC share price is falling.

Man Infraconstruction bags a new contract

Moving on to news from real estate sector, Man Infraconstruction share price gained 2% to hit its 52-week high of Rs 118.8 on 23 June after the company received an order from Bharat Mumbai Container Terminal (BMCTPL).

The infrastructure company has received a letter of acceptance (LoA) for Rs 6.8 billion (bn) inclusive of GST, from BMCTPL for execution of Phase 2 infrastructure works at fourth container terminal at Jawaharlal Nehru Port (JNPT), within time-frame of 2.5 years.

BMCTPL is a subsidiary of PSA International, a leading Global Port Group headquartered in Singapore. PSA is working with JNPT to develop this Fourth Container Terminal to cater to the increasing demands for container handling capacity and facilitate maritime trade in the country.

Why Aurobindo Pharma share price is rising

Moving on to news form the pharma sector, Aurobindo Pharma share price rose 2.5% today after one of its subsidiaries entered into a sub-licensing pact with medicines patent pool for Nilotinib Capsules.

According to the pharma company, its wholly owned subsidiary, Eugia Pharma Specialities (Eugia), entered into a voluntary sub-licensing agreement with medicines patent pool (MPP), to develop and market Nilotinib capsules, originally developed by Novartis, for the treatment of chronic myeloid leukemia in 44 low and middle-income countries.

These include the seven countries where patents on the drug are pending or in force.

The product will be produced at the Eugia Pharma's unit Medchal in Telangana's Malkajgiri district.

The product will be a good addition to Aurobindo's oncology portfolio and will further strengthen its leadership in the generic oncology space.

The management is looking forward to start supplying the product at the earliest and to help reducing the risk chronic myeloid leukemia (CML) in certain patients.

Aurobindo pharma touched a 52-week high of Rs 692 on 19 June 2023 and a 52-week low of Rs 397.3 on 3 February 2023.

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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