Sensex Ends 355 Points Lower; Hindalco and IndusInd Bank Among Top Nifty Losers

Tue, 20 Jul Closing

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Indian share markets witnessed volatile trading activity throughout the day today and ended lower.

Continued selling in global markets pushed benchmark indices lower on today.

The rising Covid cases in the US and UK due to the Delta variant, inflation concerns, and concerns about growth coming below consensus expectations are the few reason for the fall in markets today.

At the closing bell, the BSE Sensex stood lower by 355 points (down 0.7%).

Meanwhile, the NSE Nifty closed lower by 120 points (down 0.8%).

Asian Paints and UltraTech Cement were among the top gainers today.

Hindalco and IndusInd Bank, on the other hand, were among the top losers today.

The SGX Nifty was trading at 15,631, down by 111 points, at the time of writing.

The BSE Mid Cap index and the BSE Small Cap index ended down by 1.3% and 1.4%, respectively.

All sectors ended the day on a negative note. Banks, metals, realty, telecom and power stocks were among the biggest drags.

Shares of Berger Paints and Ambuja Cement hit their respective 52-week highs today.

Asian stock markets ended on a negative note today as growing fears of the spreading Delta variant would harm the global economic recovery.

The Hang Seng and the Shanghai Composite ended the day down by 0.8% and 0.1%, respectively.

The Nikkei ended down by 1% in today's session.

US stock futures are trading on a positive note today with the Dow Futures trading up by 168 points.

The rupee is trading at 74.62 against the US$.

Gold prices for the latest contract on MCX are trading on a flat note today at Rs 48,079 per 10 grams.

Speaking of the stock markets, India's #1 trader, Vijay Bhambwani talks about OPEC and his next crude oil trade, in his latest video for Fast Profits Daily.

Tune in here to find out more:

In news from the IT sector, HCL Technologies was among the top buzzing stocks today.

Shares of HCL Technologies dipped 3% at Rs 970 on the BSE in intra-day trade today after the company's quarter revenue growth misses street estimates.

Its revenues increased 0.7% sequentially in constant currency (CC) terms for the quarter ended June 2021.

Excluding the impact of a one-time bonus in the March quarter, earnings before interest and tax (EBIT) margin was down 80 basis points (bps) quarter on quarter (QoQ) due to Covid-related expenses of 90 bps.

However, the management reiterated its double-digit dollar revenue growth guidance and EBIT margin band of 19-21% for the financial year 2022.

HCL has seen the addition of eight clients in the US$50 m plus bracket, 11 in US$20 m plus and 10 in US$10 m plus.

The company registered eight large services deal wins and four significant product wins amounting to a total contract value (TCV) of US$1,664 m.

HCL Tech's exposure to deeply troubled verticals like energy, transportation, travel, hospitality, and retail are lower versus its peers.

It has a higher exposure to financial services, technology services, and life sciences.

HCL Technologies share price ended the day down by 2.3% on the BSE.

Speaking of stocks, here's a pattern that if you see, you must sell your position. After all, exits are more important than entries.

In the chart below, we can see the head and shoulder pattern - the stock goes up, makes a high, falls a little bit, goes up to a higher high, does not make a higher low, rallies again, fails to make a new high, and then starts to break down.

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This usually happens in a situation where a stock or index has typically been in a bull trend for a while. Spotting this correctly can help you save money.

If you're interested in trading and want to know how you can use this pattern, you can read about it in one of the editions of Profit Hunter here: It's When You Sell that Counts

Moving on to news from the IPO space...

Tatva Chintan IPO Subscribed 168 Times on Final Day

The Rs 500-crore IPO of Tatva Chintan Pharma Chem is witnessing an overwhelming response from investors as it is oversubscribed by 168 times so far, on July 20, the final day of bidding.

Investors have put in bids for 546.6 m equity shares against offer size of 3.3 m equity shares, the subscription data available on the exchanges showed.

The offer size mentioned above was reduced as the company raised Rs 1.5 bn from anchor investors on July 15.

Retail investors seem to be strongly backing the issue as their reserved portion was subscribed 24.42 times and that of non-institutional investors 159 times.

Qualified institutional buyers have put in bids 181.7 times their reserved portion.

The specialty chemicals company is planning to raise Rs 5 bn through its public issue which comprises a fresh issue of Rs 2.3 bn and an offer for sale of Rs 2.8 bn by existing selling shareholders.

The price band for the offer has been fixed at Rs 1,073-1,083 per equity share.

How the IPO sails through remains to be seen. Meanwhile, stay tuned for more updates from this space.

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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