Sensex Today Trades Lower | Infosys & HCL Tech Among Top Losers | Hatsun Agro Surges 8%

Thu, 20 Jul 10:30 am

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Asian share markets are trading muted today as cooling UK inflation lifted risk appetite ahead of central bank meetings next week, while disappointing earnings results from Netflix and Tesla pushed U.S. futures lower.

The Nikkei is trading 0.9% lower, and the Hang Seng index is trading 0.3% higher. While shanghai Index is trading lower by 0.3%.

US stocks rose on Wednesday as investors cheered cooling inflation in the UK and looked ahead to a kickoff in tech earnings due at the close of New York trading.

The Dow Jones Industrial Average ended 0.3% higher, and the tech heavy Nasdaq Composite ended marginally higher.

Here's a table showing how US stocks performed on Wednesday:

Stock/Index	LTP	Change ($)	Change (%)	Day High	Day Low	52-Week High	52-Week Low
Alphabet	122.78	-1.30	-1.05%	125.47	122.47	129.55	83.45
Apple	195.10	1.37	0.71%	198.23	192.65	198.23	124.17
Meta	316.01	3.96	1.27%	318.68	310.52	318.68	88.09
Tesla	291.26	-2.08	-0.71%	299.29	289.52	314.67	101.81
Netflix	477.59	2.79	0.59%	485.00	470.00	485.00	200.10
Amazon	135.36	2.53	1.90%	135.99	132.53	146.57	81.43
Microsoft	355.08	-4.41	-1.23%	362.46	352.44	366.78	213.43
Dow Jones	35,061.20	109.30	0.31%	35,234.05	34,991.21	35,234.05	28,660.94
Nasdaq	14,358.00	4.40	0.03%	14,446.55	14,317.09	14,446.55	10,088.83

Source: Equitymaster

Back home, Indian share markets hits record high today.

At present, the BSE Sensex is trading lower by 182 points. Meanwhile, the NSE Nifty is trading down by 54 points.

SBI and Sun Pharma are among the top gainers today.

Infosys and HCL Tech on the other hand are among the top losers today.

Broader markets are trading on a positive note. The BSE Mid Cap index is trading 0.8% higher and the BSE Small Cap index is trading 0.7% higher.

Barring metal sector all other sectoral indices are trading on a positive note with stocks in the telecom sector, FMCG sector, and energy sector witnessing most buying.

Shares of Polycab India and HDFC AMC hit their 52-week high today.

The rupee is trading at Rs 82.06 against the US dollar.

In commodity markets, gold prices are trading higher by 0.3% at Rs 59,965 per 10 grams today.

Meanwhile, silver prices are trading marginally higher at Rs 76,570 per 1 kg.

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...

Speaking of the stock markets, the Indian stock market is on a roll. New highs are being scaled every week.

The sentiment among traders and investors alike is extremely bullish. So bullish in fact that it brings back memories of 1991.

So, what do the charts say? Are we seeing a repeat of the Harshad Mehta rally?

Find out in the below video...

Vedanta eyes ESL Steel sale

Billionaire Anil Agarwal's Vedanta Ltd is seeking to sell ESL Steel, formerly known as Electrosteel Steels, after acquiring the asset for Rs 53.2 bn through a bankruptcy resolution process five years ago.

A previous attempt to sell the asset in late December failed as certain approvals, including environmental clearance and expansion plan, were still pending, turning prospective buyers cautious.

According to media reports, the mandate for selling the asset in Bokaro, Jharkhand, is with bankers, including Citigroup and JPMorgan's India offices.

The mandate may also include the iron ore mines in Goa and Karnataka, and contours of the asset will be known by mid-August.

The price tag for ESL and the iron ore assets would be between US$ 2 bn and US$ 3 bn.

Since the change of ownership, ESL has been in recovery mode, recording its highest production in FY23. ESL also increased its hot metal capacity to 1.7 million tonnes and has plans to expand to 3 million tonnes by early FY25.

Also, Vedanta Resources Plc, Vedanta's parent and the holding company of the group is staring at a bond redemption of US$ 2.1 bn in FY24 and an additional US$ 3 bn in FY25.

With forming a recent joint venture to manufacture semiconductor chips, the company has made its space among India's top 5 semiconductor stocks.

Also as China tries to move up the technology supply chain with advanced chips, the US is getting wary, this makes semiconductor the top Indian megatrends.

Olectra-Megha Engg EV deal

Electric bus manufacturer Olectra Greentech, on Wednesday awarded a contract to Megha Engineering & Infrastructures Ltd (MEIL) for the construction of a greenfield electric vehicle manufacturing facility in Telangana.

The manufacturing facility is being constructed on 150 acres of land at Seetharampur, Hyderabad, for Rs 3.9 bn.

As per the contract, construction of the greenfield EV manufacturing facility will be completed within 12 months from the date of approval of the shareholders (19 July 2023).

The contract has been awarded to MEIL, which is the ultimate holding company and a related party to Olectra.

Olectra Greentech is also the largest manufacturer in India of silicone rubber/composite insulators for power transmission and distribution networks.

In a span of one month, the EV stock has logged gains of over 55%. While the share price has given real multibagger returns in the last year, rallying around 115%.

Also to know is there more steam left in the share price of Olectra Greentech, check out our editorial- Olectra Greentech Zooms 250% in 5 Months. More Gains Coming?

Dr Reddy's Srikakulam unit passes USFDA inspection

Dr Reddy's Laboratories on Wednesday announced that the US FDA (Food and Drug Administration) has completed the pre-approval inspection and a routine good manufacturing practice inspection at the API manufacturing facility in Srikakulam, Andhra Pradesh, with zero observations.

The API (active pharmaceutical ingredient) facility was inspected from 10 July 2023 to 19 July 2023. It closed with zero observations and a classification of No Action Indicated (NAI).

Dr Reddy's Laboratories is an Indian multinational pharmaceutical company based in Hyderabad. The company was founded by Kallam Anji Reddy, who previously worked in the mentor institute Indian Drugs and Pharmaceuticals.

Check out Equitymaster screener for  pharma companies in India that have solid growth in sales and profits and a high Return on Equity (ROE).

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

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