Indian Indices End Flat; Bajaj Finserv, Maruti and Titan Among Top Losers

Wed, 25 Aug Closing

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Indian share markets witnessed volatile trading activity throughout the day today and ended on a flat note.

Benchmark indices scaled fresh lifetime highs in intra-day trade but failed to hold on to gains as telecom and consumer durables stocks witnessed selling.

At the closing bell, the BSE Sensex stood lower by 15 points (down 0.1%).

Meanwhile, the NSE Nifty closed higher by 10 points (up 0.1%).

Adani Ports and HDFC Life Insurance were among the top gainers today.

Bajaj Finserv and Titan, on the other hand, were among the top losers today.

The SGX Nifty was trading at 16,686, up by 66 points, at the time of writing.

The BSE MidCap index and the BSE SmallCap index ended up by 0.6% and 0.7%, respectively.

Sectoral indices ended on a mixed note with stocks in the telecom sector, consumer durables sector and realty sector witnessing most of the selling pressure.

Oil & gas and power stocks, on the other hand, witnessed buying interest.

Shares of Tata Elxsi and Hindustan Aeronautics hit their respective 52-week highs today.

Asian stock markets ended on a mixed note today.

The Hang Seng ended the day down by 0.1%, while the Shanghai Composite ended up by 0.7%. The Nikkei ended on a flat note today.

US stock futures are trading on a flat note today with the Dow Futures trading up by 7 points.

The rupee is trading at 74.24 against the US$.

Gold prices for the latest contract on MCX are trading down by 0.5% at Rs 47,375 per 10 grams.

Speaking of the stock market, Brijesh Bhatia, Research Analyst at Fast Profits Report, shares a simple way to help you decide between intraday trading and swing trading, in his latest video for Fast Profits Daily.

Tune in to the video below to find out more:

In news from the engineering sector, Larsen and Toubro was among the top buzzing stocks today.

National Investment and Infrastructure Fund (NIIF) is in advanced negotiations with Larsen and Toubro (L&T) to invest up to Rs 40 bn in Hyderabad Metro, as the conglomerate looks to focus on its core engineering activities and deleverage the balance sheet, said people aware of the matter.

The loss-making venture, L&T's single-biggest investment in a project, has been suffering on account of cost and time overruns, and loss of traffic, made worse by lockdowns during the Covid pandemic.

The company has also been in talks with the Telangana government and lead banker SBI to financially stabilise the asset.

Proceeds from the investment expected via a convertible instrument will help pare the project's Rs 135 bn debt and refinance it by extending loan tenors.

One of the sources mentioned above said NIIF's sponsors, sovereign wealth and pension funds, may also co-invest although there is no firm commitment on that as yet.

In parallel, the company has also sought a soft loan of up to Rs 50 bn from Telangana, according to people with knowledge of the matter.

Dip Kishore Sen, whole-time director and senior executive vice president at L&T said,

• The project needs immediate cash support from the government of Telangana to sustain operations.
  
  We have asked the government for a long-term soft loan which will be used only for reducing the debt size.

While it had turned down L&T's calls for financial assistance earlier, the state government is said to be considering this proposal and has hinted that it may help the company raise the money from other financial institutions.

L&T share price ended the day down by 0.9% on the BSE.

Moving on to news from the IT sector...

Wipro Wins Multi-Year Contract with E.ON

Wipro has been awarded a strategic multi-year contract to partner with E.ON in their digital transformation journey in the financial area.

It will provide application maintenance & support services (AMS) for innovative projects on SAP Business Suite 4 SAP HANA (SAP S/4HANA).

As part of the contract, Wipro will manage E.ON's new IT system that will support more than 16,000 users spread across eight countries in Europe.

Wipro will provide E. ON, application and technology services for business-critical application portfolios leveraging its experience and capability in providing flexible and efficient cost saving solutions.

E.ON is building the framework for group wide, harmonized processes in the commercial area, and this partnership will help lay a strong foundation for E. ON's digital transformation journey.

E.ON is an international investor-owned energy company, which focuses on energy networks and customer solutions. As one of Europe's largest energy companies, E.ON plays a leading role in shaping a clean, digital, decentralized world of energy.

Wipro share price ended the day down by 0.2% 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.

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

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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