Sensex Tanks 642 Points; Automobile and Realty Stocks Plunge

Tue, 17 Sep Closing

   Previous Close   

   Pre-Open   

   09:30 am   

   12:30 pm   

Indian share markets fell sharply today amid fears of rising crude oil prices and weakness in the rupee rattled investor sentiment. The BSE Sensex fell over 700 points intraday and breached the 36,500 mark. Meanwhile, NSE Nifty slumped below 10,800.

All sectoral indices ended on a negative note, with stocks in the automobile sector, realty sector and metal sector, leading the losses.

At the closing bell, the BSE Sensex stood lower by 642 points (down 1.7%) and the NSE Nifty closed down by 186 points (down 1.7%). The BSE Mid Cap index and the BSE Small Cap index ended the day down by 1.8%.

Asian stock markets finished on a negative note. As of the most recent closing prices, the Hang Seng was down by 1.4% and the Shanghai Composite stood lower by 1.7%.

The rupee is trading at 71.91 against the US$.

Speaking of Indian stock markets, if you look at the returns over the years, you will see that the markets have never moved in a linear fashion.

It has never been a one-way street - only up or down.

Stock markets have always moved in cycles.

If you would have bought stocks when either the Sensex or the Smallcap index was in a downturn, you would have made big returns once the cycle turned and the bulls took over.

The Time to Buy Stocks is Now

The economic slowdown does not herald the end of the world or for that matter the end of India. It's a phase and like all phases - This too shall pass.

The real question is - Are you taking advantage of these price declines to buy quality stocks?

In news from the commodity space, oil witnessed selling pressure today. Oil prices pulled back slightly after soaring 15% in the previous session.

Saturday's attacks raised the prospect of a major supply shock in a market that in recent months has focused on demand concerns due to the pressure on global growth from an ongoing US-China trade dispute.

On Monday, oil prices surged nearly 20% in intraday trading in response to the attacks, the biggest jump in almost 30 years, before closing at a four-month high.

US President Donald Trump said it looked like Iran was behind attacks but stressed he did not want to go to war. Relations between the United States and Iran have deteriorated since Trump pulled out of the Iran nuclear accord last year and reimposed sanctions on its oil exports.

How this all pans out remains to be seen. Meanwhile, we will keep you updated on the latest developments from this space.

In news from the PSU space, shares of STC India and MMTC plunged up to 18% in early trade today, amid reports that the Commerce Ministry has decided to close down the state-owned trading firms along with the Project and Equipment Corporation of India (PEC).

As per reports, the department of commerce may soon approach the cabinet with the proposal.

When asked whether the government is considering to shut or merge these units, Commerce and Industry Minister Piyush Goyal said "all options are open".

He said gradually the purpose of these companies is getting eroded and they are no more canalising agencies. He further added that there is no meaning for such a big infrastructure (MMTC) to carry out gold imports.

According to STC's annual report for 2018-19, the company is facing "severe liquidity crisis" as all the lender banks have reported STC's account as NPA due to non-payment of interest on the banking limits availed by the company". At present, the company has no banking limits, funded or non-funded, available with it.

Out of the total dues of about Rs 19.1 billion crystallized with the lender banks, an amount of Rs 11 billion has already been paid by STC to the lender banks.

The balance amount is also proposed to be paid partly through sale of its immovable properties and partly out of the trade receivables to be realized by the company.

Moving on to news from the pharma sector, Glenmark Pharma has been granted Orphan Drug Designation by US Food and Drug Administration (USFDA) to its bispecific antibody candidate GBR 1342 for the treatment of patients with multiple myeloma who have received prior therapies.

Derived from the company's proprietary BEAT (Bispecific Engagement by Antibodies based on the T cell receptor) technology, GBR 1342 is being investigated for the treatment of multiple myeloma.

Glenmark Pharma share price ended the day down by 0.9%.

To know more about the company, you can read Glenmark's latest result analysis and Glenmark's 2018-19 annual report analysis on our website.

Meanwhile, Dr Reddy's Laboratories has launched Lansoprazole delayed-release capsules USP, 15 mg, an over the counter (OTC) store-brand equivalent of Prevacid 24HR capsules, in the United States market, as approved by the USFDA.

Dr Reddy's OTC Lansoprazole delayed-release capsules USP, 15 mg, is an over the counter, Proton Pump Inhibitor (PPI) used to treat frequent heartburn occurring two or more days a week.

Dr Reddy's share price ended the day up by 0.6%.

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!

Read the latest Market Commentary

Top Gainers TodayTop Gainers over 1-WeekTop Gainers over 1-MonthTop Gainers over 1-YearTop Gainers over 3-YrsTop Gainers over 5-YrsTop Losers TodayTop Losers over 1-WeekTop Losers over 1-MonthTop Losers over 1-YearTop Losers over 3-YrsTop Losers over 5-YrsOnly BuyersOnly SellersMost Active StocksMost Popular Stocks52 Week High Stocks52 Week Low Stocks

INDICESBSE (Rs 0 to 1)BSE (Rs 1 to 2)BSE (Rs 2 to 4)BSE (Rs 4 to 10)BSE (Rs 10 to 20)BSE (Above Rs 20)BSE - AllBSE-30BSE-100BSE-200BSE-500BSE AutoBSE BankexBSE Capital GoodsBSE Consumer DurablesBSE FMCGBSE HealthcareBSE ITBSE MetalBSE Oil & GasBSE PSUBSE TeckBSE RealtyBSE PowerBSE A GroupBSE B GroupBSE Mid-CapBSE Small-CapBSE Basic MaterialsBSE Consumer DiscretionaryBSE IndustrialsBSE UtilitiesBSE Sensex 50BSE Sensex Next 50BSE Bharat 22BSE 150 MidCapBSE 250 SmallCapBSE 250 LargeMidCapBSE 400 MidSmallCapBSE AllCapBSE LargeCapBSE SmallCap SelectBSE 100 LargeCap TMCBSE InfraBSE ManufacturingBSE CPSEBSE Private BankBSE Diversified FinancialsBSE MomentumBSE Low VolatilityBSE QualityBSE Enhanced ValueBSE Divident StabilityS&P BSE IPOBSE SMEIPOBSE 100 ESGBSE CarbonexBSE GreenexNSE (Rs 0 to 10)NSE (Rs 10 to 20)NSE (Above Rs 20)NSE - AllNSE-50NSE ITNSE Nifty Midcap 50NSE JR. NiftyNSE Bank NiftyNIFTY Next 50NIFTY 100NIFTY 200NIFTY 500NIFTY MidCap 100NIFTY SmallCap 250NIFTY SmallCap 50NIFTY SmallCap 100NIFTY LargeMidCap 250NIFTY MidSmallCap 400NIFTY AutoNIFTY Consumer DurablesNIFTY FinanceNIFTY FMCGNIFTY MediaNIFTY MetalNIFTY PharmaNIFTY Private BankNIFTY PSU BankNIFTY RealtyNIFTY Oil & GasNIFTY SME EmergeNIFTY CommoditiesNIFTY CPSENIFTY EnergyNIFTY India ConsumptionNIFTY InfraNIFTY MNCNIFTY PSENIFTY Serv SectorNIFTY100 Liquid 15NIFTY Midcap Liquid 15NIFTY Midcap 150 Quality 50NIFTY50 Equal WeightNIFTY100 Equal WeightNIFTY100 Low Volatility 30NIFTY100 Alpha 30NIFTY Alpha 50NIFTY Dividend Opportunities 50NIFTY High Beta 50NIFTY Low Volatility 50NIFTY200 Quality 30NIFTY 500 Value 50NIFTY 100 Quality 30SECTORSAgricultureAirlinesAluminiumAsset Management CompaniesAutomobilesAuto AncillariesBanks (Private)Banks (PSU)BankingCementChemicalsDefenceDiagnosticsDronesEngineeringElectric VehicleElectric Vehicle BatteryEnergy SourcesESGEthanolFertilizersFintechFMCGFoodGreen HydrogenHotelsInfrastructureInsuranceInvestment and FinanceInvITIT (Large)IT (Others)LogisticsMediaMetalMiningIndia's Big Tech StocksIndian PharmaMNC PharmaPSUPaintPaperPlasticPowerRating AgenciesReal EstateREITsRenewable EnergyRetailingSemiconductorShippingSteelSugarSupply ChainTelecomTextilesTravel Support Services

10 results 25 results 50 results 100 results All results

Indian Share Market Update: Top Gainers and Losers