Sensex Ends 254 Points Lower; NTPC & Power Grid Rally 6%

Wed, 29 Sep Closing

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

A swift recovery led by metal, power, and pharma stocks helped benchmark indices erase some of the early losses.

Indian bonds rose while the rupee weakened to its lowest level in a month today as expectations the US Federal Reserve would soon start to unwind bond purchases gained momentum again and lifted the dollar.

At the closing bell, the BSE Sensex stood lower by 254 points (down 0.4%).

Meanwhile, the NSE Nifty closed lower by 37 points (down 0.2%).

Coal India and NTPC were among the top gainers today.

HDFC and Kotak Mahindra Bank, on the other hand, were among the top losers today.

The SGX Nifty was trading on a flat note, at the time of writing.

The BSE Mid Cap index and the BSE Small Cap index ended up by 0.6% and 0.4%, respectively.

Sectoral indices ended on a mixed note with stocks in the finance sector, banking sector and FMCG sector witnessing most of the selling pressure.

Power and metal stocks, on the other hand, witnessed buying interest.

Shares of Sun Pharma and Torrent Power hit their respective 52-week highs today.

Asian stock markets ended on a mixed note today as traders worried about rising oil prices and fears of a US debt default.

The Hang Seng ended up by 0.7%, while the Shanghai Composite ended down by 1.8%. The Nikkei ended down by 2.1% in today's session.

US stock futures are trading on a firm note today with the Dow Futures trading up by 210 points.

The rupee is trading at 74.15 against the US$.

Gold prices for the latest contract on MCX are trading up by 0.2% at Rs 45,920 per 10 grams.

Speaking of the stock market, Brijesh Bhatia, Research Analyst at Fast Profits Report discusses whether the metals sector is still the best sector of 2021, in his latest video for Fast Profits Daily.

Tune in to the video below to find out more:

In news from the pharma sector, Sun Pharma was among the top buzzing stocks today.

Shares of Sun Pharma were up nearly 5% at Rs 819.6 on the BSE today after the company launched a novel formulation in cough management, Chericof12 in India.

Chericof 12, the first prescription cough syrup in India which gives relief for up to 12 hours, is manufactured using polistirex technology for sustained release of the drug.

Chericof 12 is approved for patients of age group six years and above, Sun Pharma said in a press release.

Polistirex Technology involves the complexation of two drugs, dextromethorphan hydrobromide and chlorpheniramine maleate with resins. The resin granules of both drugs are added in suspension to form Chericof 12.

Complexation of drugs with polistirex not only provides sustained release but also masks the bitter taste making it more palatable.

The stock has relatively outperformed most pharma stocks post its quarterly results. The company reported a consolidated net profit of Rs 14.4 bn for the quarter ended June against a consolidated net loss of Rs 16.6 bn in the year-ago quarter.

Sun Pharma share price ended the day up by 4% 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

Moving on to news from the finance sector...

Piramal Group Completes DHFL Acquisition for Total Consideration of Rs 342.5 Bn

Piramal Group today announced that it has completed the acquisition of housing finance firm Dewan Housing Finance Corporation (DHFL) and a total consideration of Rs 342.5 bn has been paid for the same.

As a part of the process, Piramal Capital and Housing Finance (PCHFL) will merge with DHFL.

The group in a statement informed that most of the DHFL creditors are recovering nearly 46% via the resolution.

The creditors of DHFL (including FD holders) would recover an aggregate amount of around Rs 380 bn from the resolution process of DHFL.

This amount comprises of Rs 342.5 bn to be paid by PCHFL as a combination of cash and non-convertible debentures and an amount of around Rs 38 bn, which is the entitlement of creditors (as per the resolution plan), from the cash balance available with DHFL.

In January 2021, 94% of the creditors of DHFL voted in favor of Piramal's resolution plan. Approvals were also obtained from the Reserve Bank of India (RBI) and national company law tribunal (NCLT) for the completion of this transaction. The merged entity will be 100% owned by Piramal Enterprises.

The acquisition marks the first successful resolution under the insolvency and bankruptcy code (IBC) route in the financial services sector. In value terms, the transaction is among the largest resolutions till date, setting the precedent for future resolutions in the sector.

We will keep you posted on more updates from this space. Stay tuned.

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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