Sensex Ends 173 Points Lower; Capital Goods and FMCG Stocks Witness Selling

Thu, 29 Oct Closing

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Indian share markets witnessed selling pressure throughout the day today and ended marginally lower.

Benchmark indices failed to hold on to their slight recovery in afternoon session and slipped as much as 1%, ahead of the expiry of October series derivative contracts.

At the closing bell, the BSE Sensex stood lower by 173 points. Meanwhile, the NSE Nifty ended down by 59 points.

L&T was the top loser in NSE. Meanwhile, the top gainers in NSE today include Asian Paints and Tech Mahindra.

SGX Nifty was trading at 11,660, down by 61 points, at the time of writing.

The BSE Mid Cap index ended on a flat note. The BSE Small Cap index ended down by 0.6%.

On the sectoral front, FMCG stocks and capital goods stocks witnessed selling pressure. Energy stocks, on the other hand witnessed buying interest.

Asian stock markets ended on a negative note. As of the most recent closing prices, the Hang Seng ended down by 0.4% and the Shanghai Composite ended up by 0.1%. The Nikkei ended down 0.4%.

US stock futures are trading higher today indicating a positive opening for Wall Street indices.

Nasdaq Futures are trading up by 133 points (up 1.2%), while Dow Futures are trading up by 176 points (up 0.7%).

Gold prices are trading up by 0.1% at Rs 50,507 per 10 grams.

The rupee is trading at 74.11 against the US$.

The domestic currency continued its downtrend and tumbled 23 paise against the US$ to 74.11, its lowest level since August 27, amid weak domestic equity markets and a firm greenback.

The US$ held gains against a basket of major currencies as escalating coronavirus cases in Europe stoked fears across markets that fresh lockdowns would further hit the already fragile economic recovery.

Speaking of stock markets, in her latest video, co-head of Research at Equitymaster, Tanushree Banerjee explains why the proposed Kotak Bank-IndusInd Bank merger has merit and urgency.

Tune in to the video to know the math behind this proposed merger.

In news from the FMCG sector, Pidilite Industries was among the top buzzing stocks today.

Pidilite Industries has entered into a definitive agreement with Huntsman Group (USA) to acquire 100% stake in one of its subsidiaries in India, Huntsman Advanced Materials Solutions Private (HAMSPL).

The company's board on Wednesday approved this. The transaction is expected to close by next week.

Reportedly, this is for a cash consideration of approximately Rs 21 billion, excluding customary working capital and other adjustments.

Under the terms of the agreement, Huntsman will receive approximately 90% of the cash consideration at closing and balance 10% under an earnout within 18 months if the business achieves sales revenue in line with 2019.

In 2019, HAMPSL had reported a revenue of Rs 4 billion.

Pidilite also said that in addition to the Indian sub-continent business, the acquisition includes a trademark license for Middle East, Africa and ASEAN countries.

Pidilite Industries share price ended the day up by 5.1%.

Moving on to news from the defence sector, Hindustan Aeronautics (HAL) today said that it has signed a Rs 4-billion contract with Tech Mahindra for implementation of Enterprise Resource Planning (ERP) to support its 'Project Parivartan'.

HAL CMD R Madhavan said 'Project Parivartan' is a comprehensive business transformation exercise initiated by the company through technology enhancement and centralized ERP.

He added that this exercise will help enable HAL to adopt some of the best practices followed in some of the similar industries globally.

Tech Mahindra will transform the distributed application to a centralized application for all of HAL's 22 divisions based on a business transformation engineering process, which includes implementation of supplier relationship management (SRM) and customer relationship management (CRM).

Hindustan Aeronautics share price ended the day down by 0.6%.

Speaking of the defence sector, have a look at the chart below which shows the top 5 military spending countries in the world as of 2019:

According to a SIPRI (Stockholm International Peace Research Institute) report, India was the third largest military in the world in 2019.

Here's what Girish Shetty wrote about it in one of the editions of Profit Hunter:

• If you look at the chart closely, you will realise it is likely to remain among the top spenders in the coming years.
  
  It's because of the second largest spender shown in the chart, China.
  
  With rising tensions between the two countries, the incentive is strong for India to keep up with China.
  
  It all makes sense for the government to focus on this sector in a big way in the near future.
  
  The government's 'Atmanirbhar' push will get a massive boost through local defence manufacturing. This will create profitable opportunities in defence stocks for astute investors.

Co-head of Research at Equitymaster, Tanushree Banerjee keeps a close watch on stocks in the defence space. As per Tanushree, defence will be a big wealth-creating opportunity.

Back in June, she recorded a video about India's best defence stocks.

Tune in to the video here:

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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