Sensex Sheds 678 Points, Nifty Gives Up 17,700; Tech Mahindra & NTPC Among Top Losers

Fri, 29 Oct Closing

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Indian share markets nosedived and registered sharp losses in today's volatile session.

Benchmark indices exhibited high amount of volatility for the second day in row on the back of unabated selling pressure in select index heavyweight stocks.

Sensex tumbled to a low of 59,089 and has now shed 5% (2,938 points) from its recent peak of 62,245.

Meanwhile, the Nifty logged its second straight weekly loss, declining 3.8% (677 points) in the last two weeks.

At the closing bell, the BSE Sensex stood lower by 678 points (down 1.1%).

Meanwhile, the NSE Nifty closed lower by 186 points (down 1%).

UltraTech Cement and UPL were among the top gainers today.

Tech Mahindra and NTPC, on the other hand, were among the top losers today.

The SGX Nifty was trading at 17,751, down by 106 points, at the time of writing.

Broader markets outperformed the benchmark indices today.

The BSE MidCap index ended up by 0.2%, while the BSE SmallCap index ended down by 0.4%.

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

Realty and auto stocks, on the other hand, witnessed buying interest.

Shares of Canara Bank and Minda Corporation hit their respective 52-week highs today.

Asian stock markets ended on a mixed note today.

The Hang Seng ended down by 0.7%, while the Shanghai Composite ended up by 0.8%. The Nikkei ended up by 0.3% in today's session.

US stock futures are trading on a flat note today with the Dow Futures trading down by 46 points.

The rupee is trading at 74.88 against the US$.

Gold prices for the latest contract on MCX are trading down by 0.1% at Rs 47,925 per 10 grams.

Speaking of stock markets, India's #1 trader Vijay Bhambwani talks about why underlying metal prices are falling, in his latest video for Fast Profits Daily.

Tune in to the video below to find out more:

In news from the pharma sector, Dr Reddy's Lab was among the top buzzing stocks today.

Pharma major Dr Reddy's Lab reported a consolidated net profit of Rs 9.9 bn for the September quarter, up 30% from Rs 7.6 bn in the same quarter of last year.

Revenue from operations during the quarter were higher by 18% at Rs 57.6 bn compared to Rs 49 bn in the year ago period.

The Hyderabad-based firm's earnings before interest, tax, depreciation and amortization (EBITDA) came in at Rs 15.6 bn during the reporting period.

The company's co-chairman and MD, G V Prasad said,

• I am pleased with the improvement in the financial performance across our businesses. While we continue to strengthen our core businesses of generics and AP ls, we are also making investments in our long-term growth drivers and deeper innovation capabilities.
  
  Our focus remains on meeting unmet patient needs around the world in keeping with our purpose.

The global generic business clocked a year on year (YoY) growth of 19% and sequential quarter growth of 15%, driven by Covid portfolio, new product launches and base business volume traction across key markets. However, this was offset partly by price erosion in some of the products.

Revenues from the India business stood at Rs 11.4 bn, up 25%, driven by an increase in sales volumes of their existing products.

Dr Reddy's said it continues to play its role in the fight against Covid-19 by acting proactively to bring multiple preventive and curative treatment options, including a vaccine.

Dr Reddy's Lab share price ended the day up by 1% on the BSE.

Here's an interesting data on Dr. Reddy's Lab, investing just Rs 100,000 in Dr. Reddy's Labs in 1992, it would have given a whopping Rs 4.89 crores in 2014!

Co-head of Research, Tanushree Banerjee believes, the opportunities in the Rebirth of India are not only more profitable than the ones in 1991 but the gains could come faster too.

Moving on to news from the travel support services sector...

Railways Withdraws Decision on IRCTC's Revenue from Convenience Fee

Shares of Indian Railway Catering and Tourism Corporation (IRCTC) sharply came off its day's low today and were down 5% on the BSE.

After asking IRCTC to share half of its revenue from convenience fee with the Ministry of Railways, the government has taken a U-turn on its decision.

Department of Investment and Public Asset Management (DIPAM) secretary Tuhin Kanta Pandey today said that the ministry has decided to withdraw its decision to take 50% of the ticket booking platform's revenue from the convenience fee.

Mr. Pandey further added,

• I think in that context, railways have reviewed that decision and withdrawn it. I believe that since the decision was out, and obviously the railways have looked at it also as our advice and of course, we also attended advice to relook at it. There will be official communication from railways on this development soon.

The stock had crashed over 25% earlier today after the company said that it will share half of the revenues earned from convenience fee with the government.

IRCTC charges a convenience fee for online bookings, which is one of the key revenue streams for the company. It fetched around Rs 6.2 bn in the financial year 2020.

IRCTC share price ended the day down by 8% on the BSE.

To know more, check out IRCTC's 2020-21 annual report analysis.

And 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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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

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