Sensex Sheds 314 Points, Nifty Settles Below 17,900; UPL & Reliance Among Top Losers

Wed, 17 Nov Closing

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

After moving in a tight range for most part of the trading day, benchmark indices ended near day's low for the second straight trading session amid concerns of rising inflation and the risk of immediate correction.

At the closing bell, the BSE Sensex stood lower by 314 points (down 0.5%).

Meanwhile, the NSE Nifty closed lower by 101 points (down 0.6%).

Maruti Suzuki and Asian Paints were among the top gainers today.

UPL and Reliance Industries, on the other hand, were among the top losers today.

The SGX Nifty was trading at 17,884, down by 120 points, at the time of writing.

The BSE Mid Cap index ended down by 0.2%, while the BSE Small Cap index ended up by 0.1%.

Sectoral indices ended on a mixed note with stocks in the energy sector, realty sector and oil & gas sector witnessing most of the selling pressure.

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

Shares of LUX Industries and Metropolis Healthcare hit their respective 52-week highs today.

Asian stock markets ended on a mixed note today.

The Hang Seng ended down by 0.3%, while the Shanghai Composite ended up by 0.4%. The Nikkei ended down by 0.4% in today's session.

US stock futures are trading on a flat note today with the Dow Futures trading down by 22 points.

The rupee is trading at 74.27 against the US$.

Gold prices for the latest contract on MCX are trading up by 0.1% at Rs 49,089 per 10 grams.

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In news from the finance sector, M&M Financial Services was among the top buzzing stocks today.

Mahindra & Mahindra Financial Services today launched its leasing and subscription business Quiklyz.

The venture is a digital platform for vehicle leasing and subscription, that aims to provide convenience, flexibility and choice to customers across cities, the company said.

Mahindra Finance said it sees this as a great opportunity to create value for its stakeholders with a profitable business model and build a strong balance sheet out of emerging opportunities in this adjacent business vertical.

In a statement the company said,

• Quiklyz is the first-of-its-kind digital journey on car usership with which the customer can access a brand-new car without all the hassles of car ownership.

In the initial phase, Quiklyz will launch its services in metro cities like Bengaluru, Chennai, Delhi, Gurugram, Hyderabad, Mumbai, Noida, Pune, and will further expand it to other cities across India, including tier-II cities, covering 30 locations over the next one year.

Quiklyz is also in discussions with several automotive OEMs and will announce partnerships with them on leasing and subscription shortly, Mahindra Finance said in its statement.

Quiklyz will be available for both corporate and retail customers.

M&M Financial Services share price ended the day down by 2.2% on the BSE.

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Moving on to news from the PSU sector...

Centre Aims to Privatise 5-6 State Owned Companies in Fiscal 2022

The central government is aiming to complete the privatisation of five to six state-owned firms, including Bharat Petroleum Corporation (BPCL), in the current financial year, secretary of the department of investment and public asset management (DIPAM), Tuhin Kanta Pandey said at the CII Summit today.

The DIPAM Secretary also said that the Centre is aiming to close the privatisation of BEML and Shipping Corp of India and to list state-owned LIC on local bourses in the year to March 2022.

Mr. Pandey said BPCL divestment is in due diligence stage. The sale of the Bharat Petroleum would fetch about US$13 bn for the exchequer and other shareholders.

'While financial bidding of BEML, Shipping Corp, Pawan Hans, Central Electronic and Neelanchal Ispat can take place in December to January and expecting their transaction in the current fiscal', he added.

Also, the central government is targeting December for handing over Air India to Tata Group.

We will keep you updated on the latest developments 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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