Sensex Ends 323 Points Lower; Eicher Motors, Maruti Suzuki & Tata Consumer Top Losers

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

After holding gains for a major part of the trading day, benchmark indices nosedived to lower levels in late deals dragged by weakness in key index heavyweights Infosys, ITC and Reliance Industries.

At the closing bell, the BSE Sensex stood lower by 323 points (down 0.6%).

Meanwhile, the NSE Nifty closed lower by 88 points (down 0.5%).

ONGC and Adani Ports were among the top gainers today.

Eicher Motors and Tata Consumer Products, on the other hand, were among the top losers today.

The SGX Nifty was trading at 17,434, down by 61 points, at the time of writing.

The BSE Mid Cap index ended down by 0.6%, while the BSE Small Cap index ended up by 0.4%.

Sectoral indices ended on a negative note with stocks in the IT sector, auto sector and engineering sector witnessing most of the selling pressure.

Oil & gas stocks, on the other hand, witnessed buying interest.

Shares of Torrent Power and Tanla Platforms hit their respective 52-week highs today.

Asian stock markets ended on a mixed note today.

Both, the Hang Seng and the Shanghai Composite ended up by 0.1%. The Nikkei ended down by 1.6% in today's session.

US stock futures are trading on a negative note today with the Dow Futures trading down by 99 points.

The rupee is trading at 74.40 against the US$.

Gold prices for the latest contract on MCX are trading up by 0.1% at Rs 47,487 per 10 grams.

Speaking of stock markets, in her latest video, lead small-cap analyst at Equitymaster Richa Agarwal talks about a niche sector which is set for hypergrowth.

Investors are always on the lookout for sectors and segments witnessing high growth. As per Richa, if you want to ride the growth story without compromising on profits, SaaS could be the answer.

Tune in to the below video to find out more:

In news from the banking sector, IOB and Central Bank were among the top buzzing stocks today.

In line with the government's divestment plan of Rs 1.8 tn for the financial year 2022, there are reports of the government introducing a banking amendment bill in upcoming winter session of Parliament to privatise two state owned banks.

The government has shortlisted Indian Overseas Bank (IOB) and Central Bank of India for divestment. With this, the two banks might witness sale of 51% stake in the first phase of divestment.

The news triggered shares of both the banks as they spiked up to 20% in today's trade.

In September 2021, Reserve Bank of India (RBI) had removed Indian Overseas Bank from its watchlist i.e., prompt corrective action (PCA) after an improvement in the lender's asset quality.

The PCA is a framework under which lenders with struggling financial indicators are placed under watch by RBI. Meanwhile, the Central Bank of India is still under the framework.

Plan to privatise some banks was announced in the Union budget for 2021-22 as a part of the government's broader divestment goals for the fiscal 2022.

The bill will be reportedly among the 26 bills, which are scheduled to be introduced during the session.

Among other bills in discussion, India's cryptocurrency bill is the most awaited during the session of Parliament, which will run from 29 November to 23 December.

Shares of IOB and Central Bank of India ended the day up by 13% and 10.5%, respectively.

Speaking of PSUs, have a look at the chart below which shows the performance of BSE PSU index compared to BSE Sensex over the past few years.

As can be seen from the chart above, over the last decade, Rs 100 invested in BSE PSU index would have eroded to Rs 80, compared to almost 3x gains for the Sensex.

Here's what Richa Agarwal, lead Smallcap Analyst at Equitymaster, wrote about PSU stocks in one of the edition of Profit Hunter:

• However, it will be folly to paint all PSUs with the same brush. There are some exceptions in this space, which put their private peers to shame.
  
  In a recent editorial, I shared an opportunity in a PSU stock that is riding and enabling an irreversible megatrend - digitisation.

One of Richa's stock recommendation (subscription required) is a stock from this space. This smallcap PSU is leading the digitisation drive from the frontlines.

Richa believes it could be a perfect bet for these uncertain times. Hidden Treasure subscribers can read the recommendation here.

And if you're not a subscriber, here's where you can sign up.

Moving on to news from the pharma sector...

IPCA Labs Approves 26.6% Stake Acquisition in Lyka Labs

The board of IPCA Laboratories has approved the acquisition of 26.6% of the paid-up share capital of Lyka Labs.

It has also given its approval for entering into a joint management control agreement with the promoters of Lyka Labs.

Consequent to this acquisition of shares, IPCA has also made a public announcement to acquire 26% additional equity shares of Lyka from its public shareholders under market regulations.

IPCA has spent Rs 978.9 m in cash for the acquisition of Lyka from the secondary market.

Acquisition of this shareholding will enable it to enter into lucrative lyophilised injectables business in India and ROW markets in association with Lyka, the company said.

The target company will also immensely benefit from marketing expertise of the company in the branded generic formulations business of the ROW markets of Africa, Latin America, South East Asia and Middle East where Lyka Labs is currently not present.

IPCA Laboratories share price ended the day up by 1.2% on the BSE.

To know more, check out IPCA Labs 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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