Sensex Opens Flat; Sun Pharma and ITC Top Losers

Mon, 16 Dec 09:30 am

   Previous Close   

   Pre-Open   

   12:30 pm   

   Closing   

Asian stock markets are mixed today. The Nikkei 225 is flat while the Hang Seng is down 0.3%. The Shanghai Composite is trading up by 0.1%. Meanwhile, The S&P 500 and the Dow industrials ended little changed on Friday, hitting record highs in the session, as the United States and China announced an initial trade agreement, cooling tensions that have rattled markets.

Back home, India share markets opened flat. The BSE Sensex is trading up by 54 points while the NSE Nifty is trading up by 18 points. The BSE Mid Cap index and BSE Small Cap index opened up by 0.1% and 0.3% respectively.

Barring metal stocks, oil & gas and FMCG stocks, all sectoral indices have opened the day in green with capital goods and IT stocks witnessing buying interest.

The rupee is currently trading at 70.79 against the US$.

Moving on to the news from the banking sector. As per RBI's risk-assessment report, Punjab National Bank (PNB) under-reported its non-performing assets by Rs 26.2 billion for the fiscal year 2019.

Also, the divergence in provisioning for bad loans in FY19 was to the tune of Rs 20.9 billion.

Consequently, based on the divergence assessed by RBI in provisioning for bad loans, PNB said it would have reported a net loss of Rs 113.4 billion for FY19 as opposed to a net loss of Rs 99.8 billion.

The bank said it reported gross NPAs of Rs 784.7 billion, while as per RBI's assessment the figure was Rs 810.9 billion.

Similarly, it reported net NPAs of Rs 300.4 billion, compared to RBI's assessment of Rs 326.5 billion.

Provisions for NPAs made by the bank in FY19 stood at Rs 481.5 billion but it needed to provide Rs 502.4 billion.

Recently, market regulator made it mandatory for listed banks to disclose bad loan divergence within a day of receiving the risk assessment report from the RBI.

Punjab National Bank share price opened down by 1.9%.

Speaking of the banking sector, note that 2019 has been brutal for some banking stocks.

The market has severely punished them. This is due to issues such as worsening asset-quality, corporate governance, and inadequate capital.

As can be seen in the chart below, here's how the correction looked like for some banking stocks as of October 15th...

Falling Knives in the Banking Sector

Falling stock prices could be enticing. After all, we love deep discounts and good bargains.

But if you're thinking of buying these stocks it's important to remember this point - If a stock is in a falling spree, there's probably a good reason behind it.

And realising this in a volatile market is the first step towards correcting one's investing process.

Moving on to the news from the pharma sector. Sun Pharma said that the US Food and Drug Administration (USFDA) conducted a Good Manufacturing Practices (GMP) inspection at the company's Halol facility in Gujarat from 3-13 December 2019.

At the conclusion of the inspection, the agency issued a Form 483, with eight observations.

The company said it is preparing the response to the observations, which will be submitted to the USFDA within 15 business days.

As per the reports, the company is committed to addressing these observations promptly.

The company remains committed to working closely with the USFDA and continues to enhance its GMP compliance on an ongoing basis.

Sun Pharma share price opened the day down by 1.4%.

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!

Read the latest Market Commentary

Top Gainers TodayTop Gainers over 1-WeekTop Gainers over 1-MonthTop Gainers over 1-YearTop Gainers over 3-YrsTop Gainers over 5-YrsTop Losers TodayTop Losers over 1-WeekTop Losers over 1-MonthTop Losers over 1-YearTop Losers over 3-YrsTop Losers over 5-YrsOnly BuyersOnly SellersMost Active StocksMost Popular Stocks52 Week High Stocks52 Week Low Stocks

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

10 results 25 results 50 results 100 results All results

Indian Share Market Update: Top Gainers and Losers