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POST-MARKET REPORT
Indian benchmark indices followed the global trend and ended on a negative note with Nifty breaking its 14-day winning streak, closing below 25,200 amid selling across the sectors barring realty, FMCG, and pharma.
At close, the Sensex was down 202.80 points or 0.25 percent at 82,352.64, and the Nifty was down 81.10 points or 0.32 percent at 25,198.70.
Asian Paints, Grasim Industries, HUL, Apollo Hospitals, and Sun Pharma are among the top gainers on the Nifty, while losers are Wipro, Coal India, ONGC, Hindalco Industries, and M&M.
On the sectoral front, FMCG, realty, and pharma gained 0.5 percent each, while auto, bank, energy, IT, and metal were down 0.4-1 percent.
The BSE Midcap index ended marginally lower, while the Smallcap index ended in the green.
STOCKS TODAY
Exicom Tele Systems: Shares fell 5 percent, a day after the Big Bull Rakesh Jhunjhunwala’s RARE Enterprise trimmed its stake in the company. The Rakesh Jhunjhunwala entity sold 15.85 lakh shares, making up a 1.3 percent stake in Exicom Tele Systems for an average price of Rs 348.60, data on the exchanges showed. The total stake sale was valued at Rs 55.25 crore.
Sona BLW Precision Forgings: Shares rose around 2 percent after CNBC-TV18 reported that the auto components maker is in talks to acquire the rail engineering business of Escorts Kubota in a deal valued at Rs 2,000 crore. To fund the acquisition, Sona BLW is soon looking to launch a Rs 2,000 crore Qualified Institutional Placement, the report added.
Rama Steel Tubes: Shares soared 12 percent after the firm announced a strategic collaboration with Onix Renewable. Over 10 crore shares exchanged hands in trade on the bourses, over 200 percent higher than the one-month daily traded average of four crore shares.
Oil and Natural Gas Corp: Shares fell over 2 percent tracking a decline in crude oil prices. The fall in crude prices has a negative bearing on oil drilling companies as it squeezes their profit margins. This is because the price of refined products may not drop as quickly or proportionately and hence, refineries holding inventories bought at higher prices may face inventory losses as the value of their stock decreases.
HPCL: Shares jumped over 4 percent on the back of a fall in oil prices. A decline in crude prices benefits oil marketing companies as that reduces their input costs and gives them more leeway to generate higher margins. In addition to that, OMCs can also capitalize on inventory gains by restocking at reduced prices. Also, lower fuel prices may boost consumer demand, driving higher sales volumes, and lifting revenues for these players.
Jubilant Ingrevia: Shares soared around 10 percent after Equirus Capital maintained a ‘long’ rating and raised the target price to Rs 900, implying an upside of 25 percent from current levels. The target upgrade came after global specialty maker Vertellus shut Pyridine production in the US, a solvent primarily used for paint, rubber, pharma, and other products.