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Aamar Deo Singh, Head Advisory, Angel Broking Ltd

Profit booking witnessed in the benchmark indices dragged the markets down in today’s trading session. Auto, metal, and banking stocks experienced selling pressure.
Nifty tripped down by 1.81% or 195.35 points and closed at 10,607.35, while S&P BSE Sensex declined by 1.80% or 660.63 points and closed at 36,033.06.
Around 1829 shares declined, 116 shares remained unchanged, and 820 shares advanced.
Dr. Reddy’s Lab (1.94%), Titan Company (0.92%), and Bharti Airtel (0.27%) were among the top Nifty gainers. However, top Nifty losers included IndusInd Bank (5.49%), Axis Bank (4.90%), Eicher Motors (4.47%), Zee Entertainment (4.32%), and Maruti Suzuki (3.50%).
All sectoral indices except Pharma traded negative. BSE Midcap fell by 0.95% and BSE Smallcap declined by 0.93%.

Dr. Reddy’s Laboratories

Shares of Dr.Reddy’s Laboratories went up by 1.94% and traded at Rs.3975.05 after the company announced the launch of its OTC Nicotine Polacrilex Lozenges in the US market.

BHEL

Stocks of Bharat Heavy Electricals (BHEL) declined by 8.10% and traded at Rs. 39.15 after the company’s stock was downgraded from Neutral to Sell with a target share price of Rs.34 per share.

Phoenix Mills Limited

Stocks of Phoenix Mills went down by 3.04% and traded at Rs.575.00 in today’s trading session after the company announced approval for raising funds via NCDs, equity shares or any other option.

Yes Bank

The private lender’s hurdles continued post FPO after the bank fixed the floor price of its FPO at Rs.12 per share. Stocks of Yes Bank declined by 5.22% for the third consecutive day and traded at Rs.20.90.

Eveready Industries India Ltd.

Stocks of Eveready Ltd. surged as much as 10.00% and traded at Rs.89.10 after Dabur promoters bought a stake of 8.8% in the company through a bulk deal.

Reliance Industries Ltd.

Stocks of Reliance Industries Limited, the company with a market capitalization of more that 12 Lakh crore, went down by 1.03% in today’s trading session and traded at Rs.1915.00, ahead of its AGM tomorrow. The company recently became debt-free way before its targeted date of March 2021.

Steel Strips Wheels Ltd.

The company bagged a firm export order for more than 29,000 wheels for the EU Caravan Trailer Market which are to be manufactured in the company’s Chennai Plant. However, the stocks of the company declined marginally by 0.75% and traded at Rs. 438.75.

Indian Rupee

Indian rupee, pulled down by the negative sentiments among investors in the equity markets ended lower at Rs. 75.43 against the US Dollar.

Crude Oil

Oil prices declined in today’s trading session owing to the fresh restrictions to control the rising number of coronavirus cases in the US and Asian countries. The rising number of cases threatens the demand for crude oil.

Weaker Global Markets

Asian as well as European markets traded negative in today’s trading session amid the rising number of coronavirus cases. The rising number of COVID-19 cases has created a wave of negative sentiments among the traders. Nasdaq went down by 2.13%, FTSE 100 went down by 0.38%, FTSE MIB went down by 1.06%, Nikkei 225 declined by 0.87%, while Hang Seng went down by 1.14%.

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