Stock Market LIVE Updates: Sensex falls 300 points, Nifty slips below 19,300; Pyramid Tech
Both benchmarks have lost over 0.5% so far in the week. If losses hold, the benchmarks would have slid for the fourth consecutive week, the first such instance since May 2022.
IT firms, which earn a significant share of their revenue from the U.S., shed as much as 1.5% and was the top sectoral loser, on rising rate concerns in the world’s largest economy.
Tata Consultancy Services, Wipro and HCLTech were among the top Nifty 50 losers.
Asian markets were subdued due to worries over China’s property sector after the embattled real estate firm Evergrande filed for bankruptcy protection in a U.S. bankruptcy court. [MKTS/GLOB]
Analysts added that a basket of worries, such as the depreciating Indian rupee currency, rising domestic inflation, moderation in foreign inflows, China slowdown and U.S. rate worries, could prompt further profit-taking in the markets.
“Investors should maintain focus on stock selection and risk management until the tone in global markets changes,” said Ajit Mishra, senior vice president – technical research at Religare Broking.
Shares of Adani Power, Adani Energy Solutions and Adani Green rose between 3% and 5% on a report that Abu Dhabi National Energy Company PJSC, known as TAQA, is mulling an investment of up to $2.5 billion in the conglomerate’s power businesses.
AU Small Finance Bank climbed 2.05% after domestic brokerage Motilal Oswal upgraded the stock to “buy” from “neutral”, citing a potential uptick in earnings from fiscal 2025.
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Pyramid Tech IPO crosses halfway mark
- QIB Portion: NIL
- NII Portion: 20%
- Retail Investor Portion: 75%
- Overall: 51%
Stock Market Live: These 5 stocks to exit Nifty Next50
Price as on 18 Aug, 2023 11:29 AM, Click on company names for their live prices.
Share Market Live: BLOCK DEAL | 10.4 lakh Alkem Lab shares change hands
Price as on 18 Aug, 2023 11:13 AM, Click on company names for their live prices.
Top 3 gainers from textile sector
Price as on 18 Aug, 2023 11:06 AM, Click on company names for their live prices.
Yatharth Hospital, a latest entrant to the Street, reported 73% year-on-year growth in its consolidated net profit at Rs 19 crore for the quarter ended June. On a sequential basis, profit was up 10%. Operating revenue during the first quarter grew 39% to Rs 154 crore in the reporting period, while EBITDA rose 61% to Rs 41.4 crore in the same period.
Price as on 18 Aug, 2023 10:36 AM, Click on company names for their live prices.
Today, Concord Biotech Limited made its debut on the stock markets by going public at Rs 900 per share, 21.46% higher than its IPO price of Rs 741. Concord Biotech is a leading API company with a proven track record. The company manufactures and exports APIs for a wide range of therapeutic areas. However, the company’s international operations expose it to various complex risks. Additionally, this industry has been facing margin pressure recently. Overall, the listing of Concord Biotech was in line with expectations. The company’s strong fundamentals and good subscription levels were positive factors for this. Investors who participated in the IPO should consider booking profits post-listing.
– Post-listing view on Concord Biotech from Anubhuti Mishra, Equity Research Analyst at Swastika Investmart
We advise conservative investors to book profits on listing, while investors with strong risk appetite can hold and add more on the listing day for healthy returns in the long term. We like Concord’s business mix which is well placed in niche pharma space with leading market share in complex product portfolios along with strong customer relationships in over 70 countries in both APIs and formulations with high entry barriers. We would continue to remain optimistic on the company’s long term business dynamics.
– Prashanth Tapse, Research Analyst – Sr VP, Mehta Equities
Pyramid Technoplast IPO opens for subscription. Should you bid?
Most analysts advised investors to subscribe to the issue given the company’s diversified customer base along with the comprehensive product portfolio.
“At the upper price band, the company is valued at a P/E of 16.21x FY23 earnings with a market cap of Rs 611 crore post issue of equity shares and return on net worth of 29.61%. We believe that the issue is fairly priced and recommend subscribing for the long term,” said Anand Rathi.
NEW LISTING | Concord Biotech shares list at over 20% premium on bourses today
Price as on 18 Aug, 2023 10:05 AM, Click on company names for their live prices.
BLOCK DEAL | 23 lakh shares of Fortis Health traded
Price as on 18 Aug, 2023 09:47 AM, Click on company names for their live prices.
Abu Dhabi National Energy Company PJSC, known as TAQA, is evaluating an investment of up to $2.5 billion in the power businesses of Indian billionaire Gautam Adani, newspaper Economic Times reported on Friday, citing sources.
Price as on 18 Aug, 2023 09:41 AM, Click on company names for their live prices.
Market View | Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services
Nifty is down 3% from the July peak of 19979, moving in sympathy with the global cues.
There are no immediate triggers that can lead to sharp rebound in the market. Further weakness in the market will make valuations reasonable. Long-term investors can utilise market corrections to buy high quality stocks in growth sectors like capital goods, banking, automobiles and construction.
Rupee rises 7 paise to 83.02 against US dollar in early trade
Manappuram Finance, IOB among top 10 movers in opening trade
Price as on 18 Aug, 2023 09:23 AM, Click on company names for their live prices.
BLOCK DEAL IMPACT | 57.9 lakh GMM Pfaudler shares traded in pre-market session
Price as on 18 Aug, 2023 09:23 AM, Click on company names for their live prices.
10 lakh Aptus Value Housing shares traded in block deal
Price as on 18 Aug, 2023 09:22 AM, Click on company names for their live prices.
Block Deal: 54.3 lakh shares of South Indian Bank change hands
Price as on 18 Aug, 2023 09:22 AM, Click on company names for their live prices.
Opening Bell: Sensex falls 200 points, Nifty slips below 19,300; Yatharth Hospital surges 8%, Coal India drops 2%
BLOCK DEAL | 57.9 lakh GMM Pfaudler shares traded in pre-market session
Pre-open session: Sensex slips 90 points; Nifty below 19,310
Markets are likely to see a weak opening on the back of bearish global cues, as the rising US bond yields continue to create havoc in world currency markets, fuelling a sell-off in equity markets. While depreciating currency continues to spook markets, the relatively weak macro-economic scenario like rising domestic inflation, FII fund outflow, Chinese slowdown and the US Fed signalling more rate hikes to contain inflation can prompt investors to book profits. Technically, Nifty bulls are likely to hesitate as long as Nifty’s 19525-19550 zone is a resistance area.
– Prashanth Tapse, Senior VP (Research), Mehta Equities
Markets Live Updates: Asian shares head for 3rd week of losses on China woes, US rates
Asian markets were trying to find a firmer footing on Friday after a rough week, hammered by concerns about China’s ailing economy and fears of U.S. rates staying higher for longer as long-term bond yields surged.MSCI’s broadest index of Asia-Pacific shares outside Japan were up 0.1% after hitting a nine-month low the session before. It was, however, headed for a weekly loss of 2.8%, the third straight week of declines.
Markets Live Updates: GIFT Nifty (Earlier SGX Nifty) signals a positive start
GIFT Nifty on the NSE IX traded 16.5 points, or 0.09 per cent, higher at 19,299.50, signaling that Dalal Street was headed for positive start on Friday.
Tech View: Tech View: Nifty charts hint at non-directional nature
After ending about 100 points lower at 19,365, Nifty today formed a Inside Bar candle on the daily chart. Now till it holds below 19420 zones some more profit booking could be seen towards 19300 then 19250 zones whereas resistance exists at 19480 then 19560 zones, said Chandan Taparia of Motilal Oswal.
Rupee falls 1 paisa to hit new all-time low of 83.09 against US dollar
The rupee pared its initial gains and settled for the day lower by 1 paisa at a fresh all-time low of 83.09 against the US dollar on Thursday, weighed down by a strong greenback overseas and a negative trend in domestic equities.
Markets Live Updates: Tokyo stocks open lower
Tokyo shares opened lower Friday following losses on Wall Street, as US Treasury bond yields rose further from multi-year highs.The benchmark Nikkei 225 index fell 0.96 percent, or 303.66 points, to 31,322.34, while the broader Topix index slipped 0.84 percent, or 18.91 points, to 2,234.15.
Wall Street ends lower on healthcare losses, interest rate jitters
Wall Street’s main indexes closed lower after choppy trading on Thursday as losses in healthcare stocks eclipsed gains in Cisco and energy stocks, while upbeat economic data kept alive fears of interest rates remaining higher for longer.
Markets Live Updates: Oil set to snap 7-week winning streak on China woes, Fed rate outlook
Oil prices looked set to snap a seven-week winning streak on Friday as concerns about demand growth in China as its economy slows, and the possibility of higher for longer U.S. rates triggered losses.
Sensex, Nifty on Thursday
The blue-chip Nifty 50 declined 100 points or 0.51% to settle at 19,365, while the S&P BSE Sensex fell 388 points or 0.59% to end at 65,151.
Read More:Stock Market LIVE Updates: Sensex falls 300 points, Nifty slips below 19,300; Pyramid Tech