Sensex Ends 400 Points Lower; Nestle And Asian Paints Among Top Nifty Losers

Indian share markets witnessed huge selling pressure during closing hours today and ended on a negative note.

At the closing bell, the BSE Sensex stood lower by 400 points.

The NSE Nifty ended down by 104 points.

Hero MotoCorp was among the top gainers today.

Nestle Indian and Asian Paints, on the other hand, were among the top losers today.

SGX Nifty was trading at 15,196, down by 132 points, at the time of writing.

The BSE Mid Cap index ended flat, while the BSE Small Cap index ended up by 0.5%.

On the sectoral front, stocks in the IT sector, banking sector, and pharma sector witnessing maximum selling pressure.

Power stocks on the other hand ended in the green.

Asian share markets ended mixed today.

As of the most recent closing prices, the Nikkei ended down by 0.58%, while the Hang Seng ended higher by 1.1%.

US stock futures are trading flat with the Dow Futures trading down by 3 points (down 0.01%).

The rupee is trading at 72.76 against the US$.

Gold prices for the latest contract on MCX are trading down by 0.7% at Rs 46,561 per 10 grams.

In global markets, gold prices fell to near two-week lows amid a stronger US dollar and hardening of US bond yields.

Tracking softer global prices, gold prices in India skidded for the fifth day in a row.

Note that the recent fall in global rates and import duty cut in the Budget has pushed gold prices in India to near multi-month lows. In August gold had hit a record high of Rs 56,200 per 10 grams.

In news from the IPO space...

Mumbai-based Macrotech Developers, formerly known as Lodha Developers, has filed a draft red herring prospectus (DRHP) for its proposed initial public offering with the Indian stock market regulator.

The IPO size is about Rs 25 billion.

Microtech Developers had appointed ten merchant bankers for the proposed share sale. Kotak Securities, Axis Capital, and JP Morgan have been named lead advisors for the issue, said multiple people aware of the matter. Other investment banks appointed by Macrotech Developers include JM Financial, SBI Caps, ICICI Securities, Edelweiss Securities, IIFL Securities, Yes Securities, and Bank of Baroda Capital.

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Disclosure: Equitymaster Agora Research Private Limited (Research Analyst) bearing Registration No. INH000000537 (hereinafter referred as 'Equitymaster') is an independent equity research ...

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