Sensex Ends 690 Points Lower; IT And Auto Stocks Witness Selling

Indian share markets witnessed most of the selling pressure during closing hours and ended their trading session deep in the red. All sectoral indices ended on a negative note with IT stocks, telecom stocks, and auto stocks losing the most.

At the closing bell, the BSE Sensex stood lower by 690 points (down 1.9%) and the NSE Nifty closed down by 198 points (down 1.8%). The BSE Mid Cap index ended the day down 1.8% and the BSE Small Cap index ended the day down by 1%.

Note that last Friday, the Sensex closed at 35,965, just a little shy of the 36,000 mark.

Incidentally, the Sensex closed at almost the same level - 35,963 to be precise - at the end of January 2018.

But are the broader markets also back to the levels they were in January 2018?

The 10-Trillion Rupee Gap Between the Sensex and the Broader Markets

The rupee was trading at 70.24 against the US$.

Asian stock markets finished on a negative note. As of the most recent closing prices, the Hang Seng was up by 0.5% and the Shanghai Composite was down by 0.8%. The Nikkei 225 was down 1.1%.

In the news from the telecom sector, Bharti Airtel share price was in focus today. The stock of the company witnessed buying interest after the company on Thursday set up a committee to explore options to raise funds to strengthen its capital structure.

Apart from the above, the company decided to sell a 32% stake in Bharti Infratel to its wholly-owned subsidiary Nettle Infrastructure Investments. This is done for potential monetization of the stake in future.

The telecom major also announced the appointment of Badal Bagri as the Chief Financial Officer, with effect from March 1, 2019.

Moving on to the news from the pharma space, Aurobindo Pharma share price was in focus today after the company said that it has received final approval from the USFDA to manufacture and market potassium chloride extended-release tablets, 8 mEq (600 mg) and 10 mEq (750 mg).

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Disclosure: Equitymaster Agora Research Private Limited (hereinafter referred as 'Equitymaster') is an independent equity research Company. Equitymaster is not an Investment Adviser. ...

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