Sensex Today Ends 181 Points Lower

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After opening the day on firm footing, Indian share markets reversed course as the session progressed and ended 0.3% lower.

Frontline indices the Sensex and the Nifty closed lower on profit booking in shares of select heavyweights, including Reliance Industries and HDFC Bank, ahead of the annual central bank summit in Jackson Hole, Wyoming, on Friday.

Markets anticipated clues on interest rate trajectory from Federal Reserve Chairman Jerome Powell.

At the closing bell, the BSE Sensex stood lower by 180 points (down 0.3%).

Meanwhile, the NSE Nifty closed lower by 57 points (down 0.3%).

Asian Paints, BPCL, and Infosys were among the top gainers today.

ONGC, JSW Steel, and Grasim Industries, on the other hand, were among the top losers today.

The GIFT Nifty was trading at 19,398, down by 107 points, at the time of writing.

The BSE MidCap index ended marginally higher while the BSE SmallCap index advanced 0.2%.

Sectoral indices ended on a mixed note with stocks in the IT sector, FMCG sector, and telecom sector witnessing most of the buying.

While metal stocks, oil & gas stocks, and auto stocks witnessed selling.

Shares of Cera Sanitaryware, Bharat Forge, and Axis Bank hit their respective 52-week highs today.

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Asian share markets ended higher. The Hang Seng gained 2.1% while the Nikkei rose 0.9%. The Shanghai Composite fell 0.1%.

The rupee is trading at 82.58 against the US$.

Gold prices for the latest contract on MCX are trading flat at Rs 58,820 per 10 grams.

Meanwhile, silver prices are trading 0.6% lower at Rs 73,521 per 1 kg.

Gail's Rs 300 billion capex plan

In news from the energy sector, the company targets a capital expenditure of around Rs 300 bn over the next three years.

The capex would be mainly used for pipelines, ongoing petrochemical projects, city gas distribution projects, and equity contributions in group companies.

It plans to achieve over 120 MMSCMD (million metric standard cubic meters per day) of natural gas transmission, over 100 MMSCMD of natural gas sales, and around 800 thousand metric tonnes (TMT) of polymer sales.

The country's largest natural gas distributor has also issued an expression of interest (EoI) to explore the opportunity of equity acquisition where it could convert natural gas into a liquid form in the US.

GAIL is also in the process of establishing a 10 MW green hydrogen production facility using polymer electrolyte membrane water electrolyzer, the largest in India to align with the government's National Hydrogen Energy Mission. It is expected to be commissioned by December 2023.

In the last year, GAIL's shares have zoomed 18% despite falling crude prices and windfall gain tax.

The transition from grey to green hydrogen is happening at a faster pace than expected. GAIL is contributing to this transition, making it among India's Top Green Hydrogen Stocks.

SpiceJet to Pay Maran

Moving on to news from the airlines sector, the Delhi High Court on Thursday ordered SpiceJet chairman and managing director (CMD) Ajay Singh to pay Rs 100 crore to Kalanithi Maran by 10 September.

The failure to do so may result in the CMD's arrest.

Singh has been summoned to the Court after Maran filed an application stating that despite being asked to do so, SpiceJet had not filed an affidavit of assets and liabilities in 2020.

Maran claims that the budget airlines owes him Rs 3.9 bn as of 3 August and had sought that 50 percent of the airline's daily revenues go towards this payment. The Court issued a notice for the same.

This comes after the Supreme Court held the 2018 arbitration award.

According to the arbitral award, SpiceJet was ordered to pay Rs 3.1 bn in cash and a 12% interest for 30 months. An additional Rs 2.7 bn in either compulsory redeemable preference shares or by the return of money in terms of a share purchase agreement had to be paid.

Zydus receives a USFDA nod

Moving on to news from the pharma sector, Zydus Lifesciences received final approval from the United States Food and Drug Administration (USFDA) for Zinc Sulfate Injection USP, 10 mg/10 mL (1 mg/mL), 30 mg/10 mL (3 mg/mL), and 25 mg/5 mL (5 mg/mL) Pharmacy Bulk Package Vials.

Zinc Sulfate Injection is indicated in adult and pediatric patients as a source of zinc for parenteral nutrition when oral or enteral nutrition is not possible, insufficient, or contraindicated. The drug will be manufactured at the group's formulation manufacturing facility at Jarod.

The group now has 377 approvals and has so far filed over 444 (as of 31st June 2023) ANDAs since the commencement of the filing process in FY 2003-04.

In 2023 between 1 January 2023 and 10 March 2023, the stock has gained 13%, making it among the top-performing Largecap stock of 2023 so far.

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

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