Sensex Today Ends 366 Points Lower; Zomato Slips 3%

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After opening the day on a negative note, Indian share markets continued the downtrend as the session progressed and ended 0.6% lower.

Benchmark indices witnessed an all-round selloff on Friday causing the benchmark indices the Sensex and the Nifty to decline for the second consecutive session while investors directed their attention towards the Jackson Hole symposium in search of indications about the future direction of interest rates.

At the closing bell, the BSE Sensex stood lower by 366 points (down 0.6%).

Meanwhile, the NSE Nifty closed lower by 121 points (down 0.6%).

ONGC, Asian Paints, and Bharti Airtel were among the top gainers today.

Adani Ports, L&T, and JSW Steel, on the other hand, were among the top losers today.

The GIFT Nifty was trading at 19,215, down by 79 points, at the time of writing.

The BSE MidCap index ended 0.9% lower while the BSE SmallCap index ended 0.2% lower.

Barring the telecom sector, all other sectoral indices ended on a negative note with stocks in the power sector, the realty sector, and the metal sector witnessing the most selling pressure.

Shares of Cera Sanitaryware, Mphasis, and Paytm hit their respective 52-week highs today.

Now track the biggest movers of the stock market using the stocks to watch today section. This should help you keep updated with the latest developments...

Asian share markets ended lower. The Hang Seng fell 1.4% while the Nikkei is trading 2.1% lower. The Shanghai Composite fell 0.6%.

The rupee is trading at 82.65 against the US$.

Gold prices for the latest contract on MCX are trading flat at Rs 58,772 per 10 grams.

Meanwhile, silver prices are trading marginally higher at Rs 73,613 per 1 kg.

Why Astra Microwave's share price is rising

In news from the defense sector, Astra Microwave Products' share price jumped more than 7% to hit a fresh 52-week high on Friday after the company won orders worth Rs 1.6 bn for satellite and radar systems.

Astra Microwave bagged orders for the supply of Satellite sub-systems, Airborne Radar, and sub-systems of Radar and EW projects, from the Defence Research and Development Organisation (DRDO), the Indian Space Research Organisation (ISRO) and Defence Public Sector Undertakings (DPSUs).

Astra Microwave designs, develops and manufactures sub-systems for RF and microwave systems used in defense, space, meteorology, and telecommunication.

The stock was a part of Radhakrishna Damani's portfolio.

Indian Oil 360 degree Energy Company

Moving on to news from the energy sector, India's top fuel retailer Indian Oil Corporation plans to invest over Rs 4 tn this decade to expand the oil refining and petrochemical business as well as in energy transition projects as part of a plan to become a '360-degree energy company.

Indian Oil will invest Rs 1 tn in expanding its capacity to refine and turn crude oil into fuel and a staggering Rs 2.4 tn in projects that will help it achieve net-zero carbon emissions from its operations. Another Rs 600 bn is planned to be invested in setting up a giant petrochemical complex at Paradip in Odisha.

These investments will help the company continue to meet the rising energy needs of a fast-expanding economy while also treading on the path of the energy transition.

The past year witnessed waves of volatility that rocked the global energy dynamics, but IOC kept its promise of fuelling the nation with unwavering commitment.

Indian Oil Corporation has been a key beneficiary of rising crude oil prices over the past twelve months. The share price of IOC has zoomed by 38% in the last year.

A transition from grey to green hydrogen is happening at a faster pace than expected and Indian Oil Corporation contributing to this transition. 

Lupin gets USFDA nod

Moving on to news from the pharma sector, Drug maker Lupin on Friday received approval from the US health regulator to market a generic product used in the treatment of lung disease in the American market.

The company has received approval from the US Food and Drug Administration (USFDA) to market Pirfenidone tablets in strengths of 267 mg and 801 mg.

The company's product is the generic equivalent of La Roche Inc's Esbriet tablets. Pirfenidone is used for the treatment of idiopathic pulmonary fibrosis.

As per IQVIA MAT data, Pirfenidone tablets had estimated annual sales of US$ 218 million in the US.

Lupin is a leading pharmaceutical company from India and is among the top 10 generic companies in the world.

Lupin is one of the pharma companies in India that has solid growth in sales and profits and a high Return on Equity (ROE).

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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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