Sensex Today Ends 388 Points Lower

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

Equity benchmark indices settled lower on Thursday weighed by information technology (IT) and financial stocks, tracking weakness in Asian peers on worries over China's economy and Wall Street on interest rate concerns.

At the closing bell, the BSE Sensex stood higher by 388 points (down 0.6%).

Meanwhile, the NSE Nifty closed lower by 100 points (down 0.5%).

Adani Ports and SBI were among the top gainers today.

ITC and Divis Laboratories were among the top losers today.

Check out the NSE Nifty heatmap to get the complete list of gainers and losers.

The Gift Nifty was trading at 19,373, down by 40 points, at the time of writing.

Broader markets ended on a positive note. The BSE Midcap index and the BSE SmallCap index ended marginally higher.

Sectoral indices ended on a mixed note with stocks in the consumer durables sector and the realty sector witnessing most of the buying.

On the other hand, stocks from the auto sector and FMCG sector witnessed selling pressure.

Shares of Trent and Praj Industries hit their 52-week highs today.

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

Asian share markets ended on a mixed note. The Nikkei ended 0.4% lower and Hang Seng ended flat while the Shanghai Composite ended 0.4% higher.

The rupee is trading at 83.09 against the US$.

Gold prices for the latest contract on MCX are trading 0.3% lower at Rs 58,535 per 10 grams.

Meanwhile, silver prices for the latest contract on MCX are trading higher by 0.5% at Rs 70,081 per kg.
 

Glenmark Pharma gets USFDA nod

In news from the Pharma sector, Glenmark Pharmaceuticals today received final approval by the United States Food & Drug Administration (USFDA) Tacrolimus Ointment, 0.03%, the generic version of Protopic1 Ointment, 0.03%, of Leo Pharma AS.

Glenmark's Tacrolimus Ointment, 0.03%, will be distributed in the US by Glenmark Pharmaceuticals Inc., US.

Glenmark's current portfolio consists of 184 products authorized for distribution in the US marketplace and 51 ANDAs pending approval with the USFDA.

Earlier this month, the company received final approval from the US Food & Drug Administration for Saxagliptin Tablets, the generic version of AstraZeneca's Onglyza1 tablets.

Glenmark Pharma is a top pharma company in India that have solid growth in sales and profits and a high Return on Equity (ROE).
 

E-bus makers eye PM E Bus Sewa

Moving on to news from the auto space, bus makers such as Olectra Greentech and JBM Auto were trading higher on 17 August 2023 afternoon, a day after the Union Cabinet gave the nod to Rs 576.1 bn PM-eBus Sewa plan in a big push for cleaner public transport in cities.

Under the PM-eBus Sewa scheme around 10,000 new electric buses will be deployed in 100 cities to boost EV adoption, reduce dependence on fossil fuel and decarbonise urban transport.

JBM Auto's management said that the company is already well-equipped with 20,000 electric bus manufacturing capacity for order execution and will plan capex according to demand.

JBM has an order book of 5,000 electric buses.

The public-private-partnership (PPP) scheme will allow private sector entities to play a crucial role in funding, acquiring, operating, and upkeep of buses. The Centre will allocate Rs 200 bn, while the state governments will provide the rest of the funding.

The public-private-partnership (PPP) scheme will allow private sector entities to play a crucial role in funding, acquiring, operating, and upkeep of buses. The Centre will allocate Rs 200 bn, while the state governments will provide the rest of the funding.

The projected budget is anticipated to be utilized by the year 2027. The government will select the cities through a competitive challenge model to implement electric bus services.

The electric vehicle (EV) megatrend is a once in a century revolution happening right in front of us.

The revolution has taken the auto sector by storm. All segments of the sector are ripe for disruption, and India's top EV stocks are set to benefit from this shift.

Take a look at the chart below, which shows the massive opportunity in the two-wheeler EVs.

It remains to see how it pans out.
 

Bata in partnership talks with Adidas

Bata India is in talks with footwear giant Adidas for a strategic partnership for the Indian market.

This anticipated partnership between Bata India and Adidas India is focused specifically on the Indian market. The primary objective of this strategic collaboration is to leverage Bata's extensive and impressive retail network across India.

With around 2,100 stores spread across 700 cities throughout the country, Bata India's retail reach has captured the attention of Adidas India. Adidas may seek to harness the immense potential of Bata's retail prowess to bolster its presence in India.

Adidas India's strategic interest lies in harnessing Bata's robust retail network to fortify its own foothold and market presence within India.


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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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