Benchmark indices extended losses in the second half, dragged by bank, pharma and metal stocks.
RBI’s statement that equity market valuations have risen added to the pressure.
The BSE Sensex closed with a fall of 396 points (down 0.7%) at the closing bell.
Meanwhile, the NSE Nifty closed with a fall of 110 points (down 0.6%).
Maruti Suzuki and Mahindra & Mahindra were among the top gainers today.
On the other hand, Shree Cement and Reliance Industries were the biggest losers today.
At the time of writing the news, SGX Nifty was trading at 17,998, down by 143 points.
The BSE Midcap index closed 0.2% lower, while the BSE Smallcap index closed 0.2% higher.
Sectoral indices ended on a mixed note with the biggest selling pressure in the energy sector and oil and gas sector stocks.
On the other hand, buying interest was witnessed in auto stocks.
Shares of eClerx Services and Finolex Cables touched their respective 52-week highs today.
Asian stock markets today closed with a mixed trend.
The Hang Seng edged up 1.3%, while the Shanghai Composite ended 0.3% lower. Nikkei closed with a gain of 0.1% in today’s trading session.
US stock futures are trading flat today and Dow futures is trading down 3 points.
Rupee is trading at 74.37 against US Dollar.
Gold prices are trading higher by 0.5% for latest contract on MCX 49,530 per 10 grams.
In realty sector news, Macrotech Developers was one of the top buzzing stocks today.
Shares of Mumbai-based real estate developer Macrotech Developers climbed up to 13.7 per cent to hit record highs 1,459 The company informed the stock exchanges that its Board of Directors will meet on 18 November 2021 to consider raising funds by allotting equity shares to eligible institutional buyers.
Meanwhile, according to a Reuters The report has been raised by the company 40.3 billion by issuing 34 million shares through Qualified Institutional Placement (QIP).
Macrotech approves opening of QIP and fixes minimum price for the issue 1,184.7 per share, a discount of 7.8% on its November 15 closing price.
QIP helps publicly listed companies to raise capital from domestic markets without the usual standard regulatory compliance and allows only institutional investors to participate in the offer.
Macrotech, formerly known as Lodha Developers, had also said that it may offer an additional 5% discount on the floor price.
The company, with most of its residential projects concentrated in the country’s financial capital Mumbai, saw a weak market opening on Indian exchanges in April earlier this year.
Share price of Macrotech Developers ended the day up 9.7% on BSE.
Moving on to the news of the paints sector…
Asian Paints hikes prices
Asian Paints has again increased its prices by 4-5% after increasing the prices by 7-10% in November.
According to a report, the company has increased the prices by 10% since December, but due to various plans, the effective increase will be only 4-5%.
Paint companies such as Asian Paints and Berger Paints India had hiked prices in the high single-digits in November, their highest ever increase, to offset the impact of rising input costs on skyrocketing inflation.
In the second quarter of fiscal 2022, Asian Paints had volume growth of 34% on a 11% basis, but earnings before interest, taxes, depreciation, and amortization (EBITDA) and gross margin by 900-1,000 basis points. had declined. According to Chief Executive Officer and Managing Director Amit Singal, the PBT (Profit Before Tax) loss was due to heavy physical inflation on the profitability of Asian Paints.
Addressing investors after reporting Q2 results earlier this month, Singal had said sharp inflation in raw material prices since the beginning of this calendar year has been unprecedented and impacted gross margins across all businesses in the quarter. has done.
Share price of Asian Paints ended the day down 0.6% on the BSE.
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This article is syndicated from Equitymaster.com
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