The stock markets opened in the red on August 20. The benchmark index, Sensex was down 428.24 points or 0.77 percent at 55,201.30 while the Nifty50 was down 186.30 points or 1.12 percent 16,382.50. Bank Nifty was down 500 points. BSE MidCap and SmallCap indices were down 1 percent. Nifty Metal tanked over 3 percent and was the worst sectoral performer in opening trade.
At 9:15, the Sensex was down 581.19 points or 1.04 percent at 55048.30, and the Nifty was down 174.30 points or 1.05 percent at 16394.50. About 2 shares have advanced, 1 shares declined, and 3224 shares are unchanged.
Tata Steel was the top loser in the Sensex pack, shedding over 3 per cent, followed by Kotak Bank, ICICI Bank, Dr Reddy’s, SBI, L&T, Axis Bank, HDFC Bank and Reliance Industries.On the other hand, Bharti Airtel, Asian Paints, Infosys and Maruti were among the gainers.
In the previous session, Sensex closed 162.78 points or 0.29 per cent lower at 55,629.49, and Nifty declined 45.75 points or 0.28 per cent to 16,568.85.
Asian Paints (+0.89 percent), Hindustan Unilever (+0.61 percent), HDFC (+0.31 percent), Ultra Cements (+0.09 percent), and Infosy (+0.02 percent) were among the major gainers while Tata Steel (-3.93 percent), Dr Reddy (-2.04 percent), SBI (-1.64 percent), Larsen and Toubro (-1.55 percent) and Kotak Bank (-1.50 percent) were among the early losers at the opening bell.
The stock market was closed on Thursday on account of ‘Muharram’.
Foreign institutional investors (FIIs) were net sellers in the capital market as they offloaded shares worth Rs 595.32 crore on Wednesday, as per provisional exchange data.
Petrol prices unchanged, diesel rates cut
Diesel price on Friday was cut by 20 paise per litre - the third straight day of reduction, but petrol rates remained unchanged for the 34th straight day.
Diesel price in Delhi was reduced to Rs 89.27 per litre from Rs 89.47 a litre, according to a price notification by state-run oil companies. Just like on Thursday, the petrol price wasn't revised on Friday. In Delhi, petrol continued to be priced at Rs 101.84 a litre.
Across the country as well, diesel prices fell between 18-25 paise per litre while petrol remained at the same level prevailing for the last one month.
In Mumbai, where petrol prices crossed the Rs 100-mark for the first time ever on May 29, the fuel price is at Rs 107.83 per litre. With the reduction, diesel price in the city dropped below Rs 97 to Rs 96.84.
In Chennai, the diesel price fell by 18 paise. This decreased the price of a litre of fuel to Rs 93.84 from Rs 94.02. The price of petrol, which was recently cut down by Rs 3 after the Tamil Nadu government announced a tax cut, did not see any change and was sold at Rs 99.47 per litre.
Similarly, in Kolkata diesel price fell by 25 paise and was sold at Rs 92.32 per litre. The petrol price remained unchanged and retailed at Rs 102.08 per litre.
The price cut follows international oil prices tumbling to their lowest level since May after the US Federal Reserve signalled it was set to start tapering asset purchases within months, hurting commodities and lifting the dollar.
International oil benchmark Brent crude rose 0.42 per cent to $66.73 per barrel.
Asian markets decline
Shares in Asia-Pacific mostly fell in Friday trade as China left its benchmark lending rate unchanged. Mainland Chinese stocks fell as the Shanghai composite declined about 1 percent, and the Shenzhen component slipped 1.013 percent.
Hong Kong’s Hang Seng index shed dropped 1.18 percent.The Nikkei 225 in Japan fell 0.74 percent, in morning trade while the Topix index shed 0.5 percent.
The US dollar advanced to a nine-month high on Thursday, as worries about widespread coronavirus infections and Federal Reserve meeting minutes showing policymakers considering reducing pandemic-era stimulus this year hit global stocks and commodity-linked currencies.
The dollar index , which measures its performance against six currencies, hit 93.434, its highest since early November last year. It was last up 0.2 percent at 93.273.
Oil prices skid
Oil prices skidded on Thursday for a sixth session, hitting lows not seen since May, pressured by a stronger US dollar and concerns about weaker demand as COVID-19 cases rise.
The oil market rallied throughout the first half of 2021, but the newest wave of coronavirus infections throughout the world has sapped global travel and threatens economic activity. That comes just as major oil producers are readying supply increases and as U.S. drilling activity edges up.
Brent crude was down $2.42, or 3.6 percent, to $65.82 a barrel by 11:32 AM EDT (1532 GMT), after touching $65.57, lowest since May 21.
Seven stock under F&O ban
Seven stocks are under the F&O ban today: Cadila Healthcare, Canara Bank, NALCO, Punjab National Bank, SAIL, Sun TV Network and Vedanta.
Companies making market debut today
Multi-channel auto platform CarTrade Tech is expected to make a decent debut on the bourses considering its business model, the first-mover advantage in the sector and future growth prospects. Equity shares will list on the BSE and NSE on August 20.
The initial public offering of CarTrade saw a strong subscription during August 9-11, getting subscribed 20.29 times driven by institutional and non-institutional investors. The reserved portion of qualified institutional buyers was subscribed 35.45 times and that of non-institutional investors witnessed 41 times subscription. The retail portion was booked 2.75 times.
Emcure Pharmaceuticals, on August 19 filed its Draft Red Hearing Prospectus (DRHP) with market regulator Securities and Exchange Board of India (SEBI) for its proposed initial public offer (IPO).
The initial public offering comprises a fresh issue of equity shares aggregating up to Rs. 1,100 crore and an offer for sale of up to 18,168,356 equity shares that include promoters - Satish Mehta selling up to 2,030,000 equity shares and Sunil Mehta aggregating up to 2,50,000 equity shares. Other selling shareholders include private equity investor Bain Capital, as well as certain individual selling shareholders.
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