Sensex, Nifty End Lower For Second Day; Selloff In Adani Stocks Continue
The Bombay Stock Exchange (BSE) building, background right, looms over a no-entry street sign in Mumbai, India. (Photographer: Vivek Prakash/Bloomberg)

Sensex, Nifty End Lower For Second Day; Selloff In Adani Stocks Continue

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Closing Bell

India’s equity benchmarks fell for a second day as investors weighed the impact of the U.S. Federal Reserve’s plan to speed up its expected pace of policy tightening on inflows into local stocks.

The S&P BSE Sensex fell 0.3% to 52,323.33, while the NSE Nifty 50 Index declined 0.5% to 15,691.40. Out of 30 shares in the Sensex index, 10 rose and 20 fell.

Sixteen of the 19 sector indices compiled by BSE Ltd. slipped, with a gauge of power stocks leading the losers. The S&P NSE Information Technology index was the best performer, up 0.9%.

Also read: Rupee Slides To 74/$ On Strong Dollar, Higher Oil Prices

Sensex, Nifty End Lower For Second Day; Selloff In Adani Stocks Continue

Stocks have risen to new highs even in the face of near-record valuations and a mixed earnings season. The benchmark index has advanced 10% this year compared with a gain of 5% for the MSCI AC Asia Pacific Index. Its 1-year forward price-to-earnings ratio has increased to 22 times since April, close to record valuations of about 23.4 times reached in January, according to data compiled by Bloomberg.

Natco Pharma Q4 Net Income Misses Estimates

Natco Pharma reported net income for the fourth quarter that missed the average analyst estimate.

  • Net income Rs 53 crore, -44% YoY, estimate Rs 93.07 crore

  • Revenue Rs 330 crore, -27% YoY, estimate Rs 451 crore

  • Total costs Rs 289 crore, -20% YoY

  • Other income Rs 28.4 crore, +27% YoY

COMMENTARY AND CONTEXT

  • Says company expects strong growth during the current year due to multiple high value product launches in the U.S., rebound in domestic India business with new products and contribution from Crop Health division

  • Company expects strong growth during the current year due to multiple high value product launches in the U.S., rebound in India and contribution from Crop Health division

Asian Paints, Nestle India in Focus: Options Watch

  • Nestle India options volume 3.2x the 20-day average, with 3,753 calls changing hands vs 387 puts

    • Stock up 0.7%, volume 0.8x the 20-day average for this time of day

  • Asian Paints options volume 1.7x the average, with 32,118 calls vs 7,337 puts

    • Stock up 1.7%, volume 0.8x the average

  • Tata Consumer options volume 1.6x the average, with 12,710 calls vs 3,076 puts

    • Stock up 1.1%, volume 0.8x the average

Dodla Dairy, KIMS IPO Subscription Updates: Day 2

Krishna Institute of Medical Sciences IPO

General Atlantic-backed hospital chain KIMS was subscribed 0.36 times as of 1 p.m., according to exchange data.

KIMS has set the price band of its shares at Rs 815-825 apiece. The company plans to raise up to Rs 2,144 crore in its initial share sale.

Subscription Details Watch

  • Institutional subscription: 0.14 times.

  • Non-institutional investor subscription: 0.05 times.

  • Retail subscription: 1.46 times.

  • Employees: 0.30 times.

Also read: KIMS IPO: All You Need To Know

Dodla Dairy IPO

The issue was subscribed 2.24 times as of 1 p.m.

Dodla Dairy is selling shares at Rs 421-428 in its Rs 520-crore IPO. The maiden offer comprises a fresh issue worth up to Rs 50 crore and an offer-for-sale of up to 1.09 crore equity shares by promoters and private equity investors such as TPG, according to its red herring prospectus.

Subscription Details:

  • Institutional subscription: 0.24 times.

  • Non-institutional investor subscription: 0.39 times.

  • Retail subscription: 4.18 times.

Also read: Dodla Dairy IPO: All You Need To Know

Incred Capital’s Aditya Khemka On Why Investing In Healthcare Is Different

Nazara Technologies Reverses Loss On New Purchase

Shares of the Rakesh Jhunjhunwala-backed firm made a U-turn after it announced that it has signed a binding term sheet to acquire a majority stake in Publishme, a full-service games marketing and publishing agency based in Turkey and the Middle East region. This will be the company’s first acquisition since it went public in March.

Nazara will invest approximately Rs 20 crore for a 69.82% stake in Publishme, by way of primary and secondary transaction through its subsidiary, it said in a press release.

After the announcement, Nazara’s stock gained as much as 1.6%, paring a 1.6% opening drop. The shares of the gaming and sports media company have risen 50% since its March 30 listing.

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