Markets close lower, Eicher Motors' shareholders reject Siddhartha Lal's reappointment as MD

Gloom in markets in today's trading. Nifty 50 closed at 16,450.50 (-118.4, -0.7%) , BSE Sensex closed at 55,329.32 (-300.2, -0.5%) while the broader Nifty 500 closed at 13,943.95 (-151.6, -1.1%)

Market breadth is sharply down. Of the 1,752 stocks traded today, 266 showed gains, and 1,461 showed losses.

Axis Direct downgrades its rating on JK Cement to 'Hold' from 'Buy' with a target price at a 3% downside due to the company's high valuations. JK Cement is priced at 28.5 times its trailing 12-month earnings, which is higher than its three-year average PE of 26 times.
MindTree hits a 52-week high as its Q1FY22 order book rose 34.2% QoQ to Rs 3,749 crore and revenues rise 10% rise Rs 2,363.5 crore. The stock price more than doubled in the last six months.
Procter & Gamble Hygiene & Healthcare, 3M India, Kansai Nerolac Paints, Gillette India, and Dhani Services are trading with higher delivery volumes compared to Wednesday.
HDFC Bank raises $1 billion (Rs 7,400 crore) by issuing bonds to overseas investors. Rating agency Moody's assigns a Ba3 rating to the bonds.
Coal India's Managing Director Pramod Agarwal expects a 10-15% increase in average price realization of coal in Q3FY22 due to higher demand. The state-owned miner is also looking to increase coal prices.
Indostar Capital Finance's promoter will sell 62 lakh equity shares (4.5% stake) through an offer for sale at a floor price of Rs 290 per share. The OFS opens on August 20 for institutional investors and on August 23 for retail investors.
Schneider Electric Infrastructure is trading in the green with more than 16 times its weekly average trading volume. Ujjivan Small Finance Bank, Ujjivan Financial Services, and Mahindra Logistics are trading with three times their weekly average trading volume.
Ujjivan Small Finance Bank's Managing Director and CEO, Nitin Chugh, tenders his resignation to the bank's board of directors.
HDFC Mutual Fund sells 1.2 crore shares (2.03% stake) of Aurobindo Pharma on Wednesday. It now holds nearly 1.8 crore shares (3.08% stake) of the company.
Kennametal India is rising as Q1FY22 revenue jumps 2.2X to Rs 211.9 crore, with net profits of Rs 21.6 crore, against a net loss of Rs 9.5 crore in the year-ago period.
Plutus Wealth buys 5.7 lakh shares (0.54% stake) of Clean Science & Technology for Rs 87.3 crore in a bulk deal on Wednesday.
Eicher Motors' public shareholders voted against a resolution to reappoint Managing director Siddharta Lal. According to reports, the shareholders rejected the resolution reappointing Lal as the Managing Director because it contained a proposal for a 10% hike in his salary.
Porinju V Veliyath's Equity Intelligence India sells 1.6 lakh shares (0.41% stake) of Emkay Global Financial Services on Wednesday.
CarTrade Tech lists at Rs 1,600 per share, a 1.1% discount to the issue price of Rs 1,618 per share. The multi-channel automobile platform provider's IPO comprised of a Rs 2,998.5 crore offer for sale.
Zomato completes 9.2% stake acquisition of Grofers India for Rs 518.2 crore and 8.9% stake acquisition of Hands on Trades for Rs 222.8 crore on Wednesday.
Nifty 50 was trading at 16,462.45 (-106.4, -0.6%) , BSE Sensex was trading at 55,432.88 (-196.6, -0.4%) while the broader Nifty 500 was trading at 14,008.45 (-87.1, -0.6%)
Market breadth is highly negative. Of the 1,699 stocks traded today, 364 showed gains, and 1,292 showed losses.

Riding High:

Largecap and midcap gainers today include Adani Total Gas Ltd. (1,072.85, 5.00%), Britannia Industries Ltd. (3,895.95, 4.71%) and Hindustan Unilever Ltd. (2,603.15, 4.71%).

Downers:

Largecap and midcap losers today include NMDC Ltd. (151.00, -9.55%), Vedanta Ltd. (269.25, -9.01%) and Tata Steel Ltd. (1,367.70, -8.85%).

Volume Shockers

21 stocks in BSE 500 are trading on high volumes today.

Top high volume gainers on BSE included Bombay Burmah Trading Corporation Ltd. (1,170.00, 6.72%), Infibeam Avenues Ltd. (42.45, 4.94%) and Shilpa Medicare Ltd. (573.85, 4.84%).

Top high volume losers on BSE were Ujjivan Small Finance Bank Ltd. (19.70, -18.76%), Indostar Capital Finance Ltd. (294.05, -13.07%) and Ujjivan Financial Services Ltd. (177.80, -12.22%).

Schneider Electric Infrastructure Ltd. (118.95, 1.49%) was trading at 23.8 times of weekly average. India Tourism Development Corporation Ltd. (374.90, 4.76%) and Cholamandalam Financial Holdings Ltd. (647.00, -0.76%) were trading with volumes 18.7 and 7.3 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

20 stocks made 52 week highs, while 8 stocks were underachievers and hit their 52 week lows.

Stocks touching their year highs included - Bajaj Finance Ltd. (6,661.10, 1.79%), Bata India Ltd. (1,730.30, -1.66%) and Britannia Industries Ltd. (3,895.95, 4.71%).

Stocks making new 52 weeks lows included - Alembic Pharmaceuticals Ltd. (739.90, -2.99%) and Aurobindo Pharma Ltd. (681.10, -5.62%).

4 stocks climbed above their 200 day SMA including Eicher Motors Ltd. (2,600.00, 0.40%) and Adani Power Ltd. (77.45, 0.19%). 27 stocks slipped below their 200 SMA including Indostar Capital Finance Ltd. (294.05, -13.07%) and IDFC Ltd. (44.40, -7.50%).