Sensex Tanks 554 Points, Nifty Ends Near 18,100; Maruti, Tech Mahindra & Tata Consumer Plunge 4%

Tue, 18 Jan Closing

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Indian share markets witnessed volatile trading activity throughout the day today and ended lower.

Benchmark indices witnessed heavy selling in the fag-end of the session as weak global cues gave ammunition to the bears on Dalal Street.

The 10-year US Treasury yield jumped to its highest point in two years, topping 1.83%.

At the closing bell, the BSE Sensex stood lower by 554 points (down 0.9%).

Meanwhile, the NSE Nifty closed lower by 195 points (down 1.1%).

Axis Bank and ICICI Bank were among the top gainers today.

Maruti Suzuki and Tata Consumer Products, on the other hand, were among the top losers today.

The SGX Nifty was trading at 18,137, down by 213 points, at the time of writing.

The BSE Mid Cap index and the BSE Small Cap index ended down by 2.2% and 1.9%, respectively.

Sectoral indices ended on a negative note with stocks in the realty sector, telecom sector and auto sector witnessing most of the selling pressure.

Banking stocks, on the other hand, witnessed buying interest.

Shares of Adani Green Energy and Prestige Estates hit their respective 52-week highs today.

Asian stock markets ended on a negative note today.

The Hang Seng ended down by 0.4%, while the Shanghai Composite ended up by 0.8%. The Nikkei ended down by 0.3% in today's session.

US stock futures are trading on a negative note today with the Dow Futures trading down by 261 points.

The rupee is trading at 74.57 against the US$.

Gold prices for the latest contract on MCX are trading down by 0.1% at Rs 47,864 per 10 grams.

Speaking of stock markets, India's #1 trader Vijay Bhambwani discusses why it's the right time to start investing in energy stocks, in his latest video for Fast Profits Daily.

As per Vijay, the charts are indicating that energy stocks are all set to take off.

Tune in to the below video to find out more:

In news from the IT sector, Nazara Technologies was among the top buzzing stocks today.

Gaming and sports media company Nazara Technologies said it will acquire a 55% stake in programmatic advertising and monetisation company Datawrkz for about Rs 1.2 bn.

The transaction values the Bengaluru-based company at Rs 2.3 bn (approximately US$ 30 m), linked to calendar year 2022 earnings before interest, taxes, depreciation, and amortization (EBITDA) performance.

The board has approved the strategic investment by the acquisition of 37,498 equity shares - representing 55% of the equity share capital, on a fully diluted basis -- of Datawrkz Business Solutions along with its wholly-owned subsidiaries at a total consideration not exceeding Rs 1.2 bn in two tranches, it added.

The shares will be bought from existing shareholders Senthil Govindan, Karthigha Dhanabalan, K Arunprabu, Mayank Khirwadkar and Vishal Tukaranm Garale.

In the first tranche, Nazara will acquire a 33% share for Rs 600 m during the first quarter of the financial year 2022-23 and it reserves an option to acquire an additional 22% share in the second tranche that is expected to close in the fourth quarter of the same year, the filing added.

In a statement, Nazara said of the Rs 600 m payable, Rs 350 m are partly payable in cash and the balance consideration of Rs 250 crore will be paid either in cash or swap of shares in the first tranche by April 2022.

Datawrkz tech offerings will enhance the in-house capabilities of Nazara for optimising its customer acquisition spends as well as enhance yields on ad monetisation of its large consumer base. This ad revenue monetisation is expected to assist many of the companies in the 'Friends of Nazara' network.

With this transaction, Datawrkz also aims to establish itself as a key player in gaming, covering both demand and supply side offerings for the gaming ecosystem in the US and India.

Nazara Technologies share price ended the day down by 2.7% on the BSE.

In other news from the IT sector, shares of Tech Mahindra slipped 4% on the BSE in today's intra-day trade after the company announced acquisition of 100% stake in Europe-based Com Tec Co IT (CTC) and 25% stake in two insurtech platforms for a total of Rs 28 bn.

Tech Mahindra informed the stock exchanges on Monday after market hours that it has approved the proposal to acquire 100% stake in CTC for €310 m, out of which €210 m will be paid upfront and rest €100 m will be paid over the next four years linked to synergy achievements.

CTC specialises in developments of product in insurance and reinsurance industry. CTC revenue grew around 40% CAGR over the calendar year 2018-20 and it has industry leading EBIT margins and the transaction will be earnings per share (EPS) accretive as per management.

Tech Mahindra is also acquiring 25% stake in two platforms owned by CTC namely SWIFT and SURANCE for €20 m, with an option to acquire further 20% stake in the platforms over the next two years.

Tech Mahindra said the acquisitions will strengthen its digital engineering and insurance technology businesses.

In a statement the company said,

• The acquisition will enable Tech Mahindra to tap onto the potential industry disruption in the Insurance sector, expand its offerings to high-end digital engineering services for some of the largest insurance, re-insurance and financial services organizations globally and scale its nearshore delivery presence.

Tech Mahindra share price ended the day down by 3.5% on the BSE.

Speaking of stocks, here's a pattern that if you see, you must sell your position. After all, exits are more important than entries.

In the chart below, we can see the head and shoulder pattern - the stock goes up, makes a high, falls a little bit, goes up to a higher high, does not make a higher low, rallies again, fails to make a new high, and then starts to break down.

INCLUDEPICTURE "https://www.eqimg.com/profit-hunter/images/2020/09252020-image-equitymaster.jpg" \* MERGEFORMATINET

This usually happens in a situation where a stock or index has typically been in a bull trend for a while. Spotting this correctly can help you save money.

If you're interested in trading and want to know how you can use this pattern, you can read about it in one of the editions of Profit Hunter here: It's When You Sell that Counts

To know what's moving the Indian stock markets today, check out the most recent share market updates here.

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

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