Sensex Plunges 656 Points, Nifty Ends Below 18,000; Oil & Gas, Metal Stocks Outperform

Wed, 19 Jan Closing

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Indian share markets witnessed negative trading activity throughout the day today and ended on a weak note.

Benchmark indices ended lower for a second straight day today as rising bond yields continued to shift investors away from riskier asset classes.

The 10-year US Treasury yield hit 1.9% today, its highest point since December 2019.

At the closing bell, the BSE Sensex stood lower by 656 points (down 1.1%).

Meanwhile, the NSE Nifty closed lower by 175 points (down 1%).

ONGC and Tata Motors were among the top gainers today.

Infosys and Shree Cement, on the other hand, were among the top losers today.

The SGX Nifty was trading at 17,975, down by 164 points, at the time of writing.

The broader markets outperformed the headline indices.

The BSE Mid Cap index ended down by 0.3%, while the BSE Small Cap index ended on a flat note.

Sectoral indices ended on a mixed note with stocks in the IT sector and telecom sector witnessing most of the selling pressure.

Power and metal stocks, on the other hand, witnessed buying interest.

Shares of Tata Elxsi and Chambal Fertilisers hit their respective 52-week highs today.

Asian stock markets ended on a negative note today.

The Hang Seng ended up by 0.1%, while the Shanghai Composite ended down by 0.3%. The Nikkei ended down by 2.8% in today's session.

US stock futures are trading on a flat note today with the Dow Futures trading up by 32 points.

The rupee is trading at 74.42 against the US$.

Gold prices for the latest contract on MCX are trading up by 0.1% at Rs 47,964 per 10 grams.

Speaking of stock markets, Brijesh Bhatia shares some similarities between trading & poker and the 5 lessons which you can learn while playing poker, in his latest video for Fast Profits Daily.

Tune in to the video below to find out more:

In news from the power sector, India Energy Exchange was among the top buzzing stocks today.

India Energy Exchange (IEX) announced divesting 4.93% equity stake in its subsidiary Indian Gas Exchange (IGX) to oil marketing company Indian Oil Corporation (IOC). Indian Oil has joined the company as a strategic partner by acquiring stake from promoter IEX.

'IEX and Indian Oil are pleased to announce Indian Oil's strategic equity stakes of 4.93% in Indian Gas Exchange. IEX has divested 4.93% equity stakes to Indian Oil,' the energy exchange informed in an exchange filing.

IEX and NSE are promoters of IGX and other strategic investors include GAIL (India), ONGC, Torrent Gas and Adani Total Gas.

IGX presently offers six delivery-based contracts for trading in gas including day ahead, daily, weekday, weekly, fortnightly and monthly through five designated physical hubs including Dahej, Hazira, Dabhol, Jaigarh and KG Basin.

S N Goel, Chairman and Managing Director, IEX and Director of IGX said,

• Indian Oil has diversified and significant presence across the oil, gas, petrochemicals, and fertilizer segments which augurs well in our joint endeavor to build the gas market in India aligned to the government's vision of accelerating the share of gas in the energy mix to 15% by 2030.
  
  Indian Oil with their huge expertise in gas sector will help add new products for Indian markets.

India Energy Exchange share price ended the day up by 3.2% on the BSE.

Moving on to news from the auto sector...

M&M to Manufacture Hero Electric Vehicles Under Strategic Partnership

The Mahindra Group announces a strategic partnership with Hero Electric, one of India's leading electric vehicle (EV) manufacturers, to cater to the ever-growing demand for EVs in the country.

Under the collaboration, Mahindra will manufacture Hero Electric's Optima and NYX at its Pitampur plant to meet the growing demands. The partnership will create multiple synergies to help drive adoption across the country.

With this collaboration, along with the expansion of their existing Ludhiana facility, Hero will be able to meet its demand of manufacturing over 1 million EVs per year by 2022.

This will further enable them to drive the adoption of a cleaner mode of transport. The joint development efforts will also be a key factor in developing the platform approach to help

electrification of the Peugeot Motorcycles portfolio.

This is expected to bring significant value to both parties through optimization of costs, timelines, and shared knowledge in this dynamic, fast-growing global EV environment.

Speaking on the announcement, Naveen Munjal, MD, Hero Electric said,

• Hero Electric has been leading the Electric two-wheeler sector in the country. To further deepen its roots and strengthen its leadership, Hero Electric has announced a partnership with the Mahindra Group, which is leading the EV transition in the electric three and four-wheelers space.

M&M share price ended the day up by 0.3% on the BSE.

Speaking of EVs, have a look at the chart below which shows the massive opportunity in the two-wheeler EVs.

Here's what lead Smallcap Analyst at Equitymaster, Richa Agarwal wrote about this in a recent edition of Profit Hunter:

• In the last five years, two-wheeler sales in India were around 2 crore units per year. Now the sector is cyclical and has been in the downturn for some time. So let's consider a moderate 5% growth for the next 10 years.
  
  By 2030, we are looking at 2-wheeler sales of 3 crore units. Even if one third of this is EV sales, that's 1 crore electric 2-wheelers per year.
  
  In the last 2 years, average electric 2-wheeler sales were 1.5 lakh units. From 1.5 lakh to 1 crore, that's a 66x opportunity in 2-wheeler EVs.
  
  This is an annual growth rate of 52% over next 10 years. It's an almost vertical growth opportunity.

As per Richa, this is like a gold rush. But like in any gold rush, the winners will just be a few.

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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