Sensex Trades Lower, Nifty Near 18,000; Infosys and HCL Tech Top Losers

Wed, 19 Jan 10:30 am

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Asian stock markets are trading on a negative note today following a Wall Street selloff in the wake of a surge in Treasury yields, as the prospect of Federal Reserve monetary tightening to fight high inflation weighs on markets.

The Hang Seng is trading on a flat note, while the Shanghai Composite is trading down by 0.3%. The Nikkei is trading lower by 2.2%.

In US stock markets, Wall Street's main indexes fell sharply on Tuesday as weak results from Goldman Sachs weighed on financial stocks and tech shares continued their sell-off to start the year as US Treasury yields rose to milestones.

The Dow Jones fell 543.3 points, or 1.5% and the Nasdaq Composite dropped 386.9 points, or 2.6%.

Back home, Indian share markets opened lower today amid weak global cues.

Union Cabinet & Cabinet Committee on economic affairs to meet virtually at 10:00 am today.

Market participants are tracking shares of Bajaj Auto, ICICI Lombard, L&T Infotech, JSW Energy, Aptech, Tejas Networks and Ceat as these companies will announce their December quarter results today.

The BSE Sensex is trading down by 300 points. Meanwhile, the NSE Nifty is trading lower by 77 points.

ONGC and Bajaj Finance are among the top gainers today. Infosys and HCL Tech, on the other hand, is among the top losers today.

The BSE Mid Cap index is down 0.4%. The BSE Small Cap index is trading lower by 0.2%.

Sectoral indices are trading on a negative note today with stocks in the IT sector and healthcare sector witnessing selling pressure.

Metal stocks and oil & gas stocks, on the other hand, are trading in green.

Shares of Adani Green Energy and Bajaj Finance hit their 52-week highs today.

The rupee is trading at 74.57 against the US$.

Gold prices are trading up by 0.1% at Rs 47,946 per 10 grams.

Meanwhile, silver prices are trading up by 0.2% at Rs 63,112 per kg.

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.

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In news from the finance sector, Bajaj Finance is among the top buzzing stocks today.

India's top NBFC Bajaj Finance on 18 January reported an 84.4% year-on-year (YoY) growth in its net profit at Rs 19.3 bn for the quarter ended December 2021.

Notably, profit figures were higher than estimates. Street was expecting the company to report 57.5% growth in net profit at Rs 18 bn.

Bajaj Finance's net profit figures were good because of a decline in loan-loss provision to Rs 9.95 bn from Rs 12.5 bn in the year-ago quarter. The biggest drop was witnessed in loan-loss provisions for stage 3 and write-offs in the quarter, which nosedived 78% to Rs 8.2 bn.

The financial company's net interest income in the quarter jumped 40% YoY to Rs 55.5 bn with assets under management (AUM) rising 21% to Rs 1.3 lakh crore.

The company enjoyed a strong quarter in terms of loan disbursement as loans booked in the quarter rose to 7.35 m, a growth of 23%.

The company's customer franchise stood at 55.36 m as of December 2021, a growth of 20% YoY. In the reported quarter, customer franchise grew by 2.56 m.

The company said that with the increase in adoption of new mobile application, the annual customer franchise addition should accelerate to 8-9 m as against earlier guidance of 7-8 m.

Bajaj Finance's gross non-performing loans ratio declined to 1.73% as against 2.45% in the previous quarter. Similarly, net NPA ratio fell to 0.78% in the reported quarter from 1.1% in the previous quarter.

Shares of Bajaj Finance are currently trading up by 2.7%.

Moving on to news from the automobile sector, Tata Motors on Tuesday said it will increase prices of its passenger vehicles by an average of 0.9% with effect from 19 January, in order to partially offset the impact of rise in input costs.

The Mumbai-based automaker sells various models like Tiago, Punch and Harrier, in the domestic market.

Effective today, an average increase of 0.9% will be implemented, depending on the variant and model, the automaker said in a statement.

At the same time, the company has also taken a reduction of up to Rs 10,000 on specific variants, in response to feedback from customers.

While Tata Motors is absorbing a significant portion of the increased costs, the steep rise in overall input costs has compelled it to pass on some proportion through this minimal price hike.

There would be no impact of the price increase on the cars booked on or before 18 January 2022.

Note that last week, Maruti Suzuki had raised prices of its models by up to 4.3% with immediate effect. The company has enhanced prices across its models from 0.1% to 4.3% owing to rinse in various input costs.

Automobile companies have been stating that they have been forced to hike prices due to the increase in the cost of essential commodities like steel, aluminum, copper, plastic and precious metals over the last year.

Tata Motors share price is currently trading on a flat note.

Speaking of Tata Motors, have a look at the auto major's share price chart below to see the returns it has given over the year gone by.

Shares of Tata Motors have been on a dream run. Anyone who bought the stock exactly one year ago, would be sitting on gains of 128%.

To know more, check out Tata Motors' 2020-21 annual report analysis.

And 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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