Sensex Trades Marginally Lower; Cipla, Infosys & Wipro Top Losers

Fri, 18 Feb 10:30 am

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Asian stock markets are trading on a negative note today after an exchange of fire in eastern Ukraine and renewed US warnings of an imminent Russian invasion had investors looking for safety ahead of the weekend.

The Hang Seng is down 0.3%, while the Shanghai Composite is up 0.1%. The Nikkei is trading lower by 0.3%.

In US stock markets, Wall Street indices witnessed huge selling on Thursday as investors remained anxious over the possibility that Russia could invade Ukraine.

Markets are unsettled by Russia's build-up of troops near Ukraine, and US President Joe Biden said there was a high risk that Russia would invade the country soon.

The Dow Jones Industrial Average plunged 622 points, or 1.8%, while the S&P 500 lost 95 points, or 2.1%. The tech heavy Nasdaq Composite was the biggest loser and dropped 407 points, or 2.9%.

Back home, Indian share markets are trading on a negative note.

Benchmark indices opened lower in the backdrop of the growing Russian-Ukraine conflict tensions that continue to grip global markets.

Companies including R Systems International, Huhtamaki India and Vijay Textiles are tracked as they announce their December quarter results today.

The BSE Sensex is trading down by 165 points. Meanwhile, the NSE Nifty is trading lower by 46 points.

L&T and Tata Steel are among the top gainers today. Infosys, on the other hand, is among the top losers today.

The BSE Mid Cap index is down 0.3%. The BSE Small Cap index is trading lower by 0.2%.

Sectoral indices are trading mixed with stocks in the IT sector and healthcare sector witnessing most of the selling.

Power stocks and capital goods stocks, on the other hand, are trading in green.

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

The rupee is trading at 75.01 against the US$.

Gold prices are trading down by 0.4% at Rs 50,193 per 10 grams.

Meanwhile, silver prices are trading down by 0.1% at Rs 63,806 per kg.

Crude oil prices retreated after wild swings during the week, as the prospect of extra supply from Iran returning to the market outweighed fears of a possible Russian invasion of Ukraine, which could disrupt supply.

Speaking of stock markets, In his latest video for Fast Profits Daily, Brijesh Bhatia explains how you should navigate the volatile trends in the market.

In the below video, Brijesh shows a very simple but effective trading tool which is a proven technique and been around for about 100 years.

In latest developments from the IPO space, as per a leading financial daily, online pharmacy firm PharmEasy may have to readjust its valuation it was aiming for through an initial public offering as new age companies continue to feel the pressure.

This is indicated by the company's demand in the grey market too. Its shares are currently being traded anywhere between Rs 70 and Rs 80, significantly lower than over Rs 100 earlier this year.

PharmEasy parent API Holdings is yet to get final clearance from the market regulator on its IPO and is also reconsidering its IPO launch time.

Unlike DelhiVery and Oyo Hotels, PharmEasy's IPO is fully through primary share sale and doesn't have an OFS (offer for sale).

PharmEasy was last valued at US$5.4 bn and was aiming at an IPO valuation of around US$7-8 bn.

A recent report from Bernstein Research showed PharmEasy has the lion's share in online pharmacy GMV (gross merchandise value) with a 50% share compared to Tata-owned 1mg having 16% share and Reliance Industries' Netmeds with 15% share.

In other news from the IPO space, Life insurance Corporation's embedded value of 5.4 lakh crore has been well-received by large investors such as sovereign wealth funds and pension funds ahead of its mega IPO around mid-March.

Sovereign wealth funds as well as large pension funds have been approached to invest in the IPO.

Since Monday this week, officials of DIPAM, LIC and merchant bankers have been holding virtual road shows with domestic and global investors till late night each day.

We will keep you updated on the latest developments from this space. Stay tuned.

Moving on to stock specific news...

Bajaj Auto is among the top buzzing stocks today.

Bajaj Auto on Thursday said it is looking to double the network for its electric scooter Chetak in the coming weeks to cater to the increased demand for the offering.

Bajaj Auto, which brought back its iconic scooter brand in the electric version in October 2019, also said it has already added 12 new cities in the network in the first six weeks of 2022.

Earlier, the company opened bookings for its e-scooter in eight cities in 2021.

Executive director Rakesh Sharma said,

• An on-ground network of sales and service reduces the anxiety of a customer venturing into an unfamiliar category such as electric scooters. Our plan is to double Chetak's network in the coming few weeks to accommodate the high demand.

The company recently announced an investment of Rs 3 bn to ramp up its electric vehicle (EV) production capacity.

Bajaj Auto share price is currently trading down by 0.2%.

To know more, check out Bajaj Auto's financial factsheet and its latest quarterly results.

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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