Sensex Trades 400 Points Lower, Nifty Below 17,200; Titan, HDFC Life & UPL Top Losers

Mon, 21 Feb 10:30 am

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Asian share markets pared sharp early losses today, but are still trading in negative zone, as a glimmer of hope emerged for a diplomatic solution to the Russian-Ukraine standoff.

The Hang Seng is down 0.7% while the Shanghai Composite fell 0.4%. The Nikkei is trading lower by 0.8%.

In US stock markets, Wall Street indices ended lower on Friday after escalating tensions in Ukraine and US warnings of a potential Russian invasion prompted investors to dump risky assets in the run-up to a long weekend.

Indices registered a second weekly loss in a row after another bout of turbulence shook markets.

The Dow Jones Industrial Average fell 233 points or 0.7%, while the Nasdaq Composite dropped 169 points or 1.2%.

Back home, Indian share markets are trading deep in the red.

Benchmark indices were set for a gap-down start tracking SGX Nifty's trend amid volatility as there is no clear picture about the Russia-Ukraine standoff.

The BSE Sensex is trading down by 441 points. Meanwhile, the NSE Nifty is trading lower by 134 points.

NTPC & IndusInd Bank are among the top gainers today. Titan and M&M, on the other hand, are among the top losers today.

Broader markets are faring worse compared to benchmark indices. The BSE Mid Cap index is down 1.1% while the BSE Small Cap index plunged 2%.

All sectoral indices are trading in red with stocks in the oil & gas sector and consumer durables sector witnessing most of the selling.

Shares of TCPL Packaging and Kennametal India hit their 52-week highs today.

The rupee is trading at 74.59 against the US$.

Crude oil prices gained more than US$1 in early trade today on rising jitters over potential conflict between Russia and Ukraine, with US and European Union making clear Russia would face sanctions if it invaded its neighbour.

Gold prices are trading up by 0.1% at Rs 50,121 per 10 grams.

Meanwhile, silver prices are trading down by 0.5% at Rs 63,600 per kg.

Gold came off from over eight-month high hit earlier today, as safe-haven demand eased after the US president agreed to meet Russian counterpart over the Ukraine crisis.

US President Joe Biden accepted in principle a summit with Russia's Vladimir Putin over the Ukraine crisis after the two countries' foreign ministers meet next week and if an invasion has not occurred.

In global markets, spot gold fell 0.2% to US$1,893.80 per ounce, retreating from US$1,908.02 - its highest since 3 June. While US gold futures are steady at US$1,898.60.

Last week, buyers in major Asian hubs put off physical gold purchases due to a rally in prices on escalating Russia-Ukraine tensions, pushing Indian dealers to offer the highest discounts in nearly seven months.

Speaking of the current stock market scenario, amid the ongoing volatility, have a look at the two charts below, in the order they have been placed:

Near Term Volatility in Sensex Compensated by Long Term Gains

The year-on-year change in the Sensex was hardly predictable but someone who stayed invested multiplied every lakh nearly 14 times.

Timing the markets could be suicidal as valuations and volatility put the markets in a see-saw mode.

As an individual investor, you need to sit tight over high conviction stocks and invest consistently to see the magic of compounding.

Because 2022 could be extremely profitable, over time, provided you reset your portfolio with the right kind of safe assets and safe stocks.

In latest developments from the IPO space, Fedbank Financial Services (FedFina), which is promoted by Federal Bank, has filed preliminary papers with capital markets regulator to raise funds through an initial public offering (IPO).

The public issue consists of a fresh issue aggregating up to Rs 9 bn and an offer for sale (OFS) of up to 45,714,286 equity shares by promoter and investor, according to the draft red herring prospectus (DRHP).

Federal Bank will continue to own more than 51% of the outstanding share capital post the completion of this offering.

FedFina proposes to utilise the net proceeds from the fresh issue towards augmenting its Tier - I capital base to meet its future capital requirements arising out of the growth of business and assets.

The company is a retail-focused NBFC and operates a twin engine business model, with two complementary products - gold loans and instalment loans to MSMEs and emerging self-employed individuals.

In other news, Archean Chemical Industries has sought the approval to raise funds through an IPO.

As per the DRHP, this IPO will consist of a fresh issue of Rs 10 bn and an OFS of up to 19.07 m shares by its existing shareholders and promoters.

Archean Chemical is a leading specialty marine chemical manufacturer in India and focused on producing and exporting bromine, industrial salt, and sulphate of potash to customers around the world.

The firm makes products from brine reserves in the Rann of Kutch, located on the coasts of Gujarat, at a facility near Hajipir in the state. As of September 2021, it marketed products to 13 global customers in 13 countries and to 29 domestic customers.

It remains to be seen how these upcoming IPOs sails through.

Speaking of stock markets, Co-head of Research at Equitymaster Rahul Shah talks whether this short market correction has ended, in his latest video.

Has the correction just started or is this only a temporary blip in the market's journey towards making a new all-time high?

Rahul answers this question in the below video. Tune in to find out more:

Moving on to news from the energy sector, Indian Oil Corporation (IOC) will set up green hydrogen plants at its Mathura and Panipat refineries by 2024 to replace carbon-emitting units.

This comes as IOC sees the recently announced green hydrogen policy a watershed moment in India's energy transition that will help cut costs.

SSV Ramakumar, Director for Research and Development at IOC, says the new policy will help cut the cost of manufacturing green hydrogen by 40-50%.

Oil refineries, fertiliser plants and steel units use hydrogen as process fuel to produce finished products.

In refineries, hydrogen is used to remove excess sulphur from petrol and diesel. This hydrogen presently is produced from fossil fuels such as natural gas or naphtha and results in carbon emissions.

India's largest oil firm plans to replace this grey hydrogen with the clean one by using electricity from renewable energy sources, such as solar or wind power, to split water into two hydrogen atoms and one oxygen atom through a process called electrolysis.

Under the green hydrogen policy announced on last week on 17 February, the renewable energy used for green hydrogen production will get open access without central surcharge and zero inter-state transmission charges for 25 years for projects commissioned before 30 June 2025.

This will bring down the cost. Ramakumar said that the cost will go down further if electrolyzers are indigenously manufactured instead of the present practice of importing them.

IOC plans to set up a 40 MW electrolyzer at Mathura refinery and a 15 MW unit at Panipat unit in Haryana and is targeting to produce 70,000 tonnes a year of green hydrogen by 2030, accounting for 10% of its overall consumption by that time.

IOC share price is currently trading down by 1.1%.

To know more, check out IOC's 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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