Sensex Down 350 Points, Nifty Trades Near 17,000; HDFC and Titan Top Losers

Thu, 7 Apr 10:30 am

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Asian stock markets are trading lower today amid surging US bond yields as minutes from the Fed fueled expectations of more aggressive future rate hikes.

The Nikkei is down 1.8% while the Shanghai Composite is trading 1% lower. The Hang Seng plunged 1.4%.

In US stock markets, Wall Street indices fell on Wednesday, with steep declines in tech and other growth stocks, after minutes from the Federal Reserve's March meeting sharpened investors' focus on the US central bank's plans to fight inflation.

The Dow Jones fell 0.4% while the tech-heavy Nasdaq tanked 2.2%.

Back home, Indian share markets are trading lower.

Benchmark indices started on a negative note today tracking weak global markets due to hawkish FOMC meeting minutes.

Market participants are tracking shares of Veranda Learning Solutions and Uma Exports as both companies make their debut today.

The BSE Sensex is trading down by 390 points. Meanwhile, the NSE Nifty is trading lower by 98 points.

NTPC & Dr Reddy's Lab are among the top gainers today. HDFC and Titan, on the other hand, are among the top losers today.

The BSE Mid Cap index is up 0.5% while the BSE Small Cap index gained 0.4%.

Sectoral indices are trading mixed with stocks in the finance sector and consumer durables sector witnessing most of the selling.

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

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

The rupee is trading at 75.93 against the US$.

Crude oil prices recovered losses after tumbling more than 5% to a three-week low yesterday, after consuming nations announced a huge release of oil from emergency reserves to offset supply lost from Russia.

Gold prices are trading down by 0.1% at Rs 51,616 per 10 grams.

Meanwhile, silver prices are trading at Rs 66,276 per kg.

Speaking of stock markets, Chartist Brijesh Bhatia discusses whether the rally in metal stocks is over or just starting, in his latest video.

You can watch the video on Equitymaster's YouTube Channel.

In news from the media sector, Zee Entertainment is among the top buzzing stocks today.

The company's biggest shareholder Invesco Developing Market Funds has decided to sell up to 7.8% of its stake in the company via a block deal today.

It will sell 77.4 m shares, which is worth around Rs 22 bn.

The price will range between Rs 270.50-290.90 per share and Kotak Mahindra Bank will be the banker for the block deal.

At the price discussed, the share sale will happen at a discount of up to 7% to yesterday's closing price of Rs 290.95 on the BSE.

Invesco along with OFI Global China Fund is currently the largest shareholder in Zee with a total stake of 17.9%.

Note that this development comes less than two weeks after Invesco dropped its demand for an extraordinary general meeting (EGM), which it was pursuing since September 2021 to press for the rejig of Zee board.

Through the EGM, they had also sought the removal of Punit Goenka, the company's managing director.

Zee Entertainment share price is currently trading up by 0.7%.

Moving on to news from the automobile sector, Tata Motors expects its electric vehicle (EV) sales to more than double in the current financial year, backed by strong demand for cleaner vehicles amid rising fuel prices.

The company is also predicting India's overall passenger vehicle market to scale to a new peak, given a sustained increase in orders.

The company is working to debottleneck production amid a continuing shortage of semiconductors and hopes EVs to account for 10-15% of its total passenger vehicle sales in the new fiscal year.

Based on its current production schedule, that would be about 50,000-75,000 EVs, an at least a two-and-a-half-fold increase from last fiscal year.

Tata Motors sold 19,106 units of EVs in the year ended fiscal 2022, averaging nearly 1,600 units a month. But in March, the last month of the fiscal year, it sold 3,357 units, which increased the share of EVs in total passenger vehicle sales in the month to 8%.

Note that the auto major has big plans in the EV space and has committed to invest US$2 bn in the EV business. It's on course to have a portfolio of 10 products by fiscal 2026.

It remains to be seen how the above developments pan out.

Shares of Tata Motors are currently trading up by 0.4%.

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