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India's Third Giant Leap
This Could be One of the Biggest Opportunities for Investors
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- Todays Market
- Indian Stock Market News April 7, 2022
Sensex Ends 575 Points Lower; Energy, Oil & Gas Stocks Witness Selling Thu, 7 Apr Closing
Indian share markets witnessed negative trading activity throughout the day today and ended 1% lower.
Benchmark indices ended near the day's low as hawkish US Fed minutes overnight and weak global cues, dampened investor sentiment.
Today marked the third consecutive day of losses for Indian share markets.
At the closing bell, the BSE Sensex stood lower by 575 points, down 1%. Meanwhile, the NSE Nifty fell 168 points.
Axis Bank and ICICI Bank were among the top gainers today. HDFC and Titan, on the other hand, were among the top losers today.
The SGX Nifty was trading at 17,740, down by 128 points, at the time of writing.
The BSE Midcap index ended down by 0.4%. The BSE Smallcap index ended lower by 0.8%.
On the sectoral front, oil & gas stocks, energy stocks and consumer durable stocks were among the hardest hit.
Healthcare stocks, on the other hand, witnessed buying interest.
Shares of Hindustan Aeronautics and Raymond hit their respective 52-week highs today.
Asian share markets ended on a negative note today. The Nikkei ended lower by 1.7% while the Hang Seng ended down by 1.2%.
US stock futures are trading in green indicating a positive opening for Wall Street indices with the Dow Futures trading up by 36 points.
Gold prices for the latest contract on MCX are trading up by 0.3% at Rs 51,742 per 10 grams.
The rupee is trading at 75.95 against the US$.
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 IPO space, Indian e-commerce company Flipkart has internally raised its IPO valuation target by around a third to US$60-70 bn, and now plans a US listing in 2023 instead of this year.
Flipkart, which competes with Amazon.com Inc in India's booming e-commerce space, had earlier set an IPO valuation goal of US$50 bn.
Reportedly, the ongoing global market turmoil sparked by the Russia-Ukraine war had forced Flipkart to reconsider its timeline.
Note that the primary market in India has slowed after having boomed as enthusiastic retail investors and a pandemic-induced flood of easy money pushed prices to record highs.
This encourages Indian tech companies like Paytm and Zomato to go public.
We will keep you updated on the latest developments from this space. Stay tuned.
Moving on to stock specific news...
Adani group stocks were again buzzing today.
According to reports, the Gautam Adani-led Adani group today became the third conglomerate in India to have surpassed the US$200 bn marketcap mark.
The Tata group and Reliance group are the only two conglomerates to have exceeded the US$200 valuation. But with today's rally in Adani stocks, the total marketcap of all the listed Adani companies surpassed this mark.
Out of the 7 listed companies, 6 hit their all-time highs today.
We recently wrote an article, explaining the reasons and hype behind the rally in Adani stocks. You can read it here: Making Sense of the Sharp Rally in Adani Group Stocks.
Another buzzing stock today was Titan.
The Tata group company's jewellery division ended the volatile quarter on a flat note.
Business saw subdued activity in top cities due to the Omicron wave, a very strong resurgence in February, and again a drop in customer purchases in March on the back of sharp rise in gold prices and sentiment impact due to the external gee-political conflict.
Following this subdued quarterly update, shares of Titan declined 3%.
For information on how to pick stocks that have the potential to deliver big returns, download our special report now!
Read the latest Market Commentary
Indian Share Market Update: Top Gainers and Losers
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