Sensex Sheds 300 Points, Nifty Near 17,700; IT & FMCG Stocks Under Pressure

Mon, 11 Apr 10:30 am

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Asian share markets are trading on a negative note today as concerns lingered over tightening monetary policy by the US and investors awaited earnings reports by retailers due this week.

The Hang Seng plunged over 2.4% while the Nikkei fell 0.8%. The Shanghai Composite is down 1.7%.

In US stock markets, Wall Street indices ended mixed as investors grappled with how best to deal with an economy that could skid as the Federal Reserve moves to aggressively tackle inflation.

The Dow Jones ended 0.4% higher while the Nasdaq plunged 1.3%.

Back home, Indian share markets are trading on a negative note today tracking weak global markets.

Market participants are tracking shares of Tata Consultancy Services (TCS), Birla Tyres and MPL Plastics as these companies will announce their March quarter results today.

Meanwhile, Veranda Learning Solutions made its debut on the bourses today. The learning solutions provider's Rs 2 bn IPO was open for subscription between 29-31 March in the price range of Rs 130-137 per share.

At present, the BSE Sensex is trading down by 290 points. Meanwhile, the NSE Nifty is trading lower by 76 points.

SBI & ICICI Bank are among the top gainers today. HCL Tech and Infosys, on the other hand, are among the top losers today.

Broader markets are bucking the trend and trading in green. The BSE Mid Cap index is up 0.6% while the BSE Small Cap index gained 0.8%.

Sectoral indices are trading mixed with stocks in the IT sector and FMCG sector witnessing selling.

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

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

Gold prices are trading up by 0.1% at Rs 52,100 per 10 grams.

Meanwhile, silver prices are trading up by 0.1% at Rs 67,015 per kg.

Crude oil prices slipped US$2 a barrel in early trade today, following a second straight weekly decline after world consumers announced plans to release a record volume of crude and oil products from strategic stocks and as China lockdowns continued

Speaking of stock markets, Co-head of Research at Equitymaster Rahul Shah has recoded a video over the weekend, discussing how you can earn 20% from boring stocks.

Tune in to the below video to find out more:

In news from the realty sector, Sobha is among the top buzzing stocks today.

Sobha's sales bookings rose by 23% to its all-time high of Rs 38.7 bn during the 2021-22 financial year on higher volumes driven mainly by low-interest rates on home loans.

According to the Bengaluru-based realty firm's quarterly operational update, sales bookings in volume terms increased by 22% to 49,09,567 square feet during the last fiscal from 40,13,581 square feet in the 2020-21 fiscal year.

In terms of value, Sobha's sales bookings grew to Rs 38.7 bn from Rs 31.4 bn. The average price realisation improved to Rs 7,883 per square feet from Rs 7,817 per square feet.

Here's what the company said,

• During FY'22, we have achieved best-ever sales volume and sale value. This is achieved despite operational hurdles at the start of the quarter due to Omicron wave.
  
  During the last fiscal, Bengaluru, Pune, Gurugram, and GIFT City regions have shown high growth in terms of sales value and volume.

The company's cash flows remained strong resulting in net debt reduction as compared to fiscal 2021.

Sobha attributed the reasons for this growth to high customer confidence supported by a strong job market in an improving economy, low home loan rates, savings during the pandemic period and desire to own bigger-better homes.

Recently, Macrotech Developers reported a 51% growth in its sales booking to a record Rs 90.2 bn in the last fiscal.

Sales of most of the listed real estate developers are expected to rise during the last fiscal year. Those companies that have a better track record of executing projects on time are performing better.

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

Moving on to news from the media sector, movie ticketing and events platform BookMyShow said the company's business is rapidly approaching pre-pandemic levels after having weathered slumps due to the Covid-19-led lockdowns.

The company's founder Ashish Hemrajani said that with the economy opening up, BookMyShow has turned EBITDA (earnings before interest, tax, depreciation, and amortisation) positive.

The company recorded its highest-ever monthly ticketing sales in March 2022 on the back of theatre releases, the Indian Premier League (IPL) and other live events, thus concluding the last fiscal on a positive note.

BookMyShow also recorded its highest monthly active users at 70 m, which is more than pre-Covid times, and its highest-ever traffic and consumption demand with 250 m customer visits per month.

Speaking of cinema halls and the media sector, Research Analyst at Equitymaster Aditya Vora recorded a video last month discussing theatres.

In the tug of war between theatres and OTT, Aditya believes theatres will triumph and make long term wealth for investors.

You can watch the video here: Time to Buy Multiplex Stocks?

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

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