Sensex Falls 450 Points as Metal, Energy Stocks Witness Selling; Hindalco & Coal India Down 4%

Tue, 12 Apr 10:30 am

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Asian share markets are lower today as unease lingered over tightening monetary policy by the US and investors awaited earnings reports by retailers due this week.

The Nikkei is down 1.6% while the Hang Seng is trading lower by 0.6%.

In US stock markets, Wall Street indices closed sharply lower on Monday as investors started the holiday-shortened week in a risk-off mood, as rising bond yields weighed on market-leading growth stocks ahead of crucial inflation data.

The Dow Jones plunged 1.2% while the Nasdaq tanked 2.2%.

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

Benchmark indices started on a weak note as Covid-19 scare in China, combined with rising bond yields and crude prices dampened sentiment.

Market participants are keeping a watch on Tinplate Company of India, Hathway Cable & Datacom, Anand Rathi Wealth, GM Breweries, and Evexia Lifecare as these companies will announce their March quarter results today.

The BSE Sensex is trading down by 407 points. Meanwhile, the NSE Nifty is trading lower by 145 points.

Maruti is among the top gainers today. Hindalco and Coal India, on the other hand, are among the top losers today.

The BSE Mid Cap index is trading down by 1.5%. The BSE Small Cap index is down 1.4%.

Sectoral indices are trading on a mixed note with stocks in the metal sector and energy sector witnessing most of the selling pressure.

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

Shares of Adani Transmission and Adani Green Energy hit their 52-week high today.

The rupee is trading at 75.98 against the US$.

Gold prices are trading up by 0.7% at Rs 52,562 per 10 grams.

Crude oil prices rose today, reversing sharp losses from the prior day, as the market weighed the potential for more sanctions on Russia's energy sector and OPEC warned it would be impossible to increase output enough to offset lost supply.

Speaking of stock markets, Research Analyst at Equitymaster Aditya Vora talks about his contra investment for 2022, in his latest video.

Tune in to find out more:

In news from the IT space, TCS is among the top buzzing stocks today.

Tata Consultancy Services (TCS) announced a growth of 7.4% in its net profit for the quarter ended March 2022 as India's largest software services company recorded its highest ever incremental deal wins during a three-month period.

Net profit came in at Rs 99.3 bn on revenues of Rs 505.9 bn.

The IT major met street expectations on both revenue and profitability front. TCS' annualised revenue from BFSI across services and platforms crossed US$10 billion, led by strong demand across all markets.

On a sequential basis, net profit grew 1.6% while revenue grew 3.5%.

TCS reported an order book of US$11.3 bn after two quarters of comparatively muted deal total contract value (TCV).

For the financial year ended March 2022, TCS's consolidated revenue rose 16.8% to Rs 1,917.5 bn and net profit rose 14.8% to Rs 383.3 bn.

The Tata group company's board also proposed a final dividend of Rs 22 per share.

While results were in line, attrition rate continued to be high at 17.4%, compared to 15.3% in the last quarter with top executives maintaining that demand for talent will stabilize as the company has groomed resources consistently over the past two years.

Employee headcount at TCS grew by 35,209 in the fourth quarter, marking the highest ever net addition in a quarter ever.

Infosys is all set to report its results tomorrow followed by HCL Technologies on 21 April. Meanwhile, Wipro's annual financials will be announced on 29 April.

Shares of TCS are currently trading up by 0.4%.

Moving on to news from the mutual funds space, the assets under management (AUM) for the domestic mutual fund (MF) industry has jumped six fold in the past decade to Rs 38.2 tn. However, the number of asset management companies (AMCs) managing at least some AUM have declined from 45 to 42.

The top five AMCs account for close to 45% of the more-profitable equity AUM. According to projections, over the next five years, the industry AUM is set to grow at an annualised rate of 14%.

The number of AMCs is also expected to cross 50 in the next few years, with at least half a dozen firms currently waiting for MF license.

Last week, the markets regulator set up a working group to explore the possibility of allowing private equity (PE) firms to start a MF on their own.

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

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