Sensex Tanks 1,100 Points as IT Stocks Plunge; Infosys & Tech Mahindra Down 5%

Mon, 18 Apr 10:30 am

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Asian share markets are lower today. The Nikkei is down 2.1% while the Shanghai Composite fell 0.9%.

In US stock markets, Wall Street indices finished lower on Thursday as investors worried about the potential for aggressive US policy tightening as other central banks around the world moved to reduce support.

The Dow Jones fell 0.3% while the Nasdaq tumbled 2.1%.

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

Market participants are tracking shares of Mindtree as the IT major will announce its March quarter results today.

The BSE Sensex is trading down by 1,152 points. Meanwhile, the NSE Nifty is trading lower by 299 points.

NTPC is among the top gainers today. Infosys and Tech Mahindra, on the other hand, are among the top losers today.

The BSE Mid Cap index is down 1% while the BSE Small Cap index is trading lower by 0.7%.

Sectoral indices are trading mixed with stocks in the IT sector, finance sector and banking sector witnessing most of the selling.

Metal stocks and FMCG stocks on the other hand, are trading in green.

Shares of Varun Beverages and Deepak Fertilizers hit their 52-week highs today.

The rupee is trading at 76.35 against the US$.

Gold prices are trading up by 0.7% at Rs 53,357 per 10 grams.

Meanwhile, silver prices gained 1.2% and are trading at Rs 69,879 per kg.

Crude oil prices rose today as concerns grew about tighter global supply, with the deepening crisis in Ukraine raising the prospect of heavier sanctions by the West on top exporter Russia.

Speaking of stock markets, co-head of Research at Equitymaster Rahul Shah discusses Paytm and Zomato, in his latest video.

Rahul answers the most important question - which is a better buy from the two, in the video. Tune in to know more...

In news from the automobile sector, Maruti Suzuki is among the top buzzing stocks today.

Maruti Suzuki will launch multiple electric vehicles (EV) models in India in its bid to catch up with competitors and become a leader in the segment, despite not being present there at present, according to the company's new Managing Director and CEO Hisashi Takeuchi.

The country's largest carmaker also plans to produce EVs from its factories in future when the demand for EVs picks up in the country. To start with, the first EV will be rolled out from Suzuki Motor Gujarat's plant.

Maruti is planning to launch its first EV model in 2025.

Here's what the company's MD said in an interaction:

• We are a little behind our competitors in introducing the (EV) model to the Indian market, but we see that still, the market demand for those EVs is limited. Actually, sales of EVs in the Indian market are still very, very limited.

Note that the government is pushing for EV sales penetration to rise to 30% for private cars by 2030.

Citing industry experts that EVs could account for 10% by 2030, he said when the volume expands, they would like to be a leader in the Indian automotive space, which is not just limited to IC (internal combustion) engines but all passenger cars.

Last month, the company's parent Suzuki Motor Corporation had announced that it would invest around 150 billion yen (about Rs 104.5 bn) by 2026, for local manufacturing of Battery Electric Vehicles (BEV) and BEV batteries in Gujarat.

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

Shares of Maruti Suzuki are currently trading up by 0.3%.

Moving on to news from the mutual funds space, increasing awareness about mutual funds, ease of transactions through digitisation and sharp surge in equity markets have aided asset management companies (AMCs) to add a staggering 31.7 m investor accounts in 2021-22.

According to industry experts, the trend is likely to continue this fiscal as well.

The rise in fiscal 2022 was significant from fiscal 2021 when 8.1 m accounts were opened.

According to the data, the number of folios with 43 fund houses rose to 129.5 m in March 2022 from 97.8 m in March 2021.

The industry crossed a milestone of 100 m folios in May 2021.

The number of folios under equity, hybrid and solution oriented schemes, wherein the maximum investment is from retail segment, stood at about 103.4 crore as of March 2022.

Note that investors are pumping in huge sums through SIPs as mutual funds are the most convenient and the best way to invest in equities.

Have a look at the chart below to see the consistent inflows into the industry.

March 2022 was the thirteenth straight month of inflows, and also the highest since at least April 2018 when AMFI revised reporting format.

This has pushed the average assets under management of the industry to Rs 37.7 lakh crore as on March 2022 from Rs 32.17 lakh crore in March 2021.

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

Since you're interested in mutual fund data, check out the top 5 stocks bought and sold by India's top mutual fund houses.

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