Indian Indices Extend Selloff to Fifth Trading Session; Sensex Tanks Over 700 Points

Tue, 19 Apr Closing

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After trading in a tight range throughout the session, Indian share markets witnessed heavy selling in the last hour of trade and ended over 1% lower.

Benchmark indices plummeted during the last hour of trade after Ukraine said on Monday that a long-expected offensive push into the Donbas region in eastern Ukraine has started, with intensified assaults in the north and east of the country.

At the closing bell, the BSE Sensex tanked 704 points, down 1.2%.

Meanwhile, the NSE Nifty slumped 215 points and ended below 17,200, the lowest level since 15 March 2022.

Apollo Hospital, Coal India, and Reliance were the top gainers today while HDFC twins, Infosys, Nestle, and ITC were among the top losers.

In broader markets, the BSE Mid Cap index, as well as the BSE Small Cap index, ended down by 1.2%.

All sectoral indices ended in the red. The Nifty IT index fell 3%. While FMCG, media, pharma, and realty were among other top losers.

Shares of GAIL (India) hit a 52-week high during intra-day trade today, ahead of ex-date for share buyback on 21 April 2022.

On the contrary, INEOS Styrolution India slumped to hit its 52-week low and closed at Rs 860.8. This was led by the promoter's proposal to sell stake via OFS.

Gold prices are trading up by 0.1% at Rs 53,315 per 10 grams.

Meanwhile, silver prices are trading up by 0.3% at Rs 70,156 per kg.

Speaking of stock markets, in her latest video, co-head of Research at Equitymaster Tanushree Banerjee discusses disruptive stocks and the must have rule to spot them.

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In news from the finance sector, State Bank of India (SBI) has hiked its marginal cost of funds based lending rate (MCLR) by 10 basis points (bps).

This will increase EMIs for borrowers as is effective from 15 April as per the information posted on SBI website.

But EMIs will go up for those borrowers who have availed loans on MCLR, not for those, whose loans are linked to other benchmarks.

From 1 October 2019 all banks have to lend only at an interest rate linked to an external benchmark such as RBI's repo rate or Treasury Bill yield. As a result, monetary policy transmission by banks has gained traction.

A recent article released by RBI read:

• Looking ahead, the proportion of loans linked to external benchmarks is expected to increase further along with a commensurate fall in the internal benchmark linked loans.
  
  Coupled with shorter reset periods, monetary transmission to banks' interest rates can, thus, be expected to strengthen further.

With the revision, one-year MCLR has increased to 7.1%, from the earlier 7%.

SBI share price ended the day 0.6% lower on the BSE.

Speaking of interest rates, you probably would be worried about rising inflation and interest rates.

We recently recorded a video on Equitymaster YouTube Channel voicing means to beat markets during such times.

Tune in to the video below to know more:

In other news from the finance space, as for the HDFC-HDFC Bank merger, HDFC twins eroded investor wealth today by falling around 5%.

While HDFC plunged 5.5%, HDFC Bank took a dive of 4%.

Moving on to news from the power sector, Coal India was among the top buzzing stock today.

Amid the looming power crisis, Coal India has come out as a winner. As many as 140 m shares that roughly amount to Rs 3.5 bn were marked for delivery as of afternoon today.

The company supplies around 80% of its production to the power sector. The off-take to the power sector is up by 21% from the last financial year, and up around 10%-15% from non-covid years.

Coal India also posted some operational updates today suggesting a head-on start for this year.

In the first half of April, supplies to thermal power station are up around 14% reaching 1.6 m tonnes however the production is up close to 27%. This puts the company in line with its target of 700 m tonnes for the year 2023.

The pinching point from the company financials, receivables, also seem to come down to Rs 123 bn. In the month of March only, the receivable took a dive by around Rs 25 bn.

E-auction premiums, which constitute 15% of sales but much more towards profitability scaled by over 200%.

No wonder Coal India shares jumped by 4.9% today, almost touching its 52-week high.

Another stock that buzzed the market was Rail Vikas Nigam (RVNL).

RVNL shares gained nearly 5% in early morning trade as the company informed investors of signing a Memorandum of Understanding (MoU) with Mahanadi Coalfields.

The MoU is for entrusting Project Management Consultancy for Rail Infrastructure works of MCL to RVNL from concept to commissioning.

The shares lost momentum during intra-day and closed up only by 0.9%.

For more details, check out Rail Vikas Nigam's financial factsheet and its latest quarterly results.

And for a sector overview, read our engineering sector report.

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

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