Sensex Today Trades Lower, Nifty Below 17,650 | ICICI Lombard Slips 2% | Infosys & HCL Tech Among Top Losers

Wed, 19 Apr 10:30 am

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Asian share markets are trading lower today as uncertainty over the path of US monetary policy largely outweighed optimism over an economic recovery in China, with focus now turning to a slew of indicators from the Federal Reserve this week.

The Nikkei is down 0.3% while the Hang Seng is trading lower by 0.6%. The Shanghai Composite is trading lower by 0.5%.

US stock markets ended almost exactly where they began after a mixed set of profit reports led to a quiet, meandering day of trading.

The Dow Jones Industrial Average ended marginally lower while the tech heavy Nasdaq Composite ended flat.

Here's a table showing how US stocks performed on Tuesday:

Stock/Index	LTP	Change ($)	Change (%)	Day High	Day Low	52-Week High	52-Week Low
Alphabet	105.12	-1.3	-1.22%	107.05	104.78	131.92	83.45
Apple	166.47	1.24	0.75%	167.41	165.65	176.15	124.17
Meta	217.89	-0.97	-0.44%	220.44	216.21	224.3	88.09
Tesla	184.31	-2.73	-1.46%	187.69	183.58	364.07	101.81
Netflix	333.7	0.98	0.29%	337.19	330.5	379.43	162.71
Amazon	102.3	-0.44	-0.43%	104.2	101.52	158.65	81.43
Microsoft	288.37	-0.43	-0.15%	291.76	287.01	294.18	213.43
Dow Jones	33,976.63	-10.55	-0.03%	34,018.62	33,791.89	35,492.22	28,660.94
Nasdaq	13,091.79	-10.4	0.03%	12,245.43	12,110.23	13,710.70	10,088.83

Source: Equitymaster

Back home, Indian share markets are trading on negative note tracking SGX Nifty and weak global cues.

At present, the BSE Sensex is trading down by 127 points. Meanwhile, the NSE Nifty is trading lower by 30 points.

Tata Steel and JSW Steel are among the top gainers today.

Infosys and HCL Tech are among the top losers today.

The BSE Mid Cap index is trading flat, while the BSE Small Cap index is trading higher by 0.3%.

Sectoral indices are trading on a mixed note. Stocks in the auto sector and metal sector witness buying.

Meanwhile stocks in the power sector, and IT sector witness selling.

Shares of Zydus Lifesciences and Glenmark Pharma hit their 52 week high today.

The rupee is trading at Rs 82.1 against the US dollar.

In the commodity markets, gold prices trade flat at Rs 60,478 per 10 grams.

Meanwhile, silver prices are trading flat at Rs 75,250 per 1 kg.

Speaking about the stock market, Rahul Goel, in his latest investor hour episode, talks to Mohnish Pabrai about investing in stocks that makes no sense.

Popularly recognized as a disciple of Warren Buffett and Charlie Munger, Mohnish Pabrai has a knack for picking multibagger stocks...across the world.

Based out of the US, Mohnish has had great success in buying stocks following his simple approach - buy stocks that are selling so cheap that it almost makes no sense at all.

ICICI Lombard declares Q4 results and dividend

Private sector general insurer ICICI Lombard General Insurance, on Tuesday, 18 April 2023, reported a 39.6% year-on-year (YoY) rise in net profit at Rs 4.3 bn for March 2023 quarter.

The gross direct premium income (GDPI) stood at Rs 210.3 bn in the financial year 2023 compared to Rs 179.7 bn in the previous year, a growth of 17%, which was higher than the industry growth of 16.4%.

Also, the GDPI of the company was at Rs 49.7 bn in Q4 against Rs 46.7 bn in Q4 a year back, a growth of 6.7% against the industry growth of 16.9%. The combined ratio stood at 104.5% in the financial year 2023 compared to 108.8% in the financial year 2022.

The solvency ratio was 2.51x as of the March 2023 quarter against 2.45x as of the December 2022 quarter, which was higher than the minimum regulatory requirement of 1.50x.

The board of directors of the company proposed a final dividend of Rs 5.5 per share for the year.

For the fundamental companies of ICICI Lombard, check out Equitymaster's Indian stock screener, which has a separate screen for top insurance stocks in India.

The latest progress on Vedanta's semiconductor plant

Vedanta group is expecting to start building its Rs 1.5 trillion (tn) semiconductor plant in October-December this year and producing electronic chips by the first half of 2027.

The group has submitted all the technology tie-ups to the government and banks will fund the project cost in the ratio of 70 and 30 (from the company) after adjusting the subsidy.

The company will also make 28 nm wafers simultaneously, as it will need the same equipment that works for 40 nm.

A semiconductor plant comes out with a large semiconductor disc, which is then processed to make electronic chips. Vedanta will also set up an outsourced semiconductor assembly and test plant that will process the semiconductor wafers, making them usable by automobile and electronics companies.

The joint venture of Indian conglomerate Vedanta and electronics manufacturing giant Foxconn has finalized the Dholera Special Investment Region near Ahmedabad for setting up their semiconductor and display manufacturing facility. The Centre is providing a 50% subsidy on the total cost of the project.

Vedanta's share price has come under pressure in recent days. To know why check out our editorial - Why Vedanta share price is falling.

With forming a recent joint venture with Foxconn to manufacture semiconductor chips, the company has made its space among?India's top 5 semiconductor stocks.?

Also as China tries to move up the technology supply chain with advanced chips, the US is getting wary, this makes semiconductor the top Indian megatrends.

Tata Coffee Q4 Profit rises 20%

Tata Coffee on Tuesday reported a 19.6% YoY jump in the March 2023 quarter net profit to Rs 488 m compared to 407.8 m in the same quarter last year.

Its consolidated revenue from operations rose by 10.2% to Rs 7.2 bn during the quarter, against NRs 6.6 bn in the same period last year.

While for the financial year 2023, it posted a 77.9% growth in profit at Rs 2.6 bn compared with Rs 1.5 bn a year back.

Its revenue for the financial year 2023 grew by 20.6% at Rs 25.9 bn compared to Rs 23.6 bn a year back.

Along with this, the company has also declared a final dividend of Rs 3 per share for the financial year 2023.

With a marketcap of Rs 38.5 bn, it is one of the top smallcap companies of Tata Group.

To know what's moving the Indian stock markets today, check out the most recent share market updates here

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

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