Sensex Falls 500 Points, Nifty Below 17,250; Hindalco, SBI & Dr Reddy's Lab Top Losers

Fri, 22 Apr 10:30 am

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Asian share markets are sharply lower today, extending losses on Wall Street following hawkish comments from the Federal Reserve about its monetary tightening plans.

The Nikkei tanked 1.8% while the Shanghai Composite fell 0.1%. The Hang Seng is down 0.5%.

In US stock markets, Wall Street indices ended lower on Thursday as investors reacted to Federal Reserve officials including Chair Jerome Powell offering further signposting of aggressive interest rate hikes this year.

A 50 bps interest rate increase 'will be on the table' when the Federal Reserve meets on 3-4 May to approve the next in what are expected to be a series of rate increases this year, Fed Chair Jerome Powell said Thursday.

The Dow Jones plunged 1.1% while the Nasdaq fell 2.1%.

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

Market participants are tracking shares of Tejas Networks, MMTC and Hindustan Zinc as these companies are scheduled to announce their results later today.

The BSE Sensex is trading down by 497 points. Meanwhile, the NSE Nifty is trading lower by 157 points.

HCL Tech is among the top gainers today. Dr Reddy's Lab and SBI, on the other hand, are among the top losers today.

The BSE Mid Cap index is flat while the BSE Small Cap index is trading higher by 0.2%.

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

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

Shares of Garden Reach Shipbuilders and Polycab India hit their 52-week highs today.

The rupee is trading at 76.25 against the US$.

Crude oil prices dropped about US$1 and are headed for a drop of nearly 4% for the week, burdened by the prospect of rate hikes, weaker global growth and Covid-19 lockdowns in China hurting demand, even as the European Union weighed a ban on Russian oil.

Speaking of the current stock market scenario, amid the ongoing volatility, have a look at the two charts below, in the order they have been placed:

Near Term Volatility in Sensex Compensated by Long Term Gains

The year-on-year change in the Sensex was hardly predictable but someone who stayed invested multiplied every lakh nearly 14 times.

Timing the markets could be suicidal as valuations and volatility put the markets in a see-saw mode.

As an individual investor, you need to sit tight over high conviction stocks and invest consistently to see the magic of compounding.

Because 2022 could be extremely profitable, over time, provided you reset your portfolio with the right kind of safe assets and safe stocks.

In news from the commodities space, experts suggest that gold and silver prices are expected to go up because of high inflation situation, and as the marriage season and Akshaya Tritiya 2022 is upon us.

Akshaya Tritiya, which is considered as an auspicious occasion to buy gold and silver, will fall on 3 May.

Gold prices are currently trading up by 0.2% at Rs 52,498 per 10 grams while silver is down 0.1% at Rs 67,050.

Speaking of gold, in his latest video for Fast Profits Daily, India's #1 trader Vijay Bhambwani discusses whether the wedding season will trigger a cyclical bull market in gold.

Tune in to the below video to find out more:

In news from the IT sector, HCL Technologies is among the top buzzing stocks today.

Country's third-largest IT services company, HCL Tech on Thursday reported a strong set of numbers for the January-March quarter, beating analyst expectations.

For fiscal 2023, the company expects revenue to grow between 12% and 14% in constant currency and Ebit margin is expected to be between 18% and 20%.

The company's consolidated net profit at Rs 36 bn was up 4.4% compared with the preceding quarter. Consolidated total income stood at Rs 229.1 bn, against Rs 225.9 bn recorded in the preceding December quarter.

Commenting on the performance, CEO and managing director C Vijayakumar said,

• We have delivered yet another stellar quarter in our services business, where the revenue is up 5% quarter-on-quarter and up 17.5% year-on-year in constant currency.
  
  Over the last three quarters, our services business has been consistently growing organically at 5% and higher, delivering one of the highest CQGR in the industry.

For fiscal 2022, the company's total contract value (TCV) of the new deal wins stood at US$8.3 bn, registering a 14% YoY growth. The ACV was higher by 21% YoY on a full-year basis.

As of March 2022, HCL Tech's full-time headcount stood at 208,877, while net hiring was at 11,000 globally for the quarter ended March 2022 and 39,900 for the year ended March 2022.

The IT firm hired 23,000 freshers in fiscal 2022.

The company's client addition was strong across all categories.

HCL Technologies share price is currently trading up by 2.1%.

To know more, check out HCL Tech's latest quarterly results.

Moving on to news from the automobile space, TVS Motor Company will make an additional investment of £100 m in Norton Motorcycles, the iconic UK brand it acquired in April 2020.

TVS, which makes two-and three-wheelers, said trade and investment between the UK and India is creating good jobs and sustaining livelihoods in both of our countries.

Norton recently opened its new manufacturing facility in Solihull, West Midlands, to build bikes using traditional hand-crafted techniques with modern-day machinery for consistently high quality.

The company said that this investment will be towards electrification, cutting edge technology, world class vehicles, manufacturing, sustainability & the future of mobility.

This is expected to create 250-300 direct jobs over the next 3 years and another 500-800 indirect jobs across the supply chain.

TVS Motor Company share price is currently trading down by 1%.

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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