Sensex Tanks 714 Points, Nifty Ends Below 17,200; Metal & Banking Stocks Witness Heavy Selling

Fri, 22 Apr Closing

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Indian share markets erased gains from the last two trading sessions, ending the week on a weaker note.

Benchmark indices ended lower today as global sentiment soured after the US Federal Reserve hinted at an increasingly aggressive rate hike amid high inflation concerns.

At the closing bell, the BSE Sensex plummeted 714 points, down 1.2%.

Meanwhile, the NSE Nifty dropped over 200 points, ending a little above the 17,150-mark.

M&M, Bharti Airtel, and Maruti were among the top gainers today.

SBI, HUL, and IndusInd Bank were among the top losers today.

In broader markets, the BSE Mid Cap index was down by 0.7% while the BSE Small Cap index ended lower by 0.4%.

All sectoral indices ended in red with banking, metal, and healthcare stocks witnessing most of the selling.

Shares of Adani Power and Reliance Industries hit their 52-week high today.

Outside the home ground, Asian share markets posted mixed signals. At the close in Tokyo, the Nikkei 225 plunged 1.6% while the Hang Seng dipped 0.3%. The Shanghai Composite added 0.2%.

The SGX Nifty was trading down by 1.4% at the time of writing.

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 are upon us.

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

Gold prices are currently trading up by 0.1% at Rs 52,483 per 10 grams while silver is down 1% at Rs 66,443 per kg.

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:

Moving on to stock specific news...

Adani Ports and SEZ was among the top buzzing stocks today.

Adani Ports announced a 100% acquisition stake in Ocean Sparkle (OSL) via its subsidiary, the Adani Harbour Services.

Towage, pilotage, and dredging are the key activities carried out by OSL. The company has an asset base of 94 owned vessels and 13 third-party owned vessels.

The purchase of OSL, India's largest third-party marine services provider, is for a consideration of Rs 15.30 bn.

The Adani group company will pay Rs 11.4 bn for direct acquisition of 75.7% stake and Rs 3.9 bn for indirect acquisition of 24.3% stake.

The transaction is expected to be completed within one month.

On the addition, the CEO and whole-time director of APSEZ, Karan Adani said:

Given the synergies of OSL and Adani Harbour Services, the consolidated business is likely to double in five years with improved margins, thereby creating significant value for APSEZ's shareholders.

This acquisition not only provides APSEZ a significant share of India's marine services market but also provides us a platform for building presence in other countries, thereby facilitating APSEZ's journey towards becoming the largest port operator globally by 2030 and largest integrated transport utility in India.

ICRA has given an AA- credit rating to OSL. Instruments with this rating are considered to have a high degree of safety regarding timely servicing of financial obligations. Such instruments carry very low credit risk.

Adani Ports share price closed up by 3% on the BSE reacting to the acquisition announcement.

Moving on to latest developments from the IPO space, the government is likely to take a call on the timing of Life Insurance Corp. of India's (LIC) initial public offering (IPO) this week.

The IPO that was originally planned to be launched in March got derailed due to the Russia-Ukraine war.

If the IPO is delayed beyond 12 May, it will be deferred to august or September since fresh papers with updated quarterly results and valuations would have to be filed with the markets regulator.

At a 5% stake dilution, the government is planning to raise about Rs 300 bn, half of what it had earlier.

The LIC IPO would be the biggest ever in the history of the Indian stock market, and once listed its market valuation would be comparable to top companies like Reliance Industries and Tata Consultancy Services.

Moving on to news from the IT sector, ITC Infotech is to pick a slice of US-based PTC's product management business services.

ITC Infotech, a wholly-owned subsidiary of ITC Ltd., will buy a portion of Nasdaq listed PTC's product lifecycle management (PLM) implementation business services and set up its own business unit, DxP Services.

ITC Infotech provides technology solutions and services to enterprises across industries such as banking and financial services, healthcare, manufacturing, consumer goods, and travel & hospitality, through a combination of traditional and newer business models.

In line with their expansion plan, both the companies have entered into an agreement to boost customer digital transformation initiatives, focused on the adoption of PTC's 'windchill' PLM software as a service (SaaS).

The newly created entity will combine PLM professional services experts from both firms into one team dedicated to creating and offering, the tooling and methodologies required to expedite a smooth transition to SaaS.

PTC's management plans to discuss the impact of this agreement during its second quarterly earnings call on 27 April. The transaction is expected to be completed in PTC's fiscal third quarter.

However, the value of the arrangement was not disclosed.

Speaking of ITC Infotech, take a look at the company's top line and bottom line for the last 3 financial years:

ITC Infotech's Revenue and Profit over the Years

(Rs bn)	19-Mar	20-Mar	21-Mar	H1FY22
Revenues	20.1	22.5	24.5	14.5
Net Profit	1	2.1	4.5	3.1

Data Source: Company Reports

Shares of ITC ended marginally higher today.

To know more about the company, check out ITC's financial factsheet and its latest quarterly results.

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

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