Sensex Dips 537 Points, Nifty Ends Near 17,000; Bajaj Finance & ICICI Bank Top Losers

Wed, 27 Apr Closing

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Indian share markets ended on a negative note today fueled by fears about the economic outlook, owing to China's Covid lockdowns and US interest rate hike plans.

Market experts are also of the view that the Reserve Bank of India (RBI) will start hiking repo rates in June, earlier than forecasts made a few weeks ago.

At the closing bell, the BSE Sensex plunged 537 points, ending 1% lower.

Meanwhile, the NSE Nifty dipped 162 points, ending at 17,038.

Tata Steel, Asian Paints, and TCS were among the top gainers today.

Bajaj twins, ICICI Bank, and Titan were among the top losers today.

Market participants were tracking shares of Adani Wilmar as they ended 5% higher for third consecutive trading session today.

In broader markets, the BSE Mid Cap index ended 0.9% lower while the BSE Small Cap index ended down by 0.6%.

All sectoral indices ended on a negative note with power, banking, and telecom stocks witnessing most of the selling.

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

Outside the home ground, Asian share markets posted mixed signals where the Shanghai composite recovered after heavy sell-off yesterday.

At the close in Tokyo, the Nikkei 225 was down 1.2% while the Hang Seng rose marginally by 0.1%. The Shanghai Composite added 2.5%.

The SGX Nifty was trading 0.8% lower at the time of writing.

Gold prices are currently trading down by 0.4% at Rs 51,365 per 10 grams while silver is down 0.2% at Rs 64,857 per kg.

The rupee is trading at 76.52 against the US$.

Speaking of stock markets, Chartist Brijesh Bhatia explains why the road ahead for stock markets will be rough, in his latest video for Fast Profits Daily.

Tune in to the below video to know more:

Coming to latest developments from the IPO space, Rainbow Children Medicare's initial public offering (IPO) opened for subscription today.

The three-day Rs 15.8 bn IPO comprises fresh issue of Rs 2.8 bn and an offer for sale of Rs 13 bn.

The shares had made a debut in the grey market at a premium of Rs 50, however, were trading at a premium of Rs 15 today.

The IPO started off on a slow note and as of 2.30 pm today the IPO was subscribed 0.24 times led by retail investors who bought 0.4 times of their portion.

While the qualified institutional buyers (QIBs) portion was subscribed 10%.

Another buzzing news from the IPO space, the government has announced the date and price band for the upcoming IPO of Life Insurance Corp (LIC).

The much-awaited IPO of the state-run insurance behemoth is set to open on 2 May for anchor investors and on 4 May for subscription.

The government is selling over 22 bn shares at a price band of Rs 902-949 apiece in the initial public offering which will close on 9 May.

As per the final papers filed with markets regulator, the allotment of shares to the demat account of bidders will happen by 16 May, post which LIC would be listed on or about 17 May.

Even after the reduced size, the IPO is going to be the biggest in India.

We will keep you updated from this space. Stay tuned.

Moving on to news from the telecom sector, India's second-largest telecom operator Bharti Airtel has acquired a 7% stake in Network-as-a-Service (NaaS) startup Cnergee Technologies under the Airtel Startup Accelerator Program.

Based in Navi-Mumbai, Cnergee specialises in integrated networking solutions over cloud for businesses of all sizes.

The startup has developed a range of 5G ready software tools for NaaS which can be deployed at scale to enable zero-touch service provisioning, central remote monitoring, and management of all connected devices with a host of real-time analytics.

Airtel Business, director and CEO, Ajay Chitkara said:

• Airtel is on a mission to accelerate the digital transformation journeys of enterprises through our world-class NaaS platform.
  
  We welcome Cnergee to the Airtel Startup Accelerator Program and look forward to deploying their 'Made in India' solutions at scale in the fast growing NaaS market in India.

Airtel Business serves over one m businesses of all sizes through its integrated portfolio of - connectivity, conferencing, cloud & data centers.

The valuation of the acquisition has not been disclosed yet.

Moving on to news from the automobile sector, Tata Group's Jaguar Land Rover (JLR) has initiated "Open Innovation strategy", to accelerate next-generation technology and sustainability to support its modern luxury vision for the business.

This strategy aims to collaborate with start-ups, scale-ups, and like-minded external organisations on electrification, connectivity, digital services, metaverse, intelligent enterprise, manufacturing, supply chain, and sustainability.

As part of the global strategy, JLR in partnership with Plug and Play, a corporate innovation platform and investor, will launch an innovation hub in the UK.

Two separate partnerships with Cubo Itau and Firjan will be used to gain access to the vibrant Latin American start-up ecosystem.

This move is in line to achieve the company's goal of net-zero by 2039.

Forming a part of the automaker's Re-imagine strategy, the company plans to explore everything from second-life batteries and circular economy to new fintech, insurtech, and digital services which are aligned with JLR as the creators of modern luxury.

Tata Motors share price ended the day 1% lower today.

Over the year gone by, shares of the auto major have appreciated by 40%.

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

And 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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