Sensex Trades Lower as Metal, IT Stocks Under Pressure; Wipro & Infosys Top Losers

Mon, 2 May 10:30 am

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Asian share markets are lower today ahead of three consecutive public holidays, as investors focused on the upcoming US Federal Reserve monetary policy meeting.

The Nikkei fell 0.2% while the Hang Seng is down 0.5%. The Shanghai Composite is trading higher by 2.4%.

In US stock markets, Wall Street indices slumped on Friday to their deepest daily losses since 2020, as the biggest surge in monthly inflation since 2005 spooked investors already worried about rising interest rates.

Falling Amazon shares amid a gloomy quarterly report also dampened sentiment.

The Dow Jones tanked 2.8% while the Nasdaq plunged a whopping 4.2%.

Back home, Indian share markets are trading deep in the red. Benchmark indices staged a gap-down opening today amid weak global sentiment.

Market participants are tracking shares of Devyani International, Alembic Pharma, Castrol India, and Saregama India as these companies will announce their March quarter results today.

The BSE Sensex is trading down by 342 points. Meanwhile, the NSE Nifty is trading lower by 110 points.

IndusInd Bank is among the top gainers today. Wipro and Titan, on the other hand, are among the top losers today.

The BSE Mid Cap index is down 0.8% while the BSE Small Cap index is trading lower by 1%.

All sectoral indices are trading in red with stocks in the metal sector, IT sector and consumer durables sector witnessing most of the selling.

Shares of Vinati Organics and Adani Power hit their 52-week highs today.

The rupee is trading at 76.42 against the US$.

Gold prices are trading down by 1.4% at Rs 51,031 per 10 grams.

Meanwhile, silver prices fell 1.3% and are trading at Rs 62,680 per kg.

Crude oil prices are down today as concerns about slowing economic growth in China, the world's top oil importer, outweighed fears of potential supply disruptions from a looming European Union ban on Russian crude.

Speaking of stock markets, in his latest video, Research Analyst at Equitymaster Aditya Vora discusses his top auto ancillary bet for 2022.

As per Aditya, auto ancillary stocks are the perfect proxy play on the revival of the automobile sector.

Tune in to the below video to find out more:

In news from the electronics space, International Semiconductor Consortium (ISMC), a joint venture between Abu Dhabi-based Next Orbit Ventures and Israel's Tower Semiconductor, will invest US$3 bn in Karnataka to set up India's first chip-making plant.

The state government announced this yesterday. This indicates that the incentive structure being put in place by the government to make India a semiconductor hub is beginning to see interest.

ISMC's proposed 65-nanometer analog semiconductor fabrication unit is expected to employ 1,500 people directly over seven years, the state government said, adding that another 10,000 jobs will be created in the ancillary ecosystem.

The chip makers' consortium has requested for 150 acres of land in Mysuru's Kochanahalli Industrial area for the unit.

Note that India is moving towards to becoming a global semiconductor hub in coming years. For this, the government has announced a massive PLI scheme, which is already attracting suitors.

Union finance minister Nirmala Sitharaman, during her recent visit to the US, called on American semiconductor firms AMD, Western Digital and Micron Tech to boost investments in India, taking advantage of a Rs 760-bn production-linked incentive (PLI) scheme for large chip makers.

Apart from these firms and Intel, New Delhi has also urged GlobalFoundries and Taiwan Semiconductor Manufacturing Co (TSMC) to scale up their operations in the country.

Last week, Vedanta said it was in advanced talks with Gujarat, Maharashtra and Telangana to choose a site by mid-May. It has a planned investment outlay of US$20 bn for its semiconductor and display push.

We will keep you updated on the latest developments from this space. Stay tuned.

Speaking of semiconductors, note that TSMC is the largest contract manufacturer of semiconductor chips in the world. The company manufactures chips for major tech firms such as Apple, Nvidia, Intel, Qualcomm, etc.

It is also one of the most successful companies whose stock has been a big wealth creator.

Can Indian companies involved in this space also see such massive gains?

In January, we wrote a piece on what Indian companies can learn from this giant. You can read it here.

Meanwhile, also check out Co-head of Research at Equitymaster Tanushree Banerjee's video on India's best semiconductor stocks.

Moving on to stock specific news...

Tata Consumer is among the top buzzing stocks today.

The merger of Tata Coffee with Tata Consumer Products will be completed in 12-14 months and the companies are in the early stages of filing the regulatory process.

According to sources close to the developments, both the companies do not foresee any roadblocks in the process of merger.

Tata Consumer has announced the merger of all businesses of Tata Coffee with itself or its subsidiaries as part of a re-organisation plan in line with its strategic priority of unlocking synergies and efficiencies.

Under the scheme, shareholders of Tata Coffee will receive an aggregate of 3 equity shares of Tata Consumer for every 10 equity shares held by them.

Speaking about the demand scenario under the ongoing geopolitical crisis, the management said that the demand remains firm, even for Russia and Europe.

However, the company acknowledged inflationary pressure and logistics concerns for shipments in some markets.

The people who spoke said that the company hopes to double the pepper business in the next 3-4 years.

Tata Consumer 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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