Sensex Tanks 900 Points as Metal, IT Stocks Bleed; Wipro & HCL Tech Top Losers

Fri, 6 May 10:30 am

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Asian share markets are mixed today after US stocks plunged on renewed anxiety over rising interest rates.

The Nikkei is up 0.7% while the Hang Seng is trading lower by 3.8%. The Shanghai Composite is down over 2%.

In US stock markets, Wall Street indices ended Thursday's session sharply lower amid a broad sell-off, as investor sentiment cratered in the face of concerns that the Federal Reserve's interest rate hike the previous day would not be enough to tame surging inflation.

The Dow Jones plunged over 3% while the Nasdaq plummeted 5%.

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 Reliance, Tata Power, Federal Bank and Paushak as these companies will announce their March quarter results today.

The BSE Sensex is trading down by 837 points. Meanwhile, the NSE Nifty is trading lower by 265 points.

ITC is among the top gainers today. Bajaj Finance and Wipro, on the other hand, are among the top losers today.

The BSE Mid Cap index is down 1.9% while the BSE Small Cap index is trading lower by 2%.

Barring telecom, all sectoral indices are trading in red with stocks in the metal sector, IT sector and realty sector witnessing most of the selling.

Shares of SPS Finquest and Lakshmi Automation hit their 52-week highs today.

The rupee is trading at 76.73 against the US$.

Gold prices are trading up by 0.3% at Rs 51,017 per 10 grams.

Meanwhile, silver prices gained 0.4% and are trading at Rs 62,517 per kg.

Crude oil prices dipped as worries about an economic downturn that could dampen demand for crude vied with concerns over new sanctions from the European Union against Russia, including an embargo on crude oil.

Speaking of stock markets, India's #1 trader Vijay Bhambwani talks whether the rally in metals is over, in his latest video for Fast Profits Daily.

Tune in to the below video to find out more:

In latest developments from the IPO space, LIC's IPO is underway and it will remain open for subscription till 9 May 2022.

After two days, the LIC issue has been subscribed 1.03 times whereas its retail portion has been subscribed 0.93 times.

It received a good response so far, which was expected. LIC IPO is set to see record applications from individuals.

It seems that grey market is closely following LIC IPO subscription status. According to market observers, LIC share price has remained steady in grey market. Shares of LIC are available at a premium of Rs 65 in grey market today.

It remains to be seen how LIC's IPO sails through. The IPO is kept open for subscription on Saturday and Sunday too.

Since we're on the topic of LIC IPO, do check out Tanushree Banerjee's video where she explains how to analyze the insurance behemoth's public issue.

Video link: How to Evaluate the LIC IPO?

Moving on to news from the cement sector, the Adani group is in discussions with investment groups and funds from the Middle East for financing support of up to US$2 bn for the acquisition of the listed ACC and Ambuja, Holcim's twin cement assets in India.

This is part of a unique acquisition and financing structure that the Adani group is looking at for the potential US$7.5-bn buyout of the two listed cement companies, cumulatively the second largest in India.

ACC is also India's oldest manufacturer of the primary building material, and is a step-down subsidiary of Ambuja Cement that's directly controlled by the European cement major.

Adani is likely to use a group entity based in Dubai, as the principal vehicle for the transaction, according to sources.

This entity will float a special purpose vehicle (SPV) where the Adani family, as promoters, will infuse US$1.25 bn - US$1.5 bn as equity.

A similar amount, likely in the form of structured equity, is expected from the Middle East investor group the Adani family is engaged with. Together, this vehicle will be capitalised to the tune of US$3 bn.

Note that the Adani group became India's third conglomerate to cross US$200 bn in market capitalisation with the shares of five of its seven listed companies soaring to all-time highs late last month.

Not just last month, most companies are soaring ever since the March 2020 crash.

Have a look at the charts below to see the group company's share price performance on the bourses.

Speaking of the Holcim-Adani buyout, we did an editorial recently explaining why it makes sense if Adani acquires Holcim's India stake.

You can read the same here: Why it Makes Sense for Adani to Buy Out Holcim's India Stake.

Meanwhile, also check out Co-head of Research at Equitymaster Rahul Shah's video where he explains whether it makes sense to hold on to multibagger Adani group stocks.

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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