SGX Nifty Down 196 Points, Shipping Corporation Stake Sale, Why Adani Wilmar is Falling, and Top Buzzing Stocks Today

Mon, 9 May Pre-Open

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On Friday last week, Indian share markets remained in the bear territory and ended deep in the red.

Benchmark indices plunged tracking week global sentiments, as markets across the globe tumbled.

At the closing bell on Friday, the BSE Sensex plunged 867 points, ending 1.6% lower.

Meanwhile, the NSE Nifty dipped 271 points, ending at 16,411.

Tech Mahindra, Power Grid, and ITC were among the top gainers.

Bajaj Finance, Axis Bank, and Nestle were among the top losers.

Broader markets witnessed deep selling pressure as the BSE Mid Cap index and the BSE Small Cap index dipped 2.1%.

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

At 7:40 AM today, the SGX Nifty was trading down by 196 points or 1.2% lower at 16,200 levels.

Indian share markets are headed for a gap-down opening today following the trend on SGX Nifty.

Speaking of the current stock market scenario, to understand what our readers are thinking, we ran a poll on Equitymaster's Telegram Channel last week.

Here's what we asked our readers...

How are you dealing with this stock market sell off?

• Waiting for lower levels before investing more
• Already starting to invest more
• Thinking of booking profits and exiting the markets partially or fully

With a response from over 1,200 participants, here is the final result:

This poll proves that our readers are looking for ideas to invest...and most may invest right away or at lower levels.

It also suggests that most people are expecting the correction to continue.

Top Buzzing Stocks Today

Future Enterprises will be among the top buzzing stocks today.

The debt ridden firm expects to raise around Rs 30 bn from selling its stake in the insurance business to pare debt, which may save the company from facing the rigour of the insolvency process, according to sources.

Tata Steel share price will also be in focus today.

The company's CEO and MD said Tata Steel will look to grow organically, and it is under no pressure to look at fresh acquisitions during this decade.

Market participants will also track shares of Aarti Drugs, PVR and UPL as these companies will announce their March quarter results later today.

Why Shares of Adani Wilmar are in a Downtrend

Last week on Friday, shares of Adani Wilmar hit the lower circuit band for the third consecutive session.

The multibagger stock has been sliding for the last six sessions losing around 23% in this period.

According to experts, the company's shares have been put under the Additional Surveillance Measures (ASM) list by the market regulator and hence speculative buying on the counter has stopped all of a sudden leading to a sharp decline.

The ASM list is a part of surveillance initiatives introduced by the watchdog and Indian exchanges which includes securities that are currently under surveillance due to price variation, volatility, volume variation, etc.

The company had recently hit a market cap of Rs 1 tn, which has now come down below Rs 840 bn after the recent sell-off. That's an erosion of Rs 160 bn from investors' wealth.

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

FIIs Continue Selling Spree

Following the trend for the past couple of months, foreign institutional investors (FIIs) have pulled over Rs 64 bn from the Indian equity market in the first four trading sessions of the ongoing month when the Reserve Bank of India (RBI) and US Federal Reserve raised interest rates.

They have remained net sellers for seven months to April 2022, withdrawing a massive amount of over Rs 1.65 lakh crore from equities.

This was largely on the back of anticipation of a rate hike by the US Federal Reserve and due to the deteriorating geopolitical environment following Russia's invasion of Ukraine.

Apart from India, other emerging markets, including Taiwan, South Korea and the Philippines witnessed outflows in the month of April to date.

LIC IPO Subscription Figures

LIC's mega IPO, which was kept open for subscription on the weekend, was subscribed 1.79 times as of 8 May.

The offer has received bids for 290.7 m equity shares against IPO size of 162 m equity shares.

Policyholders' category received the maximum interest as their reserved portion was subscribed 5.04 times, followed by employees who bid 3.79 times the allotted quota.

The portion for retail investors was subscribed 1.59 times.

Non-institutional investors have put in bids 1.24 times the portion set aside for them, while the portion reserved for qualified institutional buyers was subscribed 67 times.

How the IPO performs on listing day remains to be seen. The grey market premium of LIC has been dipping as the market sentiment has dampened.

Shipping Corporation Stake Sale

The centre is likely to invite financial bids for Shipping Corporation of India by September, after the process of demerger of non-core assets is completed, according to a government official.

As part of the strategic-sale process, the government is hiving off Shipping House and the training institute and some other non-core assets of Shipping Corporation of India.

The board met last week and approved an updated demerger scheme for hiving off the non-core assets.

In November 2020, the Cabinet had given in-principle approval for strategic divestment of Shipping Corp.

The privatisation is now likely to be completed in the current fiscal. The government has budgeted to garner Rs 650 bn from CPSE disinvestment in the ongoing 2022-23 fiscal.

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

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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