Sensex Falls 365 Points, Nifty Ends Near 16,300; Energy & Metal Stocks Witness Selling

Mon, 9 May Closing

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Indian share markets ended on a negative note today fueled by fears about the economic outlook, owing to the weakening of rupee.

Benchmark indices plunged tracking weak global cues as Wall Street indices and Asian markets fell on anxiety over higher interest rates.

At the closing bell, the BSE Sensex dipped 365 points, ending 0.7% lower.

Meanwhile, the NSE Nifty was down 109 points, ending at 16,302.

Power Grid, Infosys, and HCL Technologies were among the top gainers today.

Reliance Industries, IndusInd Bank, and Tata Steel were among the top losers today.

The broader markets ended deep in red as the BSE Mid Cap index plummeted 1.9% while the BSE Small Cap index dipped 1.7%.

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

Shares of Power Grid and Coromandel International hit their 52-week high today.

Outside the home ground, Asian share markets fell today tracking a fall in US markets amid concerns over higher interest rates. While the Hong Kong stock market was closed today on account of National Day, the Nikkei 225 plunged 2.5%. The Shanghai Composite ended on a flat note.

The SGX Nifty was trading 0.9% lower at the time of writing.

The rupee is trading at 77.45 against the US$.

Gold prices are currently trading down by 0.4% at Rs 51,118 per 10 grams while silver is also down 0.9% at Rs 61,979 per kg.

Speaking of gold, have a look at the chart below to see how gold has inched up ever since the Russia invaded Ukraine.

Gold Prices Inching up since Russia Invaded Ukraine

Watch this video to know whether gold really makes your portfolio crash-proof: Does Gold Make Your Portfolio Crash-Proof?

Speaking of stock markets, in his latest video, Co-head of Research at Equitymaster Rahul Shah tries to chalk out an investment strategy for an average investor relating to the Adani group of companies.

Is the bull run in Adani group of companies over? Or there is still a lot more to come?

If you are sitting on sizable gains in some of the group companies, should you stay put or exit partially if not fully?

Rahul answers all these questions in the below video. Tune in to know more...

In news from the engineering sector, Larsen & Toubro (L&T) has bagged a huge order from the Jharkhand government for irrigation.

The project is expected to provide water to Culturable Command Area (CCA) in the Dumka district of Jharkhand by way of pumping water from the Sidheshwari River.

The scope includes survey, design, and construction of a 158 m long barrage across the Sidheshwari river.

The scope also includes survey, design, procurement, installation, testing, and commissioning of intake and intermediate pump houses, delivery chambers, MS, Dl & HDPE pipeline of various diameters, and pipeline distribution networks with all allied works.

The multinational company is already executing a similar lift irrigation project in Jharkhand's Garhwa district.

According to the company, the contract is valued at Rs 10 - 25 bn and is a significant order.

Larsen & Toubro share price ended 0.4% lower on BSE.

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

Here's what we asked our readers...

The BSE Sensex is currently at 54,835. What's your best guesstimate of the Sensex level at close on 31st December 2022?

• 45,000
• 50,000
• 55,000
• 60,000
• 65,000
• Can't say

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

Moving on to news from the IT sector, the merger of Mindtree with L&T Infotech was announced after market hours on Friday, 6 May 2022.

The merged entity, LTIMindtree, becomes the sixth-largest listed IT service provider in the country with revenues of US $3.5 bn.

During the announcement, the management of the company said:

• Big-scale benefits are foreseen from this union with chances to expand across verticals and geographies. The merged entity's potential to get large deals also becomes better.
  
  LTI's strength in banking, financial services, and insurance (BFSI) and Mindtree's strength in communications, media, and technology will mean more diversified offerings.
  
  LTIMindtree will also benefit from synergies in both revenue and cost. This will aid operating margin expansion in the long term and help LTIMindtree achieve industry-leading growth.

The merger is expected to complete within nine to twelve months. Until then, both the entities would function independently.

Though alignment of work cultures is not expected to be a big challenge considering their common parentage, the exit of LTI's chief executive officer Sanjay Jalona would cause some near-term volatility.

Jalona is seen as a driving force behind the rapid growth of LTI since its listing and his resignation is a damper.

L&T Infotech share price ended 3.4% lower while Mindtree slipped 5.3% on BSE.

Moving on to news from the IPO space, LIC's mega IPO, which was kept open for subscription on the weekend, was subscribed 2.83 times as of the final day.

Policyholders' category received the maximum interest as their reserved portion was subscribed 5.93 times, followed by employees who bid 4.28 times the allotted quota.

The portion for retail investors was subscribed 1.93 times.

Non-institutional investors have put in bids 2.61 times the portion set aside for them, while the portion reserved for qualified institutional buyers sailed through on the last day and was subscribed 2.81 times.

How the IPO performs on listing day remains to be seen. The grey market premium of LIC, which stood at Rs 36 today, has been dipping as the market sentiment has dampened.

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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INDICESBSE (Rs 0 to 1)BSE (Rs 1 to 2)BSE (Rs 2 to 4)BSE (Rs 4 to 10)BSE (Rs 10 to 20)BSE (Above Rs 20)BSE - AllBSE-30BSE-100BSE-200BSE-500BSE AutoBSE BankexBSE Capital GoodsBSE Consumer DurablesBSE FMCGBSE HealthcareBSE ITBSE MetalBSE Oil & GasBSE PSUBSE TeckBSE RealtyBSE PowerBSE A GroupBSE B GroupBSE Mid-CapBSE Small-CapBSE Basic MaterialsBSE Consumer DiscretionaryBSE IndustrialsBSE UtilitiesBSE Sensex 50BSE Sensex Next 50BSE Bharat 22BSE 150 MidCapBSE 250 SmallCapBSE 250 LargeMidCapBSE 400 MidSmallCapBSE AllCapBSE LargeCapBSE SmallCap SelectBSE 100 LargeCap TMCBSE InfraBSE ManufacturingBSE CPSEBSE Private BankBSE Diversified FinancialsBSE MomentumBSE Low VolatilityBSE QualityBSE Enhanced ValueBSE Divident StabilityS&P BSE IPOBSE SMEIPOBSE 100 ESGBSE CarbonexBSE GreenexNSE (Rs 0 to 10)NSE (Rs 10 to 20)NSE (Above Rs 20)NSE - AllNSE-50NSE ITNSE Nifty Midcap 50NSE JR. NiftyNSE Bank NiftyNIFTY Next 50NIFTY 100NIFTY 200NIFTY 500NIFTY MidCap 100NIFTY SmallCap 250NIFTY SmallCap 50NIFTY SmallCap 100NIFTY LargeMidCap 250NIFTY MidSmallCap 400NIFTY AutoNIFTY Consumer DurablesNIFTY FinanceNIFTY FMCGNIFTY MediaNIFTY MetalNIFTY PharmaNIFTY Private BankNIFTY PSU BankNIFTY RealtyNIFTY Oil & GasNIFTY SME EmergeNIFTY CommoditiesNIFTY CPSENIFTY EnergyNIFTY India ConsumptionNIFTY InfraNIFTY MNCNIFTY PSENIFTY Serv SectorNIFTY100 Liquid 15NIFTY Midcap Liquid 15NIFTY Midcap 150 Quality 50NIFTY50 Equal WeightNIFTY100 Equal WeightNIFTY100 Low Volatility 30NIFTY100 Alpha 30NIFTY Alpha 50NIFTY Dividend Opportunities 50NIFTY High Beta 50NIFTY Low Volatility 50NIFTY200 Quality 30NIFTY 500 Value 50NIFTY 100 Quality 30SECTORSAgricultureAirlinesAluminiumAsset Management CompaniesAutomobilesAuto AncillariesBanks (Private)Banks (PSU)BankingCementChemicalsDefenceDiagnosticsDronesEngineeringElectric VehicleElectric Vehicle BatteryEnergy SourcesESGEthanolFertilizersFintechFMCGFoodGreen HydrogenHotelsInfrastructureInsuranceInvestment and FinanceInvITIT (Large)IT (Others)LogisticsMediaMetalMiningIndia's Big Tech StocksIndian PharmaMNC PharmaPSUPaintPaperPlasticPowerRating AgenciesReal EstateREITsRenewable EnergyRetailingSemiconductorShippingSteelSugarSupply ChainTelecomTextilesTravel Support Services

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