Sensex Dips 276 Points, Nifty Ends Below 16,200; IT & Auto Stocks Witness Selling

Wed, 11 May Closing

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Indian share markets gave up early gains today and extended their losing streak for the fourth straight session.

Benchmark indices end lower as crude oil prices rose, while investors awaited US inflation data for cues on the Federal Reserve's rate hike plans.

At the closing bell, the BSE Sensex dipped 276 points, ending 0.5% lower.

Meanwhile, the NSE Nifty was down 73 points, ending at 16,167.

Axis Bank, IndusInd Bank, and HDFC were among the top gainers today.

L&T, NTPC, and Power Grid were among the top losers today.

The broader markets ended deep in red as the BSE Mid Cap index slipped 0.5% while the BSE Small Cap index plunged 2.2%.

Among sectoral indices, buying was seen in banking sector and realty sector while stocks in the IT sector, auto sector, and FMCG sector witnessed most of the selling.

Outside the home ground, Asian share markets ended on a positive note today as investors watched for market reaction to the release of higher-than-expected Chinese inflation data for April.

At the close in Tokyo, the Nikkei 225 rose marginally by 0.2%, while the Hang Seng was up 0.8%. The shanghai composite added 0.8%.

The SGX Nifty was trading 0.4% lower at the time of writing.

The rupee is trading at 77.24 against the US$.

Gold prices are currently trading up by 0.3% at Rs 50,710 per 10 grams while silver is also up 1% at Rs 61,240 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?

Meanwhile, Chartist Brijesh Bhatia shared an update on Nifty today and key levels to watch.

You can read the update here: Nifty - Time to Bet Against the Crowd?

In news from the energy space, in an effort to tackle power crisis, the Indian government has allowed coal mines to increase output without feedback.

While India is facing a shortage of coal, the Centre on Wednesday eased the environment approvals for coal mine expansions to boost output.

A government note said:

• Some existing sites will be able to raise production by a further 10% without requiring new impact assessments, and rules on consulting local residents have been loosened.

This means the exemption is valid for mines that have already gained approvals to expand output by 40%. This will allow them to produce as much as 50% more than the original planned capacity without seeking feedback from locals.

The coal ministry flagged 'huge pressure on domestic coal supply' as a reason to hike output.

Coal accounts for more than 70% of India's electricity generation. The country addresses nearly 75% of its electricity requirement using coal.

As per power ministry data, coal power plants are shrinking because of huge demand for electricity amid heatwaves, with several facilities operating with critical reserves of fuel.

Blackouts and curbs on supply to some industries have prompted street protests. A lack of railway carriages to transport the fuel from mines to power plants has exacerbated the shortages.

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

Speaking of stock markets, India's #1 trader Vijay Bhambwani explains why interest rates need to go up, in his latest video for Fast Profits Daily.

Tune in to the below video to find out more:

Moving on to news from the IPO space, Luxury and premium watch retail player Ethos has fixed a price band of Rs 836-878 a share for its Rs 4.7 bn initial public offering (IPO).

Ethos has the largest portfolio of premium and luxury watches in India and retails 50 premium and luxury watch brands like Omega, IWC Schaffhausen, Louis Moinet, Balmain, et cetera.

The three-day IPO will open for subscription next week on 18 May 2022 and close on 20 May 2022.

The IPO consists of a fresh issue of equity shares aggregating to Rs 3.8 bn and an offer-for-sale (OFS) of up to 1.1 m equity shares.

Investors can bid for a minimum of 17 equity shares and in multiples of 17 thereafter.

The public issue is expected to garner Rs 4.7 bn if subscribed at the upper end of the price band.

The equity shares of the company are expected to list on the bourses on 30 May 2022.

According to the company statement, proceeds from the fresh issuance will be utilised for repayment of debt, funding working capital requirements, opening new stores, and general corporate purposes.

What response the IPO garners amid these choppy markets remains to be seen.

Moving on to another update from the IPO space, the three-day issue of Venus Pipes IPO has been subscribed 2.3x on its maiden day.

The issue was led by retail investors as the category was overbooked 4 times while the non-institutional investor received bids 0.92 times. The qualified institutional buyer segment attracted bids 0.36 times.

Stay tuned for more developments from this space.

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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