Sensex Trades Marginally Lower; HUL, Infosys & Tech Mahindra Top Losers

Tue, 24 May 10:30 am

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Asian share markets are lower today as relief rally hopes on Wall Street quickly soured by a slide in US stock futures.

The Nikkei is down 0.6% while the Shanghai Composite is down 1.1%. The Hang Seng fell 1.5%.

In US stock markets, Wall Street indices ended higher on Monday as gains from banks and a rebound in market-leading tech shares supported a broad-based rally.

The Dow Jones rallied 2% while the Nasdaq Composite ended higher by 1.6%.

Note that US stocks have been falling continuously and what followed last week was Wall Street's longest streak of weekly declines since the dotcom bust more than 20 years ago.

Back home, Indian share markets are trading on a negative note.

Market participants are tracking shares of Adani Ports, Grasim, Info Edge and Metropolis Healthcare as these companies are scheduled to announce their Q4 results later today.

Meanwhile, the Rs 8.1 bn initial public offering (IPO) of Aether Industries opened for subscription today.

The specialty chemicals manufacturer will sell its shares in the range of Rs 610-642 apiece and the issue is open till 26 May.

Delhivery made its debut on the bourses today and rose 10% after making a muted listing.

The IPO GMP was signaling a discount of Rs 5 in the unlisted market.

The BSE Sensex is trading down by 201 points. Meanwhile, the NSE Nifty is trading lower by 67 points.

Power Grid and M&M are among the top gainers today. HUL, on the other hand, is among the top losers today.

The BSE Mid Cap index is down 0.6%. The BSE Small Cap index is trading lower by 0.4%.

Sectoral indices are trading mixed with stocks in the IT sector and FMCG sector witnessing most of the selling.

Banking stocks and metal stocks, on the other hand, are trading in green.

Metal stocks sighed a relief and rose today following sharp declines in the previous trading session. Yesterday, Tata Steel share price slumped over 12% after the government introduced changes in the customs duties on steel.

Ever since Tata Steel reported Q4 results, the company has been on a downward trajectory.

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

The rupee is trading at 77.56 against the US$.

Crude oil prices eased today as concerns over a possible recession and weaker consumption outweighed an expectation of tight global supply and a pick-up in fuel demand in China after Beijing's promises of stimulus.

Gold prices are trading up by 0.2% at Rs 50,995 per 10 grams.

Meanwhile, silver prices are trading up by 0.1% at Rs 61,315 per kg.

Speaking of silver, India's #1 trader Vijay Bhambwani talks about silver and why the silver bull market will continue, in his latest video for Fast Profits Daily.

In latest developments from the mutual funds space, the market regulator on Monday allowed mutual funds to launch equity-linked savings schemes (ELSS) as passively managed funds as well.

With this, mutual fund investors will soon get one more option to make tax-saving investments.

The regulator wants such a scheme to be based on an index that comprises the top 250 companies in terms of market capitalisation.

There's a crux, however. A mutual fund can have either an actively managed ELSS scheme or a passively managed, but not both.

The markets regulator also laid down guidelines on how debt passive funds, exchange traded funds (ETFs) and index funds should be managed.

To ensure liquidity of the ETFs on the stocks, the mutual funds would be required to appoint at least two market makers, who are members of the stock exchanges.

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

Speaking of mutual funds, have a look at the chart below which shows the inflows into mutual fund equity investments for the past couple of months.

April 2022 was the 14th straight month of inflows.

This just shows that despite the hawkish US Fed stance, rising inflation, crude oil concerns and the Russia-Ukraine war, retail investors' confidence in the India growth story remains intact.

Moving on to developments from the corporate earnings, Zomato is among the top buzzing stocks today.

Zomato on Monday said its consolidated net loss for the quarter ended March widened to Rs 3.6 bn compared to Rs 1.3 bn in the corresponding quarter last year.

The food delivery platform's revenue from operations came in at Rs 12.1 bn, up 75% compared to Rs 6.9 bn in the same quarter last year.

In an exchange filing, Zomato said it expects adjusted revenue growth to accelerate to double digits in the next quarter and the adjusted EBITDA losses to also come down meaningfully.

Zomato said it launched in 300+ new cities in the quarter under review, taking its presence to 1,000+ towns and cities across India.

For the fiscal year 2022, losses came in at Rs 12.2 bn, compared to Rs 8.2 bn in the previous year. Revenues increased to Rs 41.9 bn from Rs 19.9 bn.

Zomato share price is currently trading up by 14.6%.

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

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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