Sensex, Nifty Trade Marginally Lower; Tata Steel, Asian Paints & Grasim Top Losers

Thu, 9 Jun 10:30 am

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Asian share markets are lower today following an overnight fall of Wall Street. The Nikkei and Hang Seng are flat while the Shanghai Composite declined 0.5%.

In US stock markets, Wall Street indices fell broadly on Wednesday, erasing most of their gains for the week, as investors were discouraged to see inflation's impact on businesses.

The Dow Jones plunged 0.8% while the Nasdaq fell 0.7%.

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

Benchmark indices opened on a negative note tracking the trend on SGX Nifty live chart and amid unsupportive global cues.

The BSE Sensex is trading down by 95 points. Meanwhile, the NSE Nifty is trading lower by 26 points.

Dr Reddy's Lab and Reliance are among the top gainers today. Asian Paints and Tata Steel, on the other hand, are among the top losers today.

The BSE Mid Cap index is down 0.1%. The BSE Small Cap index is trading on a flat note.

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

Energy stocks and healthcare stocks, on the other hand, are trading in green.

IT stocks are trading on a cautious note today. IT stocks have rallied recently tracking a rally in US markets, among other reasons.

Shares of Maharashtra Seamless hit their 52-week highs today.

Continuing the downtrend, LIC share price fell further and hit a new low of Rs 723 today.

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The rupee is trading at 77.75 against the US$.

Gold prices are trading up by 0.1% at Rs 51,080 per 10 grams. Meanwhile, silver prices zoomed 0.3% to Rs 62,200 per kg.

Crude oil prices held near 13-week highs, underpinned by robust demand in the US while demand is expected to rebound in China as Covid-19 curbs across major cities are relaxed.

Speaking of stock markets, Co-head of research at Equitymaster Rahul Shah discusses why a falling market is an investor's best friend.

If the entire market has taken a beating, what are the kind of stocks that an investor should buy?

Are bluechips the only available opportunity? Or can stocks from the mid-cap and small-cap space prove to be a good bet?

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

In news from the insurance sector, ICICI Lombard share price defied the market trend today and gained 2%.

Yesterday, shares of the general insurance company hit a two-year low and slipped 5% on concerns of further waves of Covid-led claims.

The downtrend could be attributed to muted business growth coupled with higher claims led by Covid-19.

The stock is now trading at its lowest level since May 2020 as it has consistently reported weak results for the last two years.

ICICI Lombard is among the fundamentally strong companies trading at 52 week low.

The weak results may just be a temporary phenomenon. The company is a natural beneficiary of pick-up in non-life insurance space given huge under penetration.

It is India's second largest non-life insurance player and one of the largest within the private sector.

It also has 81% of its investments currently in debt, which means there is a scope for higher realised returns, with a turn in interest rate cycle.

It remains to be seen when and how the company bounces back.

Moving on to news from the IT sector, Tech Mahindra is among the top buzzing stocks today.

IT major Tech Mahindra yesterday said it has acquired a 26% stake in Huoban Energy 6, a renewable energy firm.

The company said it will pay a total sum of Rs 16 m for the acquisition in an all-cash deal, adding that the transaction is estimated to be completed within 90 days.

The acquisition has been made under the "group captive" programme, which will allow Tech Mahindra to consume the renewable energy that will be generated by Huoban Energy.

Captive or group captive projects are projects set up by a developer with a minimum equity contribution of 26% from interested consumers.

Set up in November 2021 in Hyderabad, Huoban Energy is presently a 100% subsidiary of solar energy firm Fourth Partner Energy.

The acquisition of a stake in Houban Energy, which will lead to the procurement of solar energy for Tech Mahindra's Pune facility, is in line with the strategy to become a net-zero emitter by 2040, the IT company said in the exchange filing.

Note that Tech Mahindra is under intense pressure this year, having fallen more than 40% in 2022 so far.

This performance is in line with other IT stocks as major tech companies have succumbed to the Nasdaq effect, attrition problem and FII selling.

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

In other news from the IT space, Tata Elxsi is expanding its presence in Kerala and has announced a new technology development centre in Kozhikode.

The new centre will host teams and state-of-the-art technology and product development facilities in electric vehicles (EVs), connected car, OTT, 5G, and digital technologies.

The company's CEO and MD said Kozhikode and North Kerala have a sizeable native pool of engineering and technology graduates who are working in other parts of India and the world due to limited career opportunities locally.

Tata Elxsi share price is currently trading up by 1%.

Speaking of Tata Elxsi, note that the tech company has been one of the top multibaggers in recent years. At a time when IT stocks are taken to the cleaners, the stock has been resilient and has fallen less compared to peers.

The Tata group company has big growth plans and is powering ahead.

To know more, check out Tata Elxsi's 2021-22 annual report analysis.

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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