Sensex Slumps 750 Points as Metal, IT Stocks Bleed; Wipro & Bajaj Finance Top Losers

Fri, 10 Jun 10:30 am

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Asian share markets are lower today, extending a global sell-off after the European Central Bank painted a dim outlook for the region's economy.

Market participants are now awaiting a key reading on US consumer prices.

The Nikkei fell 1.5% while the Shanghai Composite gained 0.6%. The Hang Seng is trading lower by 0.3%.

In US stock markets, Wall Street indices fell sharply on Thursday as investor anxiety heightened ahead of data on Friday that is expected to show consumer prices remained elevated in May.

The Dow Jones plunged 1.9% while the Nasdaq slumped 2.8%.

Back home, Indian share markets are trading deep in the red.

Benchmark indices staged a gap-down opening today following the trend on SGX Nifty. Weak global sentiment amid inflation fears dampened sentiment.

The BSE Sensex is trading down by 740 points. Meanwhile, the NSE Nifty is trading lower by 211 points.

ITC is among the top gainers today. Bajaj Finance and Wipro, on the other hand, are among the top losers today.

The BSE Mid Cap index is down 1% while the BSE Small Cap index is trading lower by 0.6%.

All sectoral indices are trading in red with stocks in the metal sector, IT sector and banking sector witnessing most of the selling.

Shares of GHCL and Maharashtra Seamless hit their 52-week highs today. Meanwhile, Equitas Bank and Geojit Financial hit their 52-week low today.

Continuing the downtrend, LIC share price fell further and hit a new low of Rs 709.

While LIC has been continuously falling, these insurance stocks have rallied more than 10% in the last month.

Titan share price rose today, after being under pressure for the past few days.

Amid the volatility, many stocks have hit their 52-week lows, despite strong fundamentals.

In this uncertainty, check out these 5 fundamentally strong companies which pay regular dividends and are undervalued.

The rupee is trading at 77.81 against the US$.

Gold prices are trading down by 0.2% at Rs 50,917 per 10 grams.

Meanwhile, silver prices fell 0.5% and are trading at Rs 61,133 per kg.

Crude oil prices are down today but still hovering near three-month highs, with fears over new Covid-19 lockdown measures in Shanghai outweighing solid demand for the fuel.

Speaking of stock markets, Chartist Brijesh Bhatia discusses the best stocks to buy in the current market reversal, in his latest video for Fast Profits Daily.

As the markets have rallied over a thousand points from the lower levels, what stocks present an attractive buying opportunity? Brijesh answers the questions in the video below.

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In news from the mutual funds space, despite the uncertainty in Indian equity markets, retail investors continued their faith and poured another huge inflow into equity mutual funds in the month of May 2022.

Stepping up their investments in equity mutual funds, retail individuals put Rs 185.3 bn in equity schemes in May as against Rs 158.9 bn in the previous month.

As usual, debt schemes witnessed outflows as the outlook for interest rates firmed up. Debt funds have been witnessing outflows for several months now.

Because of these outflows, the mutual fund industry's total assets under management (AUM) declined to Rs 37.37 lakh crore during May as against the previous month's Rs 38.89 lakh crore.

Investors preferred the SIP route. Flows through systematic investment plans (SIPs) rose to Rs 122.9 bn in May.

There were no sovereign gold bonds (SGB) issued for the financial year 2022-23, so investors allocated money to gold ETFs. Gold ETFs saw inflows of over Rs 2 bn.

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.

May 2022 was the 15th 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 stock specific news...

IIFL Finance is among the top buzzing stocks today.

Wealth fund Abu Dhabi Investment Authority (ADIA) will buy a 20% stake in IIFL Home Finance for Rs 22 bn. As per this deal, the unlisted mortgage lender's value comes at Rs 110 bn.

IIFL Home Finance is a wholly owned subsidiary of IIFL Finance.

With these funds, the company proposes to use the capital to continue its expansion into new markets to meet growing demand for housing loans.

Note that this will be the largest equity investment in India's affordable housing finance segment by a financial investor.

IIFL Home Finance offers small-ticket mortgages, loans against property, and construction finance. It also promotes the construction of affordable green buildings in collaboration with housing developers and experts.

It's interesting to note that the wealth owns a substantial stake in nearly 25 listed Indian companies. Some of these include Coforge, Bharat Dynamics, Birlasoft, and Intellect Design.

IIFL Finance share price climbed 4% today, following this news.

Moving on to news from the automobile sector, the market regulator has let off Tata Motors with a warning in its future dealings in the securities market.

The watchdog added that any adverse orders passed against the company at this stage may not practically serve any purpose for the events accrued over 18 years ago.

It noted that the present board of directors of Tata Motors is completely different from all the directors of Tata Finance, who are all senior citizens and have long since retired from the board.

It was alleged that Tata Finance concealed the true and correct facts from the investors and disseminated untrue and misleading statement of facts.

Speaking of Tata Motors, note that the company has big plans with respect to its EV segment.

To know more about the electric vehicle (EV) space, check out our latest report on India's top EV stocks and whether they are generating good returns.

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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