Sensex Slumps 1,500 Points Tracking Global Selloff; Bajaj Twins & ICICI Bank Plunge 5%

Mon, 13 Jun 10:30 am

   Previous Close   

   Pre-Open   

   Closing   

Asian share markets plunged today as red-hot US inflation raised worries about even more aggressive Federal Reserve policy tightening.

A Covid-19 warning from Beijing added to concerns.

The Nikkei sank almost 3% while the Hang Seng fell 2.8%. The Shanghai Composite declined 1.1%.

In US stock markets, Wall Street indices posted their biggest weekly percentage declines since January and ended sharply lower on Friday as a steeper-than-expected rise in US consumer prices in May fueled fears of more aggressive interest rate hikes.

The Dow Jones plunged 2.7% while the Nasdaq slumped 3.5%.

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

Benchmark indices staged a gap-down opening following the trend on SGX Nifty as markets across the globe went into a correction.

FII & DII activity is widely tracked. FIIs have been selling continuously, being wary of the scenario. So far this month, FIIs have pulled out close to Rs 140 bn.

The BSE Sensex is trading down by 1,459 points. Meanwhile, the NSE Nifty is trading lower by 418 points.

HUL is among the top gainers today. Bajaj Finance and ICICI Bank, on the other hand, are among the top losers today.

The BSE Mid Cap index is down 2% while the BSE Small Cap index slumped 2.3%.

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

Shares of Abhinav Cap and Shankar Lal hit their 52-week highs today. Meanwhile, Agro Tech Foods and Astral hit their 52-week low today.

Note that the stock market is falling as there are inflation worries and geopolitical tensions still remain overhang.

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 78.21 against the US$.

Gold prices are trading down by 0.3% at Rs 51,560 per 10 grams.

Meanwhile, silver prices fell 1% and are trading at Rs 61,336 per kg.

Crude oil prices slipped more than US$2 as a flare-up in Covid-19 cases in Beijing quelled hopes for a rapid pick-up in China's fuel demand.

Speaking of stock markets, co-head of research at Equitymaster Rahul Shah talks about Tata Motors, in his latest video.

What should one do with the shares of Tata Motors currently? Rahul answers this question in the below video.

Tune in to find out more:

Also check out chartist Brijesh Bhatia's telegram post where he shared the levels to watch out for Nifty and where the support is laid out for bulls.

According to Brijesh, the Gann Fan tool too indicates the key support zone for bulls at 15,400 levels.

Nifty Daily Chart

 

As a trader, avoid bottom fishing in the first half of the day and do not leverage in the current market scenario.

In news from the insurance space, Life Insurance Corp (LIC) is among the top buzzing stocks today.

Shares of insurance behemoth LIC are under pressure as the 30-day lock-in period for anchor investors ends today. The stock fell 4% today.

What this means is anchor investors can now sell their holdings in LIC.

Anchor investors had collectively bought nearly 59.3 m shares a day before LIC's IPO opened for subscription.

Note that LIC share price is continuously falling, having eroded over a quarter of its market value.

The government last week said it is "concerned" about the temporary blip in LIC scrip and the insurer's management will look into these aspects and raise shareholders' value.

To know more, check out LIC's latest shareholding pattern.

In news from the banking sector, HDFC Bank's total advances in Maharashtra have crossed Rs 3 tn. The private sector lender's advances in the state stood at Rs 3.29 tn as of 31 March 2022.

Total advances include all loans offered by bank in the state which include loans to retail, corporate, small businesses and microfinance customers.

The bank said that in the last 12 months, its total advances have grown 23%, from Rs 2.66 bn as on 31 March 2021.

The bank's credit to deposit ratio is in excess of 100% in 29 districts, which is a testimony of the bank's commitment to the state, said Abhishek Deshmukh, branch banking head (Maharashtra).

HDFC Bank has deposits of Rs 4.36 bn in the state, which along with the advances add up to total business of Rs 7.64 tn.

To know more about the company, check out HDFC Bank's latest quarterly results.

Note that, HDFC Bank is one that has always adapted to changing times.

HDFC Bank wanted to transform itself from a leader in the physical banking to a leader in online banking. Since then, HDFC Bank has constantly focused on going digital.

In 2004, only 10% of customer transactions were initiated through internet and mobile. The number has gone up to 92% in 2019.

It is a great example of a company which has taken advantage of its scale and embraced disruption rather than fear it.

These are traits that one should look for in picking stocks. They not only withstand the disruption but also gain from it in the long-run.

Moving on, the Adani Group is in talks with more than a dozen foreign banks to raise up to US$4.5 bn through a mix of overseas loan instruments.

According to reports, BNP Paribas, Citi, JP Morgan, MUFG, Mizuho Bank, SMBC and a few Middle East-based lenders are the banks involved in discussion.

This will be one of the biggest loan-based fundraisings in foreign currency by an Indian corporate entity.

The senior debt facility will likely raise up to US$3 bn, while the mezzanine line may raise $1 bn. The bridge loan with one-to-three years maturities, is pegged at US$500 m and would be repaid in cash.

Funds raised will be used to part-finance the acquisition of Holcim's stakes in the two Mumbai-listed cement companies Ambuja Cements and ACC.

The Adani group recently acquired Holcim's local businesses in India's biggest cement takeover.

Holcim holds 63.19% in Ambuja Cements and 54.33% in ACC. The open offers for the shareholders of Ambuja Cements and ACC will begin from 6 July and close on 19 July.

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

In the meantime, check out the source of Adani's billions and how the richest person in India went from being a college dropout to building a nearly US$200 bn empire.

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!

Read the latest Market Commentary

Top Gainers TodayTop Gainers over 1-WeekTop Gainers over 1-MonthTop Gainers over 1-YearTop Gainers over 3-YrsTop Gainers over 5-YrsTop Losers TodayTop Losers over 1-WeekTop Losers over 1-MonthTop Losers over 1-YearTop Losers over 3-YrsTop Losers over 5-YrsOnly BuyersOnly SellersMost Active StocksMost Popular Stocks52 Week High Stocks52 Week Low Stocks

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

10 results 25 results 50 results 100 results All results

Indian Share Market Update: Top Gainers and Losers