Sensex, Nifty Trade Lower; Dr Reddys Laboratories, Wipro, & Asian Paints Top Losers

Fri, 17 Jun 10:30 am

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Asian share markets are trading mixed, tracking an overnight sell-off on Wall Street amid concerns of an economic downturn as monetary policies tighten.

The Nikkei declined 2% while the Shanghai Composite is trading flat. The Hang Seng is up 0.8%.

In US stock markets, Wall Street indices fell sharply on Thursday amid a broad sell-off, as fears of a worldwide recession fretted investors, following aggressive monetary tightening by global banks to fight the mounting inflation.

Central banks of Switzerland and Britain announced rate hikes on Thursday, with the Swiss surprising everyone by stating that it is less worried about currency strength than about aggravating the inflation, and hiked rates by 50 bps.

Fears loomed across markets that the rising attempts of central banks to curb inflation could lead to a slowdown in global growth or recession.

With inflation at multi-year highs, an investor can do these 5 things to inflation-proof their portfolio.

Back home, Indian share markets are trading on a negative note. Following consecutive falls this week, Indian share markets have made investors poorer by over Rs 16 tn.

Benchmark indices opened on a flat note following the SGX Nifty trend tracking global cues.

The BSE Sensex is trading down by 183 points. Meanwhile, the NSE Nifty is trading lower by 61 points.

Reliance, Bajaj finserv, and Bajaj Finance are among the top gainers today. Dr Reddys Laboratories, Wipro, and Asian Paints, on the other hand, are among the top losers today.

The BSE Mid Cap index is trading flat. The BSE Small Cap index is trading lower by 0.3%.

Barring Metal, all sectoral indices are trading in red with stocks in the IT sector, pharma sector, and auto sector witnessing most of the selling.

As Indian share markets have been in a downtrend, you must be wondering when will the markets fully recover.

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

Meanwhile, check out the results of a poll we conducted recently asking readers what's their course of action in this market.

Not surprisingly, majority of people seem to be buying the stock market dip.

The rupee is trading at 78.04 against the US$.

Crude Oil prices edged slightly lower as worries about global economic growth and uncertainty weighed on markets following numerous interest rate hikes around the world this week.

Gold prices are trading at Rs 51,018 per 10 grams. Meanwhile, silver prices are trading up by 1.45 at Rs 61,585 per kg.

Speaking of gold, Chartist Brijesh Bhatia discusses whether gold is the best hedge against inflation, in his latest video for Fast Profits Daily.

Investors are once again showing interest in the yellow metal as a hedge against inflation.

But what do the charts say? How well does gold perform when inflation is high?

Brijesh answers these questions and more in the below video. Tune in to find out:

In news from the insurance space, Life Insurance Corporation of India (LIC) is seeking buyers for secured bonds worth Rs 34 bn issued by Reliance Capital.

Reliance Capital is currently undergoing insolvency proceedings and LIC's move is an effort to present a clean book to an investor base that has widened since its recent IPO, said people in the know of the matter.

IDBI Capital Markets, LIC's process advisor for the sale of the bonds, has invited expressions of interest (EoIs) from asset reconstruction companies by the evening of 11 July.

The EoIs will be followed by an auction, although IDBI Capital has not specified any details of this in the notice inviting EoIs.

According to people in the know, LIC will recover about 27-30% of the Rs 34 bn bond amount, based on the last two trades between two lenders and an asset reconstruction company.

This is the second attempt by LIC to sell Reliance Capital bonds. In July last year, it had invited offers for an Rs 80.9 bn distressed assets portfolio comprising 16 companies, including bonds of Reliance Capital.

The sale did not go through due to differences between the corporation and bidders on pricing the assets.

Speaking of the insurance sector, have a look at the chart below which shows the investment assets of non-life insurers and life insurers over the past 10 years:

Investment Assets of Non-Life Insurers 11x That of Life Insurers

As per Tanushree Banerjee, Co-Head of Research at Equitymaster, the above chart is enough proof of how big an earning opportunity is the zero-cost float to the non-life insurers. Their investment assets under management is nearly 11 times that of life insurers.

Moving on to news from the energy space, Reliance Industries is one of the top buzzing stocks and is trading higher by 1.3%.

A benchmark of profitability for crude refiners has increased steadily in the past few weeks, bringing companies like Reliance Industries into the spotlight.

The Singapore-Dubai Hydrocracking refining margin has spiked 21.3% in the past month, on the back of rising demand for refined products globally. It now hovers around US$ 34.47 a barrel.

On Thursday, Brent crude touched US$ 120.7 a barrel as prices slipped over 2% overnight after the US Federal Reserve raised its key interest rate by 0.75%.

From a refining perspective, a rise in the benchmark margin has been led by sanctions on Russia, refinery shutdowns, and cessation of exports of refined products by China.

Indian refiners like Reliance Industries are set to benefit from this gap.

To know more, check out Reliance Industries' financial factsheet.

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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